Last Updated :
16 December 2008 at 15:05 IST
Saudi slashes repo, reverse repo rates
Commodity Online
RIYADH : Saudi Arabia on Tuesday slashed repo and reverse repo rates by 0.5 percent to 2.5 percent and 1.5 percent respectively.
In a statement issued here, the Saudi Arabian Monetary Agency (SAMA) decreased repo rate from 3 percent to 2.5 percent and cut reverse repo rate from 2 percent to 1.5 percent, pointing out that the decision is effective immediately.
SAMA's decision aims to provide fluidity for the needs of the banking system to fulfill local demand on credit amid the local and international financial developments.
In a repo, a seller agrees to buy back the security for an agreed upon price
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