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 Fiji , Colombia , Brazil and NewZealand as on 29th and 30th October 2014

Central Bank Colombia maintains Policy Rate as on 30th October 2014

Central Bank Of Fiji maintains Policy Rate as on 30th October 2014

Central Bank of Brazil raises its selic Rate as on 29th October 2014

Reserve Bank Of New Zealand holds Rate as on 29th October 2014

#MonetaryPolicyReview for #Fiji #Colombia #Brazil and #NewZealand as on 29th and 30th October 2014.

The #CentralBankOfColombia maintained its #PolicyRate at 4.50 % per annum 
as on 30st October 2014.

The #ReserveBankOfFiji maintains its Benchmark #OvernightPolicyRate (OPR)
at 0.50% per annum as on 30st October 2014.

The #CentralBankOfBrazil raises its Benchmark #SelicRate by 25 #BasisPoints
to 11.25% per annum  as on 29th October 2014.

The #ReserveBankOfNewZealand #RBNZ maintains
#OfficialCashRate #OCR at 3.50% per annum as on 29th October 2014.

#MonetaryPolicy #InterestRate #PolicyRates #OPR #MonetaryPolicyRate
#BancoCentralDeColombia #BancoDeLaRepublica #BanRep

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Monetary Policy Review for Israel , Mauritius , Albania , Angola as on 27th October 2014

Bank of Israel holds its Benchmark Interest Rate as on 27th October 2014

National Bank Of Angola raises its BNA Rate as on 27th October 2014

The Bank of the Mauritius holds its Key Repo Rate as on 27th October 2014

The Central Bank of Albania left its Key Interest Rate as on 27th October 2014

#MonetaryPolicyReview for #Israel #Mauritius #Albania #Angola as on 27th October 2014

The #BankOfIsrael maintains its Benchmark #InterestRate at 0.25% per annum.
Data compiled and released by Bank of Israel

The #BankOfMauritius holds its Key #RepoRate at 4.65% per annum.
Data compiled and released by Bank of Mauritius

The #CentralBankofAlbania left its #KeyInterestRate steady at 2.50% per annum.
Data compiled and released by the Central Bank of Albania

The #BNA #NationalBankOfAngola raises #BasicInterestRate by 25
#BasisPoints to 9.00% per annum
Data compiled released and by National Bank Of Angola

#RepublicOfMauritius #MonetaryPolicy #CentralBankOfIsrael

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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 PolicyReview for Australia , Romania and Malawi as on 3rd and 4th November 2014

 Central Bank of Romania cuts its Policy Rate as on 4th November 2014

Reserve Bank of Australia maintains Interest Rate as on 4th November 2014

Central Bank of Malawi raises its Policy Rate as on 3rd November 2014

#MonetaryPolicyReview for #Australia , #Romania and #Malawi as on 3rd and 4th November 2014

#ReserveBankOfAustralia Maintains #InterestRate at 2.5% Per Annum
as on 4th November 2014.
Data Complied and Issued by #CentralBankOfAustralia

#NationalBankOfRomania cut its #PolicyRate by 25 basis points to 2.75% as on 4th November 2014.
Data Complied and Issued by #CentralBankOfRomania

The ‪#‎CentralBankofMalawi‬ raised its ‪#‎PolicyRate‬ by 250 Basis Points to 25.0% per annum on 3rd November 2014
Data compiled and released by the Central Bank of Malawi
‪
#‎Africa‬ ‪#‎ReserveBankofMalawi‬ ‪#‎InterestRates‬
#Australia ##Romania #MonetaryPolicy #BancaNationalaaRomaniei

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Monetary Policy Review for Egypt and Chile as on 16th October 2014Chile Central cuts its Monetary Policy Rate to 3.0% as on 16th October 2014

Chile Central cuts its Monetary Policy Rate
to 3.0% as on 16th October 2014

Egypt Central Bank holds Rate at 9.25% as on 16th October 2014

#MonetaryPolicyReview for #Egypt and #Chile as on 16th October 2014

The #CentralBankOfEgypt maintains Benchmark #OvernightDeposit Rate at 9.25% per annum as on 16th October 2014 . .
Data released by The Central Bank of Egypt.

