Riyadh – Mubasher: The Saudi Arabian Monetary Authority (SAMA) cut its Repo rate by 25 basis points (bps) from 2.75% to 2.50%, following the Federal Reserve’s decision to reduce interest rates for the second time since 2008.
Reverse Repo rate was also decreased by 25 bps from 2.25% to 2.00%, according to a statement released by SAMA.
“The decision is consistent with SAMA’s objective of preserving monetary stability amid evolving developments in global financial markets,” the monetary authority commented.
On Wednesday, the Federal Reserve reduced the target range for its key interest rate by 25 basis points to a range between 1.75% and 2%, which was an expected decision that faced by a backlash from the US President Donald Trump.
