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
545 views
HIGHLIGHTS
SAUDI ARABIA
2 hours ago

Saudi Arabia localizes 19.35% of military spending: GAMI governer

SAUDI ARABIA
3 hours ago

Saudi Arabia sees 73.7% rise in investment licenses in Q3 2024

SAUDI ARABIA
4 hours ago

Museums Commission and NCPD join forces to highlight Saudi Arabia’s historical and cultural identity