Central Bank News

Thursday, January 21, 2021

2021 Global Central Bank Monetary Policy Calendar - adds Namibia and Paraguay

Herewith the third draft of the 2021 calendar of meetings by central bank committees that decide monetary policy, which adds the full-year schedules for Namibia and Paraguay. It also includes the January meeting for Pakistan and the February meeting for Rwanda.
In future, the calendar will only be updated on the Calendar page on the Central Bank News website.

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.

During the year, the calendar is regularly updated as some times a previously announced date is changed and in other cases monetary policy committees only announce the date for upcoming meetings a few weeks in advance or decide on a date during the prior meeting.

Readers are encouraged to check the latest version by clicking here.

You may replicate the calendar in part or in fully 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
21-Jan	PYG	Paraguay	Central Bank of Paraguay
22-Jan	PKR	Pakistan	State Bank of Pakistan
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
26-Jan	NGN	Nigeria	Central Bank of Nigeria
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

UPDATE-This week in monetary policy: Sri Lanka, China, Malaysia, Canada, Brazil, Japan, Indonesia, Norway, Turkey, Ukraine, Uzbekistan, ECB, South Africa, Paraguay and Pakistan

(UPDATE- Following item updated with Pakistan after the State Bank of Pakistan on Jan. 19 announced its monetary policy committee would meet on Friday, Jan. 22 to decide on monetary policy. The bank's governor will also give a press conference the same day.)

This week - January 18 through January 23 - central banks from 15 countries or jurisdictions are scheduled to decide on monetary policy: Sri Lanka, China, Malaysia, Canada, Brazil, Japan, Indonesia, Norway, Turkey, Ukraine, Uzbekistan, the euro area, South Africa, Paraguay and Pakistan.

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

WEEK 3
JAN 18 - JAN 23, 2020:
SRI LANKA	19-Jan	4.50%	7:30	0	0	6.50%	FM
CHINA	20-Jan	3.85%		0	0	4.15%	EM
MALAYSIA	20-Jan	1.75%		0	0	2.75%	EM
CANADA	20-Jan	0.25%	10:00	0	0	1.75%	DM
BRAZIL	20-Jan	2.00%	18:30	0	0	4.50%	EM
JAPAN	21-Jan	-0.10%		0	0	-0.10%	DM
INDONESIA	21-Jan	3.75%		0	0	5.00%	EM
NORWAY	21-Jan	0.00%	10:00	0	0	1.50%	DM
TURKEY	21-Jan	17.00%	14:00	0	0	11.25%	EM
UKRAINE	21-Jan	6.00%		0	0	11.00%	FM
UZBEKISTAN	21-Jan	14.00%	14:30	0	0	16.00%
EURO AREA	21-Jan	0.00%	13:45	0	0	0.00%	DM
SOUTH AFRICA	21-Jan	3.50%		0	0	6.25%	EM
PARAGUAY	21-Jan	0.75%		0	0	4.00%
PAKISTAN	22-Jan	7.00%		0	0	13.25%	EM

www.CentralBankNews.info

Norway holds rate, confirms rate hold on for some time

Norway's central bank kept its monetary policy rate steady and confirmed its view from December that "the sharp economic downturn and considerable uncertainty surrounding the outlook suggest keeping the policy rate on hold until there are clear signs that economic conditions are normalizing."
Norges Bank (NB), which slashed its policy rate three times last year by a total of 150 basis points during March and May, left its policy rate at 0.0 percent.

Prior to the outbreak of COVID-19 early 2020, NB had been in a monetary tightening cycle, raising its rate three times and by a total of 100 basis points from September 2018 to September 2019.

In its latest quarterly monetary policy report from December, NB pulled forward a rate hike to the first half of 2022 from an earlier forecast of late 2022, forecasting the economy would continue to gradually recover from the scars of the pandemic.

Today's statement by the bank's monetary policy and financial stability committee says economic developments since the policy report have been broadly in line with expectations.

