Saudi central bank follows the US Fed’s move and raises interest rates

RIYADH: Saudi Arabia’s central bank raised its key interest rates following the US Federal Reserve's decision to increase rates to tackle inflation.

The bank, known as SAMA, increased late on Wednesday the repo rate by 25 basis points to 1.25 percent, and the reverse repo rate by 25 basis points to 0.75 percent.

It said in a statement it raised key interest rates to maintain monetary stability and support the stability of the financial sector.