Ghana holds rate, fiscal cuts to lower inflation risks

     Ghana's central bank left its policy rate unchanged at 14.50 percent, saying the "dynamics associated with the November 2021 policy rate hike are yet to be fully transmitted and expects the decisive implementations of the fiscal correction measures, especially the 20 percent cut in expenditure to help moderate the upside risks to the inflation outlook."
     Herewith an updated table with this week's policy decisions by central banks.
     The table includes the name of the country, the date of the next policy decision, the current policy rate, the local time a policy decision is announced, the result of the last policy decision, the change in the policy rate year to date, and the rate one year ago.

WEEK 5 JAN 31 - FEB 5, 2022 GHANA 31-Jan 14.50% 15:00 0 0 14.50%          FM BULGARIA 31-Jan 0.00% 0 0 0.00%          FM KYRGYZSTAN 31-Jan 8.00% 50 0 5.50% AUSTRALIA 1-Feb 0.10% 14:30 0 0 0.10%          DM ARMENIA 1-Feb 7.75% 50 0 5.50% LESOTHO 1-Feb 3.75% 25 0 3.50% GEORGIA 2-Feb 10.50% 14:00 50 0 8.00% ALBANIA 2-Feb 0.50% 0 0 0.50% BRAZIL 2-Feb 9.25% 18:30 150 0 2.00%          EM UNITED KINGDOM 3-Feb 0.25% 12:00 15 0 0.10%          DM EURO AREA 3-Feb 0.00% 13:45 0 0 0.00%          DM CZECH REPUBLIC 3-Feb 3.75% 14:30 100 0 0.25%          EM EGYPT 3-Feb 8.25% 0 0 8.25%          EM

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Ghana raises rate 1st time in 6 yrs as inflation rises

     Ghana's central bank raised its monetary policy rate for the first times in six years, saying the rise in inflation and significant risks to the outlook required "prompt" action to prevent inflation expectations from becoming detached from the bank's target.
     The Bank of Ghana (BoG) raised its policy rate by 100 basis points to 14.50 percent, the bank's first rate hike since November 2015 when the rate was raised to 26.0 percent to curb inflation which hit 19.2 percent in March 2016.
     By November 2016, BoG was encouraged by the decline in inflation and embarked on a monetary easing cycle, lowering the rate by a total of 12.50 percentage points, with final rate cut in May 2021.
     At that point, BoG was confident the decline in inflation was sustainable and it would return to its target in the second quarter of this year.
     But after bottoming at 7.5 percent in May, inflation in Ghana has risen steadily. 

     At its previous meeting in September, the bank's monetary policy committee was still confident inflation would to ease as food prices would decline due to the harvest season and forecast headline inflation would remain within its target range.
     However, inflation hit 11 percent in October, up from 10.6 percent in September, and well above BoG's target range of 8.0 percent, plus/minus 2 percentage points.
     Today BoG acknowledged both food and non-food price increases had driven up headline inflation to above the upper limit of its target range and "noted significant risks to the inflation outlook," pointing to rising global inflation, high energy prices, uncertainties around food prices and investor behavior.
     It added all measures of inflation have risen, indicating broad-based underlying inflation pressure.
     "The Committee further noted that these elevated inflationary risks, require prompt policy action to re-anchor inflation expectations to safeguard the central bank's price stability objective," BoG said.
      Ghana's economy has recovered well from the pandemic, supported not only by BoG's rate cuts but also macro prudential measures, such as a lowering of banks' reserve requirements, and the central bank's purchase of government bonds.
     The bank said these measures should remain in place for now to "support a more robust recovery of the economy," adding the latest confidence surveys show continued improvement in both business and among consumers. 
     Credit to the private sector is also recovering, but at a slow pace, but BoG said it expects this recovery to continue due to increased demand and an anticipated net easing in bank's credit stance.
     "The outlook remains positive, although sluggish credit growth remains a risk to the real sector recovery," BoG said.
     Ghana's economy grew an annual 3.9 percent in the first quarter of this year, up from 3.1 percent in the first quarter.

Ghana cuts rate 100 bps as inflation to hit target in June

     Ghana's central bank lowered its policy rate for the 10th time as it extended a 5-year monetary easing cycle, saying inflation is expected to hit its central target in June, but added it will not hesitate to act if necessary to "contain all potential pressures to the inflation outlook."
    The Bank of Ghana (BOG) cut its monetary policy rate by 1 percentage point to 13.50 percent and has now cut it 10 times and by a total of 12.50 percentage points since November 2016.

