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06-11-22
Saudi Central Bank hikes interest rates by 75 basis points after US Fed’s raise
(MENAFN) The Saudi Central Bank has made a surge to its Repo level by 75 basis points to reach 4.50 percent, as the US Federal Reserve hiked rates by 75 basis points on Wednesday to fight inflation.
An announcement from the bank, also known as SAMA, mentioned that its Reverse Repo level has risen to 4 percent as well.
Whereas the US Central Bank’s verdict to increase interest rates was triggered by its wish to curb peak inflation, this took a huge role in driving the Gulf province’s financial procedure, as high of the area’s currencies are pegged to the dollar.
After the US Fed’s verdict, central banks in the region jumped into the movement to hike their interest rates, with the UAE rising its base level to 3.9 percent, active on Thursday.
Bahrain also surged its key rate by 75 basis points whereas Qatar increased rates by an amount of 50 up to 75 basis points.
MENAFN06112022000045014228ID1105137725
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