Saudi Central Bank mirrors Fed to raise rates by 25 bps

DUBAI (Reuters) - The Saudi Central Bank said on Wednesday it hiked its key interest rates by 25 basis points, mirroring the U.S. Federal Reserve's move as the Saudi riyal is pegged to the dollar.

The Saudi Central Bank, also known as SAMA, raised its repo and reverse repo rates by 25 bps each to 5.5% and 5%, respectively, it said in a statement.

(Reporting by Yomna Ehab in Cairo; Writing by Yousef Saba)