SAMA and GCC banks follow Fed’s 25 bps interest rate hike 

RIYADH: The Saudi Central Bank has increased its interest rate by 25 basis points to 5.5 percent, echoing Wednesday’s move by the US Federal Reserve to curb inflation. 

A statement from the bank, also known as SAMA, noted its Reverse Repo rate has also increased to 5 percent.   

While inflation is still on the rise in the Kingdom, the annual rate eased to 3 percent in February, down from 3.4 percent the previous month.