Australia’s central bank cut interest rates for the third time this year on Tuesday in a bid to stimulate a sluggish economy and signalled it was prepared to do more if needed, knocking the local dollar to a one-month low.
The Central Bank of the UAE announced on Monday that it will cut interest rates, beginning on Monday (March 16), following US Federal Reserve cuts to contain the economic repercussions of coronavirus, COVID-19.
The UAE has been taking robust containment and control measures to tackle Corona virus COVID-19 crisis, which has become humanity’s biggest challenge.
Saudi Arabia’s central bank said it had prepared a 50 billion riyal ($13 billion) package to help small and medium-sized enterprises cope with the economic impacts of the coronavirus outbreak.
Sweden’s central bank (CB) would lend up to 500 billion crowns ($51 billion) to Swedish companies via banks, moving to shore up credit flows as the coronavirus epidemic wreaks havoc on global financial markets.
The total foreign assets of the Central Bank of the UAE (CBUAE), were valued at Dhs405.94 billion in February 2020, according to the latest figures released by the central bank.
China’s loans surged as coronavirus stimulus kicked into save the economy. New bank lending in China rose sharply to 2.85 trillion yuan ($405 billion) in March, with total social financing hitting a record,
Fresh support announced by the Federal Reserve failed to lift Wall Street on Monday, after Europe and Asia had both been overwhelmed by the coronavirus pandemic and growing number of national lockdowns that could push the global economy deep into recession.
Australia’s central bank injected A$6.90 billion ($4.10 billion) into the financial system on Tuesday and bought A$4 billion in bonds as economists predicted a spike in unemployment and the worst recession in the country’s history due to the coronavirus.
CBUAE cautioned consumers saying that it would never ask consumers about private information — such as personal and bank account information. It warned consumers to be alert and aware of malicious phone calls and WhatsApp messages claiming to be from CBUAE.