Reduction in the Discount Rate
The Central Bank wishes to advise the public of its decision to reduce the Discount Rate, by 75 basis points to 4.50 percent, effective immediately. The Bank would expect financial institutions to follow suit with a corresponding reduction in the Prime Rate, from 5.50 percent to 4.75 percent, and similar adjustments in their lending rate schedules.
The Bank considered carefully a number of factors in its decision to adjust monetary policy, including the signs of a more positive outlook for global growth and the implications for domestic economic activity.
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