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 COUNTRYCENTRAL BANK
        JANUARY 
4-Jan    ILSIsraelBank of Israel
8-Jan    RONRomania 1)National Bank of Romania
13-Jan    PLNPolandNational Bank of Poland
14-Jan    RSDSerbiaNational Bank of Serbia
14-Jan    PENPeruCentral Reserve Bank of Peru
15-Jan    KRWSouth KoreaBank of Korea
19-Jan    LKRSri Lanka Central Bank of Sri Lanka 
20-Jan    CNYChinaPeople's Bank of China 
20-Jan    MYRMalaysiaCentral Bank of Malaysia
20-Jan    CADCanadaBank of Canada
20-Jan    BRLBrazilCentral Bank of Brazil
21-Jan    JPYJapanBank of Japan
21-Jan     IDRIndonesiaBank Indonesia
21-Jan    NOKNorwayNorges Bank
21-Jan    UAH UkraineNational Bank of Ukraine
21-Jan    UZSUzbekistanCentral Bank of the Rep. of Uzbekistan 
21-Jan    EUREuro areaEuropean Central Bank
21-Jan    TRYTurkeyCentral Bank of Republic of Turkey
21-Jan    ZARSouth AfricaSouth African Reserve Bank
21-Jan    PYGParaguayCentral Bank of Paraguay
22-Jan    PKRPakistanState Bank of Pakistan 
25-Jan    KZTKazakhstanNational Bank of Kazakhstan
25-Jan    KGSKyrgyzstanNational Bank of the Kyrgyz Republic
26-Jan    HUFHungaryCentral Bank of Hungary
26-Jan    NGNNigeriaCentral Bank of Nigeria
27-Jan    KESKenya Central Bank of Kenya 
27-Jan    MZNMozambiqueBank of Mozambique
27-Jan    USDUnited StatesFederal Reserve
27-Jan    CLPChileCentral Bank of Chile
28-Jan    AOAAngolaBank of Angola
29-Jan    AZNAzerbaijanCentral Bank of Azerbaijan Republic
29-Jan    MDLMoldovaNational Bank of Moldova
29-Jan    MWKMalawiReserve Bank of Malawi
29-Jan    BGNBulgariaBulgarian National Bank 
29-Jan    COPColombiaCentral 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 LANKA19-Jan4.50%7:30006.50%         FM
CHINA20-Jan3.85%004.15%         EM
MALAYSIA20-Jan1.75%002.75%         EM
CANADA20-Jan0.25%10:00001.75%         DM
BRAZIL20-Jan2.00%18:30004.50%         EM
JAPAN21-Jan-0.10%00-0.10%         DM
INDONESIA21-Jan3.75%005.00%         EM
NORWAY21-Jan0.00%10:00001.50%         DM
TURKEY21-Jan17.00%14:000011.25%         EM
UKRAINE21-Jan6.00%0011.00%         FM
UZBEKISTAN21-Jan14.00%14:300016.00%
EURO AREA21-Jan0.00%13:45000.00%         DM
SOUTH AFRICA21-Jan3.50%006.25%         EM
PARAGUAY21-Jan0.75%004.00%
PAKISTAN22-Jan7.00%0013.25%         EM

 

 

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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.

Sunday, January 17, 2021

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.
      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 on the homepage of Central Bank News.

WEEK 3
JAN 18 - JAN 23, 2020:
SRI LANKA19-Jan4.50%7:30006.50%         FM
CHINA20-Jan3.85%004.15%         EM
MALAYSIA20-Jan1.75%002.75%         EM
CANADA20-Jan0.25%10:00001.75%         DM
BRAZIL20-Jan2.00%18:30004.50%         EM
JAPAN21-Jan-0.10%00-0.10%         DM
INDONESIA21-Jan3.75%005.00%         EM
NORWAY21-Jan0.00%10:00001.50%         DM
TURKEY21-Jan17.00%14:00200011.25%         EM
UKRAINE21-Jan6.00%0011.00%         FM
UZBEKISTAN21-Jan14.00%14:300016.00%
EURO AREA21-Jan0.00%13:45000.00%         DM
SOUTH AFRICA21-Jan3.50%006.25%         EM


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.

Sunday, January 10, 2021

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.
    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 2
JAN 11 - JAN 16, 2020:
POLAND13-Jan0.10%001.50%         EM
SERBIA14-Jan1.00%12:00-2502.25%         FM
PERU14-Jan0.25%002.25%         EM
SOUTH KOREA15-Jan0.50%001.25%         EM
 
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