10 rate hikes in 2022 as China continues to ease policy

      The synchronous easing of monetary policy in 2020 to prevent the COVID-19 pandemic from triggering a global recession has now unambiguously been replaced by diverging policies as China this week cut its benchmark interest rate for the second consecutive month while another three banks raised rates as they continue to claw back the extraordinary stimulus and normalize policy.
      During the third week of 2022, the central banks of Sri Lanka, Ukraine and Paraguay raised their interest rates again, boosting the number of rate hikes so far this year to 10, while Indonesia also began tightening its policy stance by raising the reserve requirement for banks in March, June and September.
      And while Norway - the first developed market central bank to raise rates in 2021 - kept its rate steady this week, it confirmed it was still on track to raise rates for the third time in March as the economy continues to improve despite the Omicron variant of COVID-19 and persistent inflationary pressures.
      But China, the first major economy to bounce back from the pandemic, this week lowered its Loan Prime Rate (LPR) for the second month in a row as authorities seek to strike the right balance between deflating a bubble in the property sector without causing a credit crunch and an economic downturn.

     CHANGES TO POLICY RATE YEAR-TO-DATE

     During the past week - week 3 of 2022 - 10 central banks took monetary policy decisions, resulting in 4 changes to policy interest rates as rates were raised three times and cut once.

     Year-to-date central banks worldwide have taken 21 monetary policy decisions, with the policy rate lowered 3 times, the rate increased 10 times and the rate left unchanged 8 times.

     Cuts to interest rates thus account for 23.1 percent of the 13 changes to the policy rate so far this year, up from 22.2 percent the previous week.

      Rate increases account for 76.9 percent of all changes to the policy rate year-to-date, down from 77.8 percent in the previous week.

      10 central banks have raised their rates so far this year while 3 have cut rates.

     

     LIST OF 3 RATE CUTS IN 2022 BY 3 CENTRAL BANKS: 

     Democratic Republic of Congo, South Sudan and China.

      

     LIST OF 10 RATE RISES BY 10 CENTRAL BANKS: 

     Poland, Uruguay, Argentina, Peru, Romania, Moldova, South Korea, Sri Lanka, Ukraine and Paraguay.

      

     EASING VS TIGHTENING

     In addition to raising or lowering the policy rate, central banks also change their monetary policy stance by other tools, such as raising or lowering banks' reserve requirements, asset purchases or changing foreign exchange rates.

     Last week (week 3 of 2022) central banks made 8 changes to their overall policy stance, including 4 changes to the policy rate.

     Year-to-date 14 central banks have made 18 changes to their monetary policy stance, with 3 moves aimed at easing the policy stance, or 16.7 percent of all changes, down from 20 percent of all changes.

      In comparison, in 2021 central banks took 50 steps toward easing their monetary policy stance, which accounted for 24.9 percent of all changes to monetary policy, whereas in 2020 monetary easing steps accounted for 96.3 percent of all changes to monetary policy.

     Rate cuts account for 20% of all changes to the monetary policy stance in 2022, compared with 8.5% in 2021.

     Decisions aimed at tightening the monetary policy stance account for 83.3 percent of all changes to monetary policy in 2022, up from 80 percent in the previous week but down from 87.0 percent in 2021.

      Interest rate increases account for 55.6 percent of all changes to monetary policy year-to -date, down from 70 percent in the previous week and down from 61.7% in 2021.

     11 central banks have tightened their monetary policy stance year-to-date while 3 central banks have loosened their policy stance.

         

      

      CUMULATIVE SIZE OF RATE CUTS 2022: 410 basis points

      

      CUMULATIVE SIZE OF RATE RISES 2022: 800 basis points

      NET CHANGE IN RATES 2022: +390 basis points

      GLOBAL MONETARY POLICY RATE: 5.55%, up 4 basis point since start of 2022.

                                                              ------

     EASIER VS TIGHTER IN PREVIOUS YEARS

     2021: 50 central banks tightened monetary policy and 27 eased, global net tightening by 23 central banks.

