Easier or Tighter?

     Chile's central bank lowered its policy rate for the third time this year on Oct. 23 as violent protests against the government's transport fare hikes are expected to dent economic growth, already undermined by sluggish demand for its main export, copper.
     The rate cut comes on the same day Georgia's central bank raised its policy rate for the third time since early September as it tightens its policy to eliminate pressure on the lari's exchange rate.
     Chile becomes the 7th central bank to cut its rate in October following cuts by South Korea, Singapore, Australia, Iceland, India and Uganda.
     Global monetary policy shifted toward a more dovish stance at the beginning of this year and the pace of easing has accelerated during the year as central banks seek to stimulate economic activity and boost inflation as investments dry up amid uncertainty over the future of the global trading system that has been unleashed by the ongoing trade conflict between the U.S. and China.
     So far in October key interest rates have been cut by a cumulative 150 basis points while rates have been raised by 100 points.
     This compares with rate cuts totaling 1,050 basis points in September along with cumulative rate hikes of 150 points, and cuts of 800 points in August and zero rate increases. In July rates were cut by a total of 925 points while there were 150 points of rate hikes.
      In the third quarter of this year 46 central banks cut rates 67 times by a total of 28 percentage points, up from 26 cuts in the second quarter by 15.75 percentage points and 19 cuts in the first quarter by 925 basis points.
   
      So far this year 62 different central banks have eased their monetary policy stance - i.e. cut one of their main interest rates, lowered reserve requirements, launched new low-cost loan programs or restarted asset purchases - while 16 banks have tightened their stance out of 431 policy decisions as of Oct. 19.
      Central banks normally change their policy stance more than once during an economic cycle and the total number of decisions in favor of easier monetary conditions amount to 136 so far this year - including 122 rate cuts - while there have been 26 steps toward tighter monetary conditions, including 20 rate hikes.
     This means 85 percent (84.9 percent) of all changes by central banks to their monetary policy stance this year have gone toward easing rather than tightening as of Oct. 19, up from 75 percent at the end of the second quarter.

     THIRD QUARTER
     Of the 46 central banks that lowered their rates in the third quarter, following 25 banks cut their rate once: Australia, South Korea, South Africa, Swaziland, Lesotho, Russia, Bahrain, New Zealand, India, Thailand, Belarus, Peru, Mauritius, Namibia, Mozambique, Mexico, Sri Lanka, Jamaica, Iceland, Botswana, Chile, Armenia, the European Central Bank, Denmark, Vietnam and the Seychelles.
     Eighteen central banks cut their rates twice in the third quarter: Indonesia, Dominican Republic, Ukraine, Turkey, Azerbaijan, Russia, Serbia, the United States, Saudi Arabia, Hong Kong, Macao, Qatar, the UAE, Brazil, the Philippines, Egypt and Mexico.
     Indonesia and Paraguay cut rates three times in the third quarter while Morocco and the Philippines cut reserve requirements.
     Meanwhile five central banks raised rates in the third quarter: Pakistan, Moldova, Georgia, Kazakhstan and Norway.

    DEVELOPED ECONOMIES
    Central banks in developed economies have decided on monetary policy 72 times so far this year, with Norway the only country to tighten its policy (3 times) while policy has been eased 15 times.
    Australia has cut its rate three times, New Zealand, the United States and Hong Kong have cut their rates twice, and the European Central Bank and Denmark once.
     After the U.S. Federal Reserve stopped the decline in its holdings of Treasury securities on Aug. 1 rather than Oct. 1 as previously planned, it is now purchasing $60 billion of Treasury bills from mid-October to at least into the second quarter of 2020 to maintain ample reserve balances and prevent another spike in short-term interest rates as in September.
    In addition, the New York Fed, which executes the monetary policy decisions of the Fed's board of governors, will carry out term and overnight repo operations at least through January, with term repo operations twice a week of at least $35 billion per operation, and daily overnight repo operations in amounts of at least $75 billion per operation.
     The Fed has stressed this move is technical in nature rather than a change in monetary policy and the spike in some short-term rates to as high as 10 percent shows the difficulty the Fed is having in paring back its holdings of securities that were bought in the wake of the global financial crises.
     In June 2017 the Fed decided to gradually reduce the size of its balance sheet which had ballooned to more than $4 trillion by capping the reinvestment of maturing securities, acknowledging this would result in a declining supply of reserve balances.
     Meanwhile, the ECB is also restarting its asset purchase program on Nov. 1, 2019, 11 months after it was concluded after the purchases of 2.6 trillion euros of bonds.

