CAIRO/DUBAI - The Central Bank of Bahrain (CBB) cut its overnight deposit rate by 50 basis points on Wednesday, to 5.50% from 6.00%, according to a statement, following the Federal Reserve's decision to cut interest rates by half a percentage point.

"This decision comes as part of the measures taken by CBB in maintaining monetary and financial stability in the Kingdom of Bahrain in light of global financial market developments," the statement said.

(Reporting by Yomna Ehab and Jaidaa Taha; Editing by Lisa Shumaker)