2017 calendar for central banks' monetary policy meetings

    Following is the 2017 calendar for meetings by central bank committees that decide monetary policy.
    The table includes scheduled meetings for more than 40 of the world's central banks. In the event that meetings by monetary policy committees take place over several days, the date listed below is for the final day when decisions are normally announced.
    Readers are encouraged to regularly check this page for updates.
    The calendar is updated regularly to reflect the latest information as some central banks have yet to release their meeting schedule for 2017.
    Other central banks only release tentative schedules for the year and then finalize the calendar as the meeting nears. Other central banks only announce monetary policy meetings shortly before they are held while some central banks don't announce when a review of monetary policy will be held.

    Work is underway to expand the number of central banks covered, including expanding the existing inflation targets table, and global interest rates table. You may replicate the table in part or in full only if you link to this page.

                                            2017 Global Central Bank Calendar

DATE	FX CODE	COUNTRY	CENTRAL BANK
JANUARY
3-Jan	ARS	Argentina	Central Bank of Argentina
6-Jan	RON	Romania	National Bank of Romania
9-Jan	KZT	Kazakhstan	National Bank of Kazakhstan
10-Jan	ARS	Argentina	Central Bank of Argentina
11-Jan	PLN	Poland	National Bank of Poland
11-Jan	BRL	Brazil	Central Bank of Brazil
12-Jan	RSD	Serbia	National Bank of Serbia
12-Jan	PEN	Peru	Central Reserve Bank of Peru
13-Jan	KRW	South Korea	Bank of Korea
17-Jan	ARS	Argentina	Central Bank of Argentina
18-Jan	CAD	Canada	Bank of Canada
19-Jan	IDR	Indonesia	Bank Indonesia
19-Jan	MYR	Malaysia	Central Bank of Malaysia
19-Jan	CLP	Chile	Central Bank of Chile
23-Jan	ILS	Israel	Bank of Israel
23-Jan	GHS	Ghana	Bank of Ghana
24-Jan	HUF	Hungary	Central Bank of Hungary
24-Jan	ZAR	South Africa	South African Reserve Bank
24-Jan	ARS	Argentina	Central Bank of Argentina
25-Jan	GEL	Georgia	National Bank of Georgia
26-Jan	UAH	Ukraine	National Bank of Ukraine
26-Jan	MDL	Moldova	National Bank of Moldova
26-Jan	FJD	Fiji	Reserve Bank of Fiji
27-Jan	TTD	Trinidad and Tobago	Central Bank of Trinidad and Tobago
30-Jan	AOA	Angola	Bank of Angola
31-Jan	JPY	Japan	Bank of Japan
31-Jan	ARS	Argentina	Central Bank of Argentina

Sri Lanka holds rates, sees higher Q4 economic growth

   Sri Lanka's central bank maintained its policy rates, as expected, and said it expects economic growth in the final quarter of this year to speed up despite adverse weather that has affected agricultural output and global economic uncertainties.
    The Central Bank of Sri Lanka (CBSL), which has raised its two key rates by 100 basis points this year to slow growth in private sector credit, said a lower base in the fourth quarter of 2015 along with other favorable developments in leading economic indicators should result in higher growth.
    Sri Lanka's Gross Domestic Product grew by an annual rate of 4.1 percent in the third quarter of this year, up from 2.6 percent in the second quarter, as services grew by 4.7 percent and industry by 6.8 percent. Agriculture, however, contracted for the second consecutive quarter and fell by 1.9 percent due to adverse weather.
    Last month Indrajith Coomaraswamy said the CBSL expected growth this year to average just over 5 percent, up from 4.8 percent in 2015, and then accelerate to 6.3 percent next year.
    He also said the central bank was ready to ease its policy if growth slows, but didn't see any need for that as yet.
    The CBSL also said it expects inflation to remain in mid-single digits despite a marked rise in core inflation due to changes in government taxes.
    Sri Lanka's headline inflation, based on Colombo Consumers' Price Index (CCPI) rose to 4.1 percent in December from 3.4 percent in November while 4.1 percent in November while core inflation based on CCPI rose to 6.3 percent in December from 5.1 percent in November, the central bank said.
   "Despite these transitory movements, inflation is likely to remain at mid-single digits in the period ahead, on average," the CBSL said.
    As expected, credit extended to the private sector by commercial banks is decelerating and was up by 22.0 percent in October from 25.6 percent in September. However, in absolute terms, credit remains high at 79.0 billion, the CBSL said.
    Sri Lanka's rupee has been depreciating all year, accelerated by the sale of government securities by foreign investors, and was trading at 149.5 to the U.S. dollar today, down 3.6 percent this year.
    The central bank raised its two key rates, the Standing Deposit Facility Rate (SDFR) and the Standing Lending Facility Rate (SLFR) in February and July.  SLFR now stands at 7.0 percent and the SDRF at 8.50 percent.

