Eurozone rate cuts may impact emigrants

Proposed rate cuts may soon benefit emigrants making international money transfers to Europe.

As the credit squeeze continues, experts recently forecast that the European Central Bank (ECB) is likely to reduce rates to give economies a boost, which may interest Britons making money transfers, such as loans, to the region.

Howard Archer, chief European economist at IHS Global Insight in London, stated that action taken by the bank to reduce interest levels could bolster markets that may be suffering due to a rise in unemployment.

"If unemployment is higher than expected and rising rapidly, that has major repercussions for both the inflation outlook and the growth outlook," he said.

"It cements expectations that the ECB will not only cut rates next week but will take other measures as well."

Meanwhile, OAG recently announced that extra flights have been scheduled to the Middle East carrying business passengers, indicating the region is popular for making money transfers.

Click here to make an International Money Transfer.

By John Mills