Economic activity slowed towards the end of 2020 and the recovery now being held back by higher infection rates and stricter containment measures.

"At the same time, vaccinations are well under way, and economic growth is expected to pick up further out in 2021," NB said, adding underlying inflation is above its target and the rise in the krona's exchange rate since March and prospects for low wage growth suggest inflation will ease ahead.

Norges Bank will publish its next monetary policy report and policy decision on March 18.

This week in monetary policy: Sri Lanka, China, Malaysia, Canada, Brazil, Japan, Indonesia, Norway, Turkey, Ukraine, Uzbekistan, ECB, South Africa & Paraguay

This week - January 18 through January 23 - central banks from 14 countries or jurisdictions are scheduled to decide on monetary policy: Sri Lanka, China, Malaysia, Canada, Brazil, Japan, Indonesia, Norway, Turkey, Ukraine, Uzbekistan, the euro area, South Africa and Paraguay.

The table is updated when the latest decisions are announced and can always be accessed by clicking on This Week on the homepage of Central Bank News.

WEEK 3
JAN 18 - JAN 23, 2020:
SRI LANKA	19-Jan	4.50%	7:30	0	0	6.50%	FM
CHINA	20-Jan	3.85%		0	0	4.15%	EM
MALAYSIA	20-Jan	1.75%		0	0	2.75%	EM
CANADA	20-Jan	0.25%	10:00	0	0	1.75%	DM
BRAZIL	20-Jan	2.00%	18:30	0	0	4.50%	EM
JAPAN	21-Jan	-0.10%		0	0	-0.10%	DM
INDONESIA	21-Jan	3.75%		0	0	5.00%	EM
NORWAY	21-Jan	0.00%	10:00	0	0	1.50%	DM
TURKEY	21-Jan	17.00%	14:00	200	0	11.25%	EM
UKRAINE	21-Jan	6.00%		0	0	11.00%	FM
UZBEKISTAN	21-Jan	14.00%	14:30	0	0	16.00%
EURO AREA	21-Jan	0.00%	13:45	0	0	0.00%	DM
SOUTH AFRICA	21-Jan	3.50%		0	0	6.25%	EM

www.CentralBankNews.info

Romania cuts rate 4th time as virus weighs on recovery

Romania's central bank lowered its monetary policy rate for the fourth time in its current easing cycle, pointing to the "significant uncertainties and risks" from the protracted COVID-19 pandemic that continues to weigh on Europe's economic recovery, probably until the effects of vaccinations take effect.
The National Bank of Romania (NBR) cut its monetary policy rate by another 25 basis points to 1.25 percent and has now cut it by 125 points since it began easing in March last year.

BNR also lowered its deposit rate by 25 basis points to 0.75 percent and the Lombard lending rate by the same amount to 1.75 percent at an unscheduled board meeting on Jan. 15
In March last year NBR's board decided to scrap its meeting schedule in light of the uncertainty surrounding the pandemic and decide on monetary policy when necessary.
In its statement he board confirmed it still won't meet to discuss monetary policy according to a schedule but hold meetings "whenever necessary."

"The NBR board considers that, given the transmission lags of the policy rate impulses, such as calibration of the monetary policy conduct is likely to provide an underpinning to the recovery of economic activity over the projection horizon with a view to bringing and strengthening over the medium term the annual inflation rate in line with the 2.5 percent +/- 1 percentage point inflation target, while safeguarding financial stability," the central bank said.

This week in monetary policy: Poland, Serbia, Peru and South Korea

This week - January 11 through January 16 - central banks from 4 countries or jurisdictions are scheduled to decide on monetary policy: Poland, Serbia, Peru and South Korea.

WEEK 2
JAN 11 - JAN 16, 2020:
POLAND	13-Jan	0.10%		0	0	1.50%	EM
SERBIA	14-Jan	1.00%	12:00	-25	0	2.25%	FM
PERU	14-Jan	0.25%		0	0	2.25%	EM
SOUTH KOREA	15-Jan	0.50%		0	0	1.25%	EM