|30 October, 2019

Saudi central bank cuts rates by 25 bps: statement

SAMA cut its repo rate

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

Image for illustrative purpose. A Saudi money changer displays Saudi Riyal banknotes at a currency exchange shop in Riyadh, Saudi Arabia July 27, 2017.

REUTERS/Faisal Al Nasser

DUBAI: Saudi Arabia's central bank said on Wednesday it had cut key interest rates following the U.S. Federal Reserve decision to cut interest rates for the third time this year.

The Saudi Arabian Monetary Authority (SAMA) cut its repo rate, used to lend money to banks, to 225 basis points from 250 bps, and the reverse repo, the rate at which commercial banks deposit money with the central bank, by the same margin to 175 bps.

(Reporting By Aziz El Yaakoubi, Asma Alsharif and Nafisa Eltahir Editing by Chizu Nomiyama) ((aziz.elyaakoubi@thomsonreuters.com; +971552994086; Reuters Messaging: aziz.elyaakoubi.reuters.com@reuters.net))

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