Easier or Tighter?

       A total of 29 central banks have tightened their monetary policy stance so far this year while 28 banks have eased, with Indonesia's central bank on Aug. 15 raising its rate for the fourth time this year.
       In 2017 a total of 34 central banks eased their monetary policy stance while 28 central banks tightened their policy as compared with 2016 when 46 central banks eased monetary policy and 29 tightened policy. In 2015 48 central banks eased their policy stance while 34 tightened.
    Central Bank News, which tracks the policy rates of 95 central banks, publishes 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 covers key events in monetary policy and includes a summary of rate changes each month.
     Following is an alphabetical list of countries that changed their monetary policy in 2017. The list is updated and can be accessed on the Central Bank News website under the heading of "Tighter or Easier" as soon as central banks announce changes to their policy.

                                            2018
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

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 

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%


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

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

CHINA
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 repo rate raised 5 bps to 2.70%
Jun 24: reserve requirement for big banks cut 50 bps to 15.50%, releasing 700 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
 


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
 

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
 

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

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 4.25%
Jun 14: policy rates raised 25 bps, deposit rate now at 4.50% 

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

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%

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

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

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 

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 

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

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%


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

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

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" due to rising inflation from
improving labour market and steady economic expansion
 

SOUTH AFRICA
Mar 28: repo rate cut 25 bps to 6.50% on improved outlook for inflation and economic growth

SRI LANKA
Apr 4: lending rate (SLFR) cut 25 bps to 8.50% on lacklustre economic growth while inflation outlook is favourable

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 

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

TRINIDAD AND TOBAGO
Jun 29: repo rate raised 25% 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

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."
 

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


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

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%



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

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 


                                             2017

ANGOLA
Nov 30: BNA rate raised 200 bps to 18.0% to reverse inflationary process given high level of inflation. Reserve requirement for domestic liabilities cut to 21.0% from 30.0%

ARGENTINA
Mar 2: banks' reserve requirements lowered by 200 bps, partly reversing last year's 400 point increase, with the aim of raising the rates that banks pay for deposits and help foster a deeper financial system by making savings in banks more attractive
Apr 11: 7-day interbank lending rate raised 150 bps to 26.25% to ensure the decline in inflation is consistent with its target\
Oct 24: monetary policy rate raised 150 bps to 27.75% as insufficient speed of disinflation necessitates further policy tightening
Nov 7: monetary policy rate raised 100 bps to 28.75% to increase the contractionary bias of its monetary policy and speed up the downward trend in core inflation 

ARMENIA
Feb 14: refinancing rate cut 25 bps to 6.0% on slower-than-expected progress in reaching inflation target

BAHRAIN
Mar 15: key policy rate (one-week deposit facility rate) raised 25 bps to 1.25% along with similar-sized increases in the overnight deposit rate, the one-month deposit rate and the lending rate to 1.0%, 1.75% and 3.0%, respectively.
Jun 14: key policy rate (one-week deposit facility rate) raised 25 bps to 1.50%
Dec 14: key policy rate raised 25 bps to 1.75%

BELARUS
Jan 4: reference rate cut 100 bps to 17.0%, further cuts depend on a steady decline in inflation, forecasts of inflation and the balance of payments.
Feb 10: reference rate cut 100 bps to 16.0% as inflation continues to declerate toward the target
Mar 15: reference rate cut 100 bps to 15.00% on slowing inflation and favourable trends in foreign exchange and deposit markets
Mar 30: refinancing rate cut 100 bps to 14.0% as inflation continues to fall more dramatically than expected. In view of the dynamics of inflation and the economy, further steady declines in the interest rate are expected 
May 31: refinancing rate cut 100 bps to 13.0% as inflation is slowing more than expected and possible further reduction will be determined by positive trends in the economy and balance of payments
Jun 28: refinancing rate cut  100 bps to 12.0%  as inflation remains low. Possible further rate reductions will be determined by a continued decrease in the risks of inflation
Aug 23: refinancing rate cut 50 bps to 11.50% as inflation continues to fall and inflation expected to be below 7% by end-2017
Oct 18: refinancing rate cut 50 bps to 11.0%

BOTSWANA
Oct 24: Bank rate cut 50 bps to 5.00% to support economic activity as inflation is forecast to remain in target range in medium term 

BRAZIL
Jan 11: Selic rate cut by larger-than-expected 75 bps to 13.0% due as central bank frontloads easing due to widespread disinflation and weaker-than-expected economic activity
Feb 22: Selic rate cut by 75 bps to 12.25% and said a possible acceleration of the pace of monetary easing will depend on economic activty, forecasts and expectations for inflation and other risk factors
Apr 12: Selic rate cut 100 bps to 11.25%, with the rate seen lowered further to 8.50% by the end of 2017 and then remaining at that level through 2018
May 31: Selic rate cut 100 bps to 10.25% on favorable inflation though there is a higher level of uncertainty around economic reforms and changes to Brazil's economy. The size of next rate cut likely to be smaller than todays.
July 26: Selic rate cut 100 bps to 9.25%, with a continuation of this pace of easing based on economic activity, the balance of risks and inflation. The forecast for the Selic rate at the end of this year was cut to 8.0% from 8.50%
Sept 6: Selic rate cut 100 bps to 8.25% but will slow pace of easing at its next monetary policy meeting and is looking toward a gradual ending of the monetary easing cycle
Oct 25: Selic rate cut 75 bps to 7.50% with moderate reduction in the pace of easing appropriate at the next monetary policy meeting
Dec 7: Selic rate cut 50 bps to 7.00% with a further reduction in the pace of easing appropriate as caution is called for by this stage of the monetary cycle

CANADA
Jul 12: target for overnight rate raised 25 bps to 0.75% as recent data bolsters confidence in outlook for above-potential economic growth and recent softness in inflation judged to be temporary
Sept 6: target for overnight rate raised 25 bps to 1.00% due to a stronger-than-expected economic performance 

CENTRAL AFRICAN STATES
Mar 22: benchmark interest rate on tenders raised 50 bps to 2.95%

CHILE
Jan 19: policy rate cut 25 bps to 3.25% following its guidance last month when it said it would be necessary to boost the monetary impulse if recent econmic trends persist and impact the inflation outlook
Mar 16: policy rate cut 25 bps to 3.0%  due to the implication for inflation from recent economic trends
Apr 13: policy rate cut 25 bps to 2.75% to ensure that inflation converges to target at a time of weak economic activity and demand, and deterioration in the labor market
May 18: policy rate cut 25 bps to 2.50% but future rate changes will depend on the outlook for inflation

