The Saudi Central Bank (SAMA) reduced today, Nov. 7, its reverse repo rate by 25 basis points (bps) to 500 bps from 475 bps.
Similarly, SAMA cut its repo rate by 25 bps to 525 bps from 550 bps.
In a statement, the central bank said this decision aligns with its objectives to maintain monetary stability and support financial stability.
The US Federal Reserve announced today its second interest rate cut for 2024, trimming its benchmark rate by 0.25 percentage points.
The US central bank had raised the rates 11 consecutive times, the last of which was in July 2023, setting the range between 5.25% and 5.50%. This rate was held steady for eight consecutive meetings until it was reduced for the first time in September by 50 basis points.
SAMA follows the interest rate moves of the Fed 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 |
|
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) |
|
50 bps (-75 bps) |
100 bps (-75 bps) |
|
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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) |
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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) |
|
May 2023 |
525 bps (+25 bps) |
575 bps (+25 bps) |
|
July 2023 |
550 bps (+25 bps) |
600 bps (+25 bps) |
|
September 2024 |
500 bps (-50 bps) |
550 bps (-50 bps) |
|
November 2025 |
475 bps (-25 bps) |
525 bps (-25 bps) |
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