Highlights

    Central Bank News' Global Monetary Policy Highlights (GMPH) provides readers with an overview of key events in global monetary policy, such as new policy initiatives, a switch in policy bias, key rate changes or important speeches and papers.
    The aim is to give readers a guide to the evolution of global monetary policy as practiced by the 90 central banks covered by Central Bank News.
    GMPH includes a summary of each month’s total rate cuts and rate rises with a list of the central banks that changed rates that month plus the global monetary policy rate (GMPR), the average policy rate by the 90 central banks followed by Central Bank News.
    GMPH can be viewed in conjunction with Central Bank News’ other regular features, the Global Interest Rate Monitor (GIRM). Please email us if you have any comments on our selection of events at centralbanknews@yahoo.com


OCTOBER 2019


TOTAL RATE CUTS: 125 basis points
RATE CUTS: Australia, Iceland, India, Uganda and South Korea
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 5.93 percent 


SEPTEMBER 2019


TOTAL RATE CUTS: 1,050 basis points
RATE CUTS: Chile, Ukraine, Russia, Armenia, Turkey, ECB, Denmark, Azerbaijan, Vietnam, United States, Saudi Arabia, Brazil, Hong Kong, Macao, Qatar, UAE, Jordan, Indonesia, Costa Rica, China, Paraguay, Seychelles, Philippines, Egypt and Mexico
TOTAL RATE RISES: 150 basis points
RATE RISES: Georgia (2 times), Kazakhstan and Norway
GLOBAL MONETARY POLICY RATE (GMPR): 5.95 percent 


AUGUST 2019


TOTAL RATE CUTS: 800 basis points
RATE CUTS: Qatar, Hong Kong, Macau, Jordan, New Zealand, India, Thailand, Belarus, Philippines, Serbia, Peru, Mauritius, Namibia, Mozambique, Mexico, Paraguay, Indonesia, Egypt, Sri Lanka, Jamaica, Iceland, Botswana and Dominican Republic
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 6.04 percent 


JULY 2019


TOTAL RATE CUTS: 950 basis points
RATE CUTS: Australia, Serbia, South Korea, Indonesia, Ukraine, South Africa, Swaziland, Paraguay , Costa Rica, Lesotho, Turkey, Russia, Azerbaijan, Dominican Republic, United States, Bahrain, Saudi Arabia, United Arab Emirates and Brazil
TOTAL RATE RISES: 150 basis points
RATE RISES: Pakistan and Moldova
GLOBAL MONETARY POLICY RATE (GMPR): 6.13 percent 


JUNE 2019


TOTAL RATE CUTS: 350 basis points
RATE CUTS: Australia, India, Azerbaijan, Chile, Russia, Mozambique, Costa Rica, Iceland and Dominican Republic
TOTAL RATE RISES: 75 basis points
RATE RISES: Moldova and Norway
GLOBAL MONETARY POLICY RATE (GMPR): 6.26 percent




MAY 2019

TOTAL RATE CUTS: 600 basis points
RATE CUTS: Malawi, Rwanda, Malaysia, New Zealand, Philippines, Jamaica, Iceland, Costa Rica, Angola, Kyrgyz Republic, Sri Lanka and Tajikistan
TOTAL RATE RISES: 225 basis points
RATE RISES: Czech Republic, Pakistan and Zambia
GLOBAL MONETARY POLICY RATE (GMPR): 6.29 percent




APRIL 2019

TOTAL RATE CUTS: 625 basis points
RATE CUTS: India, Kazakhstan, Ukraine, Azerbaijan and Democratic Republic of Congo
TOTAL RATE RISES: 250 basis points
RATE RISES: Argentina (minimum rate of 62.5 percent on Leliq notes in April)
GLOBAL MONETARY POLICY RATE (GMPR): 6.32 percent



MARCH 2019

TOTAL RATE CUTS: 200 points
RATE CUTS: Macedonia, Georgia, Azerbaijan, Paraguay, Nigeria, Costa Rica and Jamaica
TOTAL RATE RISES: 75 points
RATE RISES: Norway and Pakistan

GLOBAL MONETARY POLICY RATE (GMPR): 6.36 percent



FEBRUARY 2019

TOTAL RATE CUTS: 350 points
RATE CUTS: Azerbaijan, India, Egypt, Jamaica, Paraguay, Kyrgyz Republic and Gambia
TOTAL RATE RISES: 175 points
RATE RISES: Tajikistan and Tunisia
GLOBAL MONETARY POLICY RATE (GMPR): 6.36 percent





JANUARY 2019

TOTAL RATE CUTS: 375 points
RATE CUTS: Angola, Ghana, Armenia, Georgia and Malawi
TOTAL RATE RISES: 75 points
RATE RISES: Honduras, Chile and Pakistan

GLOBAL MONETARY POLICY RATE (GMPR): 6.38 percent



DECEMBER 2018

TOTAL RATE CUTS: 100 points
RATE CUTS: Mozambique and Jamaica 
TOTAL RATE RISES: 250 points
RATE RISES: Russia, Thailand, United States, Saudi Arabia, Bahrain, UAE, Qatar, Hong Kong, Sweden, Mexico, Macau and Jordan
GLOBAL MONETARY POLICY RATE (GMPR): 6.42 percent




NOVEMBER 2018

TOTAL RATE CUTS: 0 points
RATE CUTS: None
TOTAL RATE RISES: 515 points
RATE RISES: Czech Republic, Iceland, Sri Lanka, Indonesia, Philippines, Mexico, South Africa, Israel, Mongolia, South Korea and Pakistan
GLOBAL MONETARY POLICY RATE (GMPR): 6.46 percent



