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