The Central Bank of the Dominican Republic (BCRD) left its monetary policy rate at 5.25 percent for the third month in a row and said a cut to the rate and the legal reserve ratio in July have helped boost loans to the private sector by almost 24 billion Dominican peso in less than 3 months.
The BCRD, which on July 31 cut its rate by 50 basis points and lowered the legal reserve ratio by 2.2 percentage points, also said 11.515 billion pesos that were released from the legal reserve could now be loaned out to any sector that demands it.
This measure, along with new regulations of asset evaluation will have a favorable impact on credit, employment and economic growth, the central bank said.
In its previous monetary policy statement from Oct. 2, the BCRD said credit to the private sector had risen by 16 billion peso since the monetary policy easing.
The economy of the Dominican Republic slowed in the second quarter of this year as Gross Domestic Product grew by an annual rate of 2.7 percent, down from 5.3 percent in the first quarter.
Hurricane Maria, which caused major damage to Puerto Rico and other parts of the Caribbean, also caused damage to parts of the Dominican Republic last month.
The World Bank has approved a US$150 million loan to the Dominican Republic to help deal with natural disasters and this should support economic activity in the fourth quarter of this year.
The BCRD said the economy grew by 4.0 percent in the January-August period, while the annual headline inflation rate in September accelerated to 3.8 percent from 3.18 percent in August while core inflation was 2.29 percent.
The BCRD projects inflation by the end of this year will be around the lower limit of its target of 4.0 percent, plus/minus 1 percentage point.
The government has also boosted public spending but the BCRD said the government was committed to the budget's deficit target. The government is targeting a budget deficit 2.3 percent of GDP.
The external sector is positive, which is helping increase foreign exchange earnings and creating a favorable environment for a stable foreign exchange market and the accumulation of international reserves, the central bank said.
The Dominican peso was trading around 48 to the U.S. dollar today, down almost 4 percent since the beginning of this year.
www.CentralBankNews.info
Tuesday, October 31, 2017
Monday, October 30, 2017
BOJ maintains policy, Kataoka wants low 15-year yields
Japan's central bank maintained its monetary policy stance, as widely expected, with board member Goushi Kataoka once again dissenting and calling for additional easing measures so yields on longer-dated bonds are pushed lower.
Kataoka first dissented at the Bank of Japan's (BOJ) policy board meeting in September and today said the BOJ should purchase government bonds (JGBs) so yields on 15-year bonds remain less than 0.2 percent.
In an update to its economic outlook, the BOJ revised upwards its growth forecast but lowered the inflation outlook slightly.
The BOJ said upside and downside risk to economic activity were generally balanced but risks to prices were "skewed to the downside" with momentum toward higher inflation expectations not yet sufficiently firm so "developments in prices continue to warrant careful attention."
In the 2017 fiscal year, which began April 1, Japan's economy is seen growing by 1.9 percent, up from July's forecast of 1.8 percent, while inflation is seen averaging 0.8 percent, down from 1.1 percent.
For fiscal 2018, growth is seen slowing to 1.4 percent, the same as forecast in July, while inflation's seen averaging 1.4 percent, down from 1.5 percent previously forecast.
For fiscal 2019 growth is seen slowing further to 0.7 percent, the same as forecast in July, while inflation is seen accelerating to an unchanged 2.3 percent. However, excluding the effects of a planned increase in consumption tax to 10 percent in October 2019, inflation is seen averaging 1.8 percent, the same as seen in July.
The BOJ which in September 2016 shifted the focus of its policy of quantitative easing toward yield curve control to boost inflation to 2 percent, said it would continue to apply a negative interest rate of minus 0.1 percent on banks' deposits that exceed reserve requirements and will continue purchasing government bonds around its current pace of around 80 trillion yen in order to keep 10-year government bond yields around 0 percent.
In addition, the BOJ will purchase exchange-traded funds (ETFs) and real estate investment trusts so their outstanding amount rise by an annual pace of about 6 trillion yen and about 90 billion yen, respectively.
The BOJ will also continue purchasing commercial paper and corporate bonds at a pace of about 2.2 trillion and 3.2 trillion yen, respectively.
In September and August Japan's headline inflation rate was unchanged at 0.7 percent.
Kataoka first dissented at the Bank of Japan's (BOJ) policy board meeting in September and today said the BOJ should purchase government bonds (JGBs) so yields on 15-year bonds remain less than 0.2 percent.
In an update to its economic outlook, the BOJ revised upwards its growth forecast but lowered the inflation outlook slightly.
The BOJ said upside and downside risk to economic activity were generally balanced but risks to prices were "skewed to the downside" with momentum toward higher inflation expectations not yet sufficiently firm so "developments in prices continue to warrant careful attention."
In the 2017 fiscal year, which began April 1, Japan's economy is seen growing by 1.9 percent, up from July's forecast of 1.8 percent, while inflation is seen averaging 0.8 percent, down from 1.1 percent.
For fiscal 2018, growth is seen slowing to 1.4 percent, the same as forecast in July, while inflation's seen averaging 1.4 percent, down from 1.5 percent previously forecast.
For fiscal 2019 growth is seen slowing further to 0.7 percent, the same as forecast in July, while inflation is seen accelerating to an unchanged 2.3 percent. However, excluding the effects of a planned increase in consumption tax to 10 percent in October 2019, inflation is seen averaging 1.8 percent, the same as seen in July.
The BOJ which in September 2016 shifted the focus of its policy of quantitative easing toward yield curve control to boost inflation to 2 percent, said it would continue to apply a negative interest rate of minus 0.1 percent on banks' deposits that exceed reserve requirements and will continue purchasing government bonds around its current pace of around 80 trillion yen in order to keep 10-year government bond yields around 0 percent.
In addition, the BOJ will purchase exchange-traded funds (ETFs) and real estate investment trusts so their outstanding amount rise by an annual pace of about 6 trillion yen and about 90 billion yen, respectively.
The BOJ will also continue purchasing commercial paper and corporate bonds at a pace of about 2.2 trillion and 3.2 trillion yen, respectively.
In September and August Japan's headline inflation rate was unchanged at 0.7 percent.
Sunday, October 29, 2017
UPDATE-This week in monetary policy: Fiji, Japan, Dominican Rep., Bulgaria, Albania, Angola, USA, Czech Rep. and U.K.
