Saudi cuts rates, boosts liquidity

The Saudi Arabian Monetary Agency made a fresh bid to boost the health of its ailing banking industry on Sunday.

The monetary agency slashed a percentage point off its benchmark repo rate and three percentage points off its cash reserve requirement. The move takes the repo rate to 3% and the reserve requirement to 7%.

The agency said that Sunday's measures were "taken against the backdrop of receding inflationary pressures and for ensuring that adequate system liquidity is available to meet s

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