Saudi Arabia increases interest rates by 0.75 percent in lin...| MENAFN.COM

Saturday, 01 October 2022 03:29 GMT

Saudi Arabia increases interest rates by 0.75 percent in line with Fed hike


(MENAFN) Saudi Arabia’s central bank surged its key interest rates on Wednesday after a rise by the Federal Reserve as the US agency sustained its fight to tame inflation.

Saudi Central Bank (SAMA) was in line with the Fed’s hike of 75 basis points.

“SAMA has decided to raise the rate of Repurchase Agreement (Repo) by 75 basis points to 3.75 percent, and the rate of Reverse Repurchase Agreement (Reverse Repo) by 75 basis points to 3.25 percent,” the bank stated in an announcement on Wednesday evening, quoting a goal of keeping monetary and economic steadiness.

The Central Bank of the United Arab Emirates stated it was rising its base rate by three quarters of a percentage point as well to 3.15 percent which will become active in Thursday, moving along with the Fed’s third consecutive hike of that amount.

The bank stated that it would sustain the rate on borrowing short-term liquidity from the CBUAE via all standing credit facilities at 50 basis points over the base rate.

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