(Angola's central bank has rescheduled the meeting of its monetary policy committee to Nov. 1 instead of the scheduled date of Oct. 27. On Oct. 28 Angola's president appointed Jose Massano as new central bank governor, replacing Walter Filipe Duarte da Silva, governor since March 2015)
This week (October 29 through November 4) central banks from 9 countries or jurisdictions are scheduled to decide on monetary policy: Fiji, Japan, Dominican Republic, Bulgaria, Albania, Angola, United States, Czech Republic and United Kingdom.
This week (October 29 through November 4) central banks from 9 countries or jurisdictions are scheduled to decide on monetary policy: Fiji, Japan, Dominican Republic, Bulgaria, Albania, Angola, United States, Czech Republic and United Kingdom.
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 44 | ||||||
| OCT 29 - NOV 4, 2017: | ||||||
| COUNTRY | DATE | RATE | LATEST | YTD | 1 YR AGO | MSCI |
| FIJI | 30-Oct | 0.54% | 0 | 0 | 0.50% | |
| JAPAN | 31-Oct | -0.10% | 0 | 0 | -0.10% | DM |
| DOMINICAN REP. | 31-Oct | 5.25% | 0 | -25 | 5.50% | |
| BULGARIA | 31-Oct | 0.00% | 0 | 0 | 0.00% | FM |
| ALBANIA | 1-Nov | 1.25% | 0 | 0 | 1.25% | |
| ANGOLA | 1-Nov | 16.00% | 0 | 0 | 16.00% | |
| UNITED STATES | 1-Nov | 1.25% | 0 | 50 | 0.50% | DM |
| CZECH REPUBLIC | 2-Nov | 0.25% | 0 | 20 | 0.05% | EM |
| UNITED KINGDOM | 2-Nov | 0.25% | 0 | 0 | 0.25% | DM |
Friday, October 27, 2017
Russia lower rate another 25 bps, open about further cuts
Russia's central bank lowered its policy rate for the fifth time this year, as widely expected, but left open the option of further cuts as the risks of higher inflation still dominate the outlook and inflation expectations "remain elevated."
The Bank of Russia cut its key rate by 25 basis points to 8.25 percent and has now cut it by a total of 175 basis points this year. This follows cuts of 100 basis points in 2016 and 600 points in 2015 as it has gradually lowered the rate from a high of 17 percent in December 2014.
Looking ahead, the central bank's board said decisions will be based on how the balance of risks for inflation deviate from its target and it is "leaving open the option of further rate reduction at its upcoming meetings."
Today's rate cut was well-telegraphed by the central bank to investors after Igor Dmitriev, head of the bank's monetary policy department, last week said financial market expectations about the rate matched the bank's view and the board was unlikely to keep the rate on hold.
Dmitriev also said the central bank was expecting inflation to tick up in October after it continued its steady decline below the bank's 4.0 percent target to 3.0 percent in September.
While the central bank has faced criticism, most recently by Finance Minister Anton Siluanov, for not cutting rates faster this year, the central bank said the downward deviation in inflation against forecasts was due to temporary factors and inflation will again rise toward 4.0 percent as these factors run their course.
The recent drop in inflation was mainly due to a stronger-than-expected fall in food prices as there is a shortage of warehouses for storage so a good harvest has boosted supply.
Inflation is now seen close to 3.0 percent by late 2017, below the bank's previous forecast of 3.5 to 3.8 percent.
As in recent policy statements, the bank's board underscored that inflation expectations remain high and their decline has yet to become sustainable and consistent. The risks of higher inflation - labour shortage, a shrinking propensity to save and the exchange rate - still dominate over the risks that inflation will deviate on the downside.
"Given the balance of risks for inflation the Bank of Russia's ongoing transition from moderately tight to neutral monetary policy will be gradual," the bank said.
The central bank has said it plans to cut the rate to 6.5-7.0 percent after inflation has been anchored around its 4.0 percent target.
Russia's ruble has been rising steadily since January 2016, despite a recent dip in June from new U.S. sanctions.
In response to today's policy decision, the ruble fell and was trading at 58.4 to the U.S. dollar, down from 57.8 yesterday. But it was still up almost 5 percent since the start of this year.
The Bank of Russia cut its key rate by 25 basis points to 8.25 percent and has now cut it by a total of 175 basis points this year. This follows cuts of 100 basis points in 2016 and 600 points in 2015 as it has gradually lowered the rate from a high of 17 percent in December 2014.
Looking ahead, the central bank's board said decisions will be based on how the balance of risks for inflation deviate from its target and it is "leaving open the option of further rate reduction at its upcoming meetings."
Today's rate cut was well-telegraphed by the central bank to investors after Igor Dmitriev, head of the bank's monetary policy department, last week said financial market expectations about the rate matched the bank's view and the board was unlikely to keep the rate on hold.
Dmitriev also said the central bank was expecting inflation to tick up in October after it continued its steady decline below the bank's 4.0 percent target to 3.0 percent in September.
While the central bank has faced criticism, most recently by Finance Minister Anton Siluanov, for not cutting rates faster this year, the central bank said the downward deviation in inflation against forecasts was due to temporary factors and inflation will again rise toward 4.0 percent as these factors run their course.
The recent drop in inflation was mainly due to a stronger-than-expected fall in food prices as there is a shortage of warehouses for storage so a good harvest has boosted supply.
Inflation is now seen close to 3.0 percent by late 2017, below the bank's previous forecast of 3.5 to 3.8 percent.
As in recent policy statements, the bank's board underscored that inflation expectations remain high and their decline has yet to become sustainable and consistent. The risks of higher inflation - labour shortage, a shrinking propensity to save and the exchange rate - still dominate over the risks that inflation will deviate on the downside.
"Given the balance of risks for inflation the Bank of Russia's ongoing transition from moderately tight to neutral monetary policy will be gradual," the bank said.
The central bank has said it plans to cut the rate to 6.5-7.0 percent after inflation has been anchored around its 4.0 percent target.
Russia's economy developed as expected in the third quarter, the bank said, with the recovery in consumer demand becoming steadier, shored up by real wage growth from lower inflation. The bank's estimate of growth this year and in the medium term remained unchanged.
In September the central bank revised upwards its 2017 growth forecast to 1.7-2.2 percent from a previous 1.3-1.8 percent. In the second quarter of this year Russia's economy grew by an annual rate of 2.5 percent, up from 0.5 percent in the first quarter.Russia's ruble has been rising steadily since January 2016, despite a recent dip in June from new U.S. sanctions.
