Easier or Tighter?

      Kazakhstan's central bank lowered its policy rate for the first time this year on April 15 as inflation expectations continued to decline.
      So far this year 17 central banks have eased their monetary policy stance - i.e. cut rates, lowered reserve requirements or launched new low-cost loan programs - while 7 banks have tightened their stance out of 143 policy decisions as of April 19.
      This means 12 percent of all monetary policy decisions this year have resulted in easier monetary policy while 5 percent of decisions have gone toward tighter policy.
      Central banks in developed economies have decided on monetary policy 26 times so far this year, with one decision by Norway resulting in a tightening by a rate hike while one bank, the European Central Bank, eased its policy stance by launching a new round of longer-term loans.
      As far as guidance about future policy, central banks in developed markets have turned decidedly dovish this year in light of slowing global growth and tepid inflation, with New Zealand's central bank the latest to join the Federal Reserve, the ECB and Bank of Canada.
     On April 18, the Bank of Korea left its rate steady but dropped a reference to adjustments of its accommodative policy stance, a move seen by analysts as signaling an end to the bank's 50-basis point tightening cycle that began in November 2017 and ended with a hike in November 2018.
      Central banks in emerging markets have eased their policy stance rates 5 times (China's cut in its reserve ratio, India's 2 rate cuts, Egypt and Turkey) while 2 banks (Chile and Pakistan with 2 rate hikes) have tightened policy out of 46 policy decisions.
      Central banks in frontier markets have tightened their monetary policy rates twice (Argentina and Tunisia) while three (Ghana, Nigeria and Kazakhstan) have eased its stance by cutting the key rate out of 24 decisions.
      Central banks in other economies have eased their policy stance a total of 13 times, with Georgia, Paraguay, Jamaica and Azerbaijan cutting rates twice. Two central banks (Honduras and Mozambique) have tightened their policy stance out of 47 policy decisions as of April 19.

     EARLIER YEARS
     2018: 43 central banks tightened monetary policy and 32 eased, global net tightening of 11 
     2017: 28 central banks tightened monetary policy and 34 eased, global net easing of 6 
     2016: 29 central banks tightened monetary policy and 46 eased, global net easing of 17
     2015: 48 central banks tightened monetary policy and 34 eased, global net tightening of 14

    Central Bank News, which tracks the policy rates of 95 central banks, publishes the following Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy. 
    GMPC aims to capture changes to a wide range of monetary policy instruments, such as reserve requirements, bond purchases or exchange rates, in addition to changes to key interest rates.
    GMPC complements Central Bank News’ other products, such as the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which summarizes rate changes each month.
     Following is an alphabetical list of countries that changed their monetary policy in 2019. The list is updated and can be accessed on the Central Bank News website under the heading of "Easier or Tighter" as soon as central banks announce changes to their monetary policy.


                                             2019 GMPC

ANGOLA
Jan 25: BNA rate cut 75 bps to 15.75% due to the fall in inflation during 2018 and a contraction in
monetary base



ARGENTINA
Mar 14: Objective of zero growth in monetary base extended until end of 2019 from September 2018 goal
of zero growth from October 2018 to June 2019, with no seasonal adjustment in June. As of March 13
 monetary base was 1.26 trillion peso, slightly lower than in October when new framework was started.
Limits of non-intervention area in exchange rate expanded by 1.75% a month during second quarter.
Measures aim to reduce monetary base by 10% from original goal. Government to propose reform of
central bank charter that sets price stability as BCRA's main objective and prohibits any financing
of the treasury.


Apr 1: Necessary liquidity absorbed to support minimum rate of 62.5% reference rate (daily auctions of
Leliq notes) during April as monetary base has exceeded target for year, implying additional contraction
of US$29 billion


ARMENIA 
Jan 29: refinancing rate cut 25 bps and easy monetary conditions to be in place for longer time as inflation
 is seen below midpoint target until end of forecast horizon



AZERBAIJAN 
Feb 1: policy rate cut 50 bps to 9.25% as the risks of inflation are relatively low. Monetary conditions will
continue to be normalized 

Mar 15: policy rate cut 25 bps to  9.0% but inflation now forecast to settle within target range in 2019 and
recent easing had contributed to normalizing monetary conditions


CHILE 
Jan 30: monetary policy rate raised 25 bps to 3.00% and further gradual withdrawal of monetary stimulus
gradually and cautiously 

CHINA
Jan 4: reserve requirement for large financial institutions cut by 0.5 pct points as of Jan. 15 and cut a
further 0.5 pct points on Jan. 25 for total cut of 1 pct point to 13.50%


EGYPT
Feb. 14: overnight deposit rate cut 100 bps to 15.75% after achieving inflation target for Q4 2018 and data
confirm moderation of underlying inflationary pressure



EURO AREA
Mar 7: Third round of targeted longer-term refinancing operations (TLTRO-III) launched, to start in
September and end in March 2021. Guidance of rates to be kept at current level at least through
end-2019 from June 2018 guidance of keeping rates steady at least through the summer of 2019



GAMBIA
Feb 28: monetary policy rate cut 100 bps to 12.50% in view of declining inflation and the commitment to
support private sector growth
 


GEORGIA 
Jan 30: refinancing rate cut 25 bps to 6.75% on continued weak inflationary pressures. Further easing
expected this year.

