Saudi Central Bank Mirrors Fed to Lift Rates by 25 Bps

The Saudi Central Bank said on Wednesday it increased its key interest rates by 25 basis points, following the U.S. Federal Reserve's move as the Saudi riyal is pegged to the dollar, Reuters reported. The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 25 bps each to 5.25% and 4.75%, respectively, it said in a statement. Read more.