Saudi, UAE cut by 50 basis points

The Saudi Arabian Monetary Agency (SAMA) and the Central Bank of the United Arab Emirates (UAE) both cut their benchmark rates by half a point on Monday on signs that growth in the two economies, both of which rely heavily on oil exports, will slow in the year ahead.

SAMA's move, which was expected, leaves its key repo rate at 2%. Its reverse repo rate fell by 75 basis points to 1.5%. "The current market conditions warrant a further adjustment of policy rates, which are currently misaligned,"