Saudi Arabia and regional peers raise interest rates following US Fed’s hike

RIYADH: Saudi Arabia and its regional peers raised interest rates following the US Federal Reserve’s decision to hike its benchmark level by an expected 50 basis points as the world continues to battle rising inflation.

The Saudi Central Bank, known as SAMA, raised the rates of both the Repo and Reverse Repo by 50 basis points to 5 percent and 4.50 percent respectively. It said this decision is in line with the central bank’s…