In response to today's policy decision, the ruble fell and was trading at 58.4 to the U.S. dollar, down from 57.8 yesterday. But it was still up almost 5 percent since the start of this year.
Thursday, October 26, 2017
Mozambique cuts rate 50 bps despite inflationary risks
Mozambique's central bank lowered its new monetary policy interest rate (MIMO) by a further 50 basis points to 21.0 percent and cut its required reserve ratio for banks by a further 100 points to 14.0 despite a high risk of inflationary pressure.
The Bank of Mozambique (BM) has now cut its new policy rate by 75 basis points since April when it was launched at 21.75 percent. The previous benchmark rate, the standing facility rate, was cut by 50 basis points.
BM has now cut the reserve ratio on local and foreign currency liabilities by a total of 150 basis points this year following a 50 point cut in April, with the new rate in effect from Nov. 7.
Today's rate cut primarily was aimed at aligning the monetary policy stance with the outlook for inflation, which has been steadily declining all year and is expect to be in single digits by December.
In September Mozambique's inflation rate fell to 10.76 percent from 14.35 percent in August, and was down from a 2017-high of 21.57 percent in March.
However, BM also said there was increasing evidence that some of the risks it had previously identified were materializing, justifying continued prudence in monetary policy, with the continued freeze of foreign aid requiring additional fiscal adjustment and faster reforms to boost the economy, which is continuing to slow down.
Growth in the second quarter rose slightly to 3.0 percent year-on-year from 2.9 percent in the first quarter but this remains below 5.0 percent in the second quarter of 2016 and well below the historical average of 7.0 percent, BM said.
Data from August also point to a deterioration of the economic climate index for the second consecutive month, BM said.
Public debt is also continuing to rise, BM noted, illustrating the difficulties of mobilizing funds to finance short- and medium-term budgets in the absence of direct external support.
Mozambique's economy has been hit by several severe blows in recent years, leading to a sharp fall in the exchange rate of its metical currency.
On top of a decline in global commodity prices, including coal, the government hid almost US$1.4 billion of debt, the equivalent of 10 percent of its Gross Domestic Product. This led to foreign donors, including the International Monetary Fund, to withdrew funding to the country.
The metical hit record lows of around 78.5 to the U.S. dollar in October 2016 but has firmed since then, helped by central bank rate hikes and rising commodity prices.
Since late May the metical has been steady, helping curb inflation, and was trading at 60.7 to the U.S. dollar today, up 17.3 percent this year.
As of Oct. 20, Mozambique's reserves had risen to US$2.514 billion, enough to cover 6.1 months of imports, excluding large projects.
www.CentralBankNews.info
The Bank of Mozambique (BM) has now cut its new policy rate by 75 basis points since April when it was launched at 21.75 percent. The previous benchmark rate, the standing facility rate, was cut by 50 basis points.
BM has now cut the reserve ratio on local and foreign currency liabilities by a total of 150 basis points this year following a 50 point cut in April, with the new rate in effect from Nov. 7.
Today's rate cut primarily was aimed at aligning the monetary policy stance with the outlook for inflation, which has been steadily declining all year and is expect to be in single digits by December.
In September Mozambique's inflation rate fell to 10.76 percent from 14.35 percent in August, and was down from a 2017-high of 21.57 percent in March.
However, BM also said there was increasing evidence that some of the risks it had previously identified were materializing, justifying continued prudence in monetary policy, with the continued freeze of foreign aid requiring additional fiscal adjustment and faster reforms to boost the economy, which is continuing to slow down.
Growth in the second quarter rose slightly to 3.0 percent year-on-year from 2.9 percent in the first quarter but this remains below 5.0 percent in the second quarter of 2016 and well below the historical average of 7.0 percent, BM said.
Data from August also point to a deterioration of the economic climate index for the second consecutive month, BM said.
Public debt is also continuing to rise, BM noted, illustrating the difficulties of mobilizing funds to finance short- and medium-term budgets in the absence of direct external support.
Mozambique's economy has been hit by several severe blows in recent years, leading to a sharp fall in the exchange rate of its metical currency.
On top of a decline in global commodity prices, including coal, the government hid almost US$1.4 billion of debt, the equivalent of 10 percent of its Gross Domestic Product. This led to foreign donors, including the International Monetary Fund, to withdrew funding to the country.
The metical hit record lows of around 78.5 to the U.S. dollar in October 2016 but has firmed since then, helped by central bank rate hikes and rising commodity prices.
Since late May the metical has been steady, helping curb inflation, and was trading at 60.7 to the U.S. dollar today, up 17.3 percent this year.
As of Oct. 20, Mozambique's reserves had risen to US$2.514 billion, enough to cover 6.1 months of imports, excluding large projects.
www.CentralBankNews.info
Ukraine raises rate 100 bps and may hike further
Ukraine's central bank followed through on its warning from last month and raised its key policy rate by 100 basis points to 13.50 percent as inflation continues to accelerate.
The National Bank of Ukraine (NBU) added it may continue to raise the rate if inflation continues to rise.
The rate hike by the NBU wraps up an easing cycle that began in August 2015 and ended in May 2017 after the rate was cut by a total of 1,750 basis points from 30.0 percent. It is the central bank's first rate hike since March 2015.
Since May inflation has been risen steadily and the NBU said today's rate hike primarily was aimed at preventing inflation expectations from deteriorating even further, restrain buoyant consumer demand, and a response to the growing risks of delays in the country's critical cooperation with the International Monetary Fund (IMF).
"The tight monetary policy will bring inflation close to the central point of the target range in Q3 2018," the NBU said, adding higher interest rates will also have a positive effect on inflation via the exchange rate as domestic currency assets will become more attractive than foreign currency assets.
Ukraine's inflation rate accelerated for the fourth month in a row to 16.4 percent in September from 16.2 percent in August, boosted by faster growth in raw food prices - such as fruits, vegetables, meat and dairy products - higher production costs and a revival of consumer demand.
Inflation has picked up this year as the minimum wage was doubled and the government launched a series of initiatives to boost household income.
Although fiscal policy and a rise in the exchange rate of Ukraine's hryvnia helped curb inflation, the NBU revised its inflation forecast and now expects it to only decline to 12.2 percent by the end of this year instead of 9.1 percent as previously thought.
"Inflation will decelerate and approach its target levels. However, this process will be slower than forecasted earlier," the central bank said.
By the end of 2018 inflation is now seen decelerating to 7.3 percent instead of reaching 6.0 percent.
