Saudi central bank raises key rates
COMMERCIAL NEWS
Saudi Arabian Monetary Authority (Sama) has decided to raise its reverse repo rate from 200 basis points to 225 basis points and its repo rate from 250 basis points to 275 basis points, effective immediately.
The objective of policy rate adjustment is to maintain monetary stability amid global financial market developments, a Saudi Press Agency report said.
Meanwhile, Sama will continue to monitor and manage domestic system liquidity to ensure its adequate availability for smooth banking operations as well as to meet the domestic economic needs, it said.
