Saudi Central Bank Cuts Repo and Reverse Repo Rates by 50 Basis Points

KSA, 19 September, 2024 : The Saudi Arabian Monetary Authority (SAMA) has reduced its Repurchase Agreement (repo) rate by 50 basis points to 5.50% and its reverse repo rate by 50 basis points to 5.00%, effective Wednesday.

This rate cut follows the U.S. Federal Reserve's decision to lower interest rates by half a percentage point. The adjustment is in line with the Saudi riyal’s peg to the U.S. dollar, reflecting synchronized monetary policy moves between the two economies.

Source : www.zawya.com