Saudi Central Bank cuts Repo rate by 50 bp to 5.5 pct

The Saudi Central Bank, in line with its objective of preserving monetary stability, decided Wednesday to reduce the rate of Repurchase Agreement (Repo) by 50 basis points to 5.5 percent. The rate of Reverse Repurchase Agreement (Reverse Repo) was also brought down by 50 basis points to five percent, according to a statement from the bank carried by the Saudi Press Agency. Source: Kuwait News Agency