Iceland’s central bank lowers interest rates by 2.5 percentage points to 13 percent

July 27th, 2009 Hungary cuts key interest rate to 8.5 pctBUDAPEST, Hungary — The National Bank of Hungary cut its key interest rate to 8.5 percent from 9.5 percent, surprising analysts who had been expecting a smaller rate reduction. The base rate cut announced Monday will take affect Tuesday, the central bank said in a statement, adding that the move was justified by improving risk factors for Eastern Europe and Hungary, as well as an improving external trade balance caused mainly by lower consumption.

June 4th, 2009 Russian central bank cuts interest ratesMOSCOW — Russia's Central Bank on Thursday cut its key interest rate by half a percentage point to 11.5 percent — the third time since April it has slashed borrowing costs to help its economy through recession. The bank said in a statement that the new refinancing rate will be effective Friday.

June 4th, 2009 Iceland cuts interest rates to 12 percentLONDON — Iceland's central bank cut official interest rates by 1 percentage point to 12 percent on Thursday as it attempts to bolster the tiny island nation's recession-struck economy, defying warnings against further trims from the International Monetary Fund. Sedlabanki said the cut — the fourth in as many months, bringing the policy rate down from a high of 18 percent — was justified to move the Icelandic economy toward a recovery.

May 9th, 2009 Czech central bank cuts interest rates to 1.5 pctPRAGUE — The Czech Republic's central bank has cut its key interest rate by a quarter percentage point to 1.5 percent to help the economy combat reccession. It is the lowest rate since the country came into existence after the split of former Czechoslovakia in 1993.

May 8th, 2009 Denmark cuts key interest rate to to 1.65 percentCOPENHAGEN — Denmark's central bank says it has cut its key interest rate by 0.35 percentage point to 1.65 percent. Denmark's Nationalbanken says the decision was a consequence of a rate cut by the European Central Bank earlier in the day.

April 30th, 2009 NEW DELHI - The Punjab National Bank on Thursday reduced its benchmark lending rate by 50 basis points to 11 percent. The Benchmark Prime Lending Rate (BPLR) has been slashed from 11.5 per cent to 11 per cent effective tomorrow, the bank said in a statement.

April 21st, 2009 MUMBAI - India's Central bank cut key rates Tuesday by 25 basis points in a move to infuse more liquidity into the system and stimulate lending growth. The Reserve Bank of India (RBI) cut the repo rate by 25 basis points from the current 5 percent to 4.75 percent, while the reverse repo rate has been brought down to 3.25 percent from 3.5 percent earlier.

March 22nd, 2009 NEW DELHI - A leading industry lobby Sunday urged the country's central bank to lower prime lending rates (PLR) for agriculture and infrastructure projects to 10 percent from the current 15 percent to help economic expansion. A list of recommendations sent to the Reserve Bank of India (RBI) governor by the Associated Chambers of Commerce and Industry (Assocham) also called for a further slash of 50 basis points in repo, reverse repo and cash reserve ratios.

March 7th, 2009 MUMBAI - Two days after the country's central bank lowered key rates, private lender ICICI Bank Friday cut interest rates in new home loans by 25-50 basis points. For home loans less than Rs.2 million, the lending rate would come down to 9.75 percent from 10 percent, a bank spokesperson said.

March 5th, 2009 NEW DELHI - With the economic growth rate for the third quarter falling to 5.3 percent - the lowest since 2003 - the Reserve Bank of India (RBI) Wednesday evening announced monetary stimulus in the form of reductions in the repo rate and the reverse repo rate by 50 basis points each. The repo rate (rate at which banks borrow money from RBI), which was last revised Jan 2, will now come down to 5 percent, while the reverse repo rate (rate at which RBI borrows from the banks) has come down to 3.5 percent.

March 1st, 2009 NEW DELHI - Public sector lender Punjab National Bank (PNB) has lowered interest rates for car loans by 50 basis points, effective from Sunday. 'The interest rate on car loan would come down from 11-11.5 percent to 10.5-11 percent, with effect from March 1,' PNB said in a statement Saturday.

January 24th, 2009 NEW DELHI - The recent rate cuts by the central bank have not helped the corporate sector as banks have not lowered their lending rates, an industry lobby said Sunday. According to the Associated Chambers of Commerce and Industry (Assocham), 78 percent of the 150 chief executives and managing directors polled in a recent survey said the liquidity crisis persisted despite the Reserve Bank of India (RBI) reducing rates, as banks are not willing to lend money.

January 1st, 2009 MUMBAI - In a bid to lower the cost of borrowings for commercial banks, the Reserve Bank of India (RBI) Friday cut the both the repurchase and reverse-repurchase rates by 100 basis points each, while reducing the cash reserve ratio (CRR) by 0.5 percent points. 'The reduction in the CRR will inject additional liquidity of around Rs.20,000 crore (Rs.200 billion/$4 billion),' the central bank said in a statement, while announcing a further monetary stimulus to prop the economy.

December 28th, 2008 NEW DELHI - Dena Bank, Punjab National Bank (PNB) and Bank of Baroda will reduce their benchmark prime lending rates (BPLR) from Jan 1, the three state-owned banks announced Monday. Dena Bank will cut its BPLR by 75 basis points from 13.5 percent annually to 12.75 percent.

December 28th, 2008 NEW DELHI - Punjab National Bank (PNB) Monday reduced its benchmark prime lending rate (BPLR) by 50 basis points from 12.5 percent annually to 12 percent from Jan 1. Bank of Baroda too reduced its BPLR by 75 basis points from existing 13.25 percent to 12.5 percent, also from Jan 1.