    EMERGING ECONOMIES
    Central banks in emerging markets have eased their policy stance rates 43 times so far this year: China's 2 cuts in its main reserve ratios and the de-facto rate cut in connection with the shift to the Loan Prime Rate, India's 5 rate cuts; Chile's 3 rate cuts; Russia, Egypt, Indonesia, Turkey, Qatar and South Korea's two cuts; Brazil's two rate cuts and a cut in its reserve requirement; Mexico's 2 rate cuts, and the Philippines' 3 rate cuts and 2 cuts in its reserve requirements.
     The central banks of Malaysia, South Africa, United Arab Emirates, Thailand, Peru and have cut their rates once.
     Four EM central banks have tightened policy out of 134 decisions: Chile with one rate hike, Pakistan with 4 rate hikes, Hungary with an increase in the deposit rate and Turkey, which has raised its reserve requirements for foreign currency liabilities three times and cut the amount of foreign currency that can be used as reserves.

    FRONTIER MARKETS
    Central banks in frontier markets have eased their monetary policy stance 12 times this year, with Serbia, Sri Lanka and Ukraine cutting their rates twice and another 7 banks (Ghana, Nigeria, Kazakhstan, Sri Lanka, Bahrain, Jordan, Mauritius and Vietnam) cutting their rate once out of 70 decisions. Morocco has lowered its reserve requirement.
     Three frontier market central banks have tightened their policy stance: Argentina, Tunisia and Kazakhstan.

    OTHER MARKETS
    Central banks in other economies have eased their policy stance a total of 58 times, with Azerbaijan cutting its rate 6 times, Paraguay 5 times, Jamaica and Iceland 4 times, Costa Rica and Dominican Republic 3 times, and Kyrgyzstan, Malawi, Georgia, Angola, Mozambique and Armenia cutting rates 2 times.
      The central banks of Gambia, Congo, Macedonia, Rwanda, Tajikistan,  Swaziland, Lesotho, Saudi Arabia, Belarus, Namibia, Botswana, Seychelles and Uganda have cut their rates once, Macao has cut its rate twice while Tanzania has cut its reserve requirement.
     Six central banks (Honduras, Mozambique, Tajikistan, Zambia, Moldova and Georgia) have tightened their policy stance out of a total of 153 policy decisions by central banks in other economies as of Oct. 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

May 24: BNA rate cut 25 bps to 15.50% on the continued downward trajectory in inflation and the
 evolution of the monetary base, which shrank 0.54 percent in the last 12 months

Oct 23: reserve requirement raised 500 basis points to 22% as part of the implementation a free floating
 exchange rate
 


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

Jul 1: Minimum interest rate for Leliq notes in July lowered to 58.0% and cash reserve requirement for
time deposits cut 300 bps, releasing about $45 billion, during higher seasonal demand for working capital.
Monetary base objective met for 9th consecutive month in June but to ensure policy is not relaxed
during high demand for liquidity, monetary base goal for June will be retained for July.


ARMENIA 
Jan 29: refinancing rate cut 25 bps to 5.75% and easy monetary conditions to be in place for longer time as
inflation is seen below midpoint target until end of forecast horizon
Sep 10: refinancing rate cut 25 bps to 5.50% and stimulative monetary stance to be maintained to achieve
 inflation target due to deflationary impact from external sector 


AUSTRALIA
Jun 4: cash rate cut 25 bps to 1.25% "to support employment growth and provide greater confidence that
 inflation will be consistent with the medium-term target
"

Jul 2: cash rate cut 25 bps to 1.00% "support employment growth and provide greater confidence that
inflation will be consistent with the medium-term target." Monetary policy will be adjusted if needed
to support sustainable growth and the achievement of the inflation target
 

Oct 1: cash rate cut 25 bps to 0.75% to support employment and income growth and provide greater
confidence inflation will be consistent with the medium-term target. Monetary policy wil be eased further
 if needed to support sustainable growth, full employment and the achievement of the inflation target
 