     "Risks to the inflation outlook appear muted in the near-term, but pressures from mostly rents and transport fare, would require some monitoring to anchor inflation expectations," BOG said in a statement that was issued at the first in-person press conference in a year.

     It was also the 100th meeting of the bank's monetary policy committee.

     Last year BOG cut its rate in March by 150 basis points but until today the rate it had kept the rate steady, as the bank argued monetary restraint was necessary due to a growing budget deficit and rising inflation following the fiscal and monetary measures taken boost economic activity during the pandemic.
      In addition to the March rate cut, BOG also lowered banks' reserve requirement and engaged in quantitative easing by purchasing government bonds that had been issued to finance the widening fiscal deficit due to the impact of lower oil prices, tax revenue amid stimulus measures.
      Helped by tight monetary policy - rates had been raised 13.5 percentage points from February 2012 to November 2015 - Ghana's inflation rate had been decelerating steadily. From over 19 percent in early 2016 inflation had fallen below 8 percent - BOG's central target - early last year. 
       But the pandemic disrupted food supplies and drove up food prices, reversing the disinflationary process. Headline inflation jumped from 7.8 percent in March 2020 to 11.4 percent in July.
      But BOG remained confident this rise in inflation was temporary as underlying pressures had remained stable and maintained that inflation would return to its target range by the second quarter of 2021.
      In the first three months of the year inflation remained elevated and above the bank's target range but in April the rate finally returned to the target range, falling to 8.5 percent. BOG targets inflation of 8.0 percent, plus/minus 2 percentage points.

     Today BOG said it now expects inflation to hit its 8.0 percent target in June and inflation is expected to remain within its target band in the third quarter as risks appear muted.

     Underlying inflation remains subdued, BOG said, adding there is still sizable spare capacity and a significant slack in labour and product markets, providing some scope to maintain the accommodative monetary policy stance.

      As countries worldwide, Ghana's economy took a severe hit from the pandemic, with output down 5.9 percent in the second quarter of last year and then down 3.2 percent in the third quarter.
      But in the fourth quarter, economic activity began to rebound, with gross domestic product up by an annual 3.3 percent and for the full year output still remained positive though GDP growth eased to 0.4 percent from 6.5 percent in 2019.

     BOG said its composite index of economic activity had risen an annual 26.8 percent in March compared with a contraction of 1.9 percent in the same month last year, driven by domestic consumption, construction activities, international trading and a resumption of industrial production and air travel.
      "Ghana has managed very effectively the COVID-19 outbreak in the country," the International Monetary Fund (IMF) said May 12, adding the rollout of mass vaccines had been a breakthrough and around one million doses had already been administered by the end of May.
      IMF added policy interventions were critical to safeguarding lives and paving the way for a rebound in economic activity, forecasting growth this year of 4.8 percent, driven by a rebound in mining and services.

     Ghana's gross international reserves rose to US$10.990 billion at the end of April, up from $8.624 billion end December and BOG said the credit had risen 0.5 percent against the U.S. dollar in the year to April compared with a fall of 2.1 percent in the same 2020 period.

Ghana maintains rate, sees inflation back to target in Q2

      Ghana's central bank left its policy rate steady, saying the rise in inflation to above its target was driven by food prices and while short-term risks to inflation from fiscal expansion and rising crude oil prices are emerging, it still expects inflation to return to the target in the second quarter. 
     The Bank of Ghana (BOG) kept its policy rate at 14.50 percent, unchanged since March 2020 when it was cut by 150 basis points in response to the threat to economic activity from COVID-19.
     After rebounding in the third quarter of last year when gross domestic product only fell 1.1 percent after a 3.7 percent annual contraction in the second quarter, the current economic recovery could be hampered in the near term by the renewed threat from a second wave of the pandemic, BOG said.

     Ghana's inflation rate rose to 10.4 percent in December, above the target range of 8.0 percent, plus/minus 2 percentage points, from 9.8 percent in November.
     While accommodative monetary policies in advanced economies have triggered a search for yield in emerging and developing economies, rising debt vulnerabilities in emerging and frontier economies - including Ghana - pose significant risks and could potentially worsen investor risk appetite, the bank said.
     "These conditions will require managing fiscal risks in the outlook for the Ghanaian economy," it said. adding the prospects of a sharp fiscal correction in 2021 looks unlikely amid the second wave of the pandemic, which will require additional spending to provide testing and vaccines.
    To put debt on a sustainable path, BOG said some new revenue measures and expenditure rationalization efforts will have to be pursued to allow for the generation of primary surpluses.

