Monetary Policy Review for Namibia , Serbia, Swiss and Philippines as on 11th and 12 December 2014

Philippine Central Bank maintains its Key Policy Rate as on 11th December 2014

Bank of Serbia maintains its Key Policy Rate as on 11th December 2014

Namibia maintains its Repo Rate as on 12th December 2014

Switzerland maintains its Key Target Range as on 11th December 2014

#MonetaryPolicyReview for Namibia , Serbia, Swiss and Philippines as on 11th and 12 December 2014.

#Switzerland #CentralBankofSwitzerland #KeyTargetRange #SwissNationalBank #NBS #Serbia #MPR #NationalBankOfSerbia #KeyPolicyRate #Africa #BankofNamibia #InterestRates #Namibia #RepoRate #CentralBankOfNamibia #RepublikaNgPilipanas #Philipines #PhillipineCentralBank #KeyPolicyRate #JhunjhunwalasFinance

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Monetary Policy Review for Korea , Norway and Peru as on 10th and 11th December 2014

The Central Bank of Norway cuts its Key Policy Rate to 1.25% as on 11th December 2014

The Central Bank of Peru maintains its Monetary Policy Rate at 3.50% as on 11th December 2014

The Central Bank of south Korea maintained its Base Rate at 2% as on 10th December 2014

#MonetaryPolicyReview for #Korea #Norway and #Peru as on 10th and 11th December 2014.

#BankOfKorea maintained its #BaseRate at 2.0% per annum as on 10th December 2014
Data compiled and released by Bank of Korea

The #CentralBankOfNorway #NorgesBank cut its #KeyPolicyRate by 25 Basis Points to 1.25% as on 11th December 2014 , Data compiled and released by Central Bank of Norway

The #CentralReserveBankOfPeru maintains its #ReferenceRate at 3.50% per annum as on 11th December 2014.
Data compiled and released by Central Reserve Bank of Peru

#MonetaryPolicy #Peru #PeruEconomicNews #SouthKorea #BOK #CentralBankOfKorea #MonetaryPolicy #InterestRates #PolicyRate #Europe #Norway

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Monetary Policy Review for EuroZone , England ,Canada and Brazil as on 3rd and 4th December 2014

Bank of England maintains BankRate at 0.50% as on 4th December 2014

European Central Bank maintains Interest Rate at 0.05% as on 4th December 2014

Central Bank of Brazil maintains Interest Rate at 0.05% as on 3rd December 2014

Bank of Canada maintains target for OvernightRate at 1.0% as on 3rd December 2014

#MonetaryPolicyReview for #EuropeanCentralBank , #BankOfEngland , BankOfCanada and #CentralBankOfBrazil as on 3rd and 4th December 2014

#ECB European Central Bank maintains its #Benchmark #InterestRate at 0.05% per annum as on 4th December 2014

#BOE Bank of England maintained its #Benchmark #BankRate at 0.5% per annum along with the stock of assets purchased at 375 Billion Pounds as on 4th December 2014

#BrazilCentralBank raises its #Benchmark #SelicRate by 50 Basis Points to 11.75% per annum as on 3rd December 2014.

#CentralBankofCanada maintained its #BenchmarkTarget for the #OvernightRate at 1.0 percent as on 3rd December 2014.

#EuropeanUnion #EuroArea #EuroZone #MonetaryPolicy #England #London #UnitedKingdom #BancoCentraldoBrasil #Brazil #InterestRates #SouthAmerica #BankofCanada #Canada #InterestRate #PolicyRate

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Reserve Bank Of FIJI maintained its Policy Rate as on 27th November 2014

Reserve Bank Of FIJI Policy Rate as on 27th November 2014

Reserve Bank Of FIJI Policy Rate as on 30th October 2014

Reserve Bank Of FIJI Policy Rate as on 25th September 2014

The #CentralBankOfFiji maintained its #Benchmark #OvernightPolicyRate at 0.50% per annum on 27th November 2014

