Kuwait:
Kuwait's central bank has guaranteed bank deposits and on Oct. 27 announced a government bailout for one of the country's largest banks, Gulf Bank. The intervention was the first bank rescue in the Persian Gulf and underlined the global nature of the crisis.
Saudi Arabia:
In early October, the Saudi government pledged $40 billion to banks that need cash.
United Arabia Emirates:
Authorities have pumped more than $30 billion into the banking system in an effort to shield the Persian Gulf state from the global financial crisis.
China:
China has cut its key interest rate three times in a little over a month, and on November 9, the State Council announced a 4-trillion-yuan (US$586 billion) stimulus plan to boost the economy against the backdrop of a global recession. The People's Bank of China, China’s central bank, said on Nov.10 that it would scrap lending quotas on commercial banks, maintain rational credit growth, secure liquidity in the financial system, and develop China's bond market.
A timeline of China's recent economic-stimulus measures
Japan:
Japan, flush with more than $950 billion in foreign exchange reserves after crawling out of its own bad debt crisis, has offered funding to help prop up crumbling financial institutions around the world. On Oct. 14, the nation’s central bank announced that it had expanded the scope of its agreement with the U.S. Federal Reserve, allowing it to provide more cash to financial institutions to keep money markets operating smoothly. The government also has said it would be willing to contribute to a financial rescue led by the International Monetary Fund.
South Korea:
In early November, South Korea announced an economic package worth around 14 trillion won ($10.9 billion) to boost the economy. Eleven trillion won is aimed at public projects and three trillion won is for tax cuts to encourage spending. On Oct. 30, South Korea signed a currency swap deal with the US Federal Reserve, valued at $30 billion. And the country recently reduced its interest rate to 4.25 percent from 5 percent as an emergency move to boost the economy.
Singapore:
Singapore announced in October that it will guarantee $US 102 billion in foreign currency bank deposits for more than two years, following the lead of regional financial rival Hong Kong.
Brazil:
On Oct 6, the Brazilian government authorized its central bank to buy bonds from troubled financial institutions and provide foreign exchange loans to exporters who have suffered losses related to currency fluctuations caused by the global financial crisis. On Oct. 8, Brazilian central bank sold $1.7 billion of its foreign exchange reserve to prevent the depreciation of the Real. President Lula is also mulling an increase in agricultural credit to protect agricultural production.
Mexico:
The Mexican central bank has sold nearly $13.6 billion of its international reserves to support the peso since October, when the currency saw its steepest decline since the 1995 "Tequila Crisis." President Calderon recently announced 53 billion pesos ($4.05 billion) in infrastructure investment to counter the economic downturn.
(China.org.cn via Global Entrepreneur, agencies November 13, 2008)