2021 Global Central Bank Monetary Policy Calendar - adds Sri Lanka & Ghana

     Herewith the second draft of the 2021 calendar of meetings by central bank committees that decide monetary policy, which adds the schedules for the central banks of Sri Lanka and Ghana.

     For Sri Lanka, the previously scheduled meeting on Jan. 21 has been changed to Jan. 19 and for Ghana the previously scheduled announcement with the result of policy meetings on Jan. 25 has been changed to Feb. 1.

     So far Indonesia's central bank has only scheduled January and February meetings for its board of governors.
     The following table includes the date for scheduled monetary policy meetings for more than 70 of the world's central banks. In the event policy meetings take place over multiple days, the date listed below is for the final day when decisions are normally announced.
     Central Bank News will update this calendar in coming weeks as additional central banks announce their meeting schedule for 2021.
     During the year the calendar is regularly updated as some times the previously announced data is changed and in other cases monetary policy committees only announce the date for upcoming meetings a few weeks in advance or following the prior meeting.
     Readers are encouraged to check on the latest version of the calendar here.

     You may replicate the calendar in part or in full only if you link to Central Bank News.

DATE	FX CODE	COUNTRY	CENTRAL BANK
JANUARY
4-Jan	ILS	Israel	Bank of Israel
8-Jan	RON	Romania 1)	National Bank of Romania
13-Jan	PLN	Poland	National Bank of Poland
14-Jan	RSD	Serbia	National Bank of Serbia
14-Jan	PEN	Peru	Central Reserve Bank of Peru
15-Jan	KRW	South Korea	Bank of Korea
19-Jan	LKR	Sri Lanka	Central Bank of Sri Lanka
20-Jan	CNY	China	People's Bank of China
20-Jan	MYR	Malaysia	Central Bank of Malaysia
20-Jan	CAD	Canada	Bank of Canada
20-Jan	BRL	Brazil	Central Bank of Brazil
21-Jan	JPY	Japan	Bank of Japan
21-Jan	IDR	Indonesia	Bank Indonesia
21-Jan	NOK	Norway	Norges Bank
21-Jan	UAH	Ukraine	National Bank of Ukraine
21-Jan	UZS	Uzbekistan	Central Bank of the Rep. of Uzbekistan
21-Jan	EUR	Euro area	European Central Bank
21-Jan	TRY	Turkey	Central Bank of Republic of Turkey
21-Jan	ZAR	South Africa	South African Reserve Bank
25-Jan	KZT	Kazakhstan	National Bank of Kazakhstan
25-Jan	KGS	Kyrgyzstan	National Bank of the Kyrgyz Republic
26-Jan	HUF	Hungary	Central Bank of Hungary
27-Jan	KES	Kenya	Central Bank of Kenya
27-Jan	MZN	Mozambique	Bank of Mozambique
27-Jan	USD	United States	Federal Reserve
27-Jan	CLP	Chile	Central Bank of Chile
28-Jan	AOA	Angola	Bank of Angola
29-Jan	AZN	Azerbaijan	Central Bank of Azerbaijan Republic
29-Jan	MDL	Moldova	National Bank of Moldova
29-Jan	MWK	Malawi	Reserve Bank of Malawi
29-Jan	BGN	Bulgaria	Bulgarian National Bank
29-Jan	COP	Colombia	Central Bank of Colombia

Ghana holds rate on 'monetary restraint' after stimulus

     Ghana's central bank left its policy rate steady, saying "some monetary restraint" is needed as the budget deficit and inflation has risen following the extraordinary fiscal and monetary stimulus measures that were taken to boost economic activity during the COVID-19 pandemic
     The Bank of Ghana (BOG) kept its rate at 14.50 percent after cutting it by 150 basis points in March along with the primary reserve requirement.
      "The most recent data on the Ghanaian economy shows that the pandemic has impacted adversely, resulting in a significant growth downturn and higher inflation," BOG said.

     Since November 2016 BOG has been slowly lowering its key interest rate from 26.0 percent as inflation has been decelerating after topping 19 percent in the first few months of 2016 and the falling to below 8 percent in the first months of this year.