Data compiled and released by the Central Bank of FIJI.
#AsiaPacific #Fiji #Suva #InterestRates #MonetaryPolicy #ReserveBankofFiji #PolicyRates

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The Central Bank of Angola maintains Base Rate as on 24th November 2014

Central Bank of Angola maintains Base Rate as on 24th November 2014

Central Bank of Angola maintains Base Rate as on 27th September 2014

Central Bank of Angola maintains Base Rate as on 29th September 2014

The #BNA #NationalBankOfAngola maintained its #BasisInterestRate (BNA) at 9.0 percent as on 24th November 2014. .

Data compiled released and by National Bank Of Angola
#Angola #MonetaryPolicy #BancoNacionalDeAngola #InterestRates #Luanda #PolicyRates

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Global Central Banks Highlights for Monetary Policy Rates for month of October 2014

Global Central Banks Highlights for Monetary Policy Rates for month of October 2014

Global Central Banks Highlights for Monetary Policy Rates for month of October 2014.

#NationalBankOfRwanda #Rwanda
#CentralBankofIceland #Iceland
#ECB #EuropeanCentralBank #Europe
#ReserveBankOfAustralia #Australia
#BankOfIndonesia #Indonesia
#NationalBankOfPoland #Poland
#BOE #BankOfEngland
#CentralBankOfTajikistan #Tajikistan
#CentralReserveBankOfPeru #Peru
#BankOfUganda #Uganda
#BankOfKorea #SouthKorea
#NationalBankOfSerbia #Serbia
#CentralBankOfEgypt #Egypt
#CentralBankOfChile #Chile
#CentralBankOfSrilanka #Srilanka
#BankOfMozambique #Mozambique
#CentralBankOfNamibia #Namibia
#BankOfCanada #Canada
#BankOfNorway #NorgesBank #Norway
#CentralBankOfPhillipines #Phillipines
#CentralBankOfTurkey #Turkey
#BankOfIsrael #Israel
#BankOfMauritius #Mauritius
#NationalBankOfAngola #Angola
#BankOfAlbania #Albania
#RiksBank #CentralBankOfSweden #Sweden
#NationalBankOfHungary #Hungary
#CentralBankOfBrazil #Brazil
#ReserveBankOfNewZealand #NewZealand
#ReserveBankOfFiji #Fiji
#CentralBankOfColombia #Colombia
#BankOfJapan #Japan
#BankOfRussia #Russia #RussianFederation
#BankOfMexico #Mexico #America

#MonetaryPolicy #MPR #MonetaryPolicyRate
#InterestRate #RepoRate #PolicyRate #KeyRate

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Monetary Policy Review for Central Bank of Rwanda and Central Bank Of Iceland as on 1st October 2014

Central Bank Of Iceland maintains Monetary Policy Rate as on 1st October 2014

Central Bank Of Rwanda maintains Monetary Policy Rate as on 1st October 2014

Monetary Policy Review for #CentralBankOfRwanda and #CentralBankOfIceland as on 1st October 2014

The Central Bank of #Rwanda kept its #Benchmark #RepoRate at 6.00% per annum
Data compiled and released by the Central Bank of Rwanda

The Central Bank of #Iceland kept its #Benchmark #LendingRate unchanged at 6.00% per annum
Data compiled and released by the Central Bank of Iceland

#SedlabankiIslands #Europe #InterestRates
#Africa #MonetaryPolicy #NationalBankofRwanda

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Monetary Policy Review for India and Romania as on 30th September 2014

Central Bank of Romania cuts its Policy Rate as on 30th September 2014

Reserve Bank of India maintains Repo Rate as on 30th September 2014

 #MonetaryPolicyReview for #India and #Romania as on 30th September 2014

The ‪#‎CentralBank‬ of ‪#‎Romania‬ cut its policy rate by 25 basis points to 3.00% per annum on 30th September 2014
Data compiled and released by the Central Bank of Romania

