The central bank of Australia Tuesday lowered its lending rate to a record 2.5 percent, trimming the rate by a quarter percentage point. The Reserve Bank of Australia did not respond to the 2009 financial crisis with aggressive interest rate cuts as central banks of other developed economies did. Australia's commodity-based economy survived the crisis largely unscathed. But a slowdown in export demand took its toll on Australian businesses. The Wall Street Journal reported Tuesday's rate cut is the eighth interest rate reduction since November 2011. Another interest rate reduction is expected by the end of the year, the Journal reported.
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World Bank Regional Vice President First Visit to West Bank and GazaMaintained and developed by Arabs Today Group SAL.
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Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©
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