Egypt maintains rates, expects inflation to decline

    Egypt's central bank left its key policy rates steady, as expected, confirming that rates are currently appropriate given the balance of risks and it "will not hesitate to adjust the key CBE rates to ensure price stability over the medium-term."
    On Nov. 3 the Central Bank of Egypt (CBE) took financial markets by surprise by raising its policy rates by 300 basis points as part of a liberalization of its foreign exchange market.
    The CBE has raised its rates, including the benchmark overnight deposit rate, by 550 points this year. The deposit rate is currently at 14.75 percent.
    Economists had expected the CBE to retain its rates today while the impact of last month's decision to float the Egyptian pound on inflation becomes clearer.
    Egypt's inflation rate jumped to 19.4 percent in November from 13.6 percent in October, with the central bank saying consumer prices were "strongly impacted" by the liberalization of the foreign exchange market as well as changes to hydrocarbon subsidies.
    In addition to higher regulated prices, higher food and retail prices pushed up inflation in November and the core inflation rate rose to 20.73 percent from 15.72 percent.
    The Egyptian pound strengthened in response to the central bank's decision today to 18.25 a U.S. dollar from around 19.3. But compared with a rate of 8.88 on the day before the pound was liberalized, the pound is down 51 percent.  
    In March the CBE devalued the pound by almost 14 percent, to 8.95 per U.S. dollar so it has depreciated by 57 percent since the start of this year.
    "Looking ahead, annual inflation is expected to narrow after being impacted by transitory cost-push factors stemming from the economic reform measures," the CBE said, adding it had acted preemptively on Nov. 3 in anticipation of the inflationary pressures.
    Egypt's economy was hard hit by the uprising in 2011, which dented tourism and foreign investors, leading to a shortage of foreign exchange.
    The economy grew by 4.3 percent in the first quarter of this year from the previous quarter while the unemployment rate rose to 12.6 percent in the third quarter from 12.5 percent in the second quarter.
    Last month the International Monetary Fund (IMF) approved a three-year, $12 billion financing arrangement to help Egypt with its economic reforms, saying the exchange rate liberalization and pound devaluation were "critical steps toward restoring confidence in the economy and eliminating foreign exchange shortages."
    "The new exchange rate regime will be supported by prudently tight monetary policy to anchor inflation expectations, contain domestic and external demand pressures, and allow accumulation of foreign exchange reserves," the IMF said.
    The IMF has forecast economic growth in the 2016/17 financial year, which ends June 30, of 4.0 percent, up from an estimated 3.8 percent for the 2015/16 year.
    Inflation is seen averaging 18.2 percent in the current financial year, up from 10.2 percent in 2015/16, with inflation ending at 16.6 percent by June 2017.

UPDATE-This week in monetary policy: Israel, Kyrgyzstan, Argentina, Armenia, Rwanda, Moldova, Angola, Egypt and Sri Lanka

    (Following item is updated with news that Sri Lanka's central bank will announce its monetary policy review for December on Friday, Dec. 30 at 6 p.m. local time. The table has also been updated with policy decisions taken this week.)

    This week (December 25 through December 30) central banks from 9 countries or jurisdictions are scheduled to decide on monetary policy: Israel, Kyrgyz Republic, Argentina, Armenia, Rwanda, Moldova, Angola, Egypt and Sri Lanka.

    Following table includes the name of the country, the date of the next policy decision, the current policy rate, the result of the last policy decision, the change in the policy rate year to date, the rate one year ago, and the country’s MSCI classification.

