Saudi Arabia’s central bank lowered its benchmark repurchase rate and the reverse repo rate by 25 basis points to 2.25 percent and 1.75 percent, respectively, shortly after the U.S. Federal Reserve lowered its federal funds rate by a similar amount.
It is the third rate cut this year by the Saudi Arabian Monetary Authority (SAMA), mirroring the Fed’s three rate cuts since July to maintain the peg of the Saudi Riyal to the U.S. dollar.
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