For 2019 the NBU still expects inflation of 5.0 percent, with administered prices expected to rise by 10 percent over the next two years, mainly due to a gradual increase in global energy prices and a harmonization of Ukrainian tobacco excise taxes with those in the European Union.
Private consumption will continue to drive Ukraine's economic growth in coming years due to higher wages and pensions, improved sentiment and consumer lending.
The NBU raised its 2017 economic growth forecast to 2.2 percent from 1.6 percent, and for 2018 and 2019 the economy is seen speeding up to 3.2 percent growth and 3.5 percent, respectively.
Ukraine's economy grew by an annual rate of 2.3 percent in the second quarter of this year, slightly down from 2.5 percent in the first quarter.
Strong consumer demand will push up imports but the NBU also expects exports to rise as metallurgical companies return to previous output levels, food production remains high and there are favorable external conditions.
The NBU expects Ukraine's current account deficit to remain around US$4 billion this year and through 2019 and be fully offset by financial inflows.
But much of the central bank's optimism rests on continued cooperation with the IMF, which has provided financial support to Ukraine over the last 20 years. The most recent agreement was struck in March 2015 when the IMF approved a 4-year, $17.5 billion facility, with the first two tranches paid out.
The third tranche, worth $1billion, has been held up over due to disagreements over progress in rooting out corruption and modernizing the economy, but the central bank said it expects this tranche to be received in the first quarter of next year, a move that will help boost Ukraine's international reserves to US$22.2 billion, or 4.2 months of imports.
After tumbling in 2014 and 2015, the hryvnia has been more stable since March 2016 and risen against the U.S. dollar this year on better global conditions for Ukrainian export commodities.
But a fall in the exchange rate since late August was "mostly driven by situational factors and they impact that previous years' seasonality had on economic agents," the NBU said.
The hryvnia was trading at 26.8 to the dollar today, up 0.7 percent this year, with the NBU confirming it has been smoothing out sharp fluctuations in the exchange rate.
The National Bank of Ukraine (NBU) added it may continue to raise the rate if inflation continues to rise.
The rate hike by the NBU wraps up an easing cycle that began in August 2015 and ended in May 2017 after the rate was cut by a total of 1,750 basis points from 30.0 percent. It is the central bank's first rate hike since March 2015.
Since May inflation has been risen steadily and the NBU said today's rate hike primarily was aimed at preventing inflation expectations from deteriorating even further, restrain buoyant consumer demand, and a response to the growing risks of delays in the country's critical cooperation with the International Monetary Fund (IMF).
"The tight monetary policy will bring inflation close to the central point of the target range in Q3 2018," the NBU said, adding higher interest rates will also have a positive effect on inflation via the exchange rate as domestic currency assets will become more attractive than foreign currency assets.
Ukraine's inflation rate accelerated for the fourth month in a row to 16.4 percent in September from 16.2 percent in August, boosted by faster growth in raw food prices - such as fruits, vegetables, meat and dairy products - higher production costs and a revival of consumer demand.
Inflation has picked up this year as the minimum wage was doubled and the government launched a series of initiatives to boost household income.
Although fiscal policy and a rise in the exchange rate of Ukraine's hryvnia helped curb inflation, the NBU revised its inflation forecast and now expects it to only decline to 12.2 percent by the end of this year instead of 9.1 percent as previously thought.
"Inflation will decelerate and approach its target levels. However, this process will be slower than forecasted earlier," the central bank said.
By the end of 2018 inflation is now seen decelerating to 7.3 percent instead of reaching 6.0 percent.
For 2019 the NBU still expects inflation of 5.0 percent, with administered prices expected to rise by 10 percent over the next two years, mainly due to a gradual increase in global energy prices and a harmonization of Ukrainian tobacco excise taxes with those in the European Union.
Private consumption will continue to drive Ukraine's economic growth in coming years due to higher wages and pensions, improved sentiment and consumer lending.
The NBU raised its 2017 economic growth forecast to 2.2 percent from 1.6 percent, and for 2018 and 2019 the economy is seen speeding up to 3.2 percent growth and 3.5 percent, respectively.
Ukraine's economy grew by an annual rate of 2.3 percent in the second quarter of this year, slightly down from 2.5 percent in the first quarter.
Strong consumer demand will push up imports but the NBU also expects exports to rise as metallurgical companies return to previous output levels, food production remains high and there are favorable external conditions.
The NBU expects Ukraine's current account deficit to remain around US$4 billion this year and through 2019 and be fully offset by financial inflows.
But much of the central bank's optimism rests on continued cooperation with the IMF, which has provided financial support to Ukraine over the last 20 years. The most recent agreement was struck in March 2015 when the IMF approved a 4-year, $17.5 billion facility, with the first two tranches paid out.
The third tranche, worth $1billion, has been held up over due to disagreements over progress in rooting out corruption and modernizing the economy, but the central bank said it expects this tranche to be received in the first quarter of next year, a move that will help boost Ukraine's international reserves to US$22.2 billion, or 4.2 months of imports.
After tumbling in 2014 and 2015, the hryvnia has been more stable since March 2016 and risen against the U.S. dollar this year on better global conditions for Ukrainian export commodities.
But a fall in the exchange rate since late August was "mostly driven by situational factors and they impact that previous years' seasonality had on economic agents," the NBU said.
The hryvnia was trading at 26.8 to the dollar today, up 0.7 percent this year, with the NBU confirming it has been smoothing out sharp fluctuations in the exchange rate.
Wednesday, October 25, 2017
Brazil cuts rate 75 bps, sees slightly slower easing pace
Brazil's central bank cut its benchmark Selic rate by 75 basis points to 7.50 percent, as widely expected, and said a "moderate reduction" in the pace of easing would be appropriate at the next meeting provided the economy evolves as expected.
Today's 75-point cut follows the Central Bank of Brazil's guidance in September that it would slow down the pace of easing.
The reference to a further moderate reduction signals that the next rate cut in December could be 50 or 25 basis points.
The central bank's monetary policy committee, known as Copom, said it was unanimous in today's decision and its baseline scenario assumes a policy rate that ends this year and next year at 7.0 percent before rising to 8.0 percent during 2019.
In September Copom forecast the Selic rate would end at 7.25 percent this year. Copom next meets on Dec. 6.
The central bank has now cut its rate by 675 basis points since embarking on an easing cycle in October 2016 and by 625 basis points this year on seven occasions, including four consecutive cuts of 100 basis points from April to September.
