Interest Rate Cuts: Global Round-up
Dec 04, 2008 | Comments 0
The UK have just announced a cut of 1 percent in the base interest rate taking the UK interest rate to the lowest level since 1939, the Bank of England Base Rate is now at 2 percent.
Sweden, earlier this week cuts the country’s interest rate by a record 1.75 percent to 2 percent. Indonesia’s central bank cut its interest rate this morning by 0.25 percent to 9.25 percent, this is the first reduction the country has made this year.
New Zealand also slashed its interest rate down by 1.5 percent to 5 percent.
It’s expected that the European Central Bank will cut its rate 0.5 percent to 2.75 percent after the announcement of the UK base rate cut.
The pound took a battering yesterday against the dollar on anticipation of the interest rate cut and dropped below $1.47.
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Filed Under: Interest Rates