Mar 13: refinancing rate cut 25 bps to 6.50%, further easing depends on how fast output gap will close.
Reserve requirement for foreign currency deposits raised 500 bps to mitigate possible future financial
stability risks


GHANA 
Jan 28: policy rate cut 100 bps to 16.0% as current conditions provide scope to translate recent gains 
in macroeconomic stability to the economy


HONDURAS
Jan 4: monetary policy rate raised 25 bps to 5.75% in precautionary measure as inflation expectations
have risen and without the rate hike inflation is projected to be above tolerance range in 2019 and 2020


INDIA 
Feb 7: policy repo rate cut 25 bps to 6.25% and monetary policy stance eased to neutral from calibrated
 tightening as inflation is projected to remain below or around targe
t
Apr 4: policy repo rate cut 25 bps to 6.0% to strengthen domestic growth impulses by spurring private
investment that has remained sluggish. Monetary policy stance kept at neutra
l


JAMAICA
Feb 20: policy rate cut 25 bps to 1.50% and cash reserve requirement cut 300 bps to 9.0%, which will
 release $16.8 billion in liquidity. Both steps are aimed at supporting the expansion of credit to stimulate
economic activity and support inflation returning to the centre of the target more quickly 

Mar 27: policy rate cut 25 bps to 1.25% to stimulate even faster expansion in private sector credit, which
should lead to higher economic activity, consistent with the inflation target 



KAZAKHSTAN
Apr 15: base rate cut 25 bps to 9.0% to help keep inflation in the target corridor and maintain economic
growth


KYRGYZ REPUBLIC 
Feb 26: discount rate cut 25 bps to 4.50% and lowered its forecast for inflation to average 3.0% in 2019,
down from December's forecast of inflation in the target range of 5.0-7.0%

MALAWI
Jan 30: policy rate cut 150 bps to 14.50% on lower risks to inflation and stable kwacha. Lombard rate
cut to 40 bps above policy rate from a previous 200 bps, liquidity reserve requirement for kwacha
deposits cut 250 bps to 5.0%, requirement for foreign currency deposits cut 375 bps to 3.75% 



MOZAMBIQUE
Mar 6: raises reserve requirement for foreign currency deposits by 900 bps to 36.0% given the likelihood
that inflation could accelerate if the external environment continues to deteriorate and the
 exchange rate of
the metical falls



NIGERIA 
Mar 26: policy rate cut 50 bps to 13.50% on the continued decline in inflation, the stability of the
naira's exchange rate, a robust level of reserves and positive forecasts for economic growth this year
 
NORWAY
Mar 21: policy rate raised 25 bps to 1.0% on stronger-than-expected inflation and economic growth.
Further rate rise seen in next half year


PAKISTAN
Jan 31: policy rate raised 25 bps to 10.25% as fiscal deficit has yet to show signs of consolidation,
 the current account deficit remains high and inflationary pressures persist 

Mar 29: policy rate raised 50 bps to 10.75% as there are still underlying inflationary pressures, the
fiscal deficit is elevated and the current account deficit is still high despite an improvement


PARAGUAY
Feb 22: policy rate cut 25 bps to 5.0% to adopt more accommodating monetary policy to ensure
 inflation converges to target

Mar 22: policy rate cut 25 bps to 4.75% to ensure inflation converges to target as data shows deceleration
in pace of growth in some sectors of economy


SRI LANKA
Feb 22: Statutory Reserve Ratio on all rupee deposits cut 100 bps to 5.0% to address large and persistent
liquidity deficit in money marke
t


TUNISIA
Feb 19: key interest rate raised 100 bps to 7.75% due to continued inflationary pressures that are a
threat to the economy and purchasing power


TURKEY
Feb 16: Lira reserve requirement cut 100 bps to 7.0% for deposits with maturities up to 3 years and by
50 bps for all other liabilities. Upper limit of holding gold from wrought or scap gold increased to
10% from 5% of reserve requirement
                                                  

                                           2018 GMPC

ALBANIA

Jun 6: policy rate cut 25 bps to 1.0% as appreciation of lek strengthens downside pressure on inflation.
 Purchase of foreign currency aimed at decelerating further appreciation of exchange rate



