Saudi Arabia cuts repo rate to boost liquidity

Updated Monday, November 24, 2008 10:04 am TWN, AP

Saudi Arabia cuts repo rate to boost liquidity

CAIRO, Egypt -- Saudi Arabia’s central bank on Sunday cut its key interest rate by 1 percentage point, and reduced banks’ cash reserve requirement by 3 percentage points in steps aimed at boosting liquidity during the global credit crisis. The move by the Saudi Arabian Monetary Agency follows particularly dismal performance on the country’s stock exchange, which started the Saudi work week on Saturday with a 9.2 percent drop that dragged its benchmark Tadawul All Shares Index down to a five-year low.

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