BAM RATE REDUCTION.
ACTION IN NEW YORK. CHANGE TO 1* PER CENT. NEW YORK, May 7. . The New York Reserve Bank has reduced its rediscount rate from 2 per cent, to 1£ per cent., which is the /lowest rate in the history of the Federal Reserve system. An official bank rate of 1£ per cent, is probably unprecedented. The " traditional minimum" of the Bank of England is 2 per cent., which was last in force in 1897. The New York rate was reduced to 2 per cent, on December 24 last; Paris followed to the same low rate on January 2, and 2 per cent, has been the official rate in Switzerland since January 22. The only other changes since that date have been as follows Amsterdam, to 2' 3 per cent, on January 24; Sofia (9), January 29; Stockholm (3), February 5; Pretoria (5), March 12; and Bucharest (8), March 31. The rate in Calcutta was increased on January 15 from 6 to 7 per cent. The Bank of England has maintained its rato without alteration at 3 per cent, since May 1, 1930.
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/NZH19310509.2.12
Bibliographic details
New Zealand Herald, Volume LXVIII, Issue 20868, 9 May 1931, Page 5
Word Count
185BAM RATE REDUCTION. New Zealand Herald, Volume LXVIII, Issue 20868, 9 May 1931, Page 5
Using This Item
NZME is the copyright owner for the New Zealand Herald. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons New Zealand BY-NC-SA licence . This newspaper is not available for commercial use without the consent of NZME. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Acknowledgements
This newspaper was digitised in partnership with Auckland Libraries and NZME.