ANGOLA
May 24: marginal lending facility cut by 200 bps to 18.0% and unified with basic interest rate, the 
BNA rate. Ratio on mandatory reserves in local currency cut 200 bs to 19.0%

Jul 17: BNA rate cut 150 bps to 16.50% and mandatory reserve ratio cut 100 bps to 18.0% on continued 

decline in inflation 

ARGENTINA
Jan 9: monetary policy rate cut 75 bps to 28.00% to prevent a contractionary bias in monetary policy
 as disinflation process is continuing
Jan 23: monetary policy rate cut 75 bps to 27.25%, with current contractionary bias of monetary policy
considered to be somewhat high but it will be cautious in changing its policy to suit the path of disinflation
Apr 27: monetary policy rate raised 300 bps to 30.25% to guarantee disinflation process and is ready to
act again if necessary given the dynamics of the exchange market. Monetary Council met outside
pre-established meeting schedule
May 3: monetary policy rate raised 300 bps to 33.25% to guarantee disinflation process and is ready to act
again if necessary given the dynamics of the exchange market. Monetary council met outside
pre-established meeting schedule

May 4: monetary policy rate raised 675 bps to 40.0% to avoid disruptive behaviour in the exchange market
as well as to guarantee the disinflation process and is ready to act again if necessary

June 18: reserve requirement for all peso deposits raised 3 percentage points to 23.0% to absorb liquidity
July 2: reserve requirement for all peso deposts raised 3 percentage points to 26.0% to absorb liquidty and
help minimize recent volatility of the exchange market and reinforce anti-inflationary commitment

Aug 13: monetary policy rate raised 500 bps to 45.0% at extraordinary meeting in response to the current
external situation and the risk of new impact on inflation. To guarantee that monetary conditions remain
contractionary, COPOM will not lower the rate until at least October

Aug 16: reserve requirement for all peso deposits raised 3 percentage points to 29.00%, helping to absorb 
$60 million of liquidity
Aug 30: monetary policy rate raised 150 bps to 60.00% and reserve requirement for all peso deposits
raised 5 percentage points to 34.0%. Copom says will not lower its policy rate until at least December

Sep 28: new monetary policy framework based on zero nominal growth in the monthly average monetary
base from October to June 2019. The policy rate is the average rate from auctions of Leliq 7-day liquidity
notes, with rate not to fall below 60.0%
Dec 5: Interest rate floor of 60.0% eleminated due to significant fall in inflation expectations for 2
consecutive months. Foreign exchange intervention zone limits to be adjusted daily by 2% between
Jan. 1 and March 31 based on the rates of on Dec. 31 of 37.117 and 48.034 peso to the U.S. dollar
 

AZERBAIJAN
Feb 12: refinancing rate cut 200 bps to 13.0% on declining inflation and improving external balance.
 Further rate cuts possible as it transitions to neutral policy
Apr 9: refinancing rate cut 200 bps to 11.0% as inflation is now in single digits, the foreign exchange
 market is stable, the foreign sector is positive and economic activity is intensifying
Jun 14: refinancing rate cut 100 bps to 10.0% as inflation is forecast to remain in single digits and economic
growth is forecast to continue 

Oct 30: refinancing rate cut 25 bps to 9.75% with further changes dependent on how inflation is forecast to
change relative to the inflation target 

BAHRAIN
Mar 22: one-week deposit rate raised 25 bps to 2.0%
Jun 14: one-week deposit rate, policy rate, raised 25 bps to 2.25%
Sep 26: one-week deposit rate raised 25 bps to 2.50%. Other key rates also raised 25 bps, with the
overnight deposit rate raised to 2.25%, the one-month deposit rate to 3.25% and the lending rate to 

4.25%
Dec 19: one-week deposit rate raised 25 bps to 2.75%, overnight deposit rate raised 25 bps to
2.50%, lending rate raised 25 bps to 4.50%, one-month deposit rate unchanged at 3.25%


BANGLADESH
Apr 3: repo rate cut 75 bps to 6.0% and cash reserve requirement cut 100 bps to 5.50% to ease
tightening liquidity

BELARUS
Jan 31: benchmark refinancing rate cut 50 bps to 10.50% as inflation is seen in range for 2018
Jun 20: refinancing rate cut 50 bps to 10.00% as inflation seen as neutral monetary conditions will
ensure achievement of price stability with inflation at 5.50% by end-2018

BRAZIL 
Feb 7: benchmark Selic rate cut another 25 bps to 6.75%, with an interruption in the monetary easing process appropriate at the next meeting
Mar 21: Selic rate cut 25 bps to 6.50%, with additional easing at the next meeting seen as appropriate to mitigate the risk that inflation will not meet the target

