RIYADH: The Saudi Central Bank said on Wednesday it increased its main interest rates by 50 basis points, in tandem with the US Federal Reserve’s move to try to tame inflation at multi-decade highs.

SAMA, as the bank is known, raised its repo rate and reverse repo rate to 1.75 percent and 1.25 percent, respectively.

“In line with the Saudi Central Bank’s objective of maintaining monetary and financial stability, the Saudi Central Bank has decided to raise the Repurchase Agreement rate by 0.5 percent to 1.75 percent from a previous 1.25 percent, and the Reverse Repurchase Agreement rate by 0.5 percent to 1.25 percent from a previous 0.75 percent,” it said in a statement.