Last Updated :
19 January 2009 at 12:35 IST
Saudi cuts key interest rates
Commodity Online
RIYADH : Saudi Arabia on Monday cut key interest rates by reducing its benchmark repurchase rate to 2 percent from 2.5 percent and its reverse repurchase rate to 0.75 percent from 1.5 percent.
In a statement issued here the Saudi Arabian Monetary Agency (SAMA) said the current market conditions warrant a further adjustment of policy rates which are currently misaligned.
In view of this backdrop, SAMA has decided to lower the repo rate and the reverse repo rate effective immediately, the statement said.
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