Riyadh: The Saudi Central Bank (SCB) has announced a 25 basis point cut in its key interest rate.
The SCB explained in a statement Wednesday that it decided to reduce the repurchase agreement (repo) rate by 25 basis points to 5.00 percent, and reduce the reverse repurchase agreement (reverse repo) rate by 25 basis points to 4.50 percent.
The statement added that this decision comes in line with the central bank's goal of maintaining monetary stability.
