Middle-east Arab News Opinion | Asharq Al-awsat

Saudi Central Bank Slashes Interest Rates | ASHARQ AL-AWSAT English Archive 2005 -2017
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RIYADH, (Reuters) – The Saudi Arabian Monetary Agency (SAMA) slashed key interest rates on Monday, reducing its benchmark repurchase rate to 2 percent from 2.5 percent and its reverse repurchase rate to 0.75 percent from 1.5 percent.

“Domestic money market rates have positively responded to monetary stimulus and the recent global easing in interbank rates,” Bankers in Riyadh and Dubai said, reading from a SAMA circular.

“The current market conditions warrant a further adjustment of policy rates which are currently misaligned. In view of this backdrop, SAMA has decided to lower the repo rate … and the reverse repo rate effective immediately.”