"The fact is that market rates have been coming down," the official said.
But with this fast economic growth rate comes huge responsibility in terms of sustainability.
Just two years later, rates had come down to $1.57/word.
The 50p rate for those on more than £150,000 came into effect in April 2010.
If short rates come down, in the fall we will have another rally.
Though the rates and reforms came, the lending did not.
With the discount, the rates for the second room come to $372 or $417 a night.
The last rate cut two weeks ago came without a budget settlement.
A rate of 165 came to be accepted in Japan as the point beyond which the dollar would not go.
The rate of the 12-day cash management bill came in at 4.79 percent.