The Saudi Central Bank said on Wednesday it increased its key interest rates by 50 basis points after the U.S. Federal Reserve made its biggest rate hike since 1994, at three-quarters of a percentage point.

The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 50 bps to 2.25% and 1.75%, respectively. The Saudi riyal is pegged to the dollar.

(Reporting by Yasmin Hussein in Cairo; Writing by Yousef Saba in Dubai; Editing by Leslie Adler)