RIYADH — The Saudi Central Bank (SAMA) said on Wednesday it increased its repo and reverse repo rates by 25 basis points, the Saudi Press Agency reported.

SAMA lifted its repo and reverse repo agreement rates by 25 bps to 5.25% and 4.75%, respectively, SPA said, adding that the decision came "in light of monetary developments in global markets, and taking into account the central bank's objectives of maintaining monetary stability and support financial stability."

The central banks of the UAE and Bahrain raised their benchmark borrowing rates after the US Federal Reserve raised its key interest rate. — SG