May 29 2011 |
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Saudi Arabia's Central Bank Keeps Key Interest Rates Steady For June
Sunday, May 29, 2011
RIYADH (Zawya Dow Jones)--The Saudi Arabian Monetary Agency , or SAMA , the country's central bank, kept its key interest rates unchanged for June as bank lending to the private sector continued to exhibit modest rates of growth, people familiar with the matter said Sunday.
SAMA held its overnight reverse repurchase rate at 0.25% and the benchmark repurchase rate at 2%, the people said.
SAMA last cut its overnight reverse repo rate by 25 basis points to 0.25% in June 2009 in an attempt to spur credit growth in the local economy. Saudi Arabia's annualized rate of inflation rose to 4.8% in April, from 4.7% in March, data from the Central Department of Statistics & Information showed earlier this month.
However, in the medium to long term, the kingdom is likely to see slower inflation rates as King Abdullah's recent decision to build 500,000 homes and increase the ceiling on loans from the Mortgage Development Fund will put less pressure on the rent index, SAMA added.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(END) Dow Jones Newswires
29-05-11 1043GMT
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