‪#‎RBI‬ ‪#‎ReserveBankofIndia‬ ‪maintains Monetary Policy Rate as on 30th September 2014
#‎CRR‬ = Cash Reserve Ratio
‪#‎SLR‬ = Statutory liquidity Ratio
‪#‎MSF‬ = Marginal Standing Facility
‪
#‎Europe‬ ‪‪#‎NationalBankofRomania‬ #Romania #‎IndiaCentralBank‬ ‪#‎MonetaryPolicy‬ ‪#‎IndiaEconomy‬ ‪#‎InterestRates‬ ‪#‎BankRates‬ ‪#‎PolicyRates‬ ‪#‎RepoRates‬

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#MonetaryPolicyReview for Fiji and Taiwan as on 25th September 2014

Central Bank of Taiwan maintains
Key Rate as on 25th September 2014

Central Bank of Fiji maintains
Key Rate as on 25th September 2014

#MonetaryPolicyReview for Fiji and Taiwan as on 25th September 2014

The #CentralBankOfFiji maintained its #PolicyRate at 0.50% per annum on 25th September 2014
Data compiled and released by the Central Bank of FIJI

The ‪#‎CentralBankOfTaiwan‬ maintained its ‪#‎PolicyRate‬ at 1.875% per annum on 25th September 2014
Data compiled and released by the Central Bank of Taiwan

‪#‎InterestRates‬ ‪#‎MonetaryPolicy‬ #AsiaPacific #Fiji #InterestRates #ReserveBankofFiji
‪#‎Asia‬ ‪#‎CentralBankoftheRepublicofChina‬(Taiwan) ‪#‎Taiwan‬

Monetary Policy Review for Israel , Czech , Turkey and Morocco as 22,23,and 25th September 2014

Central Bank of Israel maintains
Key Rate as on 22nd September 2014

Central Bank of Morroco maintains
Rate as on 23rd September 2014

Central Bank of Turkey maintains
Rate as on 25th September 2014

Central Bank of Czech maintains
Key Rate as on 25th September 2014

#MonetaryPolicyReview for Israel , Czech , Turkey and Morocco as 22,23,and 25th September 2014

The ‪#‎CentralBankOfIsrael‬ maintained its ‪#‎MonetaryPolicy‬ at 0.25 % per annum on 22nd Sept 2014
Data compiled and released by Central Bank of Israel

The ‪#‎CentralBankOfMorocco‬ "Bank Al-Maghrib" cuts rate by 25bps to 2.75% per annum on 23rd September 2014
Data compiled and released by Central Bank of Morocco

The #CentralBankOfCzech maintained its Policy Rate at 0.05% per annum on 25th Sept 2014
Data compiled and released by the Central Bank of CZECH

The #CentralBankOfTurkey #CBRT maintained its #PolicyRate at 8.50% per annum on 25th Sept 2014
CBRT = Central Bank of the Republic of Turkey
Data compiled and released by Central Bank of Turkey

‪#‎Morocco‬ #Turkey #CBRT #InterestRate ‪#‎Israel‬ ‪#CzechCentralBank #CzechNationalBank #CzechRepublic #Europe #InterestRates

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Nigeria Central Bankers holds Policy Rates but raises CRR to 15%

25th March 2014

Nigeria's central bank held its Monetary Policy Rate (MPR steady at 12 percent, as mostly expected, but raised the Cash Reserve Requirement (CRR) on private sector deposits by 300 basis points to 15 percent, saying "safeguarding short run macroeconomic stability under the circumstances required firm and bold measures."

    The Central Bank of Nigeria (CBN), which has maintained its policy rate since October 2011 but in January again raised the CRR on public sector deposits, said the Monetary Policy Committee had taken note of the relative stability of the exchange rate of the naira "in the face of undue pressure" and taken its policy decision with a view to attaining price and exchange rate stability, the goal of transitioning to a low inflation environment and the need to retain portfolio flows.