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

Apr 26: policy rate cut 25 bps to 8.75% as inflation within target range, stable inflation expectation and
favorable external environment allows for continued monetary policy normalization 

Jun 7: policy rate cut 25 bps to 8.50% as inflation is below the target range, inflation expectations are
stable, the external environment is favorable and the updated economic outlook

Jul 26: policy rate cut 25 bps to 8.25% and trend toward neutral monetary policy stance to continue as long
 as inflation is expected to remain within target

Sep 13: discount rate cut 25 bps to 8.0% with future decisions on interest rates based on actual and projected
inflation along with the impact of external and internal risks to inflation


BAHRAIN
Jul 31: key policy rate, one-week deposit rate, cut 25 bps to 2.50%, along with similar cuts to the overnight
deposit rate, the one-month deposit rate and the lending rate
 



BOTSWANA
Aug 29: bank rate cut 25 bps to 4.75%, with subdued domestic demand pressure and a modest increase in
foreign prices contributing to a position inflation outlook, providing scope for easing monetary
policy to support economic activity


BRAZIL
Jun 26: rate on compulsory reserve on time deposits cut 200 bps to 31.0% to free up 16.1 billion reais.
Rate now closer to the levels seen prior to the 2008 financial crises

Jul 31: benchmark Selic rate cut 25 bps to 6.0% as the "risks associated with slowdown in global growth
remain" and various measures of inflation are at comfortable levels. Economic conditions prescribe a
stimulative monetary policy, i.e. interest rates below the structural level
 

Sep 18: benchmark Selic rate cut 50 bps to 5.50% and sees room for further easing in the event of further
 progress in economic reforms amid an uncertain outlook and the risks of a more pronounced slowdown
in the global economy 


BELARUS
Aug 7: refinancing rate cut 50 bps to 9.50% to ensure interest rates remain neutral and inflation meets the
 target in 2019 in light of a more intense slowdown of inflation in the second quarter
 


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

Jun 7: monetary policy rate cut 50 bps to 2.50% in response to slower than expected growth in the first
quarter and a wider-than-expected output gap from the impact of massive immigration on potential
growth

Sep 3: monetary policy rate cut 50 bps to 2.0% as the outlook is for inflation to take longer to converge to
 target in light of the economy's poor performance in the second quarter. Further stimulus may be
required

Oct 23: monetary policy rate cut 25 bps to 1.75% and further monetary boost is expected to ensure inflation
 converges towards its target as recent events will affect economic activity

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%
May 6: reserve requirement for about 1,000 small and medium-sized banks that focus on county-level
lending with assets less than 10 billion yuan cut in 3 stages (May 15, June 17 and July 15)  to 8.0% from
arond 11.5%, releasing about 280 billion yuan to help small and micro enterprises. These banks will now
have the same ratio as rural cooperatives, simplifying PBOC's reserve requirement system. 
Aug 17: PBOC reforms mechanism for setting the Loan Prime Rate (LPR) to improve the transmission of
 interest rates and reduce the financing cost in the real economy. LPR to pricing benchmark for all types
of loans by commercial lenders instead of the benchmark lending rate. LPR is the average of prices
submitted by 18 banks, including 2 foreign institutions, as compared with 10 large Chinese banks
previously, and banks are required to link LPR quotations to the medium-term lending facility (MLF).
LPR to be announced on the 20th. of each month.
Aug 20: Loan Prime Rate (LPR), the new benchmark rate, set at 4.25%, 10 points below the benchmark
lending rate of 4.35%, and 6 points lower than the old LPR from October 2013. Five-year LPR is 4.85%.
Sep 6: reserve requirement for large financial institutions cut by 50 basis points as of Sept. 16 to 13.0%
and reserve ratio for small and micro enterprises, and commercial banks in provinces cut in 2 steps by 50
points each on Oct. 15 and Nov. 15 for an additional total cut of 100 points. The move will release some
900 billion yuan in liquidity.

