Saudi central bank raises reverse repo rate, keeps repo flat

DUBAI: Saudi Arabia's central bank said on Wednesday that it had raised its reverse repo rate, the rate at which commercial banks deposit money with the central bank, by 25 basis points to 1.00 percent.

But the central bank said it was keeping its repo rate, which it uses to lend money to banks, unchanged at 2.00 percent.

A central bank statement said the decisions were in response to developments in domestic and international financial markets; it did not elaborate.