    "The Committee unanimously voted for further tightening of monetary policy but were divided on the instruments,"with some members voting to raise the MPR to attract further capital inflows while other members felt that such an increase could impact access to credit and negatively affect growth.

   The CBN's committee voted by 5 to 4 to maintain the MPR and raise the CRR on private deposits.    Nigeria's naira was hit by last month's suspension of Lamido Sanusi, the outspoken governor of the central bank by Nigeria's president. Sanusi has often criticized the government of corruption and has called for an investigation into billions of dollars in missing oil revenue.

    The naira has depreciated by 3.2 percent against the U.S. dollar this year, trading at 165.2 today.

    Nigeria's gross reserves declined to US$ 37.83 billion this month from $42.85 billion end-December, with the central bank attributing the decrease to the need to fund the foreign exchange market "in the face of intense pressure on the naira and the need to maintain stability."

    Tight monetary policy is needed to consolidate recent gains in inflation, the central bank said, with the recent resurgence in core inflation reinforcing this view.

    "Thus, prudent monetary stance would also facilitate better reserve and exchange rate management in an environment where Fed tapering increases pressure on emerging economies financial markets," the bank said.

     Nigeria's headline inflation rate eased to 7.7 percent in February from 8.0 percent in January due to a moderation in food prices. But core inflation rose to 7.2 percent from January's 6.6 percent. The central bank targets inflation of 6.0 to 9.0 percent

    Nigeria's economy remains robust, the bank said, with Gross Domestic Product growing by an estimated 6.89 percent in 2013, up from 6.58 percent in 2012, with the non-oil sector the main driver of growth in the fourth quarter.

    The central bank projects 7.7 percent growth for fiscal 2014, with the relatively robust projection based on favorable conditions for increased agriculture, sustained outcome of banking sector reforms and government initiatives to stimulate the real economy

Nigeria holds rate, raises CRR to 15%, bold moves needed - Central Bank News

Serbia Central Bank holds Interest rates as cautious monetary policy warranted - Central Bank News

6th March 2014

Serbia's central bank maintained its policy rate at 9.5 percent, noting that inflation had now returned to the bank's target range in January but adding that caution was warranted in monetary policy due to "heightened volatility in international financial markets" that is dampening investor sentiment and may negatively influence capital flows.
    The Bank of Serbia (NBS), which intervened on foreign exchange markets on Monday after repeated interventions last month to support the dinar currency, also stressed the need for caution last month, saying the country was still in need for external financing despite rising exports.
    "By keeping the key policy rate on hold, the NBS aims to support price and financial stability in the medium term," the central bank said, adding that consistent implementation of fiscal consolidation measures should diminish the country's exposure to external risks and strained liquidity in global financial markets in connection with reduced asset purchases by the U.S. Federal Reserve.
     Further steps in reducing the country's foreign exposure and maintain economic stability and growth would come from the expected conclusion of an agreement with the International Monetary Fund, the central bank said.
    Talks between the IMF and Serbia's government started last month on a new agreement but the government needs to narrow its deficit further and save some 400 million euros.

    Serbia's inflation rate rose to 3.1 percent in January from 2.2 percent in December, returning to the central bank's target range of 2.5 percent to 5.5 percent, around a 4.0 percent midpoint.
   The central bank cut its rate by a net 175 basis points in 2013 as inflation slowed to a low of 1.6 percent in November. The bank expects inflation to rise in coming months due to higher administered prices and the one-off impact of higher value-added-tax on some goods in January.
    Serbia's economy pulled out of recession in 2011 and 2012, with Gross Domestic Product expanding by an annual rate of 2.6 percent in the fourth quarter of 2013.
    The bank, which has forecast growth of 1.5 percent in 2014, said manufacturing was growing in the beginning of this year, laying the foundation for growth this year that will be helped by a recovery of the euro area and the start of negotiations on accession to the European Union (EU)