      But in recent months food prices have risen, pushing up inflation to 11.2 percent in June and 11.3 percent in May.
     "The sharp rise in inflation in the second quarter has somehow disrupted the disinflation process with a potential of prolonging the time horizon for reaching steady state of inflation," BOG said, adding inflation expectations have trended upward.
      But BOG said underlying inflationary pressure remain stable and it expects inflation to return to its medium-term target band by the second quarter of 2021 as long as corrective fiscal measures will be taken in the near term.
      BOG targets inflation at a midpoint of 8.0 percent, with a range of plus/minus 2 percentage points.
      Fiscal stimulus and lower government revenue in the first half of the year has boosted the budget deficit to an estimated 6.3 percent of gross domestic product, more than twice the target of 3.0 percent.
     The mid-year budget review has raised the deficit target to 11.4 percent of GDP by the end of this year from an earlier target of 4.7 percent, reflecting an additional 6.7 percent of GDP attributable to both direct and indirect COVID-19 impact, as the estimate of revenue and grants have been revised downwards and expenditures and arrears clearance have been revised higher.
     The primary fiscal balance is projected at 4.6 percent of GDP from an initial target of a surplus of 0.7 percent, with the fiscal deficit path leading to a rise in the stock of public debt to 67 percent of GDP at the end of June from 62.4 percent in December 2019.
     Although the government's stimulus measures were the right direction to boost economic activity, BOG said the 2021 budget should focus on measures to return to the path of fiscal consolidation to help return to macroeconomic stability.
     "The Committee was of the view that the current extraordinary circumstances, with a widened budget deficit and a residual financing gap, would require some monetary restrained to preserve the anchors of macroeconomic stability," BOG said.
     Ghana's economy grew by an annual 4.9 percent in the first quarter of this year, down from 6.7 percent in the same period last year and 7.9 percent in the previous quarter as non-oil growth slowed to 4.9 percent from 6.0 percent.
      In May BOG forecast economic growth this year of between 2.0 and 5.0 percent.

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Ghana holds rate but buys government Covid-19 bond

     Ghana's central bank left its monetary policy rate steady at 14.50 percent due to elevated risks to inflation after an exaggerated rise in food prices following two episodes of panic buying of food before fumigation of markets across the country and the partial lockdown in the two largest cities.
      The Bank of Ghana (BOG), which cut its policy rate by 150 basis points in March and the primary reserve requirement, said the combination of the COVID-19 pandemic, which has reduced economic growth, and petroleum revenue shortfalls from lower oil prices had put a severe strain on the government's budget and the current conditions in domestic debt markets would not allow financing of the gap without significantly raising interest rates.
     Under the bank's emergency financing provisions, which permits it to increase the limit of purchases of government securities, BOG said it had purchased the government's COVID-19 relief bond with a face value of 5.5 billion cedi at the monetary policy rate with a 10-year tenor and a 2-year moratorium of principal and interest.
     BOG added it was ready to continue with its asset purchase program up to 10 billion cedi in line with the current estimates of the financing gap from the pandemic.
     In addition, BOG said it would lower the primary reserve ratio for savings and loan companies, and rural and community banks to 6 percent from 8 percent and the reserve ratio for micro finance companies to 8 percent from 10 percent, helping release liquidity to the SDI sector, or the specialized deposit-taking institutions which provides financing to small households and businesses.
     Ghana's inflation rate jumped to 10.6 percent in April from 7.8 percent in March, beyond BOG's inflation target band, as food and non-alcoholic beverages rose to 14.4 percent while non-food inflation rose to 7.7 percent.
     But BOG, which targets inflation at a midpoint of 8.0 percent within a range of plus/minus 2 percentage points, said it expects this rise in inflation peak in the second quarter and then return to the disinflation path in following quarters, settling within its target range by the end of the year.
     "On the growth outlook, baseline projections show a sharp downturn in GDP growth with the economy operating below capacity in the medium-term," BOG said.

UPDATE-This week in monetary policy: Moldova, New Zealand, Belarus, Egypt, Mexico & Ghana

    (Following item updated with Ghana)

     This week - May 10 through May 16 - central banks from 6 countries or jurisdictions are scheduled to decide on monetary policy: Moldova, New Zealand, Belarus, Egypt, Mexico and Ghana.

