Oil price plunge prompts Iraqi cut

The Central Bank of Iraq has cut its benchmark rate by a full percentage point to 15% days after the governor warned that the dismal global outlook and the slump in oil prices could drag the country into recession.

The central bank said that the cut, which is effective as of Monday, was necessary to avoid the consequences of the global financial crisis. It added that a boost in credit activity was needed to support growth.

Sinan al-Shabibi, the governor, told Reuters, a news agency, on Saturd

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