Hungary Central Bank cuts Interest rate to 3.20%, 16th cut in row - Central Bank News

26th November 2013

Hungary's central bank cut its policy rate for the 16th time in a row, trimming its base rate by another 20 basis points to 3.20 percent, a move that was largely expected.
    The National Bank of Hungary has now cut rates by 255 basis points this year and by 380 points since August last year when it began its current easing cycle. The central bank did not give any immediate explanation for its decision.
    At its last meeting in October, the central bank said "further cautious easing of monetary conditions may follow" in light of the outlook for inflation and the economy.
    Hungary's inflation rate fell to 0.9 percent in October from 1.4 percent in September, a low for the year and well below the bank's medium-term target of 3.0 percent.
    Last week the central bank's governor, Gyorgy Matolcsy, said the bank had room to cut rates further and to provide further loans to help economic activity while the OECD raised its growth outlook to 1.2 percent for this year and 2.0 percent for 2014 from a previous forecast of 0.5 percent and 1.3 percent.
    Last year Hungary's economy contracted by 1.7 percent.
    Hungary's Gross Domestic Product rose by 0.8 percent in the third quarter from the second quarter for annual growth of 1.7 percent, the second quarterly expansion in output after five consecutive quarters of economic contraction.

Hungary cuts rate to 3.20%, 16th cut in row - Central Bank News

for more details log on to National Bank of Hungary website : http://english.mnb.hu/ 

Israel Central Bank maintains Interest rate, future depends on inflation, shekel - Central Bank News

25th November 2013

Israel's central bank held its benchmark interest rate steady at 1.0 percent, as expected, repeating that future moves in the rate depend on inflation, domestic and global economic growth, the monetary policies of major central banks and the shekel's exchange rate.
     The Bank of Israel (BOI), which has cut rates by a total of 75 basis points this year, most recently in September, said the main considerations behind its decision was the low inflation environment, a decline in economic growth in the third quarter, a very slight weakening of the shekel in the last month, very accommodative monetary policy in most major economies, weaker forecasts for global growth and a continued rise in house prices.
    "The Bank of Israel will continue to monitor developments in the Israeli and global economies and in financial markets, particularly in light of the continuing uncertainty in the global economy," BOI said.
    Israel's inflation rate jumped to a higher-than-expected annual rate of 1.8 percent in October from 1.3 percent in both September and August due to higher fruit and vegetable prices, clothing and footwear.
    Despite this rise, the BOI said the "inflation environment remains low" and there has been a decline in inflation expectations for the coming year. The BOI targets annual inflation of 1-3 percent.

    Israel's economy slowed in the third quarter due to weak manufacturing and exports, but the BOI said "initial indicators for the fourth quarter point to some recovery."
    Israel's Gross Domestic Product expanded by only 0.5 percent in the third quarter from the second for annual growth of 3.2 percent, down from 3.8 percent. The BOI has forecast growth of 3.6 percent this year and 3.4 percent next year.
    Since the BOI's previous policy meeting on Oct. 27, the shekel has weakened by some 0.9 percent against the U.S. dollar, a more moderate decline that most currencies against the dollar. Since the beginning of the year, the shekel's effective exchange rate is up by has 5.7 percent. It was quoted around 3.55 to the dollar today

Israel maintains rate, future depends on inflation, shekel - Central Bank News

for more details log on to Bank of Israel website : http://www.bankisrael.gov.il/en/Pages/Default.aspx 

Angola Central Bank cuts Interest rate 50 bps as inflation expected to fall further - Central Bank News

25th November 2013

Angola's central bank cut its policy rate by 50 basis points to 9.25 percent in light of the decline in inflation in recent years and the prospect of a continuation of this trend.
    The National Bank of Angola (BNA) has now cut its rate three times this year for a total of 100 basis points.  
   Angola's inflation rate fell to 8.38 percent in October from 8.93 percent the previous month, hitting one of the lowest levels since inflation data has been compiled, the BNA said.
    The BNA's goal for many years was to get inflation below 10 percent and this was achieved in August 2012 and inflation has continued to decline slowly since then.
    Interest rates on loans issued in the kwanza currency also continued to fall in October, the bank said, with the rate fall to 13.79 percent from 14.09 percent.
    The average exchange rate of Angola's kwanza was 97.27 to the U.S. dollar at the end of October, an appreciation of 0.38 percent compared to the end of September

Angola cuts rate 50 bps as inflation expected to fall further - Central Bank News

for more details log on to National Bank of Angola website : http://www.bna.ao/