Serbia holds rate as cautious monetary policy warranted - Central Bank News

Ghana Central Bank raises Interest rates 200 bps or 2% on elevated inflation

6th February 2014

Ghana's central bank raised its policy rate by 200 basis points to 18.0 percent, more than expected by most analysts, because "the risks to inflation and exchange rate stability are highly elevated."
    The Bank of Ghana, which has seen inflation accelerate despite a 100 basis point rate rise in May last year, said a reversal in capital flows following the start of tapering of asset purchases by the U.S. Federal Reserve had led to pressure on the cedi currency, lowering the real yield on cedi assets relative to foreign assets.
    This has heightened inflation expectations, a situation that was also seen in the first half of 2012 when rate hikes by the central bank helped to restore stability, the bank said following an emergency meeting of its monetary policy committee. In 2012 the central bank raised its rate by 250 basis points.
    "The uncertainties in the outlook and weakened domestic fundamentals underscore the need for continued tight fiscal and monetary policies and measures that would reduce the country's vulnerability to shocks, re-anchor inflation expectations and sustain macroeconomic stability," the bank said.
    In addition to its rate rise, the central bank has issued new foreign exchange regulations,  such as restrictions on foreign currency-denominated loans, to promote the use of the cedi as the sole legal tender along with a code of conduct in the foreign exchange market.
    The central bank appealed to the government to strictly stick to its targets for fiscal consolidation and said in the medium to long term, the tax base has to be broadened, the export base has to be diversified and broadened, imports of consumption goods has to be reduced in favor of local substitutes and effort to block foreign exchange leakages have to be intensified.
     Ghana's inflation rate has been rising for the last year, hitting a 2013-high of 13.5 percent in December, above the central bank's target of 9 percent, plus/minus 2 percentage points. In November the bank said upside risks to inflation from higher petroleum and electricity prices had crystalized but it expected inflation to track back toward its target by end-2014, helped by fiscal tightening.
    But inflation expectations have risen and fiscal consolidation in 2013 was slower than expected due to lower-than-expected revenues, with the budget deficit estimated at 10.2 percent of Gross Domestic Product against a target of 9.0 percent.
    The fiscal imbalance and external pressures led to a current account deficit of 12.3 percent of GDP in 2013, up from 12.1 percent in 2012 while gross international reserves ended at US$ 5.6 billion, the equivalent of 3.1 months of imports, compared with $5.3 billion end-2012. Cocoa and gold export recipes fell by $1.3 billion in 2013 from 2012.
    The result is that Ghana's cedi has been under pressure, down 14.6 percent against the U.S. dollar in 2013. This depreciation has picked up pace in the last month, with the cedi down a further 7.8 percent during the month of January. Today the cedi was trading at 2.4 to the U.S. dollar.
    Ghana's GDP expanded by only 0.3 percent in the third quarter from the same 2012 quarter

Ghana raises rate 200 bps on elevated inflation, FX risks - Central Bank News

Uganda Central Bank holds Interest rates in the first week of February

4th February 2014

Uganda's central bank held its Central Bank Rate (CBR) steady at 11.5 percent but softened its warning about inflation, saying it expects headline and core inflation to remain in the 5-6 percent range in the first half of this year and then rise only gradually above the bank's target over the next 12 months as excess capacity is absorbed.
    In today's policy statement, the Bank of Uganda (BOU) omitted last month's stern warning that it would take "appropriate action" to ensure than core inflation remains around the bank's 5.0 percent target.
    However, the central bank still noted there were several risks to inflation, including the dry spell in parts of the East African region that might affect food prices along with a reversal of the current exchange rate appreciation that could strengthen inflationary pressures.
    Uganda's core inflation, which excludes food, energy and utilities, eased to 4.6 percent in January from 5.7 percent in December, with core prices virtually flat in the three months to January due to exchange rate appreciation of about 6.8 percent over the last 12 months.
    Headline inflation rose to 6.9 percent in January from 6.7 percent due to a rise in annual food crop inflation to 21.4 percent form 12.7 percent.

