Following are some of the key comments and quotes from central bankers that announced monetary policy decisions over the past week:
- National Bank of Georgia (dropped rate 25bps to 7.00%): "Given that the total output is below the potential and the existing forecasts indicate that the inflation in the next year will remain below the target, the Monetary Policy Committee of the NBG considered it appropriate to continue easing the monetary policy and decided to decrease the policy rate by 25 basis points."
- Central Bank of Turkey (held rate at 5.75%): "Recent data releases suggest that the rebalancing between the domestic and external demand is ongoing as envisaged. With the credit growth decelerating to more reasonable levels, the desired increase in private savings has already started to take place. Accordingly, the improvement in the current account balance is expected to become more significant in the final months of the year."
- Central Bank of Russia (held rate at 8.25%): "Considering recent domestic and international macroeconomic developments the Bank of Russia judged that the current level of money market interest rates was appropriate to balance the inflationary risks and the risks of economic growth slowdown. The increase in money market interest rates, resulting from the transition to the liquidity shortage in the banking sector together with the instability on the global financial markets, puts upward pressure on other interest rates in the economy. Thereupon the Bank of Russia will continue to monitor the money market conditions and the external economic developments, and to assess the risks of further increase in the market interest rates and its consequences."
- Central Bank of Colombia (increased rate 25bps to 4.75%): "Given the central forecast described above, and the risks of financial imbalances, the Board considers it prudent to increase 25 basis points interest rate intervention and believes that this movement is achieved monetary stance which helps to maximize the growth of output and employment consistent with the achievement of future targets for inflation. This decision also includes the possibility of early detection of a substantial change in external conditions of the economy and to react quickly to it."
Looking at the central bank calendar, there's a series of emerging market monetary policy decisions due to be announced; Brazil will be one of the key ones to watch as it previously cut its rate twice in a row at its past two meetings. The other emerging market central banks will also be informative in terms of how the policy makers are thinking about their economies. Elsewhere the US Federal Reserve will release its Beige Book economic survey on Wednesday.