SAMA reduces Repo rate to 3 percent

Riyadh, November 23, SPA -- The Saudi Arabian Monetary Agency (SAMA)
has issued a decision that takes effect today to cut the price of
repo (repurchase agreement) from 4 to 3 per cent.


SAMA also decided to reduce the deposit reserve ratio "on demand” to
banks from 10 percent to 7 percent.


The move came as a confirmation from SAMA on the solvency of the
monetary system and the sufficient supply of cash in return of
domestic demand.


--SPA