CANADA
Jan 17: target for overnight rate raised 25 bps to 1.25% but some monetary policy accommodation
will likely be needed to keep economy operating close to potential and inflation on target.
Jul 11: target for overnight rate raised 25 bps to 1.50% and governing council expects higher rates will
be warranted to keep inflation near target

Oct 24: target for overnight rate raised 25 bps to 1.75% with further rate increases necessary to reach
inflation target, and pace dependent on how economy adjusts to higher rates
 



CHILE
Oct 18: monetary policy rate raised 25 bps to 2.75% to ensure inflation remains close to target 

CHINA
Jan 25: cut to reserve requirement for financial institutions that lend to small and medium-sized businesses
and agriculture takes effect. Announcement on Sept. 30, 2017. RRR cut 50 bps to 13.50%
Mar 21: 7-day reverse repurchase rate raised 5 bps to 2.55% in reaction to U.S. Federal Reserve's 25 bps
rate hike and as expected. Rate increase will help guide relationship between open market rates and currency
 rates and help form interest rate expectations
Apr 16: 14-day reverse repurchase rate raised 5 bps to 2.70%
April 17: reserve requirement for large banks cut 100 bps to 16.00% effective April 25, net injection of
400 billion yuan. First cut since February 2016
Jun 24: reserve requirement for large banks cut 50 bps to 15.50%, releasing 700 billion yuan in liquidity
Oct 7: reserve requirement for large banks cut 100 bps to 14.50% effective Oct. 18, injecting a net 750
billion yuan in liquidity

COLOMBIA
Jan 29: benchmark interest rate cut 25 bps to 4.50% on uncertain economic recovery but interest rate
easing cycle now considered completed
Apr 27: benchmark interest rate cut 25 bps to 4.25%, noting weak economic activity and uncertainty
about the speed of recovery along with lower-than-forecast inflation and lower inflation expectations

CONGO
Apr 10: monetary policy rate cut 600 bps to 14.0% in light of good economic situation, both 
domestically and internationally, favourable macroeconomic prospects and the absence of imminent risks 

CZECH REPUBLIC
Feb 1: Two-week repo rate raised another 25 bps to 0.75% as growth forecast raised but inflation seen
 lower than previously expected
Jun 27: Two-week repo rate raised another 25 bps to 1.0% on higher than expected domestic and foreign 
inflation along with a weaker koruna exchange rate 
Aug 2: Two-week repo rate raised another 25 bps to 1.25%, earlier than forecast, on higher than expected
 inflation and a fall in the koruna's exchange rate 
Sep 26: Two-week repo rate raised another 25 bps to 1.50% as economy evolving as forecast in August
Nov. 1: Two-week repo rate raised another 25 bps to 1.75% as inflation pressures remain strong


DOMINICAN REPUBLIC
Jul 24: monetary policy rate raised 25 bps to 5.50% as inflation is forecast to gradually rise from higher 
oil prices, pressure from domestic
 demand and increased uncertainty in international financial markets

EGYPT
Feb 15: overnight deposit rate cut 100 bps to 17.75% as inflationary pressures have been contained
Mar 29: overnight deposit rate cut 100 bps to 16.75%, consistent with tight monetary conditions and achieving inflation target

EURO AREA
Jun 14: monthly pace of net asset purchases will be reduced to 15 billion euros as of Sept. 2018 from 30 billion
and then ended at the end of December due to substantial progress toward a sustained adjustment in inflation
 
Dec 13: ECB confirms the monthly purchase of assets, known by the ECB as "non-standard monetary policy measures"
will end in December, with principal payments from maturing bonds to be reinvested for "an
extended period of time past the date when it starts raising the key ECB interest rates"

GAMBIA 
May 31: policy rate cut 150 bps to 13.50% to reinforce private sector credit growth


GEORGIA 
Jul 25: refinancing rate cut 25 bps to 7.0% and rate cuts will continue at a slow pace, as previously forecast

GHANA 
Mar 26: policy rate cut 200 bps to 18.00% as inflation continues to decline amid moderate price pressures, on course to meet inflation target in forecast horizon
May 21: policy rate cut 100 bps to 17.00% on subdued risks to the inflation outlook

HONG KONG
Mar 22: base rate raised 25 bps to 2.0% in response to U.S. Fed's 25 bps rate hike
Jun 14: base rate raised 25 bps to 2.25% following the 25-basis point upward shift in the target range for
the US federal funds rate
 
Sep 26: base rate raised 25 bps to 2.50% following the 25-basis point upward shift in the target range for
 the US federal funds rate

Dec 20: base rate raised 25 bps to 2.75% following the 25-basis point upward shift in the target range for
the US federal funds rate


ICELAND
Nov 7: key interest rate raised 25 bps to 4.50% and monetary stance will be tightened further if inflation
expectations continue to rise and remain persistently above target 