Brazil's inflation rate rose slightly to 2.54 percent in September from 2.46 percent in August, the lowest since February 1999, with the general inflation scenario largely in line with the central bank's expectation and at a "comfortable" level.
The latest central bank survey of inflation expectations show a decline to around 3.1 percent for 2017 and 4.0 percent for 2018, with expectations for 2019 and 2020 around 4.25 percent and 4.0 percent, respectively.
Based on this survey, Copom said its own projections call for inflation around 3.3 percent this year, 4.3 percent in 2018 and 4.2 percent in 2019. Copom targets inflation of 4.5 percent. In its quarterly inflation report from September the central bank forecast 3.2 percent inflation for this year and 4.3 percent for 2018.
The central bank said its baseline scenario involves risks in both directions, with lower-than-expected inflation possible due to second-round effects from low food and industrial goods inflation.
But inflation may also be higher than expected if expectations of further economic reforms are frustrated, pushing up the risk premia of the country and thus inflation.
Brazil's economy has pulled out of almost three years of recession with Gross Domestic Product in the second quarter expanding by an annual rate of 0.3 percent, the first annual growth rate since the first quarter of 2014.
In September the central bank forecast 0.75 percent growth this year, up from an earlier estimate of 0.5 percent, with growth rising to 2.2 percent in 2018.
Today's 75-point cut follows the Central Bank of Brazil's guidance in September that it would slow down the pace of easing.
The reference to a further moderate reduction signals that the next rate cut in December could be 50 or 25 basis points.
The central bank's monetary policy committee, known as Copom, said it was unanimous in today's decision and its baseline scenario assumes a policy rate that ends this year and next year at 7.0 percent before rising to 8.0 percent during 2019.
In September Copom forecast the Selic rate would end at 7.25 percent this year. Copom next meets on Dec. 6.
The central bank has now cut its rate by 675 basis points since embarking on an easing cycle in October 2016 and by 625 basis points this year on seven occasions, including four consecutive cuts of 100 basis points from April to September.
Brazil's inflation rate rose slightly to 2.54 percent in September from 2.46 percent in August, the lowest since February 1999, with the general inflation scenario largely in line with the central bank's expectation and at a "comfortable" level.
The latest central bank survey of inflation expectations show a decline to around 3.1 percent for 2017 and 4.0 percent for 2018, with expectations for 2019 and 2020 around 4.25 percent and 4.0 percent, respectively.
Based on this survey, Copom said its own projections call for inflation around 3.3 percent this year, 4.3 percent in 2018 and 4.2 percent in 2019. Copom targets inflation of 4.5 percent. In its quarterly inflation report from September the central bank forecast 3.2 percent inflation for this year and 4.3 percent for 2018.
The central bank said its baseline scenario involves risks in both directions, with lower-than-expected inflation possible due to second-round effects from low food and industrial goods inflation.
But inflation may also be higher than expected if expectations of further economic reforms are frustrated, pushing up the risk premia of the country and thus inflation.
Brazil's economy has pulled out of almost three years of recession with Gross Domestic Product in the second quarter expanding by an annual rate of 0.3 percent, the first annual growth rate since the first quarter of 2014.
In September the central bank forecast 0.75 percent growth this year, up from an earlier estimate of 0.5 percent, with growth rising to 2.2 percent in 2018.
Moldova lowers rate another 50 bps, sees further cuts
Moldova's central bank cut its basic interest rate by another 50 basis points to 7.0 percent, along with other key rates, and said it expects to continue cutting the rate in coming months as inflation is expected to fall rapidly starting in the fourth quarter of this year.
The National Bank of Moldova (NBM) has now cut its rate by 200 basis points this year and by 1,250 points since February 2016 when it embarked on a monetary easing cycle.
The NBM said its latest inflation forecast shows inflation returning to its target in the first quarter of next year and remaining within this range for two consecutive quarters as inflationary pressures are easing due to lower economic activity.
From the third quarter of 2018 inflation will then fall below the lower end of its target range and remain there for three quarters in a row.
In the bank's August inflation report, the NBM had forecast that inflation would hit a maximum of 7.4 percent by the third quarter of this year before declining to a low of 3.5 percent in the fourth quarter of 2018 and the first quarter of 2019.
The NBM targets inflation of 5.0 percent, plus/minus 1.5 percentage points.
Moldova's headline inflation rate rose slightly to 7.6 percent in September from 7.3 percent in August while core inflation rose to 5.0 percent from 4.8 percent.
The rise in inflation this year was mainly due to higher tariffs on regulated services and higher food prices. At the end of the second quarter, regulated prices were up 7.5 percent year-on-year.
But the rise in inflation has also been mitigated by an appreciating exchange rate of the leu.
Moldova's leu has firmed steadily since April 2016 and was trading at 20.4 to the euro today, up 2.4 percent this year.
The NBM also lowered its rates on overnight credit by 50 basis points to 10.0 percent and the overnight deposit rate to 4.0 percent while the rate on required reserves in Moldova's leu and non-convertible currencies was maintained at 40 percent and the required reserve ratio on freely convertible currencies was retained at 14.0 percent.
www.CentralBankNews.info
The National Bank of Moldova (NBM) has now cut its rate by 200 basis points this year and by 1,250 points since February 2016 when it embarked on a monetary easing cycle.
The NBM said its latest inflation forecast shows inflation returning to its target in the first quarter of next year and remaining within this range for two consecutive quarters as inflationary pressures are easing due to lower economic activity.
From the third quarter of 2018 inflation will then fall below the lower end of its target range and remain there for three quarters in a row.
In the bank's August inflation report, the NBM had forecast that inflation would hit a maximum of 7.4 percent by the third quarter of this year before declining to a low of 3.5 percent in the fourth quarter of 2018 and the first quarter of 2019.
The NBM targets inflation of 5.0 percent, plus/minus 1.5 percentage points.
Moldova's headline inflation rate rose slightly to 7.6 percent in September from 7.3 percent in August while core inflation rose to 5.0 percent from 4.8 percent.
The rise in inflation this year was mainly due to higher tariffs on regulated services and higher food prices. At the end of the second quarter, regulated prices were up 7.5 percent year-on-year.
But the rise in inflation has also been mitigated by an appreciating exchange rate of the leu.
Moldova's leu has firmed steadily since April 2016 and was trading at 20.4 to the euro today, up 2.4 percent this year.
