One important short-term interest rate has fallen by three-quarters of a percentage point, after having risen three points.

But when the German central bank allowed one of its important interest rates to drop on Wednesday, the dollar did not jump.

The increase, the fifth so far this year, had been widely expected, given recent sharp increases in other important short- and long-term interest rates.

The increase, the fifth this year, had been widely expected because of recent sharp rises in other important interest rates.

The Bundesbank cut its most important interest rate half a point, to a historic low of 2.5 percent.

The Japanese central bank has lowered an important interest rate to the extraordinarily low level of one-quarter of 1 percent.

On Jan. 31, the central bank raised an important short-term interest rate by a quarter-point, to 7.5 percent, to help stem inflation.

An early catalyst for dollar demand came from the German central bank, which allowed an important short-term interest rate to decline yesterday.

The central bank sold pounds for marks just after raising an important interest rate by half a point, to 9 percent.

For the first time this year, the nation's central bank increased two important interest rates.