Saudi fintech firm Raqamyah gets SAMA license to offer crowdlending solutions  

Saudi fintech firm Raqamyah gets SAMA license to offer crowdlending solutions  
Saudi fintech firm Raqamyah gets SAMA license to offer crowdlending solutions  

Thank you for reading the news about Saudi fintech firm Raqamyah gets SAMA license to offer crowdlending solutions   and now with the details

Jeddah - Yasmine El Tohamy - RIYADH: The Saudi Central Bank has increased its interest rate by 25 basis points to 5.25 percent, echoing Wednesday’s move by the US Federal Reserve to curb inflation. 

A statement from the bank, also known as SAMA, noted its Reverse Repo rate has also increased to 4.75 percent.  

Inflation is on the rise in the Kingdom, with the annual rate rising to 3.3 percent in December, up from 2.9 percent in November.  

The Fed’s quarter-point interest rate hike follows months of larger increases, as it hiked 50 basis points in December, and 75 basis points in November, September, July and June.

Despite recent signs of a slow down in the US economy, prices are running at their highest level since the early 1980s. 

Rising interest rates increase the cost of borrowing for consumers, leading to more expensive mortgage bills and loan repayments – something that can lead to reduced spending on other items as people try to reduce costs.

However, savers benefit from the interest rates rise, with money stored away gaining a greater return. Yet, with inflation across the globe still running hot, any extra interest gained by savings is lower than the rising cost of goods and services.

While the US Central Bank’s decision was driven by its desire to lower high inflation, this played a part in driving the Gulf region’s monetary policy, as most of the region’s currencies are pegged to the dollar.  

Following the US Fed’s decision, regional central banks also swung into action to raise their interest rates – although Qatar chose to hold. 

The UAE's central bank increased its base rate to 4.65 percent, effective on Thursday, while the Central Bank of Oman hiked its Repo rate to reach 5.25 percent.

Bahrain also raised its main rate by 25 basis points, with its one-week deposit facility rate rising to 5.5 percent, while the overnight deposit rate hit 5.25 percent. 

Qatar’s Central Bank said in a press release Wednesday that it would keep its rates unchanged, keeping its deposit rate at 5 percent, its lending rate at 5.5 percent, and its repo rates at 5.25 percent. 

As it was predicted that the country would mirror the Fed in early 2023 by the credit ratings agency Fitch in a report last month, this decision came somewhat as a surprise. 

The Central Bank of Kuwait, which raised its interest rate by 50 basis points last month, often acts separately and does not necessarily follow the Fed’s hikes.  

In addition, the Central Bank of Egypt is forecast to raise its overnight interest rates by 150 basis points at its regular monetary policy committee meeting on Thursday, a Reuters poll showed last Monday.  

The CBE increased its interest rates by an unprecedented 800 basis points over the last year alone, and has been involved in a constant series of currency devaluations.  

A poll of 13 analysts anticipated the bank to increase its deposit rate to 17.75 percent and its lending rate to 18.75 percent.  

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