Sep 20: The 1-year LPR, the new benchmark interest rate, set at 4.20%, down 5 bps from Aug. 20, the
5-year LPR unchanged at 4.85%


CONGO, DEMOCRATIC REPUBLIC OF
Apr 30: policy rate cut 500 bps to 9.0% due to the favorable economic outlook with inflation below
target and growth in 2019 forecast at 5.9%, up 0.1 percentage point from 2018 and 2.2 points from 2017

COSTA RICA
Mar 28: monetary policy rate cut 25 bps to 5.0% as downside risks to inflation exceed upside risks and
inflation would be below target range in the forecast horizon
May 23: monetary policy rate cut 25 bps to 4.75% as risks to inflation are biased to the downside due
to low economic growth and high unemployment

May 31: minimum legal reserve requirement for domestic currency deposits cut 300 bps to 12.0% to
 stimulate credit, which has decelerated sharply, and economic activity, which has slowed to
below potential, resulting in deflationary pressures

Jun 19: monetary policy rate cut 25 bps to 4.50% as inflation is forecast to remain around the midpoint
of inflation target range although deflationary forces persist

July 22: monetary policy rate cut 50 bps to 4.0% in light of deflationary forces that are generating a
negative output gap and a high rate of unemployment. Forecast for 2019 growth lowered to 2.2%, with a
moderate recovery to 2.6% by 2020
Sept 18: monetary policy rate cut 25 bps to 3.75% due to persistent deflationary forces and downwards risks to inflation.



CZECH REPUBLIC 
May 2: Benchmark 2-week repo rate raised 25 bps to 2.0% but the forecast for domestic growth was
lowered due to a worse external outlook and inflationary pressures are now easing



DENMARK
Sep 12: deposit rate cut 10 bps to -0.75% as a consequence of the ECB's reduction of its monetary
policy rate. Currently,  where monetary policy counterparties have a large need to place funds at
Nationalbanken, the deposit rate determines money market rates and the exchange rate


DOMINICAN REPUBLIC 
Jun 28: monetary policy rate cut 50 bps to 5.00% to revitalize private credit and ensure economic
growth meets the targeted 5.50 percent while inflation is expected to remain below the lower limit
this year before rising to the midpoint of 4.0 percent in 2020
 

Jul 30: monetary policy rate cut 25bps to 4.75% as inflation was below the lower limit of the target
 range for the 8th consecutive month and forecast to remain below the lower limit until the end of 2019
before converging to the center of the range in 2020

Aug 30: monetary policy rate cut 25 bps to 4.50% as inflation remains below the lower limit of the
target range for the 9th consecutive month but the expansionary monetary measures have begun to
boost private credit


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

Aug 22: overnight deposit rate cut 150 bps to 14.25% with the pace and magnitude of future policy
adjustments subject to the confirmation that inflation expectations are anchored to target levels that are
consistent with disinflation and price stability 

Sep 26: overnight deposit rate cut 100 bps to 13.25% with the pace and magnitude of future policy changes
 based on inflation expectations that are anchored at target levels consistent with disinflation and
price stability 


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 compared with June 2018 guidance of keeping rates steady at least through the summer of 2019

Jun 6: Key interest rates to remain at present level "at least through first half of 2020" to ensure continued
 rise of inflation instead of "at least through the end of 2019." TLTRO III rates set 10 bps above
average rate applied in main refinancing operations

Sep 12: deposit rate cut 10 bps to minus 0.50% and open-ended asset purchase program restarted with 20
billion euros a month from Nov. 1. Forward guidance changed an now tied to inflation instead of a date,
with rates to remain at present or lower level until inflation robustly converges to level that is sufficiently
close to, but below 2%


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

Sep 4: refinancing rate raised 50 bps to 7.0% to stem inflationary pressures from the exchange rate
depreciation and says it is ready to continue tightening until the pressure on the exchange rate weakens
Sep 25: refinancing rate raised 50 bps to 7.50% as the exchange rate of the lari remains undervalued and
inflationary expectations persist

Oct 23: monetary policy rate raised 100 bps to 8.50% and policy will continue to be tightened until
pressure on exchange rate is eliminated so upward pressure on inflation eases 


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

HUNGARY
Mar 26: Overnight deposit rate, which represents the bottom of the interest rate corridor, raised 10 bps
to -0.05% as inflation target has been met and to maintain price stability it is necessary to modify
monetary conditions



HONG KONG
Aug 1: base rate cut 25 bps to 2.50% according to a pre-set formula, following the 25-basis point
downward shift in the target range for the US federal funds rate.