CHINA 
Feb 3: rate on 7-day, 14-day and 28 day reverse repurchase agreements raised 10 bps each to 2.35%, 2.50% and 2.65%, respectively. First incerase since 2013 on short tenors, first increase on 28-day reverse repo since 2015. Standing Lending Facility rate raised to 3.1% from 2.75% according to reports.
Mar 16: rates on medium-term lending facility (MLF) and reverse repos at open-market operations (OMOs) raised 10 bps as People's Bank of China injects 383 billion yuan.  PBOC says this does not mean benchmark deposit and lending rates will be raised.
Dec 14: rates on medium-term lending facility (MLF) and reverse repos raised 5 bps after Fed rate hike. 7-day reverse repo rate now at 2.50% while 28-day reverse repo at 2.80%, 1-year MLF rate raised to 3.25%
Dec 23: rate on 14-day reverse repo raised 5 bps to 2.65%

COLOMBIA
Feb 24: benchmark rate cut 25 bps to 7.25% due to weak economic activity and risk of further slowdown, uncertainty about inflation's convergence to target and a policy rate that is contractionary
Mar 24: benchmark rate cut 25 bps to 7.0% as the policy rate was contractionary amid an excessive economic deceleration and a higher-than-expected decline in inflation
Apr 28: benchmark rate cut 50 bps to 6.50% on growing economic weakness and the risk of excessive deceleration
May 26: benchmark rate cut 25 bps to 6.25%, taking into account a weakening economy, an interest rate that is restrictive and growing risks of an increase in excess economic capacity
June 30: benchmark rate cut 50 bps to 5.75%, taking into account growing economic weakness and a policy rate that is contractive
Jul 27: benchmark rate cut 25 bps to 5.50% due to economic weakness and the risk of further economic slowdown from low oil prices
Aug 31: benchmark rate cut 25 bps to 5.25%, a level that is considered to be close to its neutral level
Oct 27: benchmark rate cut 25 bps to 5.00% due to weak economic activity and a risk of a slowdown that exceeds what reflects the fall in oil prices
Nov 24: benchmark rate cut 25 bps to 4.75% on greater economic weakness and better inflation projections 

CONGO
Jan 15: base rate raised 700 bps to 14.0% to contain rising inflation

Jun 26: base rate raised 600 bps to 20.00%  to curb rising liquidity

CZECH REPUBLIC 
Aug 3: key rate raised 20 bps to 0.25% as inflationary pressures are peaking due to accelerating growth in economic activity and wages
Nov 2: key rate raised 25 bps to 0.50% as risks to forecast slightly inflationary. Timing of further rate hikes depend on data, including koruna's exchange rate 

DOMINICAN REPUBLIC
Apr 3: monetary policy rate raised 25 bps to 5.75% after rise in inflation, economic activity above potential and private sector credit growth above nominal product growth
Jul 31: monetary policy rate cut 50 bps to 5.25% as inflation is forecast to approach the lower limit of the target range

EGYPT
May 21: key rates raised 200 bps, including overnight deposit rate to 16.75%, as balance of risks to inflation now tilted more strongly to upside on growing demand-side pressures
Jul 6: key rates raised 200 bps, including overnight deposit rate to 18.75%, on a worsening of the inflation outlook for "measured easing of the monetary stance" as soon as underlying inflation starts to moderate
Oct 3: reserve ratio on local currency deposits raised to 14% from 10% in light of banks' improving performance and profitability. The ratio was 14% from 2001 to 2012.

EURO AREA
Oct 26: net asset purchases to be continued at a monthly pace of 30 billion euros until the end of September 2018, or beyond, if necessary, an in any case until the Governing Council sees a sustained change in the path of inflation that is consistent with the target. The ECB is currently purchasing assets at a monthly pace of $60 billion until the end of December 2017 

GAMBIA
May 9: monetary policy rate cut 300 bps to 20.00% as inflationary pressures are expected to be dampened and the exchange rate to stabilize from an expected return to fiscal sustainability

June 20: monetary policy rate cut 500 bps to 15.00% which is consistent with market rates that are "significantly" below the policy rate while the inflation outlook is broadly favorable as monetary and fiscal policies remain prudent and coordinateed

GEORGIA
Jan 25: refinancing rate raised 25 bps to 6.75% and further rise to 7.% expected to stem inflationary expectations following temporary rise in inflation
May 2: refinancing rate raised 25 bps to 7.0% to stem inflation expectations but no further rate hike expected
Dec 23: refinancing rate raised 25 bps to 7.25% as data shows a rise in inflation expectations and improving economic activity will slow down the possibility of reducing inflation through demand 

GHANA
Mar 27: monetary poliyc rate cut 200 bps to 23.50% as inflation pressures have eased while growth is likely to remain significantly below potential
May 22: monetary policy rate cut 100 bps to 22.50% as inflation and inflation expectations trending downwards
Jul 24: monetary policy rate cut 150 bps to 21.0% as the trend of disinflation is likely to continue until the end of the third quarter
Nov 27: monetary policy rate cut 100 bps to 20.0% as slower private sector credit expansion tightening credit stance could dampen growth momentum

HONG KONG
Mar 16: base rate raised 25 bps to 1.25% following a 25-basis point upward shift in the target range for the U.S. federal funds rate
Jun 15: base rate raised 25 bps to 1.50% following a 25-basis point upward shift in the target range for the U.S. federal funds rate
Dec 14: base rate raised 25 bps to 1.75% following a 25-basis point upward shift in the target range for the U.S. federal funds rate 

HUNGARY
Sep 19: overnigth deposit rate cut 10 bps to -0.15% and upper limit on stock of 3-month deposits end-2017 cut to 75 billion forint from 300 billion end-Q3. New limit of 75 billion will not be cut further 

ICELAND
May 17: key interest rate cut 25 bps to 4.75% amid rising krona exchange rate. Central bank says future monetary stance to be determined by economic developments and actions in other policy spheres
June 14: key interest rate cut 25 bps to 4.50% as clear signs of demand pressure calls for tight monetary stance to ensure price stability
Oct 4: key interest rate cut 25 bps to 4.25% as economic growth seen lower than in 2016 as growth in tourism has eased

