Latest Rate cuts in central banks
USA Central Bank rate reduction
Fed cuts rate to zero, launches more bond purchases in historic moves to fight coronavirus.
The Reserve Bank of New Zealand (RBNZ) lowered its rate by 25 basis points to 0.25%. Commenting on this decision, “the negative impact of coronavirus on New Zealand’s economy is and will continue to be significant,” RBNZ Governor noted. “It will very much be a case of monetary and fiscal policy working together.”
Hong Kong’s central bank reduced the countercyclical capital buffer as it requires financial institutions to hold from 2% to 1% of their risk-weighted assets.
Saudi Arabia’s bank cut its repo rate by 75 basis points from 1.75% to 1.00 % and reverse repo rate by 75 basis points from 1.25% to 0.50%.
UAE Central bank rate cut
The United Arab Emirates (UAE) central bank cut its interest rate one week certificates of deposits (CDs) by 75 basis points while keeping the repo rate unchanged.
Coronavirus impacting all over the world including all kind of business.
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