SAUDI ARABIA

Saudi Central Bank reduces repo and reverse repo rates by 25 basis points

November 08, 2024

Saudi Gazette report

RIYADH
— The Saudi Central Bank (SAMA) has announced a 25 basis point reduction in both the Repurchase Agreement (Repo) rate and the Reverse Repurchase Agreement (Reverse Repo) rate, bringing them down to 5.25% and 4.75% respectively. This decision aligns with SAMA's objectives to maintain monetary stability and support financial stability.

The move follows the US Federal Reserve's recent rate cut, reflecting SAMA's strategy to mirror global monetary policy trends. The Federal Reserve's decision to reduce its benchmark rate by 25 basis points has influenced similar actions by central banks in the Gulf Cooperation Council (GCC) countries, including Saudi Arabia.


November 08, 2024
585 views
HIGHLIGHTS
SAUDI ARABIA
hour ago

Hajj Security Forces complete preparations to receive pilgrims in Madinah

SAUDI ARABIA
2 hours ago

Passports Directorate facilitates pilgrims’ departure through all international ports

SAUDI ARABIA
2 hours ago

Islamic Affairs Ministry begins distribution of King's gift of Qur'an copies to pilgrims