INDIA 
Aug 2: repo rate cut 25 bps to 6.0% after inflation falls to historic low but neutral policy stance retained as inflation expected to rise

INDONESIA
Aug 22: benchmark rate cut 25 bps to 4.50% on lower than expected growth in the second quarter, inflation forecast to remain within the target range and a current account deficit that is within safe limits
Sep 22: benchmark rate cut 25 bps to 4.25% to support domestic economic recovery. Rate now considered to be in line with inflation and macroeconomic forecasts

JAMAICA
Apr 5: signal rate, 30-day CD rate, cut 25 bps to 4.75%
Jul 1: overnight deposit rate adopted as new policy rate and cut 25 bps to 3.75% 
Aug 24: overnight deposit rate cut 25 bps to 3.50% as inflation is seen in 4-6 percent target range in fiscal 2017/18, which ends March 30.
Nov 27: policy rate cut 25 bps to 3.25% as inflation is seen remaining comfortably within target in the next 4 to 8 quarters 

JORDAN
Feb 22: main rate (weekly repo) raised 50 bps to 3.25% to maintain the competitiveness of dinar and preserve monetary and financial stability, and remain consistent with with international interest rate developments and expectations
Mar 16: main rate raised 25 bps to 3.50% in line with international interest rate developments but maintains refinancing rates for projects in the Amman governorate at 1.75% and at 1.0% for projects in other governorates to keep availabiliy of financing for SMEs
Jun 15: main rate raised 25 bps to 3.75% in response to rising global and regional interest rates and in line with its policy of maintaining the competitiveness of the dinar
Dec 14: main rate raised 25 bps to 4.00% to maintain monetary and financial stability and promote competitiveness of dinar-denominated assets by maintaining interest rate structure at an appropriate level

KAZAKHSTAN
Feb 20: base rate cut 100 bps to 11.0% on falling inflation expectations, a stable FX and money market, a recovering economy and favorable external conditions
Jun 5: base rate cut 50 bps to 10.50% as inflation is now within the target range and expected to remain so this year and in 2018. Further rate cuts not ruled out.
Aug 21: base rate cut 25 bps to 10.25% as inflation continues to decelerate and is expected to decelerate further 

KUWAIT
Mar 15: discount rate raised 25 bps to 2.75% to maintain competitiveness of domestic savings rates compared with those of major currencies following the Federal Reserve's rate increase

MACAU
Mar 16: discount rate raised 25 bps to 1.25% following increase in fed funds rate by US Federal Reserve. As Macao's pataca is linked to the Hong Kong dollar, the movement in policy rates in HK and Macao should be consistent to maintain the linked exchange rate system. The HKMA raised its base rate by 25 bps
June 15: discount rate raised 25 bps to 1.50%, fourth increase since December 2015
Dec 14: discount rate raised 25 bps to 1.75%, the fifth increase since December 2015

MACEDONIA
Feb 2: rate on treasury bills cut another 25 bps to 3.50% as expectations stabilize following measures to tackle speculative pressure during an uncertain political environment 
Feb 15: interest rate on treasury bills cut another 25 bps to 3.25% as monetary policy normalizes, relecting futher stabilization of expectations and economic confidence

MALAWI
Mar 24: benchmark lending rate cut 200 bps to 22.00% as inflation slows
Jul 5: policy rate cut 400 bps to 18.0% as disinflationary momentum has strengthened
Dec 20: policy rate cut 200 bps to 16.00% on disinflation, the inflation outlook and desire to consolidate gains in stabilizing economy

MAURITIUS
Sep 6: repo rate cut 50 bps to 3.50% to give "filip" to growth after weighing the risks to growth and inflation 

MEXICO
FEB 9: target for overnight interbank rate raised 50 bps to 6.25% to anchor inflation expectations and prevent a lower exchange rate from spilling over to consumer prices and raising inflation even further
Mar 30: target for overnight interbank rate raised 25 bps to 6.50% to anchor inflation expectations, ensure inflation converges to target, while taking into account higher US rates
May 18: target for overnight interbank rate raised 25 bps to 6.75% as risks to inflation deteriorate moderately
Jun 22: target for overnight interbank rate raised 25 bps to 7.00% follow the Federal Reserve's June rate hike but one member of the board voted to maintain the rate
Dec 14: target for overnight interbank rate raised 25 bps to 7.25% to keep inflation expectations anchored and reinforce downward trend of inflation towards its goal

MOLDOVA
Jun 29: basic rate cut 100 bps to 8.0% to boost demand and help bring inflation back to target in medium term
Aug 30: basic rate cut 50 bps to 7.50% as slower economy and higher exchange rate to offset inflationary pressures
Oct 25: basic rate cut 50 bps to 7.00%  with further cuts expected in coming months as inflation is expected to fall rapidly
Dec 5: basic rate cut 50 bps to 6.50% with future monetary policy based on the risks and uncertainties associated with inflation 

MONGOLIA 
Jun 16: policy rate cut 200 bps to 12.0% as inflation has stabilized around the target and economic uncertainty has eased following IMF support package.
Dec 22: policy rate cut 100 bps to 11.0% as economic growth surpasses expectations and inflation is expected to remain stable around the bank's target

MOZAMBIQUE
Apr 10: benchmark standing facility rate cut 50 bps to 22.75% on favorable changes to inflation and exchange rate while new monetary policy rate (MIMO) fixed at 21.75%
Aug 10: new benchmark monetary policy rate (MIMO) cut 25 bps to 21.50% at inflation is forecast to be lower by end-year, reserve ratio cut 50 bps to 15.0%
Oct 26: monetary policy rate cut 50 bps to 21.0% to align policy stance with outlook for inflation, despite high risks of inflationary pressure
Dec 22: MIMO cut 150 bps to 19.50% on the rapid fall in inflation and improved inflation expectations 

NAMIBIA
Aug 16: repo rate cut 25 bps to 6.75% to support dometic economic activity amid declining inflation and sufficient reserves to support the peg to South Africa's rand

PARAGUAY
Aug 23: monetary policy rate cut 25 bps to 5.25% as recent data show slowing economic activity while inflation remains favourable 

