The move followed the Federal Reserve's decision to cut U.S. interest rates by half a percentage point
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CAIRO/DUBAI - Saudi Arabia's central bank, also known as SAMA, cut its Repurchase Agreement (repo) rate by 50 basis points (bps) to 5.50% on Wednesday, according to a statement, and its reverse repo rate also by 50 bps to 5.0%.
The move followed the Federal Reserve's decision to cut U.S. interest rates by half a percentage point on Wednesday. Saudi Arabia's currency, the Saudi riyal, is pegged to the U.S. dollar.
(Reporting by Yomna Ehab and Jaidaa Taha)
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