Rate Cuts Today in Hungary, the United Arab Emirates, and Saudi Arabia

January 19, 2009

Magyar Nemzeti Bank became today’s third central bank to reduce its benchmark rate by 50 basis points.  Hungary joins several other countries with falling interest rates despite vulnerable currencies.  The UAE central bank cut its repo rate by a third to 1.0% from 1.5% and issued a statement citing struggling banks and the need to support growth.  The Saudi Arabian Monetary Agency (SAMA) reduced its repo rate to 2.0% from 2.5% and halved its reverse repo rate to 0.75%.  None of these moves was a surprise.

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