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HomeFinanceSaudi Central Bank Cuts Repo Rate to 5.50%

Saudi Central Bank Cuts Repo Rate to 5.50%

Aligns with US Federal Reserve's recent rate reduction

September 19, 2024
in Finance
Reading Time: 1 min read
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Saudi Gazette Report

RIYADH — The Saudi Central Bank (SAMA) has cut the repurchase agreement (repo) rate by 50 basis points to 5.50% and the reverse repo rate by the same margin to 5.00%. This move aligns with SAMA’s commitment to maintaining monetary stability.

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Following the US Federal Reserve, central banks in the UAE, Bahrain, Qatar, and Kuwait also reduced their interest rates. The US Federal Reserve made its first rate cut since 2020, trimming it by 50 basis points to a range of 4.75% to 5%, with another similar reduction expected by the end of 2024.

The decision at the recent Federal Reserve meeting, which took place just before the US elections, was not unanimous. Governor Michelle Bowman preferred a smaller, quarter-point cut.

The Federal Reserve’s statement noted, There are recent indications that economic activity has continued to expand at a steady pace. Job gains have slowed, the unemployment rate has risen but remains low, and inflation has made further progress toward the Committee’s 2 percent objective but remains moderately elevated.

The statement further emphasized the Federal Open Market Committee’s (FOMC) goals of achieving maximum employment and 2 percent inflation in the long term. It expressed confidence in inflation moving towards the target and acknowledged the balanced risks to employment and inflation goals, while also highlighting the uncertain economic outlook.

Tags: Federal ReserveInterest Ratesmonetary stabilityrepo rateSAMA
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