The #CentralBankOfChile cuts its #MonetaryPolicyRate by 25 Basis Points to 3.00% per annum as on 16th October 2014.
Data compiled and released by Central Bank of Chile

#BancoCentralDeChile #Chile #MPR #MonetaryPolicy #CBE #Egypt

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Monetary Policy Review for Indonesia , Poland , Tajikistan and England for October 2014

The Central Bank of Tajikistan raised its
Benchmark Refinancing Rate to 6.90%  as on 9th October 2014

Bank of England maintained its Bank Rate at 0.50% per annum as on 9th October 2014

Central Bank of Poland cuts Monetary Policy
Reference Rate to 2.0 % as on 8th October 2014

Bank of Indonesia maintains Benchmark BI Rate as on 7th October 2014

#MonetaryPolicyReview for #Indonesia #Poland #Tajikistan and #England for October 2014

The #CentralBankOfTajikistan raised its #Benchmark #RefinancingRate by 100 basis points to 6.90% per annum on 9th October 2014
Data compiled and released by the Central Bank of Tajikistan

#BankOfEngland #BOE maintained its #BankRate at 0.5% per annum and leaves asset purchase program at £375 billion as on 9th October 2014
Data compiled and released by Bank of England

#IndonesiaCentralBank maintains its Benchmark #BIRate at 7.5% per annum as on 7th October 2014.
Data compiled and released by Bank Indonesia

The #CentralBankOfPoland cuts its #MonetaryPolicyReferenceRate by 50 #BasisPoints to 2.0% Per annum as on 8th October 2014.
Data compiled and released by Nardowy Bank Polski

#BI #BankIndonesia #BankSentralRepublikIndonesia
#MonetaryPolicy #NardowyBankPolski #NationalBankofTajikistan

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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

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

4th March 2014

Uganda's central bank maintained its Central Bank Rate (CBR) at a neutral level of 11.5 percent but said there were potential risks of stronger inflationary pressures from currency depreciation, stronger domestic demand and higher food prices while a possible decline in foreign aid was posing a source of uncertainty for the country's balance of payments and economy.
    The Bank of Uganda  (BOU), which cut its CBR rate by 50 basis points in 2013, cut its forecast for core inflation to 4-5 percent over the next few months, down from February's forecast of 5-6 percent in the first half of 2014, but added that inflation was then expected to rise to between 5.5 percent and 6.5 percent over the next 12 months.
    Uganda's headline inflation rate eased to 6.7 percent in February from January's 6.9 percent while core inflation, which excludes food, energy and utilities, fell to 3.7 percent in February from 4.6 percent. The BOU attributed the lower inflation rate to a 7.0 percent appreciation of the shilling in the 12 months to 2014.
    After strengthening last year, Uganda's shilling was hit last week after foreign aid donors, including the World Bank, withheld or threatened to withhold aid in reaction to new legislation that toughens the punishment for homosexuals.
    The drop in the shilling started last Wednesday with dealers saying the central bank had intervened and sold dollars to stop the decline. On Thursday the central bank continued to support the shilling and then on Friday the central bank confirmed it was selling foreign currency.
    Late on Thursday the World Bank said it was postponing a US$ 90 million loan for Uganda's health system and Sweden's finance minster then on Friday said the law would make it hard to continue funding projects. Denmark and Norway have already withheld aid while the United States, the country's biggest donor, is reviewing its aid for health projects.
    The shilling fell to 2,534.9 to the U.S. dollar last Friday, down 2.8 percent from the previous week's close, but rose slightly this week to trade around 2,523 today, largely unchanged from 2,525 end-2013.
    Despite uncertainty surrounding foreign aid, the central bank said it expects Uganda's economy to be "relatively buoyant" in the 2013/14 fiscal year, which began on July 1, due to fiscal stimulus, a strengthening global environment, strong inflows of foreign direct investment and household consumption.
    "However, there are risks to this growth outlook emanating from weak bank credit growth," the BOU said.
    Last month the BOU forecast growth in 2013/14 of 6.0 to 6.5 percent and said banks' credit to households had risen by 38 percent in December.
    Uganda's Gross Domestic Product contracted by 0.6 percent in the third calendar quarter from the second quarter for annual growth of 2.2 percent, down from growth of 5.8 percent in the second quarter.