PERU
Apr 30: reserve requirement for domestic currency liabilities lowered 100 bps to 5.00%, releasing 541 million soles
May 11: monetary policy rate cut 25 bps to 4.00% and central bank to keep an eye on inflation to see if further changes to its monetary policy stance are necessary
Jul 13: monetary policy rate cut 25 bps to 3.75% as inflation and inflation expectations declined and economic activity is below potential
Sep 14: monetary policy rate cut 25 bps to 3.50% and said it would keep an eye on inflation to decide if further changes to the monetary policy stance are necessary
Nov 9: monetary policy rate cut 25 bps to 3.25%, bank will pay close attention to inflation to consider, if necessary, further changes to its monetary policy stance
Dec 23: reserve requirement for USD deposits lowered 100 bps to 39.0% to strengthen local lending. Should inject US$192 million into financial system

QATAR
Mar 16: QMR lending rate (QMRL) raised 25 bps to 5.00% while required reserve ratio was lowered by 25 bps to 4.50%, effective April
Jun 15: deposit rate (QMRD) raised 25 bps to 1.50% but lending rate (QMRL) unchanged at 5.00%
Dec 14: repo rate raised 25 bps to 2.50% "taking into account the evolving domestic and international macroeconomic developments"

RUSSIA
Mar 24: key policy rate cut 25 bps to 9.75% as inflation is seen falling to 4.0% target by end-year and remaining there in 2018 and 2019\
Apr 28: key policy rate cut 50 bps to 9.25% as inflation now seen hitting 4.0% target before the end of 2017
Jun 16: key policy rate cut 25 bps to 9.0% and while central bank sees room for more cuts in the second half of the year it wants to keep moderately tight monetary conditions for a long time to anchor inflation expectations
Sep 15: key policy rate cut 50 bps to 8.50% with further cuts in the next two quarters deemed possible, depending on inflation
Oct 27: key policy rate cut 25 bps to 8.25% with option of further rate cuts at upcoming meetings left open
Dec 15: key policy rate cut 50 bps to 7.75% on lower risks to inflation after deal to extend oil output cuts. Bank open for further rate cuts in first half of 2018

RWANDA
Jun 27: repo rate cut 25 bps to 6.0% on decelerating inflation, easing pressure on the exchange rate and developments in monetary aggregates
Dec 28: repo rate cut 50 bps to 5.50% as 2017 ends with stable macroeconomic conditions as evidenced by low inflationary and exchange rate pressures

SAUDI ARABIA
Mar 15: reverse repo rate raised 25 bps to 1.00% while repo rate unchanged at 2.00%. Move in line with recent developments in domestic and international financial markets
Jun 14: reverse repo rate raised 25 bps to 1.25% while repo rate unchanged at 2.00%.
Dec 13: reverse repo rate raised 25 bps to 1.50% while repo rate unchanged at 2.00%

SERBIA
Sept 7: key policy rate cut 25 bps to 3.75% to provide additional support to credit activity and economic growth amid low inflationary pressures
Oct 9: key policy rate cut 25 bps to 3.50% to provide additional support to credit activity and economic growth 

SIERRA LEONE
Apr 4: monetary policy rate raised 100 bps to 12.0% as inflation remains relatively high and a threat to achieving single digit inflation by end-December 
Jun 15: monetary policy rate raised 100 bps to 13.0% as inflation is significantly higher than the desired year-end target of 12.0%
Sep 29: monetary policy rate raised 100 bps 14.00% to consolidate gains in reducing inflation and prevent higher rates from becoming persistent

Dec 14: monetry policy rate raised 50 bps to 14.50% as a modest tightening would help consolidate gains in reducing inflation and entrench the stability of the exchange rate

SOUTH AFRICA
Jul 20: repo rate cut 25 bps to 6.75% on an improved outlook for inflation while the outlook for economic growth worsened

SOUTH KOREA
Nov 29: base rate raised 25 bps to 1.50% but bank will maintain accommodative monetary policy stance as inflationary pressures remain low while economic growth is expected to remain solid

SRI LANKA 
Mar 23: key rates raised 25 bps in precautionary step to contain build-up of inflation expectations and possible acceleration of demand-side inflation pressures

TAJIKISTAN
Feb 1: refinancing rate raised 150 bps to 12.50% to preserve a stable inflation rate
Mar 20: refinancing rate raised 350 bps to 16.0% to reduce risk of higher inflation, curb depreciation of somoni, lower the level of US dollars in the economy and maintain economic stability

TUNISIA
Apr 25: key rate raised 50 bps to 4.75% to reduce inflationary pressures and boost savings and liquidity
May 24: key rate raised 25 bps to 5.0% to curb impact on economy from rising inflationary pressures and growing current account deficit 

TURKEY 
Jan 24: overnight funding rate raised 75 bps to 9.25% and late liquidity lending rate raised 100 bps to 11% to contain deterioration in inflation outlook from lira depreciation.
Mar 6: late liqudity lending rate raised 75 bps to 11.75% to contain deterioration in inflation outlook
Apr 26: late liquidity lending rate raised 50 bps to 12.25% to contain deterioration in inflation outlook. If needed, further monetary tightening will be delivered.
Dec 14: late liquidity lending rate raised 50 bps to 12.75% as monetary policy stance tightened as elevated level of inflation has increased the risk to inflation expectations and the behaviour of prices.

UGANDA
Feb 15: central bank rate cut 50 bps to 11.50% to support economic activity as inflation seen staying in target range
Apr 12: central bank rate cut 50 bps to 11.00% to support private sector credit and economic growth as as core inflation seen around target
Jun 19: central bank rate cut 100 bps to 10.0% as prospects for growth remain weak amid subdued inflationary pressures
Oct 3: central bank rate cut 50 bps to 9.50% to boost private sector credit and economic growth momentum as inflation forecast to remain around target and economic activity is slowly gaining momentum

UKRAINE
Apr 13: monetary policy rate cut 100 bps to 13.0% as inflation seen hitting targets in 2017-2019
May 25: monetary policy rate cut 50 bps to 12.50% and easing of monetary policy may continue with the speed and size of further cuts dependent on how fast inflation falls toward 2017 and 2018 targets
Oct 26: monetary policy rate raised 100 bps to 13.50% as inflation continues to rise. Further rate rises may follow if inflation rises
Dec 14: monetary policy rate raised 100 bps to 14.50% to bring down inflation to its target in light of heightened inflation risks

