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SAIBOR vs SAMA repo rate in the 2021 and 2025 sources
When you read a Saudi rate announcement, check the named reference, its tenor and the source date. In LSEG’s November 2025 methodology, SAIBOR is a benchmark for indicative unsecured interbank borrowing. SAMA’s rulebook dated 27 December 2021 lists overnight repo and reverse repo as monetary operations. The labels are not interchangeable. 1 2
This guide compares those dated descriptions; it does not report current rates or facility terms.
Read the labels before comparing rates
| Named reference | Source date | What it describes | What cannot be inferred |
|---|---|---|---|
| SAIBOR | November 2025 | An indicative interbank borrowing benchmark. | A SAMA repo-rate quote can be substituted for it. |
| SAMA overnight repo and reverse repo | 27 December 2021 | Named monetary operations. | Current facility access, collateral rules or fees. |
| SAMA term repo | 27 December 2021 | An operation listed separately under open-market operations. | Every repo operation is overnight. |
Sources: LSEG methodology, sections 1.3.2 and 4.2.9; SAMA rulebook, paragraph 18. 1 2
What SAIBOR measures in the November 2025 methodology
The Saudi Arabian Interbank Offered Rate (SAIBOR) is described as an indicative rate at which banks on its contributor panel would be able to borrow unsecured Saudi-riyal funds from other banks. It is not a guaranteed borrowing offer. The benchmark’s broader objective is to reflect unsecured wholesale funding costs in Saudi Arabia. 1
The document names FTSE International Limited as the benchmark administrator and uses contributions from a panel of banks. Its cover says November 2025, with an effective date of 6 December 2022 and a last review date of 30 November 2025. 1
Where market repos fit
An unsecured funding target does not mean every input must be an unsecured transaction. The November 2025 methodology allows eligible secured market repos at Level 2 when a contributor bank has too few eligible Level 1 transactions. Eligible market-repo rates are adjusted before contributing to the benchmark; repo transactions with SAMA are excluded. 1
| Role | Treatment |
|---|---|
| Benchmark target | Unsecured wholesale funding. |
| Eligible secured market repos | May enter Level 2 with adjustments when eligible Level 1 transactions are insufficient. |
| Repo transactions with SAMA | Excluded from Level 2. |
Source: LSEG methodology, sections 1.2.3, 4.2.3.5–4.2.3.6 and 4.2.8.1. 1
Match the tenor and read policy changes carefully
A tenor is the period a rate refers to. The November 2025 methodology lists overnight, one week, and one, three, six and 12 months. SAMA’s 27 December 2021 rulebook separately names overnight repo and reverse repo, as well as term repo. A shared overnight label therefore does not identify the same reference. 1 2
The methodology also addresses SAMA policy-rate moves when banks form their contributions. That is a link within the contribution process, not evidence that SAIBOR must equal a policy rate, stay a fixed distance from it or move one-for-one with it. Compare the full labels and dates rather than assuming a mechanical relationship. 1
Questions about the comparison
Is overnight SAIBOR the same as SAMA’s overnight repo rate?
No. Sharing a tenor does not make the references interchangeable. Their numerical values could coincide without making them the same reference. 1 2
Did the December 2025 consultation change the methodology?
The consultation issued on 16 December 2025 sets out proposals, not an implementation result. It makes action conditional on feedback review and a decision. It does not, by itself, establish which changes were later adopted or when they took effect. 3
Sources
- SAIBOR and SAIBID Methodology. LSEG / FTSE Russell, November 2025. Effective date: 6 December 2022. Last review date: 30 November 2025. Sections 1.2–1.3, 2.1, 4.2.3, 4.2.8 and 4.2.9.
- 2.3 Settlement Agent. Saudi Central Bank (SAMA), dated 27 December 2021, paragraph 18. The paragraph identifies operations in a settlement-agent context; it is not a complete facility guide.
- Consultation on SAIBOR methodology proposals and possible SAIBID cessation. Issued 16 December 2025. Consultation proposals, not an implementation notice.
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