Credit-easing steps by central banks, at a glance

Published on NewsOK Modified: June 5, 2014 at 12:25 pm •  Published: June 5, 2014
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— BANK OF ENGLAND

Interest rates: Has kept its benchmark rate at a record low of 0.5 percent since 2009.

Other policies: With the British economy gradually returning to normal and the job market improving faster than predicted, the Bank of England's policymakers declined Thursday to pump more money into the economy. But the policymakers have suggested that low rates are still needed to stimulate borrowing and spending. Like Yellen, the Bank of England's governor, Mark Carney, has made clear that even when rates rise, they will do so only gradually.

— BANK OF JAPAN

Interest rates: The Bank of Japan and the government have unleashed an ultra-loose monetary policy, heavy government spending, and economic reforms to try to sustain solid growth and help Japan break free from prolonged deflation — a period of falling prices — that tends to discourage spending and investment. The bank has kept its benchmark rate near zero.

Other policies: Governor Haruhiko Kuroda has said he believes the economy is moving toward sustained growth, with price increases moving toward the official target for 2 percent inflation.

— RESERVE BANK OF AUSTRALIA

Interest rates: Has cut its benchmark interest rate to a record low 2.5 percent because of slower growth and high unemployment. The 2.5 percent policy rate is the lowest since the central bank was established in 1960. Some analysts think the Reserve Bank will eventually reduce interest rates further to try to invigorate the economy.



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