March 3, 2020 / 5:59 PM / a month ago

Saudi central bank cuts key rates by 50 bps

DUBAI, March 3 (Reuters) - The Saudi central bank on Tuesday cut its key interest rates by 50 basis points (bps) following the U.S. Federal Reserve’s 50 bps cut.

The Saudi Arabian Monetary Authority cut its repo rate, used to lend money to banks, by 50 bps to 1.75% and its reverse repo rate, at which commercial banks deposit money with the central bank, by 50 bps to 1.25%, it said on its website.

Reporting by Yousef Saba and Saeed Azhar; editing by Davide Barbuscia

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