     2020: 10 central banks tightened monetary policy and 93 eased, global net easing by 83 central banks.
     2019: 17 central banks tightened monetary policy and 67 eased, global net easing by 50 banks
     2018: 43 central banks tightened monetary policy and 32 eased, global net tightening by 11 banks
     2017: 28 central banks tightened monetary policy and 34 eased, global net easing by 6 banks
     2016: 29 central banks tightened monetary policy and 46 eased, global net easing by 17 banks
     2015: 48 central banks tightened monetary policy and 34 eased, global net tightening by 14 banks

       

       2022 MONETARY POLICY CHANGES BY MONTH:

      JANUARY:

      EASING: Congo, South Sudan and China cut rates.

      TIGHTENING: Poland, Uruguay, Argentina, Peru, Romania, Moldova, South Korea, Sri Lanka, Ukraine and Paraguay raise rates. Indonesia to raise reserve requirement in 3 steps.

     

      2022 MONETARY POLICY RATE CHANGES BY MARKETS:

      DEVELOPED MARKETS: Central banks in developed markets have decided on monetary policy 3 times in 2022, with all 3 decisions ending in unchanged rates.

      EMERGING MARKETS: Central banks in emerging markets have decided on monetary policy 8 times in 2022, with 3 decisions by ending in rate hikes: Poland, Peru and South Korea.

     One decision, by China, ended in a rate cut and 4 decisions resulted in unchanged rates.

      FRONTIER MARKETS: Central banks in frontier markets have decided on monetary policy 4 times in 2022, with three decisions resulting in rate hikes: Romania, Sri Lanka and Ukraine.

     One decision ended with interest rates being maintained.

      OTHER MARKETS: Central banks in other markets have decided on monetary policy 6 times in 2022.

     4 central banks have raised rates: Uruguay, Argentina, Moldova and Paraguay.

     2 central banks have cut rates: Congo and South Sudan.

Indonesia cuts rate 2nd time, to keep easy policy mix

     Indonesia's central bank lowered its benchmark interest rates for the second month in a row and going forward it said it would "maintain an accommodative policy mix in line with low inflation expectations, maintained external stability and the need to build economic growth momentum."
     Bank Indonesia (BI) cut its key benchmark BI 7-day reverse repo rate by another 25 basis points to 5.50 percent and has now cut it by 50 basis points this year following a similar cut in July.
     BI also lowered the rate on its deposit and lending facilities by 25 points to 4.75 percent and 6.25 percent, respectively.
     Although the rate cut surprised many analysts, BI in July signaled it was ready to lower rates further to boost economic growth, which slowed in the second quarter, as inflation expectations remained low.
     The central bank said today the rate cut was consistent with inflation that is forecast to be below the midpoint of its inflation target, ensuring attractive returns on domestic financial assets and thus supporting external stability as well as a "pre-emptive measure to safeguard economic growth momentum going forward against the impact of global economic moderation."
     Last year BI raised its rates six times and by a total of 175 basis points during the U.S. Federal Reserve's four rate hikes to shore up the exchange rate of the rupiah and ensure inflation didn't rise.
     This year Indonesia, along with other emerging market economies, is facing a slowing global economy that is suppressing commodity prices and its exports.
      But despite the shift in global capital toward safer assets, such as government bonds in the U.S. and Japan as well as gold, the exchange rate of Indonesia's rupiah is holding up well and is expected to remain stable, with BI attributing this to an inflow of foreign capital that is looking for attractive returns amid the impact of looser monetary policy in advanced economies.
     "Ongoing trade tensions coupled with geopolitical risks are undermining world trade volume and global economic growth," BI said, noting Indonesia's economic growth slowed in the second quarter to 5.05 percent year-on-year from 5.07 percent due to the ongoing contraction in exports while stronger consumption and stable investment is still underpinning growth.
     BI confirmed its forecast for 2019 economic growth to be below the midpoint of the 5.0 to 5.4 percent range and forecast 2020 growth in the middle of a 5.1 to 5.5 percent range.
     Inflation in Indonesia remains low and stable, rising slightly to 3.32 percent in July from 3.28 percent in June and BI confirmed its forecast for inflation this year to be below the midpoint of its target corridor of 3.5 percent, plus/minus 1 percentage point.
     For 2020 BI forecast inflation would be within its lower target range of 3.0 percent, plus/minus 1 percentage point.
     After depreciating during the first 10 months of 2018, the rupiah bounced back from November through January and has been relatively stable since February. Today the rupiah was trading at 14,235   to the U.S. dollar, up 2.3 percent this year.
     Last month the International Monetary Fund said Indonesia's economy performed well last year despite the reversal of global capital flows, with economic growth this year and in 2020 seen remaining stable at 5.2 percent as credit growth of 12 percent is sustained and inflation remains within the target band while the current account deficit continues to narrow.