INDIA 
Jun 6: policy repo rate raised 25 bps to 6.25% on "major upside risks" to the inflation outlook
Aug 1: policy repo rate raised 25 bps to 6.50% as policy stance remains neutral amid uncertainty around inflation
and continued growth momentum
 

INDONESIA
May 17: BI 7-day reverse repo rate raised 25 bps to 4.50% to "maintain economic stability amid the escalating
 risks in the global financial market and global liquidity downturn"

May 30: BI 7-day reverse repo rate raised 25 bps to 4.75% as a "pre-emptive, front-loading, and
ahead-of-the-curve move to stbrenthen stability, especially exchange rate stability, against a higher
than expected Fed Funds Rate (FFR) hike and increasing risk in the global financial market"

Jun 29: BI 7-day reverse repo rate raised 50 bps to 5.25% in pre-emptive move to strengthen the rupiah's
exchange rate while it also relaxed loan-to-value ratio for the property sector

Aug 15: BI 7-day reverse repo rate raised 25 bps to 5.50% to maintain attractiveness of domestic financial markets
and manage the current account deficit

Sep 27: BI 7-day reverse repo rate raised 25 bps to 5.75% to maintain the attractiveness of domestic
financial markets

Nov 15: BI 7-day reverse repo rate raised 25 bps to 6.0% to strengthen the attractiveness of domestic
financial markets by anticipating global policy rate hikes in the next few months. The average reserve
requirement was also raised by 100 bps to 3.0% and the macroprudential buffer by 200 bps to 4.0%



ISRAEL
Nov 26: interest rate raised 15 bps to 0.25% as inflation stabilizing slightly above lower bound of target
range while economy is converging to potential growth rate. Monetary policy remains accommodative
and with "rising path of the interest rate in the future will be gradual and cautious."

JAMAICA 
Jan 17: policy rate cut 25 bps to 3.00% as inflation is seen within target for the next 8 quarters, with risk skewed to the downside as economic growth has been weaker than anticipated 
Feb 21: policy rate cut 25 bps to 2.75% to support expansion in credit and economic output while inflation is forecast to remain in target range over next 8 quarters, with the risks seen as balanced
May 17: policy rate cut 25 bps to 2.50% as inflation is considered to be slightly below the lower end of the
target over the next three quarters

Jun 27: policy rate cut 50 bps to 2.00% to boost credit and growth which will supoort inflation returning to target 

JORDAN
Mar 25: policy rates raised 25 bps, with one-week deposit rate at 4.00%
Jun 14: policy rates raised 25 bps, deposit rate now at 4.25% 
Sep 30: policy rates raised 25 bps to 4.50% in light of interest rate developments in regional and
international markets and in line with policy of strengthening monetary and banking stability and
ensuring competitivenss of Jordanian dinars


Dec 23: policy rate raised 25 bps to 4.75% in line with developments of interest rates in regional and
international financial markets and to maintain competitiveness of instruments in Jordanian assets

KAZAKHSTAN
Jan 15: base rate cut 50 bps to 9.75% based on lower than forecast inflation, expected further decline
 in inflation, weak domestic demand and favourable external markets
Mar 5: base rate cut 25 bps to 9.50% as there is a risk inflation may undershoot lower boundary of target
range, further easing to continue
Apr 16: base rate cut 25 bps to 9.25%, gradual reduction of base rate will continue to secure neutral monetary conditions
Jun 4: base rate cut 25 bps to 9.0%, a neutral level, and further rate cuts this year restrained by the limited
decline in inflation this year and 2019

Oct 15: base rate raised 25 bps to 9.25% on rising inflationary risks from tenge depreciation

KENYA
Mar 19: CBR rate cut 50 bps to 9.50% to support economic activity as inflation expectations are well anchored and economic output is below potential
Jul 30: CBR cut 50 bps to 9.00% as economic output is below potential and inflation expectations are well
 anchored within target range

KUWAIT
Mar 21: discount rate raised 25 bps to 3.0% in first rate increase since March 2017

KYRGYZ REPUBLIC
May 29: discount rate cut 25 bps to 4.75% to stimulate economic activity against background of moderate
inflation and growing aggregate demand

MACAU
Mar 22: discount rate raised 25 bps to 2.0%, tracking Hong Kong's rate rise
Jun 13: discount rate raised 25 bps to 2.25%
Sep 27: discount rate raised 25 bps to 2.50%, following Hong Kong's increase of the base rate by 25 bps
after the policy action by the US Federal Reserve

Dec 21: discount rate raised 25 bps to 2.75%, following Hong Kong's increase of its base rate by 25 bps
after the US Federal Reserve raised its fed funds rate


