Saudi announces half-a-point cut

The Saudi Arabian Monetary Agency, Saudi's central bank, reduced its repo rate from 3% to 2.5% on Tuesday.

The move was designed to "ensure adequate system liquidity to meet domestic credit demand" and came "in view of evolving domestic and global developments," the central bank said on its website.

The rate cut is the latest in a series sweeping through the Gulf region, where currencies are typically pegged to the dollar, and came ahead of an expected half-point cut from the Federal Reserve in

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