Fed hikes rate 25 bps, still sees two more hikes in 2017

    The U.S. Federal Reserve raised its benchmark federal feds rate by 25 basis points to 0.75 - 1.0 percent, as expected by practically everyone, and maintained its forecast for another two rate hikes this year as it expects inflation to stabilize around its 2.0 percent target.
    The central bank of the United States has now raised its rate three times since December 2015 - when it raised the rate for the first time since July 2006 - and said today's rate rise reflected improved conditions in the labour market and a rise in inflation to close to its long-run objective.
    Although the Fed maintained its forecast for the fed funds rate to reach 1.4 percent this year, 2.1 percent next year and 3.0 percent in 2019, it signaled that it could increase the size of the rate hikes from 25 basis points by altering the wording in its statement.
    "The Committee expects that economic conditions will evolve in a manner that will warrant gradual increases in the federal funds rate," said the Federal Open Market Committee (FOMC),  omitting the word "only" gradual increases from its previous statement in February.
    However, the FOMC also reiterated that its policy stance remains accommodative to help the labour market strengthen further while there is a "sustained return to 2 percent inflation," signaling that it will see through any short-term increases in inflation to above 2 percent.
     In its statement, the FOMC repeated that job gains had been solid and the unemployment rate little changed, but that business fixed investment "appears to have firmed somewhat," an upgrade from its February statement when it said investments had "remained soft."
    The forecast for economic growth in the United States was also largely unchanged from December, with growth this year seen of 2.1 percent, then 2.1 percent in 2018, slightly up from 2.0 percent, and 2019 growth of 1.9 percent.
    The unemployment rate was seen averaging an unchanged 4.5 percent this year, in 2018 and 2019 while inflation, as measured by the personal consumption expenditure, was seen unchanged at 1.9 percent this year, and 2.0 percent in the following two years.
    Headline inflation in the U.S. rose to 2.7 percent in February, the seventh month of accelerating inflation, while core inflation, which excludes food and energy, eased to 2.2 percent.
   The U.S. unemployment rate dropped to 4.7 percent in February while the economy grew by an annual rate of 1.9 percent in the fourth quarter of last year, up from 1.7 percent in the previous quarter.
    Unlike its last rate hike in December 2016, when all 10 members of the FOMC unanimously agreed to raise the rate, one member objected to today's hike. Neel Kashkari, president of the Minneapolis Fed, voted to maintain the rate.

