Saudi, Gulf central banks raise key interest rates by 25bps, mirroring Fed

article author: 
Author: 
Reuters
ID: 
1690397088416340200
Wed, 2023-07-26 18:42

RIYADH: The Saudi central bank, known as SAMA, increased key rates by 25 basis points on Wednesday, it said in a statement, following the Federal Reserve’s move to raise US interest rates by a quarter of a percentage point.
The repo rate was increased to 6 percent and the reverse repo rate was raised to 5.5 percent, the central bank statement said.
Most Gulf central banks also increased their key interest rates on Wednesday after the Federal Reserve’s decision, citing still-elevated inflation as a rationale for the latest hike.

Main category: 

Leave a Reply

Your email address will not be published. Required fields are marked *

× Contact us for news, article submissions, and SEO services.