RIYADH —The Saudi Central Bank (SAMA) decided to raise the rates of the Repurchase Agreement (Repo) and Reverse Repurchase Agreement (Reverse Repo) by 25 basis points to 6 percent and 5.50 percent respectively.

These decisions are in line with SAMA’s mandate of preserving monetary stability.

The US Federal Reserve announced a quarter-point hike in the main interest rate. This move pushed the federal funds rate into a range of 5.25% to 5.5%, which is the highest level in 22 years. — SG/SPA