    The BOU last cut its CBR rate by 50 basis points in December after cutting the rate in June and then raising it again in September.
    The BOU reiterated its forecast for economic growth in the current 2013/14 financial year, which began on July 1, to range between 6.0 and 6.5 percent, as household demand is slowly gaining traction and expected to continue to rise with banks' credit to households rising by 38 percent in December compared with a 13 percent contraction at the same time in 2012.
    The BOU expects this buoyant credit to support growth going forward, on top of fiscal stimulus and public infrastructure investment, but cautioned that the economy faces risks if the conflict in South Sudan is sustained.
    Uganda's economy contracted by 0.6 percent in the third calendar quarter from the second quarter for annual growth of 2.2 percent, down from a rate of 5.8 percent in the second quarter.

Uganda holds rate, drops warning about inflation - Central Bank News

ECB European Central Bank to keep rates low for extended time and may cut

The European Central Bank (ECB) said it will maintain an easy monetary policy stance for "as long as necessary" to boost economic growth and that it may even cut rates further.
    The ECB, which earlier today held its benchmark refinancing rate steady at 0.5 percent, said the risks surrounding its economic outlook remain on the downside and the recent rise in global bond yields "may have the potential to negatively affect economic conditions."
    Low interest rates will help "provide support to a recovery in economic activity later in the year and in 2014," ECB President Mario Draghi told a news conference, adding:
    "The Governing Council expects the key ECB interest rates to remain at present or lower levels for an extended period of time," signaling that the central bank may cut rates if growth fails to improve.
    Draghi's admission that the recent rise in long-term interest rates may be harmful to growth in the 17 nations that share the euro follows a similar concern expressed by the Bank of England earlier today.
    In addition to the "recent tightening in global money and financial market conditions and related uncertainties," Draghi said other downside risks to growth include weaker-than-expected domestic and global demand and slow or insufficient structural reforms in the euro area.

    Long-term interest rates have risen worldwide in recent weeks following the Federal Reserve's decision on June 19 to start winding up its asset purchase program later this year as long as the economy continues to recover.
    But while the U.S. economy is growing, the euro zone remains mired in recession and Draghi is clearly worried that budding signs of improvement could be snuffed out by higher market rates. The ECB cut rates by 25 basis points in May to boost economic activity.
    In the first quarter of this year, the euro zone's Gross Domestic Product contracted by 0.3 percent from the previous quarter - it's sixth quarterly contraction in a row. On an annual basis, the economy shrank by 1.1 percent, up from a 1.0 percent contraction in the fourth quarter.
    Draghi said recent data had shown some improvement and exports should benefit from a gradual recovery in global demand later in the year and next year, with domestic demand supported by the ECB's accommodative policy as recent gains in real income due to the fall in inflation.
    "Overall, euro area economic activity should stabilise and recover in the course of the year, albeit at a subdued pace," Draghi said, repeating his outlook from June when the ECB cut its growth forecast.
    This year the ECB expects the euro zone economy to shrink by 0.6 percent, an improvement from 2012's decline of 1.5 percent.
    Inflation in the euro area rose to 1.6 percent in June, the third monthly rise since falling to a low of 1.2 percent in April. The ECB targets inflation of below but close to 2.0 percent.
    The ECB expects inflation to remain subdued over the medium term, supporting the bank's expectation to keep policy rates low along with weak economic growth.
    "The risks to the outlook for price developments are expected to be still broadly balanced over the medium term, with upside risks relating to stronger than expected increases in administered prices and indirect taxes, as well as higher commodity prices, and downside risks stemming from weaker than expected economic activity," Draghi said.

ECB to keep rates low for extended time and may cut - Central Bank News

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