Sep 19: base rate cut 25 bps to 2.25% according to pre-set formula following the downward shift
in the targer range for the US federal funds rate
ICELAND
May 22: key rate cut 50 bps to 4.0% due to a swift deterioration in the outlook for growth from a drop
in tourism and exports of marine products, especially the capelin
Jun 26: key rate cut 25 bps to 3.75% as economic contraction set to become more obvious in coming
months and the expected decline in tourism to be larger than forecast
 

Aug 28: key rate cut 25 bps to 3.50% as growth outlook for 2020 has deteriorated as it appears it will
take longer for tourism to recover after this year's setbacks

Oct 2: key rate cut 25 bps to 3.25% as economy could weaken more rapidly than expected due to the
uncertain outlook, particularly for the global economy


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

Jun 6: policy repo rate cut 25 bps to 5.75% and policy stance changed to accommodative from neutral
to boost demand, in particular investment and private consumption

Aug 7: policy repo rate cut 35 bps to 5.40% and policy stance kept at accommodative to boost aggregate
demand, especially private investment, amid continued downside risks from the global slowdown and
escalating trade tensions

Oct 4: policy repo rate cut 25 bps to 5.15% and policy stance will be kept accommodative as long as
necessary to revive growth while ensure inflation remains within target


INDONESIA
Jun 20: rupiah reserve requirement for conventional and islamic banks lowered 50 bps to 6.0% and 4.5%,
 respectively, to ensure adequate liquidity in banking industry to finance economic activity
Jul 18: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.75% to build economic momentum
and sees adequate space for accommodative monetary policy to stimulate economic growth in line with
low inflation expectations

Aug 22: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.50 and going forward an
accommodative policy mix will be maintained in line with low inflation expectations, a maintained
 external stability and the need to build economic growth momentum

Sep 19: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.25% in preemptive move to drive
the momentum of domestic economic growth amid slowing global economic conditions
 


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 

May 17: policy rate cut 50 bps to 0.75%  and cash reserve requirement cut 200 bps to 7.0% as of June 3,
increasing liquidity in financial system by $12.3 billion to support expansion of credit to businesses
and households to help inflation return to midpoint of target
.

Aug 27: policy rate cut 25 bps to 0.50% as the projected trajectory of inflation is lower than previously
forecast, reflecting lower-than-previously assessed inflation expectations and the projected pace of
expansion in domestic demand will be slower due to headwinds from the global economy 


JORDAN
Aug 1: policy interest rate cut 25 bps in line with interest rate developments in the global and regional
financial markets. Decision comes during at rate of low inflation and the expected continuance of
inflation at low level in 2019.

Sep 18: policy interest rate cut 25 bps to 4.25%


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

Sep 9: base rate raised 25 bps to 9.25% as inflation is above expectations and expected to rise to the top
of its target corridor by the end of this year.



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%

May 27: discount rate cut 25 bps to 4.25% and inflation foreccast lowered to an average of 1.0% percent
 in 2019, reaching maximum 4.0 percent by end-year



LESOTHO
Jul 23: CBL rate cut 25 bps to 6.50% and the net international reserves target floor to US$750 million
from $755 million on risks to the domestic economic outlook from global economic developments and
weak domestic economic activity on the back of structural rigidities and policy uncertainty



MACAO
Aug 1: discount rate cut 25 bps to 2.50% as AMCM follows Hong Kong counterpart after the policy
action by the US Federal Reserve

Sep 19: discount rate cut 25 bps to 2.25% following Hong Kong's adjustment of its base rate as Macao's
pataca is linked to the Hong Kong dollar


MACEDONIA
Mar 12: policy rate cut 25 bps to 2.25% as there is room for further monetary policy easing following
the ECB's decision to keep interest rates steady for longer than expected amid an absence of inflationary
pressure from the external sector and domestic prices


MALAYSIA 
May 7: Overnight Policy Rate cut 25 bps to 3.0% to preserve the degree of monetary accommodation
after signs of tightening of domestic financial conditions
 

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% 

May 3: policy rate cut 100 bps to 13.50%, adequately tight to guide inflation toward the target. Forecast
for inflation lowered again and growth forecast raised.