Uganda holds rate, foreign aid drop source of uncertainty - 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

Angola Central Bank holds Interest rates but cuts reserve requirement to 12.5%

30th January 2014

Angola's central bank maintained its policy rate at 9.25 percent but cut the reserve requirement ratio for local currency deposits to 12.5 percent from 15.0 percent to "increase the financial resources available for lending to the economy, as well as continue to influence the reduction of the costs of financial intermediation."
    The National Bank of Angola, which cut rates by 100 basis points in 2013, kept the reserve requirement for foreign currency deposits unchanged at 15.0 percent.
    The central bank's monetary policy committee, which met on Jan. 27, said the latest estimates indicate real Gross Domestic Product growth of around 7.4 percent for the country's economy in 2013, up from 5.2 percent in 2012, with an emphasis on the continued growth in the non-oil sector.
    Angola's inflation rate eased to 7.69 percent in December from 7.94 percent in November and 9.02 percent in December 2012, as inflation continues to drop since hitting a recent high of 16.08 percent in October 2010.
    The central bank also said Angola's international reserves fell by 5.73 percent to US$ 33.17 billion in December from November. It did not give any reason for the decline.



Angola holds rate but cuts reserve requirement to 12.5% - Central Bank News

Fiji Central Bank holds Interest rates in the last week of January

30th January 2014

Fiji's central bank maintained its current accommodative policy stance by keeping its Overnight Policy Rate (OPR) steady at 0.5 percent and said domestic demand continues to be buoyant so the economy in 2014 should surpass the pre-budget forecast of 3.0 percent growth.
    The Reserve Bank of Fiji, which has maintained rates since December 2011, also said economic activity in 2013 was broadly positive and the economy should achieve the forecast 3.6 percent growth.
    In October the central bank revised upwards its 2013 growth forecast to 3.6 percent and its 2014 growth forecast to 3.0 percent.
    Domestic demand in Fiji is being supported by improving labour market conditions, an expansionary government budget, record low commercial bank lending rates and a favorable business environment.
    Barry Whiteside, governor of the central bank, said in a statement that partial indicators for investment showed that the pace of investment strengthened last year and will remain above 25 percent of Gross Domestic Product this year, adding that this was reflected in rising domestic credit growth, which had accelerated to 14.3 percent in December.

    The central bank's policy objectives also remained intact, Whiteside said, with Fiji's foreign reserves at US$ 1.77 billion as of Jan. 29, enough for 4.7 months of imports, and inflation is expected to trend toward 3.0 percent by year-end.
    In November Fiji's inflation rate rose marginally to 3.4 percent from 3.3 percent in October, mainly  due to higher prices of food and non-alcoholic beverages


Fiji holds rate, economy set to top 3% growth in 2014 - Central Bank News

Hungary Central Bank slows Interest rate cut pace to 15 bps, 18th cut in a row

21st January 2014

Hungary's central bank trimmed its base rate by 15 basis points to 2.85 percent, its 18th rate cut in a row, as inflation continues to drop.
    The National Bank of Hungary, which cut rates by 275 basis points in 2013 and 400 points since embarking on its easing cycle in August 2012, did not immediately issue any statement accompanying its brief notice that the base rate was cut with effect from Jan. 22.
    The central bank said in December that "further easing of monetary policy may follow, but a reduction in the increment is likely to be warranted."
    Initially, the central bank had cut rates in 25 basis points increments but then switched to 20 basis point cuts in August 2013 after global investors reassessed the growth prospects for emerging markets and the U.S. Federal Reserve signaled that it was considering reducing its asset purchases.
    Economists had widely expected Hungary's central bank to continue cutting rates this month as inflation fell to only 0.4 percent in December from 0.9 percent in October and November, continuing the decline since September 2012 when inflation hit 6.6 percent.

