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SAMA raises interest rates by 75 basis points

SAMA raises interest rates by 75 basis points
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Riyadh – Mubasher: The Saudi Central Bank (SAMA) increased its key interest rates by 75 basis points after the US Federal Reserve (Fed) announced another 75-basis-point hike for the third time in a row on 21 September 2022.

SAMA raised its repo and reverse repo rates by 75 basis points to 3.75% and 3.25%, respectively, according to an official statement.

The Fed decided to raise interest rates to reach between 3% and 3.25%, marking the highest rate since 2008. Another large hike is reportedly expected to take effect by the end of 2022.

Last June, the total assets held by SAMA amounted to SAR 1.98 trillion ($529.63 billion), higher by 8.20% than SAR 1.83 trillion ($489.41 billion) in June 2021.

On a monthly basis, the assets went up by 6.50% in June 2022 from SAR 1.86 trillion ($497.28 billion) at the end of May.