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.
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