MAURITIUS
Aug 9: repo rate cut 15 bps to 3.35% as easing price pressures provides room for a lower policy rate as
 a pre-emptive move against the risks of weakening global growth



MEXICO
Aug 15: benchmark target for the overnight interbank rate cut 25 bps to 8.0% as inflation has decelerted
as expected but the economy continues to stagnate while the uncertainty about the relationship
with the U.S. continues to pose risks to economic growth 

Sep 26: target for overnight interbank rate cut 25 bps to 7.75% due to the decline in inflation, ample slack
in the economy and lower domestic interest rates, factors that are consistent with inflation converging to
the target range


MOLDOVA
Jun 19: base rate raised 50 bps to 7.0% to curb inflationary pressures from higher wages and credit along
with fiscal spending in 2019 and 2020

Jul 31: base rate raised 50 bps to 7.50% to reduce inflationary pressures given increase in demand from
higher wages, pensions, other income and higher consumer credit
 



MOROCCO
Sep 24: reserve requirement cut to 2.0 percent from 4.0 percent, releasing an estimated 11 billion dirhams 
in liquidity


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
Jun 19: monetary policy rate, MIMO, cut 100 bps to 13.25% as inflation has slowed for four months and
is expected to remain low and stable 

Aug 14: monetary policy rate, MIMO, cut 50 bps to 12.75% as inflation continues to decline and the
outlook became more favorable following the signing of a peace accord between the government and the
 main opposition group



NAMIBIA 
Aug 14: repo rate cut 25 bps to 6.50% as economic growth, inflation and growth to private individuals
slowed in the first half of the year while key risks to global growth remain

NEW ZEALAND
May 8: OCR cut 25 bps to 1.50% as there is a need for further monetary stimulus given weaker domestic
spending and a more subdued outlook for employment growth and inflation 

Aug 7: OCR cut 50 bps to 1.00% to boost employment and inflation as global economic growth continues
 to weaken, easing demand for New Zealand's goods and services

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

Jun 20: policy rate raised 25 bps to 1.25% as economic growth has been slightly better than
expected, with the upswing expected to continue into 2020. A further rate increase is seen
likely later in 2019

Sep 19: policy rate raised 25 bps to 1.50% as economic growth remains solid and capacity utilisation
 is slightly above normal. But there is considerable uncertainty surrounding global growth prospects
and the balance of risks suggest the policy rate will most likely remain at this level in the coming period 


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

May 20: policy rate raised 150 bps to 12.25% to address underlying inflationary pressures from
higher inflation, a fall in the rupee, the elevated fiscal deficit and potential increases in utility tariffs
Jul 16: policy rate raised 100 bps to 13.25% but changes to interest rate related to exchange rate
now completed, future rate changes to depend on economic developments


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

Jul 22: policy rate cut 25 bps to 4.50% as there is space to give the economy a monetary boost because
 inflation is still expected to converge toward the target
 

Aug 21: policy rate cut 25 bps to 4.25% as economic activity has slowed amid rising uncertainty about
a resolution to the trade tensions between the US and China while inflationary pressures are not seen
in coming months 

Sep 23: policy rate cut 25 bps to 4.0% amid downward risk in the growth prospects for the global
economy, negative domestic growth and the absence of inflationary pressure 


PERU
Aug 8: monetary policy rate cut 25 bps to 2.50% although inflation is still expected to remain within the
target range but there is a downside bias due to the possibility of lower-than-expected increase in
domestic demand
 


PHILIPPINES
May 9: benchmark overnight reverse repurchase rate cut 25 bps to 4.50% on a manageable inflation
outlook due to easing price pressures from a decline in food prices amid improved supply conditions 
May 17: Reserve requirement for universal and commercial banks lowered 200 bps to 16.0% in 3 stages
 through July 26 in recognition of continued downtrend in inflation, to mitigate any tightness in liquidity
 and as part of BSP's reform to promote more efficient financial system by lowering intermediation costs
Aug 8: benchmark overnight reverse repurchase rate cut 25 bps to 4.25% as weaker global economic
prospects continue to temper the inflation outlook

Sep 26: overnight reverse repurchase rate cut 25 bps to 4.0% as benign inflation outlook provides room
for further reduction in policy rate to support economic growth and reinforce market confidence 

Sep 27: reserve requirement for universal and commercial banks cut 100 bps to 15.0% as of November to
boost domestic liquidity and credit activity 


