Saudi Gazette report

RIYADH — The Saudi Central Bank (SAMA) has decided to raise the rate of repurchase agreement (repo) by 25 basis points to 5.50%, and the rate of reverse repurchase agreement (reverse repo) by 25 basis points to 5.00%.

SAMA's decision comes within the framework of global financial developments.

The US Federal has raised interest rates by 0.25% (0.25 percentage points) for the 9th time in a row, bringing it to a range of 4.75%-5%.

The US Federal Reserve expects a continuous increase in the interest rates would curb inflation. While scaling down its forecast for the US economic growth, it does not expect the economy to contract.