    The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.

WEEK 52
DEC 25 - DEC 30, 2016:
COUNTRY	DATE	RATE	LATEST	YTD	1 YR AGO	MSCI
ISRAEL	26-Dec	0.10%	0	0	0.10%	DM
KYRGYZSTAN	26-Dec	5.00%	-50	-500	10.00%
ARGENTINA	27-Dec	24.75%	0	-1,200	N/A	FM
ARMENIA	27-Dec	6.25%	-25	-250	8.75%
RWANDA	28-Dec	6.25%%	-25	-25	6.50%
MOLDOVA	29-Dec	9.00%	-50	-1,050	19.50%
ANGOLA	29-Dec	16.00%	0	500	11.00%
EGYPT	29-Dec	14.75%	0	550	9.25%	EM
SRI LANKA	30-Dec	7.00%	0	100	6.00%	FM

    www.CentralBankNews.info

Angola holds rate, higher telecoms pushes up inflation

   Angola's central bank maintained its benchmark BNA rate at 16.00 percent but said its monetary policy committee was paying particular attention to an acceleration of inflation in November, which was due to the an increase in administered telecommunications prices.
   The National Bank of Angola (BNA), which has raised its rate by 500 basis points this year to curb inflation, added it encouraged economic agents to "redouble" their efforts in helping price stability.
   Angola's inflation rate rose by 2.13 percent in the month of November, up from October's 1.79 percent rise, with communications contributing with 0.57 percentage points.
   On an annual basis, November inflation rose to a new 2016 high of 41.15 percent from 40.04 percent in October.
    In the same period the Luibor overnight rate rose to 22.65 percent from 14.26 percent while 3-month and 12-month rates were at 16.04 percent and 18.15 percent, respectively, the central bank said in a statement issued today following a meeting of its policy committee on Dec. 22.
    The BNA added that credit issued to the economy declined by 0.94 percent in November while gross credit to the central government rose by 1.33 percent.
    The central bank also said the average exchange rate of the kwanza was an unchanged 165.90 to the U.S. dollar, with commercial banks acquiring US$1.304 billion, an increase of 3 percent.
    The central bank has devalued the kwanza several times in recent years and has been quoting the kwanza at around 165 per U.S. dollar since mid-April.
    In January this year the central bank let the kwanza ease to around 155 from around 135, the rate it had targeted since September 2015.
    On Dec. 9 BNA Governor Valter Filipe da Silva was quoted as saying the central bank had no need to devalue the kwanza at the moment but work to lessen the gap between the formal and informal exchange rates.
     Angola, Africa's second largest oil exporter, has been hit hard by the fall in crude oil prices, which has also led to a shortage of foreign exchange.

   www.CentralBankNews.info

Moldova leaves rate steady, past easing still having effect

   Moldova's central bank left its basic interest rate steady at 9.0 percent, saying the impact of monetary policy measures taken year-to-date were still working their way through the various transmission channels in the economy and thus impacting inflationary developments.
    The National Bank of Moldova (NBM) has cut its rate by 1,050 basis points this year, most recently in October, as its slowly unwinds rate increases totaling 1,600 points between December 2014 and August 2015 after a plunge in the exchange rate of the leu and accelerating inflation.
    The central bank said its policy stance was aimed at ensuring adequate support to lending and domestic demand amidst a volatile and uncertain external environment, including the risk of higher international food prices, changes to oil and natural gas prices and fluctuations in financial markets.
    Inflation in Moldova rose slightly to 2.6 percent in November from 2.5 percent in October, sharply down from a 2016-high of 13.4 percent in January and below the central bank's lower limit of its target range of 5.0 percent, plus/minus 1.5 percentage points, for the third consecutive month.
    The evolution of inflation was in line with the central bank's forecast from October when it forecast 6.3 percent average inflation for this year and 4.6 percent for 2017.
    After falling sharply in 2014 and 2015, the leu has been relatively stable since January this year and was trading at 19.88 to the U.S. dollar today compared with 19.70 at the start of the year.
    Moldova's economy grew by an annual rate of 6.3 percent in the third quarter of this year, up from 1.8 percent in the second and 0.8 percent in the first quarter, helped by rising exports, household consumption and capital investments.
    Data for the fourth quarter was mixed, the central bank said, adding exports in October were up by 6.6 percent compared with the same 2015 period, imports were up by 12.8 percent but industrial output was down 2.2 percent.
    In addition, real average wages grew by an annual rate of 9.2 percent and were 2.3 percentage points higher than in September.
    The average rate on new loans in leu in November declined by 0.40 percentage points to 12.56 percent from the previous months while the rate of deposits rose by 0.24 points to 7.48 percent.
    The International Monetary Fund (IMF) in November judged the central bank's policy to be "appropriate" and geared toward low inflation in a flexible exchange rate system and said a rehabilitation of the banking sector will be instrumental in unlocking credit to productive sectors.
    The IMF forecast 2.0 percent growth this year, up from minus 0.5 percent last year, rising to 3.0 percent in 2017. Inflation is seen averaging 6.9 percent this year, down form 9.6 percent in 2015, and then easing further to 4.9 percent next year.

