Kuwait cuts rate 0.5 point for 2nd time in a month

Kuwait's Central Bank on Feb 1, 2001, announced a 0.5 point cut in the discount rate for the second time in less than a month, taking it down to 6.25 percent. The bank, which announced the move in a statement to the official Kuwait News Agency (KUNA), said the cut will take effect on Sunday, February 4.

The Kuwaiti central bank previously cut the discount half a point to 6.75 percent following a surprise cut by the U.S. Federal reserve on Jan. 3. The latest move follows a second half point rat