Recently, the South African Central Bank unexpectedly cut its interest rate to 5 percent, in line with the trend of most major economies.
China has too cut its benchmark rate to 6 percent, in an effort to provide stimulus to their domestic markets.
Thailand uses this a a policy mechanism, responding as swiftly as necessary to maintain their economic momentum.
Of the other BRICS nations, Banco Central de Brasil has reduced its rate down from a peak of 12.50 percent in July 2011 to 8 percent on 11th July 2012 in gradual steps.
The Russian Prime 3-month rate is currently 7.31 percent.
For the Bank of England, ECB, Bank of Japan, U.S. Federal Reserve and the Swiss National Bank, the rate is below 1 percent.
The Reserve Bank of India cut its repo rate to 8 percent recently. In view of the slowdown in that economy, and in view of the IMF's advocacy of a policy of interest rate convergence, it seems this would be the best stimulus tool to deploy in the current cycle. On Tuesday 31st July, hopefully it will be a bold move downwards to ward of recessionary habits taking hold. The economy, the stockmarkets and the people can only react happily if money is cheaper to borrow, to propel growth and spending. Hopefully, the picture will be a happier one on Tuesday.