QATAR
Aug 1: QCB lending rate cut 25 bps to 4.75% "taking into account the evolving domestic and international
macroeconomic developments

Sep 19: QCB lending rate cut 25 bps to 4.50% "taking into account the evolving domestic and international
macroeconomic developments"


RUSSIA
Jun 14: key rate cut 25 bps to 7.50% as inflation is slowing and short-term inflationary risks have abated.
 End-year inflation forecast cut and further rate cuts are possible as monetary policy transitions to
neutral until mid-2020

Jul 26: key rate cut 25 bps to 7.25% as inflation continues to slow and economic growth is weaker than
expected. Further rate cuts possible as bank moves toward neutral policy stance in 2020

Sep 6: key rate cut 25 bps to 7.0% as the inflation slowdown continues with the forecast for end-2019
inflation lowered to 4.0-4.5% from 4.2-4.7%. If the situation develops in line with the forecast,
Bank of Russia will consider the necessity of further rate reductions.


RWANDA
May 6: Central Bank Rate cut 50 bps to 5.0% to sustain growing domestic demand and help drive
inflation towards 3.0 percent in 2019



SAUDI ARABIA 
Jul 31: repo rate lowered 25 bps to 2.75% and reverse repo rate by 25 bps to 2.25% in line with
SAMA's objective of preserving monetary stability
 

Sep 18: repo rate lowered 25 bps to 2.50% and reverse repo rate by 25 bps to 2.20% in line with
SAMA's objective of preserving monetary stability amid evolving developments in global financial
markets


SERBIA 
Jul 11: key policy rate cut 25 bps to 2.75% to support economic growth amid subdued inflation and
increasingly likely new round of monetary easing by the Federal Reserve and ECB

Aug 8: key policy rate cut 25 bps to 2.50% to support credit and economic growth as inflation remains
 firmly under control while global trade and growth is slowing, leading to easier monetary policy by
leading central banks



SEYCHELLES
Sep 23: monetary policy rate cut 50 bps to 5.0% for Q4 to support domestic economic activity given
the expectation of modest inflationary pressures on account of weak growth in global commodity prices

SINGAPORE
Oct 14: reduces slightly the rate of appreciation of the Singapore dollar against a trade-weighted basket
 of currencies as inflationary pressures are expected to remain muted and economic growth below
potential
 


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

May 31: Standing Deposit Facility Rate and Standing Lending Faciity Rate both cut 50 bps to 7.50% and
8.50%, respectively, as economic growth is expected to be lower than projected as Easter Sunday
bombing attacks have affected economic confidence and sentiment, particularly disrupting tourism
and related activities 

Aug 23: Standing Deposit Facility Rate and Standing Lending Facility Rate both cut 50 bps to 7.0% and
8.0% respectively, to support economic activity in the context of low inflation as domesic and global
headwinds are likely to delay the economic recovery
 


SOUTH AFRICA
Jul 18: repurchase rate cut 25 bps to 6.50% amid an economic slowdown and a persistently uncertain
environment
 


SOUTH KOREA 
Jul 18: base rate cut 25 bps to 1.50% as domestic economic growth has slowed and growth is expected to
be moderate and inflationary pressures on the demand side will remain at a low level 

Oct 16: base rate cut 25 bps to 1.25% and accommodative monetary policy stance to be maintained due to
 moderate domestic growth and low inflation 


SWAZILAND
Jul 19: discount rate cut 25 bps to 6.50% as domestic macroeconomic conditions largely support a more
accommodating monetary policy, with inflation in the third quarter now seen lower than previously and
current inflation levels are below the objective of 3-7 percent


TAJIKISTAN
Feb 1: refinancing rate raised 75 bps to 14.75% as inflation seen rising through 2021
May 31: refinancing rate cut 150 bps to 13.25% to support the continued rise in inflation toward the target
of 7.0 percent by the end of the year



TANZANIA
Jun 10: minimum reserve requirement cut 100 bps to 7.00% to increase lending 


THAILAND 
Aug 7: policy rate cut 25 bps to 1.50% as economic growth is expected to be
slower than forecast due to a decline in exports while inflation is projected to be below the target range


