Saudi central bank increases interest rates by 25 basis points

Cairo: Saudi Arabia’s central bank said on Wednesday it was following the US and the UAE in raising policy rates to maintain monetary stability and support the stability of the financial sector.

It raised the repo rate by 25 basis points (bps) to 1.25 per cent, and the reverse repo rate by 25 bps to 0.75 per cent.

Earlier, the US Federal Reserve increased rates by 25 bps.