SAMA slashes reverse repo, repo rates by 50 bps

Logo of Saudi Central Bank (SAMA)

The Saudi Central Bank (SAMA) reduced today, Sept. 18, its reverse repo rate by 50 basis points (bps) to 500 bps (5.00%) from 550 bps (5.50%).

Similarly, SAMA cut its repo rate by 50 bps to 550 bps (5.50%) from 600 bps (6.00%).

The US Federal Reserve slashed its key lending rate by 50 basis points (bps) today, Sept. 18 in its first reduction since 2020. The Federal Open Market Committee (FOMC) agreed to slash the federal funds rate range to between 4.75% and 5.00%, in line with market expectations that had anticipated a 50-bps cut.

The Fed earlier maintained interest rates at 5.25% to 5.50%—the highest level in over 23 years—over the last eight meetings, which were preceded by 11 rate hikes since March 2022.

SAMA follows the interest rate moves of the US Federal Reserve due to the riyal-US dollar peg.

Changes in Saudi Arabia’s Repo, Reverse Repo Rates
Date	Reverse Repo	Repo
Jan. 2009	25 bps	200 bps
Dec. 2015	50 bps (+25 bps)	200 bps
Dec. 2016	75 bps (+25 bps)	200 bps
March 2017	100 bps (+25 bps)	200 bps
June 2017	125 bps (+25 bps)	200 bps
Dec. 2017	150 bps (+25 bps)	200 bps
March 2018	175 bps (+25 bps)	225 bps (+25 bps)
June 2018	200 bps (+25 bps)	250 bps (+25 bps)
Sept. 2018	225 bps (+25 bps)	275 bps (+25 bps)
Dec. 2018	250 bps (+25 bps)	300 bps (+25 bps)
July 2019	225 bps (-25 bps)	275 bps (-25 bps)
Sept. 2019	200 bps (-25 bps)	250 bps (- 25 bps)
Oct. 2019	175 bps (-25 bps)	225 bps (-25 bps)
March 2020	125 bps (-50 bps)	175 bps (-50 bps)
March 2020	50 bps (-75 bps)	100 bps (-75 bps)
March 2022	75 bps (+25 bps)	125 bps (+25 bps)
May 2022	125 bps (+50 bps)	175 bps (+50 bps)
June 2022	175 bps (+50 bps)	225 bps (+50 bps)
July 2022	250 bps (+75 bps)	300 bps (+75 bps)
September 2022	325 bps (+75 bps)	375 bps (+75 bps)
November 2022	400 bps (+75 bps)	450 bps (+75 bps)
December 2022	450 bps (+50 bps)	500 bps (+50 bps)
February 2023	475 bps (+25 bps)	525 bps (+25 bps)
March 2023	500 bps (+25 bps)	550 bps (+25 bps)
May 2023	525 bps (+25 bps)	575 bps (+25 bps)
July 2023	550 bps (+25 bps)	600 bps (+25 bps)
September 2023	500 bps (-50 bps)	550 bps (-50 bps)

Historical data and details of repo and reverse repo rates

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