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Central Bank hikes repo rates
The Saudi Central Bank has decided to raise the repurchase agreement rate ("Repo") by 25 basis points, bringing it to 4.50%. It has also increased the reverse repo rate by the same margin, reaching 4.00%. This decision comes in response to the Federal Reserve's rate hike, which increased the benchmark interest rate by 25 basis points to a range of 3.75% to 4%, in order to support price stability and achieve the inflation target of 2%. The purpose of this move is to maintain monetary stability as inflation continues to remain high.
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