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
                                             
JUNE 2018

TOTAL RATE CUTS: 150 points
RATE CUTS: Kazakhstan, Albania and Azerbaijan
TOTAL RATE RISES: 350 points
RATE RISES: India, Turkey, USA, Hong Kong, Macau, Saudi Arabia, Qatar, UAE, Bahrain and Jordan
GLOBAL MONETARY POLICY RATE (GMPR): 5.96 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: 1,050 points
RATE CUTS: Sri Lanka, 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.



OCTOBER 2017

TOTAL RATE CUTS: 425 points
RATE CUTS: Uganda, Iceland, Serbia, Belarus, Botswana, Moldova, Brazil, Mozambique, Russia and Colombia
TOTAL RATE RISES: 250 points
RATE RISES: Argentina and Ukraine

GLOBAL MONETARY POLICY RATE (GMPR): 5.93 percent




SEPTEMBER 2017

TOTAL RATE CUTS: 275 points

RATE CUTS: Mauritius, Brazil, Serbia, Peru, Russia and Indonesia
TOTAL RATE RISES: 125 points
RATE RISES: Canada and Sierra Leone

GLOBAL MONETARY POLICY RATE (GMPR): 5.95 percent

KEY EVENTS:

     Bank of Canada on Sept. 6 raises its benchmark rate for the second time this year by 25 basis points to 1.0 percent as it removes some of its “considerable monetary policy stimulus” due to stronger-than-expected economic performance. BOC has now raised its target for the overnight rate by 50 basis points this year and fully unwound its two rate cuts from 2015 in response to the fall in crude oil prices.





AUGUST 2017

TOTAL RATE CUTS: 450 points

RATE CUTS: India, Zambia, Mozambique, Namibia, Kazakhstan, Indonesia, Paraguay, Belarus, Jamaica, Moldova and Colombia
TOTAL RATE RISES: 20 points
RATE RISES: Czech Republic

GLOBAL MONETARY POLICY RATE (GMPR): 5.98 percent


KEY EVENTS:

    The Czech National Bank (CNB) on Aug. 3 raises its 2-week repo rate 20 bps to 0.25%, its first rate hike since February 2008, saying that inflationary pressures were peaking due to accelerating growth in wages and economic activity. The CNB raised its 2017 growth forecast to 3.6 percent from a previous forecast of 2.9 percent as consumers turn optimistic due to rising employment and accelerating wage growth. For 2018 the CNB expects the economy to growth 3.2 percent, up from 2.8 percent earlier forecast, and then by 3.1 percent in 2019.


JULY  2017


TOTAL RATE CUTS: 800 points
RATE CUTS: Malawi, Vietnam, Peru, South Africa, Ghana, Brazil, Colombia and Dominican Republic
TOTAL RATE RISES: 225 points

RATE RISES: Egypt and Canada




KEY EVENTS:
    Bank of Canada on July 12 raises rate 25 bps to 0.75% as recent economic data bolsters its confidence that growth will be above potential while recent softness in inflation is seen as temporary. It is the BOC’s first change in rates since two cuts in 2015 (January and July) to cushion the effect of a fall in crude oil prices, and the first rate hike since September 2010.





0 comments:

Post a Comment