The NBM also lowered its rates on overnight credit by 50 basis points to 10.0 percent and the overnight deposit rate to 4.0 percent while the rate on required reserves in Moldova's leu and non-convertible currencies was maintained at 40 percent and the required reserve ratio on freely convertible currencies was retained at 14.0 percent.
www.CentralBankNews.info
Canada holds rate and will be cautious in future changes
Canada's central bank left its benchmark target for the overnight rate at 1.0 percent, as expected, and while it said further monetary policy tightening will "likely be required over time, Governing Council will be cautious in making future adjustments to the policy rate."
The Bank of Canada (BOC) has raised its rate twice this year by a total of 50 basis points and remains the only other major central bank in the world to raise rates other than the U.S. Federal Reserve as central banks slowly unwind the ultra-easy policy in the wake of the global financial crises in 2008/2009.
The BOC's rate hikes this year in July and September came in response to improving economic growth but the central bank said it would now be "guided by incoming data to assess the sensitivity of the economy to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation."
While economic growth in the second quarter was stronger and more broad-based than BOC had expected, it now expects a more sustainable pace in the second half of this year, with growth closer to potential over the next two years.
Nevertheless, the BOC raised its 2017 growth forecast for the third time and now sees 3.1 percent growth this year, up from July's forecast of 2.8 percent and 2.6 percent seen in April.
Exports and investments are expected to contribute to economic growth but the Canadian dollar has been stronger than expected, holding back some of the export growth, BOC said.
While the economy is operating close to its potential, BOC said wage and other data show there is still slack in the labor market, suggesting "there could be room for more economic growth than the Bank is projecting without inflation rising materially above target."
Canada's Gross Domestic Product grew by 1.1 percent in the second quarter from the first quarter for annual growth of 3.7 percent, up from 2.3 percent in the first quarter.
For 2018 the BOC also raised its growth forecast to 2.1 percent from a previous 2.0 percent but for 2019 the growth forecast was lowered to 1.5 percent from 1.6 percent.
Inflation has been picking up in recent months, reflecting the improving economy and higher gasoline prices but the higher Canadian dollar has led the BOC to trim its forecast.
Headline inflation is seen at 1.4 percent in the fourth quarter of this year, down from a previous forecast of 1.6 percent but then rising to 2.1 percent in the fourth quarter of next year, up from 2.0 percent forecast in July. For the fourth quarter of 2019 inflation is seen remaining at 2.1 percent.
Canada's CPI inflation rate rose for the third consecutive month in September to 1.6 percent - below the BOC's 2.0 percent target - while core inflation fell to 0.8 percent from 0.9 percent to the lowest level since December 1984.
After falling sharply in 2014 and 2015 on lower global oil prices, Canada's dollar has been rising since May this year in anticipation of higher BOC rates but then given back some of these gains in the last two months.
The Bank of Canada (BOC) has raised its rate twice this year by a total of 50 basis points and remains the only other major central bank in the world to raise rates other than the U.S. Federal Reserve as central banks slowly unwind the ultra-easy policy in the wake of the global financial crises in 2008/2009.
The BOC's rate hikes this year in July and September came in response to improving economic growth but the central bank said it would now be "guided by incoming data to assess the sensitivity of the economy to interest rates, the evolution of economic capacity, and the dynamics of both wage growth and inflation."
While economic growth in the second quarter was stronger and more broad-based than BOC had expected, it now expects a more sustainable pace in the second half of this year, with growth closer to potential over the next two years.
Nevertheless, the BOC raised its 2017 growth forecast for the third time and now sees 3.1 percent growth this year, up from July's forecast of 2.8 percent and 2.6 percent seen in April.
Exports and investments are expected to contribute to economic growth but the Canadian dollar has been stronger than expected, holding back some of the export growth, BOC said.
While the economy is operating close to its potential, BOC said wage and other data show there is still slack in the labor market, suggesting "there could be room for more economic growth than the Bank is projecting without inflation rising materially above target."
Canada's Gross Domestic Product grew by 1.1 percent in the second quarter from the first quarter for annual growth of 3.7 percent, up from 2.3 percent in the first quarter.
For 2018 the BOC also raised its growth forecast to 2.1 percent from a previous 2.0 percent but for 2019 the growth forecast was lowered to 1.5 percent from 1.6 percent.
Inflation has been picking up in recent months, reflecting the improving economy and higher gasoline prices but the higher Canadian dollar has led the BOC to trim its forecast.
Headline inflation is seen at 1.4 percent in the fourth quarter of this year, down from a previous forecast of 1.6 percent but then rising to 2.1 percent in the fourth quarter of next year, up from 2.0 percent forecast in July. For the fourth quarter of 2019 inflation is seen remaining at 2.1 percent.
Canada's CPI inflation rate rose for the third consecutive month in September to 1.6 percent - below the BOC's 2.0 percent target - while core inflation fell to 0.8 percent from 0.9 percent to the lowest level since December 1984.
After falling sharply in 2014 and 2015 on lower global oil prices, Canada's dollar has been rising since May this year in anticipation of higher BOC rates but then given back some of these gains in the last two months.
Today
the Canadian dollar, known as the loonie, was trading at 1.27 to the U.S.
dollar, down from around 1.21 in early September but still 5.5 percent up from
the start of this year.
In response to the BOC's decision, the loonie
Georgia maintains rate and still expects to cut to neutral
Georgia's central bank left its benchmark refinancing rate at 7.0 percent and confirmed it still expects to reduce the rate gradually to a neutral level as long as there are no additional shocks to inflation.
The National Bank of Georgia (NBG) also confirmed it expects inflation to remain above its 4.0 percent target by the end of this year and then decline to around its 2018 target of 3.0 percent at the beginning of next year as temporary factors abate.
The NBG has raised its rate twice this year, most recently in May, by a total of 50 basis points. In September the central bank also said it expects to gradually lower the rate to neutral as inflation approaches its targets.
Georgia's inflation rate has been boosted by higher taxes on tobacco and fuel but inflation is expected to drop once these price increases drop out of comparison.
Inflation in September rose to 6.2 percent in September from 5.7 percent in August but the bank said third quarter inflation was slightly lower than forecast and inflation expectations had not changed and therefore didn't create any additional upward pressure.
Helped by prudent policies, stronger economic activity in its main trading partners and support from the International Monetary Fund (IMF), Georgia's economy has expanded faster than expected this year and the NBG raised its 2017 growth forecast to 4.5 percent.