    www.CentralBankNews.info

 

Rwanda cuts rate 25 bps in first easing since June 2014

    Rawanda's central bank cut its policy rate by 25 basis points to 6.25 percent, its first easing of monetary policy since June 2014, to support economic activity as food inflation has decelerated and is expected to continue to fall in the coming quarters as the harvest season sets in.
    The National Bank of Rwanda (BNR) added the economy was performing well but at a low pace compared with last year and in line with projected growth of 6.0 percent for 2017.
   Meanwhile, the Rwandan franc has continued to depreciate as the high import bill against low export revenues "continued to exert pressures on FRW exchange rate and on inflation," BNR said.
    The exchange rate of the franc has declined steadily for the last decade and was trading at 821.9 to the U.S. dollar today, down 9.4 percent this year.
    Rwanda's trade deficit narrowed by 5.1 percent in the first 11 months of the year to US$1.520 billion from $1.602 billion due to a 2.4 percent fall in formal imports compared with an increase in formal exports of 6.1 percent, the bank said.
    Including informal cross-border trade, exports covered one-third of imports in the January-November period compared with 27.2 percent in the same 2015 period.
    Rwanda's headline inflation rate eased to 6.4 percent in November from 7.4 percent in October as prices of fresh products fell by 1.2 percent on a monthly basis. But on an annual basis, fresh products prices were still up 13.7 percent, according to Rwanda's National Institute of Statistics.
    On average inflation in the third quarter rose to 6.4 percent from 4.9 percent in the second and 4.5 percent in the first quarter due to an increase in food inflation to 12.3 percent in the third quarter from 7.0 percent in the second quarter, the BNR said. It added the rise in food inflation was mainly due to higher prices of vegetables following the effects of a prolonged dry season.
    The central bank also said outstanding credit to the private sector grew by 7.4 percent in the first 11 months of the year, down from 26.9 percent in the same 2015 period, due to a slowdown new authorized loans to 4.0 percent as compared to 13.2 percent last year.
    Last month the International Monetary Fund noted Rwanda's economy had expanded by 6.5 percent in the first half of this year, with growth projections for the full year at 6.0 percent and likely growth of 6 percent in 2017.
    "Depending upon weather and agriculture, inflation is expected to get back toward the government's medium-term 5 percent target," the IMF said.
   
