ISSN 2330-717X

Saudi Central Bank Mirrors US Fed Decision And Also Increases Interest Rates

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By Taif Albalawi

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The Saudi Central Bank said on Wednesday it increased its main interest rates by 50 basis points, in tandem with the US Federal Reserve’s move to try to tame inflation at multi-decade highs.

SAMA, as the bank is known, raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent, respectively.

“In line with the Saudi Central Bank’s objective of maintaining monetary and financial stability, the Saudi Central Bank has decided to raise the Repurchase Agreement rate by 0.5 percent to 1.75 percent from a previous 1.25 percent, and the Reverse Repurchase Agreement rate by 0.5 percent to 1.25 percent from a previous 0.75 percent,” it said in a statement.

Arab News

Arab News is Saudi Arabia's first English-language newspaper. It was founded in 1975 by Hisham and Mohammed Ali Hafiz. Today, it is one of 29 publications produced by Saudi Research & Publishing Company (SRPC), a subsidiary of Saudi Research & Marketing Group (SRMG).

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