DUBAI: The Saudi Central Bank said on Wednesday it increased its key interest rates by 75 basis points, moving in tandem with the U.S. Federal Reserve's hike as the Saudi riyal is pegged to the dollar.

Fed opts for 75-basis-point rate hike, flags weakening economic data

The Saudi Central Bank, also known as SAMA, lifted its repo and reverse repo rates by 75 bps to 3% and 2.5%, respectively.