Saudi Arabia's currency is pegged to the U.S. dollar
PHOTO
Saudi Arabia's central bank on Wednesday cut its repo rate by 25 basis points to 4.50% and cut its reverse repo rate, also by 25 bps, to 4.00%, it said in a statement.
Saudi Arabia, whose currency is pegged to the U.S. dollar, followed the U.S. Federal Reserve's decision to cut interest rates by a quarter of a percentage point. (Reporting by Muhammad Al Gebaly and Yomna Ehab; Editing by Leslie Adler)
Disclaimer: The content of this article is syndicated or provided to this website from an external third party provider. We are not responsible for, and do not control, such external websites, entities, applications or media publishers. The body of the text is provided on an “as is” and “as available” basis and has not been edited in any way. Neither we nor our affiliates guarantee the accuracy of or endorse the views or opinions expressed in this article. Read our full disclaimer policy here.