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


May 9: Reserve requirement for foreign currency liabilities raised 100 bps and the amount of FX that
can be used as reserve requirement cut to 30% from 40%, resulting in a US$3 billion withdrawal of
liquidity. One-week repo auctions suspended
 
May 27: reserve requirement for foreign currency liabilities raised 200 bps, withdrawing US$4.2 billion
 of liquidity from market

Jul 25: one-week repo auction rate cut 425 bps to 19.75% on improved outlook for inflation, but
cautious monetary stance continues to ensure inflation declines

Aug 5: reserve requirement for foreign currency liabilities raised 100 bps, withdrawing US$2.1 billion
in FX liquidity. Renumeration rate for all USD-denominated required reserves, reserve options and free
reserves lowered 100 bps to 1.0%

Sep 12: one-week repo rate cut 325 bps to 16.50% but cautious monetary policy stance to be maintained
 to ensure inflation continues to decline 



UGANDA
Oct 7: Central Bank Rate cut 100 bps to 9.0% as benign inflation outlook provides room to support
economic growth. Inflation forecast cut sharply
.


UNITED ARAB EMIRATES
Jul 31: interest rate on certificates of deposits lowered 25 bps to 3.0% in line with the decrease in interest
rates on U.S. dollars

Sep 18: interest rate on certificates of deposits lowered 25 bps to 2.75% in line with the decrease in interest
 rates on US dollars


UNITED STATES OF AMERICA 
Mar 20: the reduction of holdings of Treasuries to be slowed by reducing the cap on monthly redemptions
 to $15 billion from current level of $30 billion and conclude the reduction of aggregate holding of
securities by the end of September 2019. Beginning in October principal payments from agency debt
and agency MBS to be reinvested in Treasury securities at a maximum amount of $20 billion a month,
principal payments in excess of that to be reinvested in agency MBS
Jul 31: Target range for federal funds rate cut 25 bps to 2.0-2.25% "in light of the implications of global
developments for the economic outlook as well as muted inflation pressures." The reduction of holdings
of securities will also conclude in August, two months earlier than previously indicated. Principal
payments from agency debt and mortgage-backed securities up to $20 billion per month will be
reinvested in Treasuries. Repayments in excess of $20 billion will continue to be reinvested in mortgage
securities

Sep 18: target range for federal funds rate cut 25 bps to 1.75-2.0% due to muted inflation pressures and the
 impact of global developments for the economic outlook. 

Oct 11: New York Federal Reserve to purchase Treasury bills at an initial pace of around $60 billion per
month, starting with the period from mid-October to mid-November, to at least into Q2 2020 to maintain
 ample reserve balances at or above the level that prevailed in early September 2019 when short-term
borrowing costs rose due to a decline in reserve balances and lenders. In addition, the NY Fed's open
market desk will conduct term and overnight repo operations at least through January 2020 to ensure
 the supply of reserves remains ample to mitigate the risk of money market pressures that could
adversely affect policy  implementation. Term repo operations will generally be conducted twice per
week, initially in an amount of at least $35 bilion per operation, while overnight repo operations will be
 conducted daily, initally in offering amount of at least $75 billion per operation. Fed said "these actions
are purely technical measures to support the effective implementation of the FOMC's monetary policy,
and do not represent a change in the stance of monetary policy."

UKRAINE
Apr 25: key policy rate cut 50 bps to 17.50% but further steps in new cycle of easing will depend on how
 inflation risks develop and an improvement in inflation expectations

Jul 18: key policy rate cut 25 bps to 17.0% as cycle of monetary easing continues amid prudent fiscal policy,
slower wage growth, relatively low energy prices and ample supply of domestic and foreign food
products

Sep 6: key policy rate cut 50 bps to 16.50% and cycle of monetary easing will continue provided inflation
steadily declines to the target of 5.0%. How quickly the policy rate is reduced to its neutral level of 8.0%
depends on internal and external risks. If structural reforms speed up, the rate could be cut more quickly,
but if inflation risks materialize, the easing of monetary policy will be more gradual.



VIETNAM
Sep 13: refinancing rate cut 25 bps to 6.0% amid a less favourable global economy in which many central
banks have lowered interest rates 


ZAMBIA
May 22: policy rate raised 50 bps to 10.25% and rate may be raised further if upside risks to inflation
 persist and keep inflation above the target range
                                                  

                                           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 

   

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