Saudi Central Bank raises key interest rates by 75 bps

(Reuters) – The Saudi Central Bank said on Wednesday it increased its key interest rates by 75 basis points, moving in tandem with the U.S. Federal Reserve’s hike as the Saudi riyal is pegged to the dollar.

The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 75 bps to 3.75% and 3.25%, respectively, it said in a statement.

(Reporting by Alaa Swilam and Mahmoud Mourad in Cairo; Writing by Yousef Saba; Editing by Leslie Adler)