Easier or Tighter?

    A total of 11 central banks have eased their monetary policy stance in 2017 while 16 central banks have tightened their policy as Colombia's central bank cut its rate for the second time this year on March 24, the same day that Russia's central bank cut its rate for the first time this year.
    In 2016 a total of 46 central banks eased their monetary policy, down from 48 in 2015, while 29 tightened their monetary stance, down from 34 in 2015.
    Central Bank News, which tracks the policy rates of 93 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.

                                             2017

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

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.  

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

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

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

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. 

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

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

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

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 

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

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

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

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

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

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

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

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

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 

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.

UGANDA
Feb 15: central bank rate cut 50 bps to 11.50% to support economic activity as inflation seen staying in target range

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

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 

ZAMBIA 
Feb 22: policy rate cut 150 bps to 14.0%, reserve ratio by 250 bps to 15.0% on falling inflation, a rising kwacha and improving economic prospects

                                                                           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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