off-the-wire

Saudi central bank increases key interest rates by 25 bps- statement

Kitco Media
By Reuters
Published:
Updated:
Reuters

CAIRO, May 3 (Reuters) - Saudi Arabia's central bank on Wednesday increased its repo rate by 25 basis points to 5.75% and its reverse repo rate also by 25bps to 5.25%, it said in a statement.

Saudi Arabia, whose currency is pegged to the U.S. dollar, followed the U.S. Federal Reserve's decision to raise interest rates by a quarter of a percentage point.

Reporting by Alaa Swilam and Muhammad Al Gebaly
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