UNITED ARAB EMIRATES (UAE)
Mar 15: deposit rate raised 125 bps to 1.75% in line with the rise in U.S. dollar interest rates
June 14: deposit rate raised 25 bps to 2.00%
Dec 13: deposit rate raised 25 bps to 2.25%

UNITED KINGDOM 
Nov 2: Bank Rate raised 25 bps to 0.50% to curb inflation but uncertainty over Brexit impacting economic outlook, constraining investments and labour supply. BOE says ready to respond to changes in economic outlook

UNITED STATES
Mar 15: Fed Funds rate raised 25 bps to 0.75%-1.0% due to an improving labour market and a rise in inflation to close to its long-run objective
Jun 14: fed funds rate raised 25 bps to 1.0-1.25% in view of realized and expected labor market conditions and inflation. Another rate hike is forecast for 2017.
Dec 13: fed funds rate raised 25 bps to 1.25%-1.50% in view of realized and expected labor market conditions and inflation. Three more hikes forecast in 2018

VIETNAM
Jul 7: refinancing rate cut 25 bps to 6.25% to promote economic growth to achieve the government's 2017 target 

ZAMBIA 
Feb 22: policy rate cut 150 bps to 14.0%, reserve ratio by 300 bps to 15.50% on falling inflation, a rising kwacha and improving economic prospects
May 17: policy rate cut 150 bps to 12.50% and the reserve ratio by 300 bps to 12.50%, with inflation forecast to remain within the bank's target range
Aug 10: policy rate cut 150 bps to 11.0% and reserve ratio by 300 bps to 9.50% due to continued decline in inflation and inflation projections that indicate inflation will remain well anchored in the target range over the next 8 quarters
Nov 22: policy rate cut 75 bps to 10.25% and reserve ratio by 150 bps to 8.0% as inflation continues to decline and is forecast to remain in the target range over the next 8 quarters

                                                                           2016

ALBANIA
Apr 6: key interest rate cut 25 bps to 1.50%
May 4: key interest rate cut 25 bps to 1.25% and monetary stimulus may be further increased this year