Georgia's Gross Domestic Product grew by an annual rate of 4.7 percent in the second quarter of this year, down from 5.1 percent in the first quarter, but domestic demand and overall activity remain below potential and is not creating inflation pressure.
Earlier this month the IMF revised upwards its 2017 growth forecast to 4.3 percent from a previous 3.5 percent, noting exports, tourism and investment.
The central bank also said exports of goods and revenue from tourism were continuing to rise at high rates, with money transfers also rising and imports growing moderately.
Rising foreign demand, along with a "competitive" exchange rate, will also be reflected in an improved current account deficit, the NBG added.
The IMF forecast that Georgia's current account balance is expected to narrow to 10.4 percent of GDP in 2017 after 12.8 percent in 2016, with growth expected to strengthen in the medium term with continued implementation of economic reforms that should promote private investment, productivity growth and improve export competitiveness.
In November the IMF's executive board is expected to make an additional US$42.3 million available to Georgia under its current facility, boosting total disbursements to $84.6 million. Earlier this month IMF staff and Georgian authorities agreed on the first review under the facility.
The IMF's program aims to support Georgia's reforms to help generate higher and more inclusive economic growth and thus reduce economic and financial vulnerabilities.
Following its review, the IMF also described Georgia's monetary policy stance as "adequate, and rightly focuses on price stability."
It also agreed that inflation is expected to decline rapidly as the impact of higher taxes abates, and the flexible exchange rate regime "continues to protect the economy against external shocks."
Georgia's lari, which fell from late 2014 through 2016, has trended firmer this year although it has dropped in the last week. Today the lari was trading at 2.55 to the U.S. dollar, up 4.3 percent this year.
www.CentralBankNews.info
The National Bank of Georgia (NBG) also confirmed it expects inflation to remain above its 4.0 percent target by the end of this year and then decline to around its 2018 target of 3.0 percent at the beginning of next year as temporary factors abate.
The NBG has raised its rate twice this year, most recently in May, by a total of 50 basis points. In September the central bank also said it expects to gradually lower the rate to neutral as inflation approaches its targets.
Georgia's inflation rate has been boosted by higher taxes on tobacco and fuel but inflation is expected to drop once these price increases drop out of comparison.
Inflation in September rose to 6.2 percent in September from 5.7 percent in August but the bank said third quarter inflation was slightly lower than forecast and inflation expectations had not changed and therefore didn't create any additional upward pressure.
Helped by prudent policies, stronger economic activity in its main trading partners and support from the International Monetary Fund (IMF), Georgia's economy has expanded faster than expected this year and the NBG raised its 2017 growth forecast to 4.5 percent.
Georgia's Gross Domestic Product grew by an annual rate of 4.7 percent in the second quarter of this year, down from 5.1 percent in the first quarter, but domestic demand and overall activity remain below potential and is not creating inflation pressure.
Earlier this month the IMF revised upwards its 2017 growth forecast to 4.3 percent from a previous 3.5 percent, noting exports, tourism and investment.
The central bank also said exports of goods and revenue from tourism were continuing to rise at high rates, with money transfers also rising and imports growing moderately.
Rising foreign demand, along with a "competitive" exchange rate, will also be reflected in an improved current account deficit, the NBG added.
The IMF forecast that Georgia's current account balance is expected to narrow to 10.4 percent of GDP in 2017 after 12.8 percent in 2016, with growth expected to strengthen in the medium term with continued implementation of economic reforms that should promote private investment, productivity growth and improve export competitiveness.
In November the IMF's executive board is expected to make an additional US$42.3 million available to Georgia under its current facility, boosting total disbursements to $84.6 million. Earlier this month IMF staff and Georgian authorities agreed on the first review under the facility.
The IMF's program aims to support Georgia's reforms to help generate higher and more inclusive economic growth and thus reduce economic and financial vulnerabilities.
Following its review, the IMF also described Georgia's monetary policy stance as "adequate, and rightly focuses on price stability."
It also agreed that inflation is expected to decline rapidly as the impact of higher taxes abates, and the flexible exchange rate regime "continues to protect the economy against external shocks."
Georgia's lari, which fell from late 2014 through 2016, has trended firmer this year although it has dropped in the last week. Today the lari was trading at 2.55 to the U.S. dollar, up 4.3 percent this year.
www.CentralBankNews.info
Tuesday, October 24, 2017
Argentina raises rate 150 bps to speed up disinflation
Argentina's central bank raised its monetary policy rate by 150 basis points for the second time this year, saying the "insufficient speed of disinflation" necessitates further policy tightening.
The Central Bank of Argentina (BCRA) has now raised its key rate by a total of 300 basis points to 27.75 percent, following a surprise rate hike in April, as it looks for "a more pronounced deceleration" in core inflation, which it repeatedly has said is the best way to measure inflation.
Argentina's headline inflation rose by 1.9 percent in September to an annual rate of 23.8 percent while core inflation rose 1.6 percent to 22.3 percent.
Although the central bank acknowledged that inflation has been trending downward this year, the decline is too slow as inflation remains sharply above the BCRA's target. In April 2017 the annual inflation rate was 27.4 percent and the core inflation rate was 25.8 percent.
This year the central bank is aiming to push inflation down to between 12 and 17 percent. Next year the bank is targeting inflation of 10.0 percent, plus/minus 2 percentage points, and for 2019 BCRA is targeting inflation of 5.0 percent, plus/minus 1.5 percentage points.
While recent data show lower inflation for November, the bank said the rise in fuel prices was higher than expected and this required it to induce lower price increase for other prices to compensate.
Argentina's peso has been steady since August after falling from May through August.
Today the peso was trading at 17.5 to the U.S. dollar, down 9.4 percent this year.
The country's president, Mauricio Marcri, let the peso float shortly after taking office in December 2015, removing many of the controls that previous governments had used to prop up the currency and protect foreign reserves.
www.CentralBankNews.info
The Central Bank of Argentina (BCRA) has now raised its key rate by a total of 300 basis points to 27.75 percent, following a surprise rate hike in April, as it looks for "a more pronounced deceleration" in core inflation, which it repeatedly has said is the best way to measure inflation.
Argentina's headline inflation rose by 1.9 percent in September to an annual rate of 23.8 percent while core inflation rose 1.6 percent to 22.3 percent.
