Jan 30 2012 |
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Saudi Ctrl Bk To Keep Key Rates Unchanged In Feb - Sources
Monday, Jan 30, 2012
DUBAI (Zawya Dow Jones)--The Saudi central bank has decided to keep its key interest rates unchanged in February, as inflation pressures remain under control, people familiar with the matter said Monday.
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.
Annual inflation in the kingdom edged up to 5.3% in December, from 5.2% in November, led by a 9.2% annual increase in rent prices, data from the Central Department of Statistics and Information showed earlier this month.
The central bank 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.
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) 2012 Dow Jones & Co.
(END) Dow Jones Newswires
30-01-12 1207GMT
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