ANGOLA
Feb 1: BNA rate raised 100 bps to 12% as inflation and credit rises 
Mar 29: BNA rate raised 200 bps to 14.00% as inflation rises due to administrative prices and kwanza depreciation 
Jun 30: BNA rate raised 200 bps to 16.0% to encourage savings, reduce need for foreign exchange and curb inflation
ARMENIA
Feb 16: refinancing rate cut 25bps to 8.50% as trend towards lower inflation is expected to continue and inflationary expectations remain high
Mar 29: refinancing rate cut 25 bps to 8.25% and to ease further due to the expected economic conditions and the absence of external and internal risks 
May 17: refinancing rate cut 50 bps to 7.75% and to ease further due to the expected economic conditions and the absence of external and internal risks 
Jun 28: refinancing rate cut 25 bps to 7.50% to help deflationary environment disappear to inflation returns to target 
Aug 16: refinancing rate cut 25 bps to 7.25% as inflationary environment is expected to be low in coming months
Sep 27: refinancing rate cut 50 bps to 6.75% and will consider further easing due to low inflation, a falling inflation expectations and low domestic demand
Nov 15: refinancing rate cut 25 bps to 6.50% and will consider further easing due to the risks of deflation in the medium term
Dec 27: refinancing rate cut 25 bps to 6.25% to counter deflationary risks, including an expected decline in inflation expectations and a cut to electricity prices in February which makes it more likely that inflation will be in the lower in 2017 
AUSTRALIA
May 3: cash rate cut 25 bps to 1.75% after data that showed inflationary pressures were lower than expected
Aug 2: cash rate cut 25 bps to 1.50% on diminishing risks that lower interest rates will exacerbate risks in housing market and moderating growth in China 
AZERBAIJAN
Feb 15: refinancing rate raised 200 bps to 5.00% to strengthen confidence in manat currency, encourage growth in domestic deposits
March 4: refinancing rate raised 200 bps to 7.00% to ensure macroeconomic stability, strengthen confidence in manat and develop financial markets
Aug 8: refinancing rate raised 250 bps to 9.50%
Sep 9: refinancing rate raised 550 bps to 15.00%
BAHAMAS
Dec 22: discount rate cut 50 bps to 4.00% to "position the domestic business sector to take more advantage of growth opportunities in the near to medium term, and to provide more support to housing sector investments
BAHRAIN
Dec 14: one-week deposit rate raised 25 bps to 1.00%
BANGLADESH
Jan 14: repo and reverse repo rates cut 50 bps to 6.75% and 4.75%, respectively, to stimulate investment and growth after gains in inflation and need to align rates with market
BELARUS
Mar 16: refinancing rate cut 100 bps to 24.0% to lower the cost of domestic credit
May 1: refinancing rate cut 200 bps to 22.00% 
Jul 1: refinancing rate cut 200 bps to 20.00%
Aug 17: refinancing rate cut 200 bps to 18.00% as inflation continued to decelerate
BOTSWANA 
Aug 12: Bank Rate cut 50 bps to 5.50% as outlook for economy and inflation provide scope to support economic activity 
BRAZIL 
Oct 19: Selic rate cut 25 bps to 14.00% with further easing at a possible faster pace dependant on increased confidence that inflation will decline to the target in 2017 and 2018
Nov 30: Selic rate cut 25 bps to 13.75% with the size of easing and a possible faster pace dependant on inflation forecasts and expectations
BULGARIA
Jan 29: basic interest rate cut to 0.00% from 0.01%
CHINA 
Feb 29: reserve requirement cut 50 bps to 17.00% to guide stable and appropriate growth in credit 
COLOMBIA 
Jan 29: policy rate raised 25 bps to 6.0% to ensure that inflation falls to the target range in 2017 as high food prices and a lower peso continues to exert inflation pressures
Feb 19: policy rate raised 25 bps to 6.25% as inflation expectations remain high and pass-through of peso depreciation to prices is foreseeable 
Mar 18: policy rate raised 25 bps to 6.50% to ensure inflation falls to target in 2017 and contributes to a lower current account deficit 
Apr 29: policy rate raised 50 bps to 7.00% to ensure inflation converges to target in 2017 and contributes to a lower current account deficit 
May 27: policy rate raised 25 bps to 7.25% but central bank underlines that the rise in inflation is of a transitory nature 
Jun 22: policy rate raised 25 bps to 7.50% to ensure shocks to inflation remain transitory and inflation converges to target 
Jul 29: policy rate raised 25 bps to 7.75% in recognition of the transitory shocks to prices and the need to anchor inflation expectations 
Dec 16: policy rate cut 25 bps to 7.50% as inflation falls faster than expected and economic growth is lower than expected
DENMARK
Jan 7: Deposit rate raised 10 bps to minus 0.65% following purchase of foreign exchange in market
DOMINICAN REPUBLIC
Oct 30: monetary policy rate raised 50 bps to 5.50% in preventative move as central bank expects that oil prices will continue to rise, creating risks that inflation will exceed the target in 2017 while the economy continues to grow above potential 
EGYPT
Mar 17: overnight deposit rate raised 150 bps to 10.75% to anchor inflation expectations 
Jun 16: overnight deposit rate raised 100 bps to 11.75% to anchor inflation expectations 
Nov 3: overnight deposit rate raised 300 bps to 14.75% as foreign exchange market was liberalized and central bank to phase out financing government budget deficit 
EURO AREA
Mar 10: refinancing rate cut 5 bps to 0.0%, deposit rate cut 10 bps to -0.40%, marginal lending rate cut 5 bps to 0.25%, monthly asset purchase program expanded to 80 bln euros, non-bank, euro-denominated, investment-grade bonds included, four new, four-year longer-term refinancing programs to be launched in June with rates as low as deposit rate
Dec. 8: Asset purchase program trimmed to 60 billion euros a month from April 2017 from 80 billion, but extended until December 2017 from end-March 2017. Asset purchases will go "beyond if necessary" until inflation is on a sustained path consistent with inflation aim. 
GEORGIA
Apr 27: refinancing rate cut 50 bps to 7.50%, reserve requirement on domestic liabilities cut 300 bps to 7.0%, FX liabilities raised 500 bps to 20%
Jun 15: refinancing rate cut 50 bps to 7.00% and further easing to depend on inflation forecast
Jul 27: refinancing rate cut 25 bps to 6.75% and rate expecedt to be cut further to 6% in medium term
Sep 7: refinancing rate cut 25 bps to 6.50% and rate expected to be cut to 6% in medium term
GHANA
Nov 21: policy rate cut 50 bps to 25.50% as the downside risks to economic growth outweig the risks of inflation 
HONG KONG
Dec 15: base rate raised 25 bps to 1.00% according to the pre-set formula following the U.S. Federal Reserve's rate hike.
HUNGARY
Mar 22: key rate cut 15 bps to 1.20%, deposit rate cut to minus 0.05% and bank will continue with cuts until inflation is on a sustainable path to inflation target
Apr 26: key rate cut 15 bps to 1.05%, sees "further slight reduction in the policy rate"
May 24: key rate cut 15 bps to 0.90% but this rate to be maintained for "an extended period" 
Sep 20: Limit of 900 billion forint imposed on 3-month central bank deposit facility, crowding out at least 200-400 billion forints in liquidity to help loosen monetary conditions and support economic growth by decline in money market rates
Oct 25: overnight lending rate cut 10 bps to 1.05% but overnight deposit steady at -0.05% so rate corridor narrows. Reserve Requirement cut 100 bps to 1.0%
Nov 22: overnight lending rate cut 15 bps to 0.90%, overnight deposit steady so rate corridor narrows and rate on one-week loans falls 10 bps to 0.90%
ICELAND
Aug 24: seven-day deposit rate cut 50 bps to 5.25% but further lowering or raising rates to depend on the success of capital account liberalization 
Dec 14: seven-day deposit rate cut 25 bps to 5.00% to counter tightening of monetary stance through continued rise in krona's exchange rate.
INDIA 
Apr 5: policy repo rate cut 25 bps to 6.50% and will respond with further policy action as space opens up
Oct 4: policy repo rate cut 25 bps to 6.25% and expects to reach 5 percent inflation by March 2017 and 4 percent medium-term objective
INDONESIA
Jan 14: BI rate cut 25 bps to 7.25% and further easing to take place after "rigorous assessment" of global and domestic economy
Feb 18: BI rate cut 25 bps to 7.00% and reserve requirement cut 100 bps to 6.50% to boost economic growth
Mar 17: BI rate cut 25 bps to 6.75% to boost economic growth but will be cautious in future monetary easing 
Jun 16: BI rate cut 25 bps to 6.50% to further strengthen domestic demand
Sep 22: BI 7-day RRR cut 25 bps to 5.00% to further strengthen domestic demand 
Oct 20: BI 7-day RRR cut 25 bps to 4.75% to stimulate domestic demand while inflation is expected to fall to near the floor of the target corridor
JAMAICA
May 30: 30-day deposit rate cut 25 bps to 5.00% as inflation expected to be in lower half of target range for fiscal 2016/17
JAPAN
Jan 29: negative interest rate of minus 0.10% introduced on financial institutions' excess reserves at BOJ, rate to be cut further into negative if judged as necessary 
JORDAN
Dec 15: 1-week repurchase rate raised 25 bps to 2.75% and overnight deposit rate raised 25 bps to 1.75% while overnight repo and rediscount unchanged at 3.50% and 3.75%, respectively, to help ensure an attractive and competitive Jordanian dinar for domestic savings
KAZAKHSTAN
Feb 1: base rate raised 100 bps to 17% to stabilize financial sector, restore confidence in tenge and create conditions for tenge yield curve
May 5: base rate cut 200 bps to 15% as inflation expectations have fallen and confidence in the tenge has improved
Jul 11: base rate cut 200 bps to 13.00% as the risk of further acceleration in inflation is minimal and there is a high probability that inflation will declione to target this year 
Oct 3: base rate cut 50 bps to 12.50% and base rate to be cut further as long as inflation approaches its target band and the trend of favoring tenge-denominated financial instruments continues
Nov 14: base rate cut 50 bps to 12.00% and further cuts possible but risks to price stability and the tenge's exchange rate may rise as rates fall, restraining further rapid cuts
KENYA
May 23: Central Bank Rate cut 100 bps to 10.50% as inflation is expected to decline and remain within target range in short term
Sep 20: Central Bank Rate cut 50 bps to 10.00% as inflation is expected to decline amid moderate demand pressure
KUWAIT
Dec 14: discount rate raised 25 bps to 2.50% to ensure continued competitiveness and attractiveness of the national currency as a store of domestic savings
KYRGYZSTAN
Mar 29: policy rate cut 200 bps to 8.0% to stimulate economy in light of low level of inflation and decline in economic activity
May 31: policy rate cut 200 bps to 6.00% to stimulate economy in light of low inflation and economic activity
Nov 28: policy rate cut 50 bps to 5.50% in light of expected low inflation 
Dec 27: policy rate cut 50 bps to 5.00% to help stimulate economy and current path of monetary policy to continue barring external shocks
MACEDONIA
May 3: policy rate raised 75 bps to 4.00% in reaction to increased demand for foreign currency due to an unstable political situation
May 3: policy rate raised 75 bps to 4.00% in reaction to increased demand for foreign currency due to an unstable political situation