OCTOBER 2018

TOTAL RATE CUTS: 25 points
RATE CUTS: Azerbaijan
TOTAL RATE RISES: 150 points
RATE RISES: Uganda, Kazakhstan, Chile and Canada
GLOBAL MONETARY POLICY RATE (GMPR): 6.40 percent




SEPTEMBER 2018

TOTAL RATE CUTS: 0 points
RATE CUTS: None
TOTAL RATE RISES: 1,300 points
RATE RISES: Ukraine, Turkey, Russia, Norway, Uzbekistan,  Czech Republic, United States, Bahrain, Saudi Arabia, United Arab Emirates, Qatar, Hong Kong, Macau, Indonesia, Philippines, Pakistan and Jordan
GLOBAL MONETARY POLICY RATE (GMPR): 6.39 percent




AUGUST 2018

TOTAL RATE CUTS: 100 points
RATE CUTS: Macedonia and Mozambique
TOTAL RATE RISES: 800 points
RATE RISES: India, United Kingdom, Czech Republic, Philippines, Argentina (twice) and Indonesia
GLOBAL MONETARY POLICY RATE (GMPR): 6.05 percent



JULY 2018

TOTAL RATE CUTS: 225 points
RATE CUTS: Angola, Georgia and Kenya
TOTAL RATE RISES: 350 points
RATE RISES: Sierra Leone, Canada, Ukraine, Pakistan and Dominican Republic
GLOBAL MONETARY POLICY RATE (GMPR): 5.97 percent


JUNE 2018

TOTAL RATE CUTS: 325 points
RATE CUTS: Kazakhstan, Albania, Azerbaijan, Mozambique, Belarus and Jamaica
TOTAL RATE RISES: 600 points
RATE RISES: India, Turkey, USA, Hong Kong, Macau, Saudi Arabia, Qatar, UAE, Bahrain, Tunisia, Jordan, Philippines, Mexico, Czech Republic, Indonesia and Trinidad & Tobago
GLOBAL MONETARY POLICY RATE (GMPR): 5.97 percent


MAY 2018

TOTAL RATE CUTS: 300 points
RATE CUTS: Jamaica, Ghana, Kyrgyz Republic and Gambia
TOTAL RATE RISES: 2,025 points
RATE RISES: Argentina (twice), Romania, Philippines, Indonesia (twice), Sierra Leone, Pakistan and Turkey
GLOBAL MONETARY POLICY RATE (GMPR): 5.94 percent


APRIL 2018

TOTAL RATE CUTS: 1,125 points
RATE CUTS: Sri Lanka, Bangladesh, Azerbaijan, Congo, Mozambique, Serbia, Kazakhstan and Colombia
TOTAL RATE RISES: 300 points
RATE RISES: Argentina 
GLOBAL MONETARY POLICY RATE (GMPR): 5.76 percent


MARCH 2018

TOTAL RATE CUTS: 700 points
RATE CUTS: Kazakhstan, Peru, Serbia, Kenya, Tajikistan, Brazil, Russia, Mongolia, Ghana, South Africa, Egypt and Swaziland
TOTAL RATE RISES: 430 points
RATE RISES: Ukraine, Tunisia, Saudi Arabia, Oman, USA, Kuwait, Bahrain, UAE, Qatar, China, Hong Kong, Macau and Jordan

GLOBAL MONETARY POLICY RATE (GMPR): 5.86 percent


FEBRUARY 2018

TOTAL RATE CUTS: 625 points
RATE CUTS: Brazil, Russia, Azerbaijan, Uganda, Egypt, Zambia, Jamaica and Mozambique
TOTAL RATE RISES: 75 points
RATE RISES: Czech Republic, Romania and Mexico

GLOBAL MONETARY POLICY RATE (GMPR): 5.87 percent



JANUARY 2018

TOTAL RATE CUTS: 425 points

RATE CUTS: Argentina (twice), Tajikistan, Peru, Kazakhstan, Colombia, Belarus and Swaziland
TOTAL RATE RISES: 250 points
RATE RISES: Romania, Canada, Malaysia, Ukraine and Pakistan

GLOBAL MONETARY POLICY RATE (GMPR): 5.94 percent


DECEMBER 2017

TOTAL RATE CUTS: 650 points
RATE CUTS: Moldova, Brazil, Russia, Malawi, Mongolia, Mozambique and Rwanda
TOTAL RATE RISES: 350 points

RATE RISES: Georgia, United States, Hong Kong, Macau, Bahrain, United Arab Emirates, Jordan, Mexico, Sierra Leone and Ukraine

GLOBAL MONETARY POLICY RATE (GMPR): 5.99 percent



NOVEMBER 2017

TOTAL RATE CUTS: 250 points
RATE CUTS: Peru, Zambia, Colombia, Ghana and Jamaica
TOTAL RATE RISES: 375 points
RATE RISES: United Kingdom, Czech Republic, Argentina, South Korea and Angola

GLOBAL MONETARY POLICY RATE (GMPR): 5.96 percent


KEY EVENTS:


       Czech National Bank (CNB) on Nov. 2 raises key rate by a further 25 basis points to 0.50 percent and raised its forecast for economic growth, inflation and market interest rates. The CNB has now raised its rate by 45 points this year following a hike in August, the first rate hike since February 2008. The timing of further rate increases depends on economic date, including the koruna’s exchange rate.

      Bank of England (BOE) on Nov. 2 raises Bank Rate by 25 basis points to 0.50 percent, reversing the cut in August last year in the wake of the UK vote to leave the European Union. The BOE maintains its stock of assets purchased, including 10 billion pounds of corporate bonds and 435 billion pounds of government bonds. The BOE’s monetary policy committee, which voted 7-2 for the rate cut to curb inflation, says uncertainty over the UK’s plan to leave the EU, known as Brexit, is weighing on investments and it stands ready to respond to changes in the economic outlook.







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