Monetary Policy in Review: Global rates rise in 2015 and set to grind higher in 2016 as Fed continues to normalize

    Global interest rates rose in 2015 and are likely to rise further this year as the U.S. Federal Reserve continues to normalize its monetary policy while the European Central Bank (ECB) and the Bank of Japan (BOJ) remain committed to ultra-low rates and unconventional monetary policy to overcome sluggish economic growth and weak inflation.
    The Global Monetary Policy Rate (GMPR), the average policy rate of the 90 central banks tracked by Central Bank News, rose to 6.27 percent by the end of 2015, up from 5.56 percent at the end of 2014 and the highest rate since 2008 when it averaged 7.43 percent before it plunged in 2009 as central banks slashed rates in response to the global financial cries.
    Policy rates were raised 76 times in 2015, up from 52 times in 2014, with three-quarters of the hikes (55) in the second half of the year as the Fed’s well-telegraphed rate hike approached.
   The Fed's tightening on Dec. 16 came exactly seven years after its last rate cut in 2008, a symbol that the global economy was finally starting to put the ravages of the global financial crises to rest.
   Nevertheless, 2015 will still be remembered as a year of rate cuts, especially in the first half of the year, as the slowdown in China rippled through crude oil and commodity markets.

    Year starts with a bang
    The year started with a series of surprises from central banks, ranging from the Reserve Bank of India's unscheduled rate cut on Jan. 15, followed by the Swiss National Bank's scrapping of its cap on the franc's exchange rate on the same day, the Bank of Canada's first rate cut in six years on Jan. 21 and the Bank of Russia's rate cut on Jan. 30, only six weeks after an emergency rate hike.
    Two-thirds of the 86 rate cuts in 2015 came in the first half of the year as the central banks of Australia, China, the ECB, Denmark, Sweden and New Zealand - to name a few of the major central banks - followed suit and eased their policy, in some cases pushing rates into negative territory.
    The result was that 48 different central banks and monetary authorities eased their policy stance in 2015 in response to economic weakness and decelerating inflation compared with 34 central banks that tightened, mostly in response to inflationary pressures from currency depreciation.  (Click for full details of easing and tightening in 2015)
    The global cocktail of weak growth and currency volatility led to a flurry of central bank activity. Central banks changed their rates 162 times in 2015 compared with only 117 times in 2014.
   
    Markets digest Fed hike
    After another bout of financial market volatility in August - triggered by the decision of the People's Bank of China to devalue the yuan by letting market forces play a larger role - the global economy stabilized and the U.S. economy continued its "moderate" (in Fed speak) expansion.
    Despite doomsday scenarios, financial markets had little trouble digesting the Fed’s first tightening of monetary policy since July 2006, a testimony to its clear communication and efforts to ensure that investors were not wrong-footed.
   Emerging market assets were considered vulnerable to the Fed’s rate hike but these were also calm in the aftermath, most likely because a shift in prices had been taking place ever since the “taper tantrum” in May 2013 when Fed Chairman Ben Bernanke first floated the idea of “tapering” asset purchases, a change that was then approved at the Fed’s policy-meeting in December 2013.
    One of the consequences of how well the Fed signaled its intentions was that individual central banks worldwide were able to continue on their previous policy paths without having to change direction in response to a sudden shift in markets.
    The day following the Fed’s rate hike, Taiwan’s central bank cut its rate for the second time while Armenia’s central bank the following week cut its rate for the third time in 2015.
    Karnit Flug, governor of the Bank of Israel, aptly described the Fed’s move as helping reduce the lack of clarity surrounding the policy of the major central banks at a time of increased uncertainty due to geopolitical events in Europe and Israel.