    Last week Gyula Pleschinger, board member of the central bank, told the Wall Street Journal that Hungary still had room to lower its interest rates as the economic recovery remains fragile, inflation is low and the prospect of less stimulus from the Fed was no longer a threat.
    She also said that Hungary's bond auctions were proceeding smoothly and the forint currency was trading in the usual range to the euro.
    Hungary's Gross Domestic Product expanded by 0.9 percent in the third quarter from the second quarter, the third quarter of growth after four consecutive quarters of contraction in 2012. On an annual basis, third quarter GDP grew by 1.8 percent, up from 0.5 percent in the second quarter.
    Despite Pleschinger's confidence, the central bank has often expressed its concern over how investors' view of the risk of Hungary can quickly change and how this is influencing the room for manoeuvre in monetary policy.
    Minutes from the central bank's December meeting showed that seven of its board members voted to cut the rate by 20 basis points while two members, including Pleschinger, voted for a 10 basis point cut.
    Starting with the central bank's easing cycle in August 2012, the forint has weakened and the pace accelerated in the first few months of last year. Between August 2012 and March 2013, the forint fell some 10 percent against the euro, hitting a 2013 low of 306.8 to the euro. Since then, the forint has been trading in a range between 290-300 to the euro though in recent days the forint has weakened further and was trading around 303 to the euro earlier today.
    The central bank has often said that it expects inflationary pressure to remain muted in the medium term due to weak domestic demand and low global inflation before slowly moving back toward the bank's 3.0 percent target by the second quarter of 2015.
    The December inflation rate of 0.4 percent was reportedly a 43-year low.
    In December last year, the central bank's governor, Gyorgy Matolcsy, said the bank could cut its rate by 2.5 percent but admitted lower rates than that were risky


Hungary slows rate cut pace to 15 bps, 18th cut in a row - Central Bank News

Serbia holds rate, sees inflation back in tolerance band - Central Bank News

16th January 2014

Serbia's central bank held its policy rate steady at 9.50 percent, repeating that it expects inflation to return to the bank's tolerance range in the coming period and the bank is "determined to gear monetary policy at stabilizing inflation at that level on a long-term basis."
    "Though inflationary pressures and expectations have both lessened significantly, the Executive Board accentuated the need for a cautious monetary policy considering the risks emanating from movements in international financial markets, and in particular the Fed's decision on tapering the quantitative easing program," the Bank of Serbia said.
    On Tuesday, the central bank issued a statement saying a weakening of the dinar currency over the last three days did not indicate any "durable disturbances in the FX market" but rather an expected response by the currency to a seasonally higher demand for foreign exchange by local companies and the Fed's decision to start reducing its asset purchases from January.
    Last year the Serbian central bank cut its rate by a net 175 basis points as inflation slowed from 12.8 percent in January to a year-low of 1.6 percent in November. In December inflation rose to 2.2 percent but remains below the central bank's tolerance range of 2.5-5.5 percent around a 4.0 percent midpoint.
    The central bank said on Monday that the current undershooting is largely due to a 2.5 percent decline in food prices in 2013, shown by the fact that core inflation - which excludes food, energy, alcohol and cigarettes - was 4.2 percent in December. The main contributor to inflation last year was administered prices, which rose 10.4 percent.
    Inflation is expected to rise moderately in coming months toward the bank's target, driven by higher administered prices and a one-off impact of a rise in value-added-tax on some goods in January. Lower food production costs and weak demand will continue to have a disinflationary effect.
    In today's statement, the central bank said a consistent implementation of fiscal measures, together with the weak inflationary pressure, will help increase the country's resilience to external risks and aid the economic recovery.
    Serbia's dinar currency was resilient to pressure on emerging market currencies in the middle of 2013 after global investors started to withdraw funds in anticipation of the U.S. Federal Reserve's reduction in its asset purchases on improving growth prospects. Nevertheless, the central bank often expressed its concern over the consequences of a sudden capital outflow and was cautious in cutting rates.
    The dinar appreciated by 2.5 percent to the U.S. dollar in 2013, ending the year at 83.0 to the dollar, up from 85.13 at the end of 2012. But in the first few days of January, the dinar fell, triggering the central bank's statement on Tuesday. Today the dinar was trading around 84.90, down 2.2 percent.
    The central bank also repeated yesterday that it would intervene, both on the sale and purchase side of the foreign exchange markets when necessary to mitigate excessive volatility and ensure stability.
    Serbia's economy has been improving in recent months following two years of recession with Gross Domestic Product expanding by 1.4 percent in the third quarter from the second quarter for annual growth of 3.70 percent.
    The central bank forecasts growth of 1.5 percent this year and growth of 2 percent in 2013



