Dec 29 2011 |
more articles from
|
Saudi Ctrl Bk To Keep Key Rates Unchanged In Jan - Sources
Thursday, Dec 29, 2011
(This story was originally published Wednesday.)
CAIRO (Zawya Dow Jones)--The Saudi central bank has decided to keep its key interest rates unchanged in January, as inflation pressures remain under control, people familiar with the matter said Wednesday.
The Saudi Arabian Monetary Agency , or SAMA , told the kingdom's banks that it will hold its overnight reverse repo rate at 0.25% next month, and the benchmark repurchase rate at 2%, the people said.
Muhammad Al Jasser, SAMA 's governor, has repeatedly expressed concern about inflationary pressures, caused mainly by an increase in global food prices. But he has also said that the central bank saw no need to change its interest rate policy.
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.
In 2009, the region's top banks were hit badly by lower oil prices, a collapsing real-estate market and deteriorating asset values as the Gulf region suffered its worst economic contraction in almost a decade.
But more recently Saudi Arabia has benefited from high oil prices to fund record budget spending and to keep its $400 billion five-year infrastructure development program on track.
-By Summer Said, Dow Jones Newswires; +966-546-842373; summer.said@dowjones.com
Copyright (c) 2011 Dow Jones & Co.
(MORE TO FOLLOW) Dow Jones Newswires
29-12-11 0340GMT
Zawya Comment Policy
-
Zawya encourages you to add a comment to this discussion. You agree that when you add content to this discussion your comments will not:
1.1 Contain any material which is libelous or defamatory of any person, is obscene, offensive, hateful or inflammatory or causes damage to the reputation of any person or organisation.
1.2 Promote sexually explicit material, violence, discrimination based on race, sex, religion, nationality, disability, sexual orientation or age or any illegal activity.
1.3 Be made in breach of any legal duty owed to a third party, such as a contractual duty or a duty of confidence.
1.4 Be threatening, abuse or invade another's privacy, or cause annoyance, inconvenience or needless anxiety.
1.5 Be used to impersonate any person, to misrepresent your identity or affiliation with any person, or be likely to deceive any person.
1.6 Give the impression that they represent Zawya.
1.7 Advocate, promote or assist any unlawful act such as (by way of example only) copyright infringement or computer misuse. - The content posted on www.zawya.com is created by members of the public. The views expressed are theirs and unless specifically stated are not those of Zawya. Zawya reserves the right to review all comments prior to posting and edit or delete any contribution, but Zawya is not responsible for and can not be held liable for any content posted by members of the public on www.zawya.com.
- Zawya is not responsible for the availability or content of any third party sites that are accessible through www.zawya.com. Any links to third party websites from www.zawya.com do not amount to any endorsement of that site by Zawya and any use of that site by you is at your own risk.
- By submitting your comment, you hereby give Zawya the right, but not the obligation, to post, air, edit, exhibit, telecast, webcast, re-use, publish, reproduce, use, license, print, distribute or otherwise use your comments worldwide, in perpetuity.
Copyright © 2012 Zawya Ltd. All rights reserved. |
provided by www.zawya.com |
Post Your Comment