MACEDONIA
Mar 13: CB bill interest rate cut 25 bps to 3.0% as economic fundamentals are sound, without any
imbalances, and there are lower risks to the economy 
Aug 14: policy rate cut 25 bps to 2.75% as the monetary policy environment, especially the foreign
exchange market, is somewhat more favorable than before, suggesting there is room for further monetary policy easing

MALAYSIA
Jan 25: Overnight Policy Rate raised 25 bps to 3.25% as economy firmly on a steady growth path
while recognizing need to prevent build-up of risks from prolonged period of too low rates

MEXICO
Feb 8: benchmark interest rate raised 25 bps to 7.50% and says will act in timely and firm manner, if necessary, to anchor inflation
expectations and meet its inflation target
Jun 21: benchmark interest rate raised 25 bps to 7.75% as fall in peso has worsened outlook for inflation,
threatening convergence to targe
t
Nov 15: benchmark interest rate raised 25 bps to 8.0% as the balance of risks for inflation are biased to
the upside and have deteriorated significantly due to peso depreciation
 
Dec 20: benchmark interest rate raised 25 bps to 8.25% as the balance of risks to the forecast trajectory of inflation
 has deteriorated and remains biased to the upside in an environment of high uncertainty

MONGOLIA 
Mar 23: policy rate cut 100 bps to 10.0% and reserve requirement 150 bps to 10.50% to stimulate economic activity as inflation should stabilize around target
Nov 27: policy rate raised 100 bps to 110% at unscheduled policy meeting to support the exchange rate
and keep inflation around the target rate in light of uncertainties in the external sector that are affecting
the balance of payments and creating pressure on the exchange rate
 

MOZAMBIQUE
Feb 26: monetary policy rate cut 150 bps to 18.0% on continuing decline in inflation and forecast of
single digit inflation by end-year
Apr 11: monetary policy rate cut 150 bps to 16.50% on positive performance of inflation and the 
forecast that it will be in single digit by year-end
Jun 18: monetary policy rate cut 75 bps to 15.75% as inflation is forecast to remain in single digits
Aug 30: monetary policy rate cut 75 bps to 15.00% as outlook for inflation points to single digits while 
demand is not expected to create demand pressure
Dec 13: monetary policy rate cut 75 bps to 14.24% as inflation is expected to remain in single digits in
the short and medium term


NORWAY
Sep 20: policy rate raised 25 bps to 0.75% on continued economic growth and rising inflation. Outlook and
balance of risks suggest rate most likely raised further in first quarter of 2019

OMAN
Mar 14: capital deposit rate raised 50 bps to 1.50%

PAKISTAN
Jan 26: policy rate raised 25 bps to 6.0% to preempt overheating of the economy and inflation breaching the target rate
May 25: policy rate raised 50 bps to 6.50% as inflation in fiscal 2019 is estimated to be above the
annual 6.0% target

Jul 14: policy rate raised 100 to 7.50% to curb demand and ensure stability 
Sep 29: policy rate raised 100 bps to 8.50% as current account deficit remains high, real interest rates 
have fallen while oil price shocks, protectionist trade policies and falling capital flows to emerging 
markets challenges economic management
Nov 30: policy rate raised 150 bps to 10.0% as inflationary pressures need to be checked, real interest
rates remain low, the current account and fiscal deficits remain high and normaliztion of monetary policy
 in developed econmies demands proactive monetary management

PERU
Jan 11: policy rate cut 25 bps to 3.0% on a continued decline in inflation, which is expected to decline
 further in the first months of 2018
Mar 8: policy rate cut 25 bps to 2.75% as inflation and inflation expectations continue declining

PHILIPPINES
May 10: Overnight Reverse Repurchase rate raised 25 bps to 3.25% to arrest potential second-round effects
by tempering the buildup in inflation expectations 

May 24: reserve requirement ratio lowered 100 bps to 18.0% as part of the phased reduction in reserve
requirement ratios begun in March 2018 and the shift to a more market-based implentation of monetary
policy. The move is not intended to signal any change in prevailing monetary policy stance

Jun 20: Overnight Reverse Repurchase rate raised 25 bps to 3.50% as inflation expectations for 2018 remain
elevated, posing risk of further price increases. There is continued vigilance against developments that
could affect inflation, including peso volatility 

Aug 9: Overnight Reverse Repurchase rate raised 50 bps to 4.00% to rein in inflation expectations and
prevent sustained supply-side pressures from driving further second-round effects
Sep 27: overnight reverse repurchase rate raised 50 bps to 4.50% as further tightening was warranted
by persistent signs of sustained and broadening price pressures

Nov 15: overnight reverse repurchase rate raised 25 bps to 4.75% in proactive move to temper the risk
to the inflation outlook, including those from continued uncertainty in the external environment

QATAR
Mar 22: deposit rate raised 25 bps to 1.75% but benchmark lending rate maintained at 5.0%
Jun 13: deposit rate raised 25 bps to 2.0%
Sep 27: deposit rate raised 25 bps to 2.25% taking into account the evolving domestic and international
macroeconomic developments