Dec 14: CB bill rate cut 25 bps to 3.75%, reflecting a stabilization of economic expectations in the last 6 months, including the foreign exchange market and high liquidity in banking sector due to high deposits
MALAWI
Nov 25: benchmark lending rate cut 300 bps to 24.0% on an improved outlook for the exchange rate
MALAYSIA
Jul 13: Overnight Policy Rate cut 25 bps to 3.0 percent to ensure domestic growth continues on a steady growth path and inflation remains stable
MAURITIUS
Jul 20: repo rate cut 40 bps to 4.0% to support investment activity and raise the growth potential in light of the uncertainty created by Brexit and the potential for market volatiliy from the U.S. presidential election in November
MEXICO
Feb 17: target for overnight rate raised 50 bps to 3.75% in response to depreciation of peso and the likely rise in inflation expectations in excess of target
June 30: target for overnight rate raised 50 bps to 4.25% to prevent further depreciation of the peso and anchor inflation expectations
Sep 29: target for overnight rate raised 50 bps to 4.75% to counter inflationary presssures and anchor inflation expectations 
Nov 17: target for overnight rate raised 50 bps to 5.25% to counter inflationary pressures and dampen inflation expectations 
Dec 15: target for overnight rate raised 50 bps to 5.75% to counter inflationary pressures from potential transfer to consumer prices from peso's exchange rate
MOLDOVA
Feb 25: base rate cut 50 bps to 19.00% as conditions for a reversal of trend toward higher inflation now appearing
Mar 31: base rate cut 200 bps to 17.0% as it anchors inflation expectations amidst a faster-thann-expected fall in February inflation
Apr 28: base rate cut 200 bps to 15.0% on a lowering of the inflation forecast 
May 26: base rate cut 200 bps to 13.0% as inflation continues to decline though it still remains above the target 
Jul 4: base rate cut 300 bps to 10.0% as inflation continues to decline while economic activity is rebounding
Sep 29: base rate cut 50 bps to 9.50% as inflation falls to within target range 
Oct 27: base rate cut 50 bps to 9.0% and lowers 2016 inflation forecast but raises 2017 forecast slightly
MONGOLIA
Jan 14: monetary policy rate cut 100 bps to 12.0% as inflation below target for 5 months gives room to stimulate expansion
May 5: monetary policy rate cut 150 bps to 10.50% in cautious easing to promote monetary and credit growth, investment and economic activities
Aug 18: monetary poliyc rate raised 450 bps to 15.00% to raise return of local currency assets and help stabilize the tugrik
MOROCCO
Mar 22: policy rate cut 25 bps to 2.25% on lower inflaiton forecast, weak non-agricultural growth, a lower budget deficit and rising FX reserves
MOZAMBIQUE
Feb 15: standing facility rate raised 100 bps to 10.75% due to short and medium-term pressures on inflaiton from drought, currency depreciation 
Apr 20: standing facility rate raised 200 bps to 12.75% to contain inflationary pressures
Jun 13: standing facility rate raised 150bps to 14.25% to contain inflationary pressures
Jul 21: standing facility rate raised 300 bps to 17.25% to change the trajectory of inflation and the exchange rate
Oct 21: standing facility rate raised 600 bps to 23.25% and reserve requirement raised 250 points to 15.50% to make interest rates positive amid accelerating inflation, stabilize the exchange rate and curb excess liquidity in the banking system
NAMIBIA
Feb 17: repo rate raised 25 bps to 6.75% to align rate with South Africa to avoid capital outflows
Apr 13: repo rate raised 25 bps to 7.0% to align rate with South Africa to prevent possible capital outflows
NEW ZEALAND
Mar 10: OCR cut 25 bps to 2.25% and further easing "may be required" to ensure inflation settles near middle of target range
Aug 11: OCR cut 25 bps to 2.0% and further easing "will be required" to ensure inflation settles near the middle of the target range
Nov 10: OCR cut 25 bps to 1.75% but bias shifted to neutral with bank saying "policy may need to adjust" to the uncertain international outlook
NIGERIA
Mar 22: monetary policy rate raised 100 bps to 12.0%, CRR by 250 bps to 22.50% as balance of risks tilted against price stability 
Jul 26: monetary policy rate raised 200 bps to 14.00% to help curb inflation and support the naira's exchange rate to help attract foreign capital  
NORWAY 
Mar 17: key policy rate cut 25 bps to 0.50% and further cuts may follow this year and even into negative terrain if country exposed to major shock
PAKISTAN
May 21: policy rate cut 25 bps to 5.75% as inflation in fiscal 2016 should remain below target
PARAGUAY
Jan 20: monetary policy rate raised 25 bps to 6.0% in a "timely manner" to avoid a deterioration of inflation expectations due to persistent core inflation to ensure inflation converges to target 
May 24: monetary poliyc rate cut 25 bps to 5.75% as decelerating inflation allows it to adopt a more expansive policy 
Jul 20: monetary policy rate cut 25 bps to 5.50% to ensure inflation converges to 4.5% target
PERU
Jan 14: monetary policy rate raised 25 bps to 4.0% and further rate hikes will be considered to ensure inflation returns to target range
Feb 11: monetary policy rate raised 25 bps to 4.25% but inflation now expected to return to its target range
PHILIPPINES
Jun 3: benchmark reverse repurchase rate cut 100 bps to 3.0% as part of switch to Interest Rate Corridor system, which central bank says will improve transmission of its policy decisions. The shift does not represent change in monetary policy stance
QATAR
Dec 15: QMR lending rate raised 25 bps to 4.75%, deposit rate to 1.0% from 0.75%, repo rate to 2.25% and maturity of repo operaitons to 7 days from 14 days
RUSSIA
Mar 4: reserve requirement on banks' foreign currency liabilities raised 100 bps to 5.25% to discourage growth in FX liabilities 
Jun 10: key rate cut 50 bps to 10.50% and will consider a further cut if inflation continues to decline. Reserve ratio for banks' FX liabilities raised another 100 bps to 6.25%
Sep 16: key rate cut 50 bps to 10.00% but rate to be maintained until end-year and further cuts first in the first or second quarter of 2017 to ensure sustainable fall in inflation
RWANDA
Dec 28: policy rate cut 25 bps to 6.25% to "further support the financing of the economy by the banking sector" as food inflaiton is expected to decline furter as the harvest sets in
SAUDI ARABIA
Dec 14: reverse repo rate raised 25 bps to 0.75%, repo rate unchanged at 2.00%
SERBIA 
Feb 11: policy rate cut 25 bps to 4.25% as inflationary pressures expected to remain due from domestic and international factors, including "increasingly certain" slackening of China
Jul 7: policy rate cut 25 bps to 4.00% as inflation is expected to remain low. Interest rate corridor narrowed by 25 bps to  inflationary 
SIERRA LEONE
Oct 3: monetary policy rate raised 100 bps to 10.50% due to "the likelihood of additional supply-side inflationary shocks as well as the need to moderate the pass-through effects of the depreciation of the exchange rate."