    Policy Transmission
    With the Federal Reserve currently setting its sights on an additional four rate hikes in 2016, the U.S. dollar is likely to remain strong, especially against the euro and yen.
    The transmission of the Fed’s tighter policy to other countries occurs mainly through two channels.
    Though bond markets, given the global benchmark role of U.S. Treasuries, and through foreign exchange markets due to the role of the U.S. dollar in everything from international trade, commodities, international reserves or exchange rate pegs.
    Over the last two years, exchange rates have been the main mechanism for transmitting the Fed’s gradual tightening that got underway in October 2014 when it wrapped up QE3, its third program of asset purchases since October 2008.
    The prospect of higher yields, based on the prospects of continued improvement in the U.S. economy, has attracted global investors to the U.S. dollar , helping drive up its value against most currencies since mid-2014 and curb inflation.
    The flip side of the stronger dollar is a weakening of the currency of other countries, which means they have to pay more of their local currency for imports, fuelling inflation.
    Although the prices of most commodities, including oil, have fallen in response to the slowdown in China, the impact on inflation in many countries has been muted because raw materials are largely priced in the U.S. dollar that has risen.
    As the mandate of central banks is now almost universally aimed at tackling inflation, the rise in inflation from exchange rate depreciation has triggered domestic rate hikes, especially in smaller, less-developed countries.
    Central banks from developed or emerging markets accounted for only one-quarter of last year’s 76 rate hikes while central banks from frontier and other markets accounted for 75 percent.
    Many of the rate hikes by smaller central banks were substantial in an effort to show resolve and  fend off attacks, sometimes of a speculative nature, on their currencies.
    Moldova, for example, raised its rate by 1,300 basis points in 2015, while Ukraine raised it by 1,600 basis points before rowing back some of this increase as the currency stabilized.

TABLE WITH LAST WEEK’S MONETARY POLICY DECISIONS:

WEEK 53
DEC 28-JAN 2, 2015:
COUNTRY	DATE	RATE	LATEST	YTD	1 YR AGO	MSCI
ISRAEL	28-Dec	0.10%	0	-15	0.25%	DM
KYRGYZ REPUBLIC	28-Dec	10.00%	0	-50	10.50%
SRI LANKA	30-Dec	6.00%	0	-50	6.50%	FM
MOLDOVA	30-Dec	19.50%	0	1300	6.50%
BULGARIA	30-Dec	0.01%	0	0	0.01%	FM
DOMINICAN REPUB.	30-Dec	5.00%	0	-125	6.25%

LIST OF LAST WEEK’S CENTRAL BANK DECISIONS:

Dominican Repub. holds rate, sees inflation around target

Moldova maintains rate as past hikes still taking effect

Sri Lanka holds rates but raises SRR to restrain inflation

Kyrgyzstan holds rate, to continue with FX interventions

Israel keeps interest rate for January 2016 unchanged

THIS WEEK: (Week 1 of 2016) Romania is the only central bank scheduled to decide on monetary policy.

TABLE WITH THIS WEEK’S MONETARY POLICY DECISIONS:

WEEK 1
JAN 4-JAN 9, 2016:
COUNTRY	DATE	RATE	LATEST	YTD	1 YR AGO	MSCI
ROMANIA	7-Jan	1.75%	0	0	2.50%	FM

    www.CentralBankNews.info

Monetary Policy Week in Review – Feb 23-28, 2015: China boosts number of rate cuts this year to 23 vs 11 in 2014

    Last week China, Israel and Turkey added their names to the ballooning list of central banks that have eased their monetary policy stance this year in response to the twin forces of disinflation and sluggish economic growth.
    During January and February 23 central banks cut their benchmark lending interest rates, more than twice the 11 rate cuts seen in the first two months of 2014.
    And the rapid pace of cuts to policy rates doesn’t reflect just how loose global monetary policy has become as the European Central Bank ECB) this month embarks on full-scale quantitative easing as its begins purchasing 60 billion euros a month of euro zone government and European institutional bonds with its expanded asset purchase program scheduled to run through September 2016.
    Central banks in advanced economies, with the Federal Reserve the great exception, have been especially active so far this year in easing their policy stance to head off the twin threats of deflation and economic stagnation.
   Six of this year’s 23 rate cuts have come from advanced economy central banks: Switzerland, Denmark, Canada, Australia, Sweden and Israel.
   In comparison, Israel was the only advanced economy central bank to cut its rate in the first two months of 2014.
   A hallmark of monetary policy this year is the use of negative rates as the boundaries of monetary policy are pushed further into the unknown.
     Benchmark policy rates used by the SNB and Sweden’s Riksbank have been reduced to negative territory while the ECB and Denmark’s Nationalbank have adopted negative deposit rates.
    Another feature this year has been the surprises sprung by central banks on financial markets, most glaringly the Swiss National Bank's (SNB) decision to scrap its cap on the franc’s exchange rate against the euro, a move that many observers feel has damaged its credibility.
    Singapore’s monetary authority also took markets by surprise - though by a lesser extent than the SNB - by slowing the pace of the appreciation of its dollar against a basket of key currencies in response to the fall in crude oil prices and the accompanying lowering of inflation.
    Central banks in emerging markets have also been very active this year and on several occasions caught financial markets by surprise. India's rate cut in January came at an unscheduled policy meeting while investors also were surprised by Russia's and Indonesia's rate cuts.
    Nine of this year’s rate cuts have come from emerging market central banks - three times the number of cuts seen in the first two months of 2014 - as they take advantage of lower commodity prices to stimulate economic activity in response to weaker global growth.
    China became the latest emerging market central bank to cut rates on Saturday, joining India, Chile, Peru, Egypt, Russia, Indonesia and Turkey, which has cut rates twice.