     Romania's central bank was originally scheduled to decide on monetary policy on May 12 but its board decided on March 20, when it cut the rate 50 basis points at an emergency meeting, to suspend scheduled monetary policy meetings "given the high degree of uncertainty" surrounding economic and financial developments. 

    Instead, the central bank's board will meet to decide monetary policy when necessary.

    Following table includes the name of the country, the date of the next policy decision, the current policy rate, the result of the last policy decision, the change in the policy rate year to date, and the rate one year ago.

    The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.

WEEK 20
MAY 10 - MAY 16, 2020:
MOLDOVA	11-May	3.25%	-125	-225	6.50%
NEW ZEALAND	13-May	0.25%	-75	-75	1.50%	DM
BELARUS	13-May	8.75%	-25	-25	10.00%
EGYPT	14-May	9.25%	0	-300	15.75%	EM
MEXICO	14-May	6.00%	-50	-125	8.25%	EM
GHANA	15-May	14.50%	-150	-150	16.00%	FM

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Ghana holds rate on balanced risks to growth, inflation

     Ghana's central bank left its monetary policy rate steady at 16.0 percent, citing balanced risks to inflation and economic growth.
     The Bank of Ghana (BOG) has maintained its rate since cutting it by 100 basis points in January 2019 as it gradually continued an easing cycle that began in November 2016. Since November 2019 the rate has been lowered by 10 percentage points.
     Growth in Ghana's economy remains robust and broad-based although at a moderate pace relative to 2018, with consumer confidence rebounding and business "fairly optimistic,"BOG said.
     The latest composite index of economic acuity was up 3.1 percent year-on-year in November 2019 but down from 4,8 percent in the November 2018, with December confidence surveys showing a significant improvement in consumer confidence while business confidence softened due to exchange rate depreciation in November.
     Gross domestic product in the first three quarters of 2019 averaged 6.0 percent, almost unchanged from 6.1 percent in the same 2018 period, and overall growth for 2019 is projected to be close to 7.0 percent.
      The external sector remains strong, BOG said, noting the trade surplus had risen for the third consecutive year, helping narrow the current account deficit further to 2.5 percent of GDP in 2019 from 3.1 percent in 2018, and helping foreign reserves rise an additional US$1.3 billion to $8.4 billion at the end of December from $7.0 billion in December 2018.
      This should help ensure stability in the foreign exchange market where the cedi fell 12.9 percent against the U.S. dollar in 2019 compared with a 8.4 percent fall in 2018.
      But as of Jan. 29, BOG said the cedi had recovered, appreciating 0.3 percent compared with depreciation of 2.5 percent in the same 2019 period.
     Ghana's inflation rate has been in single digits since June 2018 and recently remained steady around the central path of 8.0 percent, with various measures of underlying inflation well-contained.
     In December Ghana's headline inflation rate eased to 7.9 percent from 8.2 percent in November.

Ghana holds rate as inflation expectations anchored

     Ghana's central bank left its monetary policy rate unchanged at 16.0 percent, saying the recent pass-through of a lower exchange rate had slowed the process of disinflation, but core inflation remains subdued and inflation expectations are anchored.
     The Bank of Ghana (BOG) also said the moderation in global economic growth and an easing of global financing conditions means global interest rates are likely to remain broadly steady, which has reduced the risk of sudden portfolio reversals out of emerging and frontier markets if investor sentiment were to shift in response to deepening trade, geopolitical tensions or a sharper than expected slowdown in global growth.
     BOG, which cut its rate 100 basis points in January as it extended a monetary easing cycle that began in November 2016, added it was ready to take appropriate measures to maintain price stability.
     Ghana's headline inflation rate has accelerated in the last 4 months to 9.5 percent in April from 9.0 percent in January due to the impact of the decline in the cedi, but BOG said this rise did not appear to have become embedded in underlying inflation as its measure of core inflation, which excludes fuel and utilities, declined in April and inflation expectations remain anchored.
     Ghana's foreign exchange market has calmed down since a bout of volatility in February and March when many emerging market economies were hit. The rebound of the cedi in late March was due to its supportive fundamentals along with improved supply of foreign exchange following the Eurobond issue.
     The cedi has been depreciating against the U.S. dollar since 2010 and so far this year the exchange rate is down 6.7 percent to 5.22 per U.S. dollar.  In trade-weighted terms, BOG said the real effective exchange rate was broadly aligned with underlying fundamentals.
     Economic activity in Ghana slowed last year but remains relatively strong as gross domestic product in the fourth quarter grew 6.8 percent, down from 7.4 percent in the third quarter, for full-year growth of 6.3 percent, down from 8.1 percent in 2017.
     BOG added its latest composite index of economic activity showed evidence of increased activity with annual growth of 4.0 percent in March, up from 2.9 percent a year earlier, with sentiment supported by the cedi's recovery from a recent fall in March, followed by a rebound,  and favorable growth prospects even though consumer sentiment weakened slightly due to higher prices.
     Ghana's gross international reserves rose to US$9.9 billion, equivalent to 5.1 months of import cover, at the end of March from $7.0 billion end-December. By the end of April reserves had declined to $9.3 billion due to energy-related payments and payments of externally held domestic debt.