Although the central bank acknowledged that inflation has been trending downward this year, the decline is too slow as inflation remains sharply above the BCRA's target. In April 2017 the annual inflation rate was 27.4 percent and the core inflation rate was 25.8 percent.
This year the central bank is aiming to push inflation down to between 12 and 17 percent. Next year the bank is targeting inflation of 10.0 percent, plus/minus 2 percentage points, and for 2019 BCRA is targeting inflation of 5.0 percent, plus/minus 1.5 percentage points.
While recent data show lower inflation for November, the bank said the rise in fuel prices was higher than expected and this required it to induce lower price increase for other prices to compensate.
Argentina's peso has been steady since August after falling from May through August.
Today the peso was trading at 17.5 to the U.S. dollar, down 9.4 percent this year.
The country's president, Mauricio Marcri, let the peso float shortly after taking office in December 2015, removing many of the controls that previous governments had used to prop up the currency and protect foreign reserves.
www.CentralBankNews.info
Botswana cuts rate 50 bps on positive inflation outlook
The Bank of Botswana (BB) lowered its Bank Rate by 50 basis points to 5.0 percent, saying the "current state of the economy, both the domestic and external economic outlook as well as the inflation forecast, provides scope for easing monetary policy to support economic activity without undermining maintenance of inflation."
It is the first rate cut by Botswana's central bank since August 2016 and follows a drop in September inflation to 3.2 percent from 3.4 percent in August and July, within BB's target range of 3-6 percent.
"Subdued domestic demand pressures and the modest increase in foreign prices contribute to the positive inflation outlook in the medium term," BB said.
Botswana's economy grew by 1.0 percent year-on-year in the second quarter of this year, up from 0.8 percent in the first quarter for growth of 3.1 percent in the 12 months to June compared with a contraction of 0.7 percent in the year-ago period.
Overall growth was boosted by an increase of 4.9 percent in non-mining activity in the 12 months to June while mining sector activity shrank by 10.1 percent, slightly better than a contraction of 22.9 percent in the 12 months to June 2016.
Modest household income growth and restrained economic expansion in Botswana's trading partners is expected to keep growth in non-mining output below trend but the economy is expected to continued to expand gradually due to better external economic conditions, BB said.
But weak economic growth in South Africa could potentially undermine Botswana's growth by restraining private investment and household consumption, BB added.
Botswana's economy grew by 4.3 percent in 2016, up from contraction of 1.7 percent in 2015 as diamond sales rebounded and easy fiscal and monetary policies supported activity.
Botswana's pula has been trending higher since January 2016 and was trading at 10.4 to the U.S. dollar today, up 2.9 percent this year.
It is the first rate cut by Botswana's central bank since August 2016 and follows a drop in September inflation to 3.2 percent from 3.4 percent in August and July, within BB's target range of 3-6 percent.
"Subdued domestic demand pressures and the modest increase in foreign prices contribute to the positive inflation outlook in the medium term," BB said.
Botswana's economy grew by 1.0 percent year-on-year in the second quarter of this year, up from 0.8 percent in the first quarter for growth of 3.1 percent in the 12 months to June compared with a contraction of 0.7 percent in the year-ago period.
Overall growth was boosted by an increase of 4.9 percent in non-mining activity in the 12 months to June while mining sector activity shrank by 10.1 percent, slightly better than a contraction of 22.9 percent in the 12 months to June 2016.
Modest household income growth and restrained economic expansion in Botswana's trading partners is expected to keep growth in non-mining output below trend but the economy is expected to continued to expand gradually due to better external economic conditions, BB said.
But weak economic growth in South Africa could potentially undermine Botswana's growth by restraining private investment and household consumption, BB added.
Botswana's economy grew by 4.3 percent in 2016, up from contraction of 1.7 percent in 2015 as diamond sales rebounded and easy fiscal and monetary policies supported activity.
Botswana's pula has been trending higher since January 2016 and was trading at 10.4 to the U.S. dollar today, up 2.9 percent this year.
Saturday, October 21, 2017
This week in monetary policy: Hungary, Botswana, Argentina, Paraguay, Georgia, Moldova, Namibia, Canada, Brazil, Sweden, Norway, Turkey, Ukraine, euro area, Fiji, Mozambique, Russia and Colombia
This week (October 22 through October 28) central banks from 18 countries or
jurisdictions are scheduled to decide on monetary policy: Hungary, Botswana, Argentina, Paraguay, Georgia, Moldova, Namibia, Canada, Brazil, Sweden, Norway, Turkey, Ukraine, euro area, Fiji, Mozambique, Russia and Colombia.
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 43 | ||||||
| OCT 22 - OCT 28, 2017: | ||||||
| COUNTRY | DATE | RATE | LATEST | YTD | 1 YR AGO | MSCI |
| HUNGARY | 24-Oct | 0.90% | 0 | 0 | 0.90% | EM |
| BOTSWANA | 24-Oct | 5.50% | 0 | 0 | 5.50% | |
| ARGENTINA | 24-Oct | 26.25% | 0 | 150 | 26.75% | FM |
| PARAGUAY | 24-Oct | 5.25% | 0 | -25 | 5.50% | |
| GEORGIA | 25-Oct | 7.00% | 0 | 25 | 6.50% | |
| MOLDOVA | 25-Oct | 7.50% | -50 | -150 | 9.00% | |
| NAMIBIA | 25-Oct | 6.75% | -25 | -25 | 7.00% | |
| CANADA | 25-Oct | 1.00% | 25 | 50 | 0.50% | DM |
| BRAZIL | 25-Oct | 8.25% | -100 | -475 | 14.00% | EM |
| SWEDEN | 26-Oct | -0.50% | 0 | 0 | -0.50% | DM |
| NORWAY | 26-Oct | 0.50% | 0 | 0 | 0.50% | DM |
| TURKEY | 26-Oct | 8.00% | 0 | 0 | 7.50% | EM |
| UKRAINE | 26-Oct | 12.50% | 0 | 150 | 14.00% | FM |
| EURO AREA | 26-Oct | 0.00% | 0 | 0 | 0.00% | DM |
| FIJI | 26-Oct | 0.54% | 0 | 0 | 0.50% | |
| MOZAMBIQUE | 26-Oct | 21.50% | -25 | 175 | 23.25% | |
| RUSSIA | 27-Oct | 8.50% | -50 | -150 | 10.00% | EM |
| COLOMBIA | 27-Oct | 5.25% | 0 | -225 | 7.75% | EM |
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