Dec 20: deposit rate raised 25 bps to 2.50%




ROMANIA
Jan 8: policy rate raised 25 bps to 2.00% on rising inflation from fast economic growth, tax cuts and 
 lower administered prices. Deposit rate raised for the third consecutive time by 25 bps to 1.0%
Feb 7: policy rate raised 25 bps to 2.25% as new inflation reports forcasts higher inflation in 2018 than
previously forecast
May 7: policy rate raised 25 bps to 2.50% as May inflation forecast re-confirms a slight pick-up and then a
leveling of inflation over several months above the ceiling of the inflation target band followed by its
return to the vicinity of the upper band at the end of the year
 

RUSSIA
Feb 9: monetary policy rate cut 25 bps to 7.50% as inflation is sutainably low and inflation expectations
 are diminishing. Bank will cut rates further as it moves towards a neutral policy stance
Mar 23: monetary policy rate cut 25 bps to 7.25%, with rate cuts to continue as the transition to neutral
monetary policy this year will be completed
Sep 14: monetary policy rate raised 25 bps to 7.50% on rising inflationary risks, mainly from the fall 
in the ruble. Further rate rises may follow
Dec 14: monetary policy rate raised 25 bps to 7.75% in proactive move to limit inflation risks that 
remain elevated, especially in the short term

SAUDI ARABIA
Mar 15: repo and reverse repo rates raised 25 bps to 2.25% and 1.75%, respectively, so rates are consistent with monetary stability in domestic and international monetary conditions
Jun 13: repo and reverse repo rates raised 25 bps to 2.50% and 2.0%, respectively
Sep 26: repo and reverse repo rates raised 25 bps to 2.75% and 2.25%, respectively 
Dec 19: repo and reverse repo rates raised 25 bps to 3.0% and 2.50%, respectively 

SERBIA 
Mar 14: key policy rate cut 25 bps to 3.25% to boost growth of credit and economy while inflation is
 expected to continue to fall in coming months and first approach midpoint of target range in 2019
Apr 12: key policy rate cut 25 bps to 3.0% as faster than expected decline in inflation in the last
three months allows for further boost to credit and economic growth

SIERRA LEONE
May 17: monetary policy rate raised 50 bps to 15.00% as inflationary pressures remain and there are
downward risks to the macroeconomic outlook despite the downward trend in inflation.
Key threat to inflation is expected increase in import prices, which is likely to negatively affect the trade
balance, with potentially adverse implications for the exchange rate

Jul 3: monetary policy rate raised 150 bps to 16.50% due to risks to inflation outlook from rising domestic
food prices from seasonal supply shocks, the depreciating Leone and rising international prices of fuel and rice

SINGAPORE
Apr 12: appreciation slope of Singapore dollar increased "slightly" from zero percent due to rising inflation
from improving labour market and steady economic expansion 
Oct 12: appreciation slope of Singapore dollar increased "slightly" to ensure medium-term price stability
 as economy likely to remain on steady expansion path in coming quarters

SOUTH AFRICA
Mar 28: repo rate cut 25 bps to 6.50% on improved outlook for inflation and economic growth
Nov 22: repo rate raised 25 bps to 6.75% to prevent inflation expectations becoming entrenched at a higher
level, which would contribute to second round effects and thus require an even stronger monetary policy
response in the future



SOUTH KOREA
Nov 30: base rate raised 25 bps to 1.75% but will continue to maintain accommodative monetary policy
to ensure economy continues to grow while inflation remains near target level
 

SRI LANKA
Apr 4: lending rate (SLFR) cut 25 bps to 8.50% on lacklustre economic growth while inflation outlook is favourable
Nov 14: statutory reserve ratio (SRR) cut 150 bps to 6.0% to boost liquidity and lower money market rates but deposit
rate (SDFR) raised 75 bps to 8.0% and lending rate (SLFR) raised 50 bps to 9.0% to maintain neutral
monetary policy stance

SWAZILAND
Jan 19: discount rate cut 25 bps to 7.00% as international economic conditions show sustained improvement
and domestic inflationary pressures have subsided
Mar 29: discount rate cut 25 bps to 6.75% as global economic activity continues to firm and inflationary
pressures have moderated somewhat 



SWEDEN
Dec 20: repo rate raised 25 bps to -0.25% as the need for highly expansionary monetary policy has decreased
slightly because inflation and inflation expectations have become anchored around 2%

TAJIKISTAN
Jan 23: refinancing rate cut by 125 bps to 14.75% due to lower inflation risks and the approach of
 inflation to the medium-term target
Mar 20: refinancing rate cut 75 bps to 14.0% as there is no need for tight monetary policy due to lower risk of inflation and a gradual stabilization of the external economy

THAILAND 
Dec 19: policy rate raised 25 bps to 1.75% to curb financial stability risks and to start building policy space. 