Dec 21: monetary policy rate raised 50 bps to 11.00% due to outlook for inflation
SINGAPORE 
Apr 14: moves to neutral policy stance of zero percent appreciation of Singapore dollar against basket of currencies following measured steps in January and October 2015 to reduce rate of appreciation of policy band
SOUTH AFRICA
Jan 28: repurchase rate raised 50 bps to 6.75% on further deterioration of inflation outlook, future moves "highly data dependent"
Mar 17: repurchase rate raised 25 bps to 7.0% given upside risks to inflaiton and protracted breach of inflation target 
SOUTH KOREA
Jun 9: base rate cut 25 bps to 1.25% as downside risks to growth path forecast in April have risen
SRI LANKA
Feb 19: deposit rate raised 50 bps to 6.50% in pre-emptive measure to contain further build-up in demand driven inflationary pressures
Jul 28: deposit rate raised 50 bps to 7.00% to pre-empt escalation of inflationary pressures and support balance of payments
SWEDEN
Feb 11: repo rate cut 15 bps to minus 0.50% to ensure that the trend in inflation approaches target and that confidence in inflation target is not weakened
Apr 21: further bond purchases of 45 billion Swedish crowns in second half 2016 so purchases total 245 billion by end-2016
TAIWAN
Mar 24: discount rate cut 12.5 bps to 1.50% to help maintain financial stability by stemming inflow of capital and stimulate economy
Jun 30: discount rate cut 12.5 bps to 1.375% as slack in global economy and fallout from UK vote to leave European Union compound downside risks to economic outlook
TAJIKISTAN
Feb 19: refinancing rate raised 100 bps to 9.0% in light of inflationary pressures on the depreciation of the exchange rate 
Jul 15: refinancing rate raised 200 bps to 11.0% as inflation rises on depreciation of the exchange rate 
TURKEY
Mar 24: overnight lending rate cut 25 bps to 10.50% in measured step toward simplification of interest rate corridor 
Apr 20: overnight lending rate cut 50 bps to 10.0% in measured step toward simplification of rate corridor
May 24: overnight lending rate cut 50 bps to 9.50% in measured step toward simplication of rate corridor and in light of "marked decline" in inflation
June 21: overnight lending rate cut 50 bps to 9.00% in measured step toward simplification 
Jul 19: overnight lending rate cut 25 bps to 8.75% in measured and cautious step towards simplification
Aug 9: reserve requirement for banks' lira liabilities cut 50 bps to 11.0%
Aug 23: overnight lending rate cut 25 bps to 8.50% in measured and cautious step towards simplification 
Sep 22: overnight lending rate cut 25 bps to 8.25% in measured and cautious step toward simplification
Nov 24: one-week repo rate raised 50 bps to 8.0%, overnight lending rate raised 25 bps to 8.50% to contain the adverse impact of the lira's depreciation on inflation and inflation expectations 
UGANDA
Apr 4: Central Bank Rate cut 100 bps to 16.0% to ensure growth remains close to potential as the inflation outlook has improved
Jun 13: Central Bank Rate cut 100 bps to 15.0% as inflation is expected to fall in the near term
Aug 8: Central Bank Rate cut 100 bps to 14.00% as inflation now seen hitting target late this year due to stable exchange rate 
Oct 18: Central Bank Rate cut 100 bps to 13.00% to support economic growth as core inflation forecast to remain around target
Dec 14: Central Bank Rate cut 100 bps to 12.% as core inflation is expected to remain around the target next year despite an expected pickup in short-term inflation
UKRAINE
Apr 21: key policy rate cut 300 bps to 19.0% "due to further alleviation of risks to price stability."
May 26:key policy rate cut 100 bps to 18.0% due to "steady disinflation trend, which is consistent with the inflation objectives for 2016 and 2017"
Jun 23: key policy rate cut 150 bps to 16.50% and to proceed with easing when not in conflict with achievement of inflation target
Jul 28: key policy rate cut 100 bps to 15.50% as risks to price stability continue to ease
Sep 15: key policy rate cut 50 bps to 15.0% as risks to price stability continue to ease
Oct 27: key policy rate cut 100 bps to 14.00% and says will continue to ease to lower borrowing costs and underpin economic growth
UNITED ARAB EMIRATES
Dec 15: deposit rate raised 25 bps to 1.50% in line with the increase in interest rates on the U.S. dollar following the Federal Reserve's 25 point increase 
UNITED KINGDOM
Aug 4: Bank Rate cut 25 bps to 0.25% and package of stimulus measures launched, including an expansion of government bond purchases by 60 billion pounds, the purchase of corporate bonds worth 10 billion pounds and a Term Funding Scheme to ensure households and firms benefit from the rate cut
UNITED STATES
Dec 14: target for federal funds rate raised 25 bps to 0.75% due to the expected labor market conditions. The forecast for the federal funds rate in 2017 was raised to  an average of 1.4% from 1.1%, implying 3 rate hikes versus 2 hikes as forecast in September


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