LIST OF LAST WEEK’S CENTRAL BANK DECISIONS:

• Israel cuts rate 15 bps after shekel's appreciation
• Sri Lanka holds rates, sees "comfortably" low inflation
• Fiji maintains rate, twin objectives still intact
• Kyrgyzstan maintains rate despite rising inflation
• Turkey cuts rate 25 bps, new cuts to depend on inflation
• Hungary holds rate but will consider rate cut in March
• Moldova maintains rate, still sees inflation above limit
• Egypt holds rate, low oil counters supply bottlenecks
• Kenya holds rate, monitors FX rate and inflation
• Angola maintains rates as pace of credit rise eases
• China cuts rate 25 bps after inflation falls to historic lows

TABLE WITH LAST WEEK’S MONETARY POLICY DECISIONS:

COUNTRY	MSCI	LATEST	NEW RATE	CURRENT  RATE	1 YEAR AGO
ISRAEL	DM	CUT	0.10%	0.25%	0.75%
SRI LANKA	FM	UNCH.	6.50%	6.50%	6.50%
FIJI		UNCH.	0.50%	0.50%	0.50%
HUNGARY	EM	UNCH.	2.10%	2.10%	2.70%
TURKEY	EM	CUT	7.50%	7.75%	10.00%
KYRGYZSTAN		UNCH.	11.00%	11.00%	6.00%
EGYPT	EM	UNCH.	8.75%	8.75%	8.25%
MOLDOVA		UNCH.	13.50%	13.50%	3.50%
KENYA	FM	UNCH.	8.50%	8.50%	8.50%
ANGOLA		UNCH.	9.00%	9.00%	9.25%
BULGARIA	FM	UNCH.	0.01%	0.01%	0.04%
CHINA	EM	CUT	5.35%	5.60%	6.00%

    This week (Week 10) central banks from eight countries or jurisdictions are scheduled to decide on monetary policy: Australia, Canada, Brazil, Poland, Albania, Malaysia, the United Kingdom and the euro area.

TABLE WITH THIS WEEK’S MONETARY POLICY DECISIONS:

COUNTRY	MSCI	LATEST	DATE	CURRENT  RATE	1 YEAR AGO
AUSTRALIA	DM		3-Mar	2.25%	2.50%
CANADA	DM		4-Mar	0.75%	1.00%
BRAZIL	EM		4-Mar	12.25%	10.75%
POLAND	EM		4-Mar	2.00%	2.50%
ALBANIA			4-Mar	2.00%	2.75%
MALAYSIA	EM		5-Mar	3.25%	3.00%
UNITED KINGDOM	DM		5-Mar	0.50%	0.50%
EURO AREA	DM		5-Mar	0.05%	0.25%

    www.CentralBankNews.info

    

Monetary Policy Week in Review – Feb 2-6, 2015: One-third of all central bank decisions result in rate cuts