    www.CentralBankNews.info

Kyrgyzstan cuts rate 50 bps, easing expected to continue

     Kyrgyzstan's central bank cut its discount rate by another 50 basis points to 5.0 percent and said it intends to continue with the current direction of monetary policy to help stimulate the economy in the absence of external shocks
     The National Bank of the Kyrgyz Republic (NBKR) has now cut its rate by 500 basis points this year and said it considered its appropriate to lower the discount rate based on the current forecasts for inflation that sees it to close to zero in coming months.
     As of Dec. 16, the central bank said consumer prices were down by an annual 1.1 percent, with non-food inflation down by 4.0 percent while food prices helped slow the decline.
    Consumer prices in Kyrgyzstan rose in November from October but the inflation rate remained negative for the third consecutive month. The inflation rate in November was minus 0.5 percent, down from minus 0.2 percent in October and minus 0.3 percent in September.
    Earlier this month the International Monetary Fund (IMF) forecast that inflation this year would average 0.8 percent, down from 6.5 percent in 2015, before rising to 5.2 percent in both 2017 and 2018.
    Kyrgyzstan's economy is expanding, with Gross Domestic Product up by 3.2 percent in the first 11 months of the year. Excluding output from the Kumtor gold mine, growth was 3.3 percent, with all major sectors showing growth, NBKR said.
     The IMF forecasts 2016 growth of 2.6 percent, down from 3.5 percent last year, and easing further to 2.3 percent in 2017 before rising to 2.9 percent in 2018.
    The central bank also said the domestic foreign exchange market remained stable and from the beginning of the year until Dec. 23 the som has appreciated 8.5 percent, with intervention in the foreign exchange market only to smooth out short-term fluctuations.
    The som fell swiftly from early 2014 until December 2015 but from February to late July it has risen. Today the som was was trading at 69.4 to the U.S. dollar, up 9.4 percent this year.

    www.CentralBankNews.info

Israel maintains rate, risk to inflation target remains high

    Israel's central bank left its benchmark interest rate at 0.10 percent, as widely expected, and reiterated its guidance that it will retain an accommodative monetary policy stance "for a considerable time" in light of the global economy, the exchange rate of the shekel and the monetary policy of major central banks.
    The Bank of Israel (BOI), which has maintained the rate since cutting it in February 2015, also repeated that it still considers the risk to achieving its inflation target of 1-3 percent as high.
    Israel's consumer price inflation rate was minus 0.3 percent in November, less-than-expected by the BOI and the same as in October, despite the dissipating impact of the fall in energy prices and price reductions.
   Short-term inflation expectations also remain below the BOI's target while longer-term expectations are anchored around the midpoint. 
    The BOI's staff expect inflation to be at the lower bound of the target range - or 1 percent - over the next four quarters and then return to within the range in the fourth quarter of next year.
    The central bank's interest rate is forecast to remain steady before rising to 0.25 percent in the fourth quarter of 2017 and then to 0.5 percent in the second half of 2018.
     In its statement, the BOI also noted that the shekel had strengthened in the last month and is up by 5.6 percent over the past year in terms of the nominal effective exchange rate, which it said "continues to weigh on the growth of exports and of the tradable sector."
    After falling sharply in the second half of 2014, the shekel has been trending firmer in the last two years and was trading at 3.82 to the U.S. dollar today, up 1.8 percent this year.
    Israel's economy has been expanding in recent quarters and the central bank said based on surveys the business sector is seen growing at a similar pace in the fourth quarter as in previous quarters.
    In an update to its forecast, BOI staff revised upward their 2016 growth forecast to 3.5 percent from a previous forecast of 2.8 due to an upward revision of first half data.
    For 2017 Israel's Gross Domestic Product is seen growing 3.2 percent, up from a previous forecast of 3.1 percent, and by 3.1 percent in 2018 as the economy slowly transitions to growth based more on exports than on domestic demand.
    In the third quarter of this year, GDP grew by an annual rate of 3.8 percent in the third quarter of this year, up from 3.6 percent in the second quarter.

This week in monetary policy: Israel, Kyrgyzstan, Argentina, Moldova and Egypt

    This week (December 25 through December 30) central banks from 5 countries or jurisdictions are scheduled to decide on monetary policy: Israel, Kyrgyz Republic, Argentina, Moldova and Egypt.

    Following table includes the name of the country, the date of the next policy decision, the current policy rate, the result of the last policy decision, the change in the policy rate year to date, the rate one year ago, and the country’s MSCI classification.

    The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.

WEEK 52
DEC 25 - DEC 30, 2016:
COUNTRY	DATE	RATE	LATEST	YTD	1 YR AGO	MSCI
ISRAEL	26-Dec	0.10%	0	0	0.10%	DM
KYRGYZSTAN	26-Dec	5.50%	-50	-450	10.00%
ARGENTINA	27-Dec	24.75%	0	-1,200	N/A	FM
MOLDOVA	29-Dec	9.00%	-50	-1,050	19.50%
EGYPT	29-Dec	14.75%	0	550	9.25%	EM

    www.CentralBankNews.info