Ghana holds rate but won't hesitate to tighten if needed

     Ghana's central bank left its policy rate steady at 16.0 percent but said it would not "hesitate to take immediate and decisive policy actions including on a tighter monetary policy stance, should these risks materialize and threaten to dislodge the disinflation process."
     The Bank of Ghana (BOG), which has been in a monetary easing cycle since November 2016, said its monetary policy stance is still relatively tight and real interest rates in Ghana are comparatively high but there are risks to its outlook for inflation from the depreciation of the cedi.
     After BOG cut its rate by another 100 basis points in late January, the cedi fell around 11 percent in February through mid-March, with BOG attributing this to seasonal pressures on the back of foreign exchange demand by importers and corporates, and sentiment over the economic outlook after the completion of the IMF-supported program and its implication for the next election cycle.
     The cedi was trading at 5.35 to the U.S. dollar today, down 9 percent this year.
      Although the full pass through of this depreciation to inflation has yet to be assessed, BOG noted the overshooting of the exchange rate had corrected to 5.2 percent at the end of March compared with 8 percent as of March 19, and is of the view that a slowing pace of disinflation and upside risks to the outlook for inflation are not enough to dislodge inflation expectations.
      Since November 2016 BOG has cut its key rate by 10 percentage points as inflation has steadily declined.
     Ghana's inflation rate rose to 9.2 percent in February from 9.0 percent in January but this is well down from over 19 percent in March 2016, helped by the tight monetary policy stance, and inflation is still within BOG's medium-term target band and inflation expectations remain well-anchored.
    Ghana's economy remains relatively strong, BOG said, adding the negative output gap seems to be closing at a relatively modest pace and 2018 growth is projected at 5.6 percent after average growth of 6.1 percent in the first three quarters, with 2018 non-oil output growing at 5.8 percent.
     For 2019 growth is projected to rise to 7.6 percent, with the composite index of economic activity showing growth of 3.2 percent in January, up from 2.4 percent in December.
     Helped by slightly higher crude oil and gold prices amidst lower cocoa prices - Ghana's three main exports - Ghana's trade surplus improved to 1.3 percent of GDP in the first quarter from 1.1 percent in the same period last year, leading to a 0.3 percent surplus in the current account.
     Together with inflows from Ghana's $3 billion Eurobond in March, the balance of payments is estimated to show a surplus of some US$3.135 billion, or 4.6 percent of GDP, for the first quarter. Excluding the Eurobond proceeds, the surplus is seen at $449 million.

This week in monetary policy: Ghana, Uganda, Australia, Romania, Poland and India

    This week - March 31 through April 6 - central banks from 6 countries or jurisdictions are scheduled to decide on monetary policy: Ghana, Uganda, Australia, Romania, Poland and India.
    Uganda's central bank had originally scheduled the policy decision for April 4 but said earlier this week the April monetary policy statement will be released at a press conference on April 1.
    Following table includes the name of the country, the date of the next policy decision, the current policy rate, the result of the last policy decision, the change in the policy rate year to date, and the rate one year ago.

    The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.

WEEK 14
MAR 31 - APR 6, 2019:
COUNTRY	DATE	RATE	LATEST	YTD	1 YR AGO
GHANA	1-Apr	16.00%	-100	-100	18.00%
UGANDA	1-Apr	10.00%	0	0	9.00%
AUSTRALIA	2-Apr	1.50%	0	0	1.50%
ROMANIA	2-Apr	2.50%	0	0	2.25%
POLAND	3-Apr	1.50%	0	0	1.50%
INDIA	4-Apr	6.25%	-25	-25	6.00%

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