First and foremost, I would like to welcome all of you to 2009 and hope that you have enjoyed the holidays. After being away for so long I thought it best to start the year with a light but meaningful post.
As a follow up to 2008: Year of the Dove I have decided to create a list that gives the reader a snapshot of global central bank policy in 2008. Some of these men may have been named ‘most influential’ people by Newsweek, but on Al-Hamour these men are merely doves incognito. They are commended for their dovish efforts in trying to quell their respective financial markets and economies by using interest rates as their weapon of choice.
I have ranked each central bank by the percentage change for the 2008. This means that if at the beginning of 2008 the interest rate was 10% and finished the year at 5%, I would consider this a 50% drop in rate as opposed to an absolute 5%. In addition, interest rate cuts during the first quarter of 2009 will not be taken into consideration but it looks like the European Central Bank and the Bank of England are in the lead for this year’s list.
The list includes 55 entries but I have decided to only provide more detail on a few.
If you would like the sources of all the rates used for the different countries please email me and I will send you the information.