Saudi Arabia 2008-2009 Economic Stimulus
January 19, 2009 - The Saudi Arabian Monetary Agency (SAMA) cut its benchmark repurchase rate by 50 basis points to 2 percent and its reverse repurchase rate by 75 basis points to 0.75 percent. It said the cuts aimed to ensure credit was available to meet corporate demand.
December 16, 2008 - SAMA lowered its repo rate by 50 basis points to 2.5 percent and its reverse repo by 50 basis points to 1.5 percent, ahead of a U.S. Federal Reserve policy decision.
November 23, 2008 - SAMA slashed its repo rate by 100 basis points to 3 percent on and also lowered bank reserve requirements to 7 percent from 10 percent.
October 2008, 2008 - SAMA reduced the repo by 150 basis points to 4 percent in two moves, and cut reserve requirements from 13 percent.
October 26, 2008 - The kingdom extended $2.67 billion in credit to low-income citizens having difficulty getting access to loans.
October 21, 2008 - SAMA poured $3 billion in long-term bank deposits, its first direct injection of U.S. dollars in a decade.
October 17, 2008 - Saudi Arabia's top economic body, the Supreme Economic Council, promised to guarantee bank deposits.