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Saudi Arabia's central bank raises key rates

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Saudi Arabia's central bank raises key rates

The Saudi Arabian Monetary Authority raised its repo rate to 225 basis points from 200 basis points and the reverse repo rate to 175 basis points from 150 basis points, effective immediately.

In a brief statement, the central bank said the adjustments were "consistent for monetary stability in the evolving domestic and international monetary conditions."

The increase comes a week before the U.S. Federal Reserve meeting on March 21. In December 2017, Saudi Arabia raised its reverse repo rate following a Fed rate hike in the same month.