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The official discount rate, which is the largely symbolic rate on loans the central bank charges to private banks, was left unchanged at 0.5percentt, a record low.
Reluctant to contemplate a Russian capital flight from the island's banks and business, he insisted the savers' tax on deposits over €100,000 could not be higher than 10%, eventually settling on the symbolic rate of 9.9%.
(See "Symbolic Rate Cut Fails To Move Tokyo Market").
The clamor for a three-quarters of a percentage point cut amounts to a demand to placate panicky investors with a purely symbolic rate cut that may do actual harm, if it contributes to an inflation revival.
We present efficient algorithmic methods to detect Hopf bifurcation fixed points in chemical reaction networks with symbolic rate constants, thereby yielding information about the oscillatory behavior of the networks.
Similar(54)
Markets had widely expected the Fed to raise rates at this juncture, though the hike in the largely symbolic discount rate was somewhat of a surprise.
Nick Clegg earlier told the BBC that "changing one very specific symbolic tax rate is not really the key part of the matter".
The Federal Reserve cut a largely symbolic borrowing rate today, adding to an earlier move that was intended to prop up the flagging economy.
Earlier this month, it had reduced its symbolic discount rate to 0.35percentt from 0.5percentt, and its governor, Masaru Hayami, repeatedly called further monetary steps unnecessary.
The hint of this discord came in the announcement that the Fed had also cut its largely symbolic discount rate, which is the interest that the Fed charges banks on the rare occasions when they borrow directly from the Fed.
Even though the Fed had telegraphed its intention to raise the largely symbolic discount rate, the timing of the move, coming between scheduled policy meetings, caught some economists by surprise.
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CEO of Professional Science Editing for Scientists @ prosciediting.com