Serbia holds rate, sees inflation back in tolerance band - Central Bank News

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/ 

Morocco Central Bank holds rate last week sees slight inflation risks

Morocco's central bank held its interest rate steady at 3.0 percent in light of inflationary risks that are "slightly tilted to the upside" though inflation forecasts remain consistent with the bank's medium-term price stability objective.
    The Bank of Morocco, which has held rates steady since March 2012, said after analyzing the impact of a new index system of certain petroleum products that inflation is broadly in line with the bank's forecast from June, taking note of projections that show an average inflation rate of 2.2 percent this year, 1.7 percent in 2014, 1.5 percent in the fourth quarter of 2014, and an average of 1.8 percent over the forecast horizon.
    Morocco's headline inflation rose to 1.9 percent in August from 1.6 percent in July for an average of 2.4 percent in the first half.
    Morocco's economy expanded by 4.3 percent in the second quarter, down from 4.8 percent in the first and the central bank expects full-year growth of between 4.5 and 5.0 percent.
    The central bank said Morocco's trade deficit narrowed by 3.1 percent in August due to lower imports and net international reserves rose by 4.3 percent to 150.2 billion dirhams, representing four months and four days of imports of goods and services

Morocco holds rate, sees slight upside inflation risks - Central Bank News

for more details log on to Bank of Morocco website : http://www.bkam.ma/wps/portal/net/kcxml/04_Sj9SPykssy0xPLMnMz0vM0Y_QjzKL94o38vEASZnFe8QbebvqR2KIuSDEgvS99X098nNT9QP0C3JDI8odHRUB-vurKw!!/delta/base64xml/L0lKWWttUSEhL3dITUFDc0FJVUFOby80SUVhREFBIS9lbg!!?Lien=V 

Nigeria Central Bank holds rate steady last week

Nigeria's central bank held its Monetary Policy Rate (MPR) steady at 12.0 percent citing a "benign" outlook for inflation over the next six months and a significant reduction in the risks of currency instability following the Federal Reserve's decision to delay a tapering of its asset purchases and an improved outlook for financial stability in Europe after the German elections.
    The Central Bank of Nigeria (CBN), which has held rates steady since October 2011 and last month introduced a controversial 50 percent cash reserve requirement on public sector deposits by banks, said one of its 12 council members had voted to cut the MPR by 50 basis points.
    Despite the stability of the naira's exchange rate due to the central bank's "very tight" policy and support during the recent depreciation of many currencies of emerging and frontier markets, the CBN said the Federal Reserve's eventual tapering of its asset purchases and higher long-term interest rates "portends uncertainties in external conditions for emerging markets and developing economies, including Nigeria."
    "The clarifications provided by the Fed over its QE3 policy brought substantial relief to the financial markets globally and initiated a reversal of the trend in capital outflows from the country," the central bank said.
    The naira weakened sharply in early June but has appreciated in the last two weeks. It was trading at 160.75 to the U.S. dollar earlier today compared with 156.14 at the start of the year.
    The CBN said a survey of more than 30 countries showed that the naira had remained one of the most stable, depreciating by only 2.3 percent year-to-day compared with "the massive depreciation in the value of other currencies, such as the Indian Rupee, the Indonesian Rupiah, the Brazilian Real, the South African Rand and the Ghanaian cedi."
    Nigeria's inflation rate eased to 8.2 percent in August from 8.7 percent in July "in response to the tight stance of monetary policy" with core inflation up 7.2 percent from 6.6 percent in July.
    The CNB noted with satisfaction that headline inflation had remained below 10 percent for eight straight months, representing the lowest level achieved over the past five years and the longest stretch since 2008, and that outlook indicates that inflation will remain in single digits for the next six months.
    "The Committee was nonetheless, conscious of the potential risks on the horizon, including the possibility of pressures coming from the fiscal activities of the government in the later part of the year, and in the run up to the 2014 elections," the CBN cautioned.
    Nigeria's external reserves had slipped to US$45.27 billion as of Sept. 19, though the were still up by 9.91 percent from end-September 2012.
    However, the central bank said this level of increase was too low "given the relatively high price of crude oil and further underscores the need for much-needed reform of the oil sector."
    The expansion of Nigeria's economy slowed in the second quarter with the Gross Domestic Product expanding by an annual 6.18 percent, down from 6.56 percent in the first quarter.
    "Overall, GDP growth for fiscal 2013 was projected at 6.91 percent, up from 6.58 percent in 2012," the CBN said.

Nigeria holds rate steady, sees lower risk of FX instability - Central Bank News

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