TRINIDAD AND TOBAGO
Jun 29: repo rate raised 25 bps to 5.0% amid growth led by the energy sector, a pickup in private sector
credit, still low inflation and the implications for higher U.S. rates for the external trade balance

TUNISIA
Mar 5: BCT rate raised 75 bps to 5.75% to face up to the real risk of ongoing inflation in 2018
Jun 13: BCT rate raised 100 bps to 6.75% as persistent inflationary pressures are a threat to the recent
economic recovery and purchasing power

TURKEY
Apr 25: Late liquidity lending rate raised 75 bps to 13.50% to support price stability as upside movements
 in import prices have further increased the risk from elevated levels of inflation and inflation expectations
May 23: Late liquidity lending rate raised 300 bps to 16.50% as elevated levels of inflation and inflation
expectations pose a risk to price stability

May 28: one-week repo rate set as monetary policy rate and raised 850 bps to 16.50%. Overnight borrowing and
lending rates set 150 basis points below and above one-week repo rate

Jun 7: one-week repo rate raised 125 bps to 17.75% and monetary policy will be tightened further until
there is a significant improvement in the outlook for inflation
 
Aug 13: reserve requirement on lira liabilities cut 250 bps to 8.0% and reserve requirement for non-core FX
liabilities cut 400 bps for up to 3-year maturities to free up 10 billion lire, US$6 billion and $3 billion equivalent
of gold liquidity to the financial system. Central bank also says it will provide banks with all liquidity
needed, increase FX liquidity management, and "take all necessary measures to maintain financial stability, if
deemed necessary."
 
Sep 13: one-week repo rate raised 625 bps to 24.0% due to the risks of rising inflation. Monetary policy will
be tightened further if needed.

UGANDA
Feb 13: Central Bank Rate cut 50 bps to 9.0% to boost private sector credit growth and strengthen economic growth
momentum given spare capacity in economy
Oct 3: Central Bank Rate raised 100 bps to 10.0% on higher inflationary pressures from rising oil prices, shilling
depreciation and new indirect taxes

UKRAINE
Jan 26: key policy rate raised 150 bps to 16.00% to help lower inflation and bring it back into the target range
from mid-2019
Mar 1: key policy rate raised 100 bps to 17.0% but monetary conditions should now be sufficiently tight to
bring inflation back to the target
Jul 12: key policy rate raised 50 bps to 17.50% to ensure inflation meets target in 2019 amid a series of 
threats, including investors' reluctance
to purchase sovereign debt, rising domestic demand and high inflation expectations

Sep 6: key policy rate raised 50 bps to 18.0% on a significiant increase in external risks that could 
prevent inflation from returning to target.

UNITED ARAB EMIRATES
Mar 21: rate on certificates of deposit raised 25 bps to 2.50%
Jun 13:  rate on certificates of deposit raised 25 bps to 2.75% and repo rate on short-term liquidity raised 25 bps
to 2.25%

Sep 27: rate on certificates of deposit raised 25 bps to 3.00% in line with the increase in interest rates
on the US dollar


UNITED KINGDOM
Aug 2: Bank Rate raised 25 bps to 0.75% as data confirm the dip in first quarter output was temporary.
Ongoing tightening of monetary policy wil be appropriate to return inflation to target

UNITED STATES OF AMERICA
Mar 21: fed funds rate raised 25 bps to 1.5 - 1.75% as another two rate hikes are forecast for this year,
 another three in 2019 and two in 2020
Jun 13: fed funds rate raised 25 bps to 1.75 - 2.00%, with further gradual increases in the target range for
the federal funds rate consistent with sustained expansion of economic activity, strong labor market
conditions and inflation neasr the 2 percent objective 

Jun 13: rate paid on required reserves and excess reserve balances raised 20 bps to 1.95% to foster trading
 in the federal funds market at rates well within the FOMC's target range

Sep 26: fed funds rate rised 25 bps to 2.0 - 2.25% and maintained its forecast for another rate hike this
year and three in 2019

Dec 19: fed funds rate raised 25 bps to 2.0 - 2.50% but lowered its forecast for 2019 to two rate hikes
from three hikes


UZBEKISTAN
Sep 22: refinancing rate raised 200 bps to 16.00% to reduce inflationary pressures from rising inflation
expectations, higher regulated prices and rising exchange rate pressure on prices

ZAMBIA 
Feb 21: policy rate cut 50 bps to 9.75% and reserve ratio cut 300 bps to 5.0% to support economic growth while inflation is forecast to remain in lower bound of target range in next 8 quarters 

   

0 comments:

Post a Comment