    Last week in global monetary policy another four banks (Australia, Romania, Jordan and Denmark) lowered their policy rates, boosting the number of rate cuts so far this year to 19.
    This means that one-third of this year's 56 policy decisions by central banks have resulted in rate cuts, illustrating how active central banks have been in adjusting their policy stance to the growing risks to the global economy and the prospect of tighter U.S. monetary policy.
    In comparison, only six central banks had lowered their policy rates at this point in 2014, the equivalent of 11 percent of 54 policy decisions through the first six weeks of last year.
    Meanwhile, Ukraine was the only central bank to raise its rate last week (by a sharp 550 basis points), pushing the number of rate increases worldwide so far this year to seven, or 12.7 percent of all policy decisions.
    While the rate cuts have been fairly evenly divided between central banks in advanced, emerging and frontier markets, the rate increases are mainly taking place in smaller economies.
    Four of these seven rate rises have come from central banks that are fighting plunging currencies and inflationary pressures due to their close economic and financial ties to Russia: Belarus, Armenia, Kyrgyzstan and Ukraine.
    The other three central banks that have raised their rates so far this year are Brazil, Trinidad & Tobago and Mongolia.

LIST OF LAST WEEK’S CENTRAL BANK DECISIONS:

• Angola maintains rate on lower inflation, credit expansion
• Australia cuts rate 25 bps to boost demand and growth
• India maintains rate, cuts SLR to boost credit growth
• Czech cbank Says Willing to Resume Intervention on FX Markets
• Bank of England keeps rates on hold, readies new signal on outlook
• Poland holds rate but may cut if deflation continues
• Iceland holds rates, changes tied to pay rises, demand
• Romania cuts rate 25 bps, lowers inflation forecast
• Ukraine raises rate 550 bps, scraps daily FX auctions
• Denmark cuts deposit rate again, vows to defend FX rate

TABLE WITH LAST WEEK’S MONETARY POLICY DECISIONS:

COUNTRY	MSCI	NEW RATE	OLD RATE	1 YEAR AGO
ANGOLA		9.00%	9.00%	9.25%
AUSTRALIA	DM	2.25%	2.50%	2.50%
INDIA	EM	7.75%	7.75%	8.00%
ROMANIA	FM	2.25%	2.50%	3.75%
ICELAND		5.25%	5.25%	6.00%
POLAND	EM	2.00%	2.00%	2.50%
JORDAN	FM	4.00%	4.25%	4.25%
UNITED KINGDOM	DM	0.50%	0.50%	0.50%
CZECH REPUBLIC	EM	0.05%	0.05%	0.05%
UKRAINE	FM	19.50%	14.00%	6.50%
DENMARK (DEPO RATE)	DM	-0.75%	-0.50%	-0.10%

    This week (Week 7) central banks from 11 countries or jurisdictions are scheduled decide on monetary policy: Zambia, Mauritius, Armenia, Georgia, Mozambique, Philippines, Sweden, Chile, Serbia, Peru and Uganda.

TABLE WITH THIS WEEK’S MONETARY POLICY DECISIONS:

COUNTRY	MSCI	DATE	CURRENT  RATE	1 YEAR AGO
ZAMBIA		9-Feb	6.50%	6.50%
MAURITIUS	FM	9-Feb	4.65%	4.65%
ARMENIA		10-Feb	9.50%	7.50%
GEORGIA		11-Feb	4.00%	4.00%
MOZAMBIQUE		11-Feb	7.50%	8.25%
PHILIPPPINES	EM	12-Feb	4.00%	3.50%
SWEDEN	DM	12-Feb	0.00%	0.75%
CHILE	EM	12-Feb	3.00%	4.25%
PERU	EM	12-Feb	3.25%	4.00%
SERBIA	FM	12-Feb	8.00%	9.50%
UGANDA		13-Feb	11.00%	11.50%

     www.CentralBankNews.info