Following the move by the US Federal Reserve, SAMA has increased interest rates.
Saudi Arabia’s central bank, SAMA, has raised its main interest rate by 25 basis points in line with the US Federal Reserve to counter inflation.
SAMA reports that Saudi Arabia’s banks collectively recorded a 23% increase in profits to $1.98 billion in March.
The report highlights that the SAMA’s investments in foreign securities declined by more than 8% year-on-year in March to around SR1.02 trillion.