Easier or Tighter?

     The torrid pace of rate cuts in March continues in April as the central banks of Sri Lanka and Kazakhstan cut their rates at emergency meetings on April 3, increasing the number of rate cuts since January, when the novel coronavirus began to affect financial markets, to 105.
     Illustrating the speed with which the threat to economic growth has mushroomed, 56 of those rate cuts have been taken at multiple extraordinary policy meetings, such as those by the U.S. Federal Reserve, the Bank of Canada, the Bank of England and the Reserve Bank of Australia.
     Today's 25 basis point cut by Sri Lanka was its third cut this year, with the last two cuts decided during extraordinary monetary policy meetings.
     In addition to the rate cuts, China's central bank lowered its reserve requirement for rural cooperatives and banks by 100 bps in two stages, making an additional 400 billion yuan available for lending, while Malawi's central bank cut its liquidity reserve requirement by 125 points, releasing some 12 billion kwacha.
    
    From the beginning of this year, 70 different central banks have cut policy rates 112 times by a cumulative 89.03 percentage points, or a net reduction of 84.63 points when taking into account the four rate hikes seen this year from Kazakhstan, the Czech Republic, the Kyrgyz Republic and Denmark.
    Illustrating the threat to economic activity from the spread of COVID-19 and the measures to contain it, both Kazakhstan and the Czech Republic have reversed course and started easing.
     Although rate cuts by Zimbabwe and Vanuatu are included in the count of the number of rate cuts, the actual amount is not included in the calculations of cumulative cuts or global average for comparison purposes. 
     Including other measures to ease monetary policy in addition to rate cuts - such as cutting lowering reserve requirements, countercyclical capital buffers, injecting large-scale liquidity, launching new low-cost loan programs or restarting asset purchases - there have been at least 196 steps to ease monetary policy.
     The global monetary policy rate (GMPR), the average interest rate by 97 central banks worldwide, has plunged 87 basis points this year to 4.82 percent from 5.69 percent at the end of 2019, 6.42 percent at end-2018 and 5.99 percent at end-2017.
     The drop in the average rate is skewed by Argentina's aggressive easing since the new government, and central bank governor, took over in December last year.
     Argentina's central bank has cut the rate on its benchmark Leliq notes, by 17 percentage points this year and by 25 percentage points since Dec. 19, 2019.
     So far this year 96.3 percent of all changes by central banks to their monetary policy stance have resulted in easier monetary conditions, up from 95.6 percent the previous week, but largely in line with this year's trend where around 90 percent of all changes to policy go in an easier direction.

     The damaging effect on the global economy from the virus began to slowly emerge and then accelerate after Jan. 23, when China's government imposed the "Wuhan Lockdown" on the industrial hub and city of 11 million people to contain the spread.

      Illustrating just how interwoven the global economy has become, Sri Lanka's central bank was the first central bank to refer to the coronavirus when it lowered its rate on Jan. 29, days before China's central bank on Feb. 3 began to pump in liquidity to the banking system at lower interest rates.
     Thailand's central bank then followed suit by cutting its rate on Feb. 5 and since then the rate cuts have come at a fast and furious pace, spanning the globe from Mongolia to Mauritius.
 
      2020 MONTH BY MONTH
      So far in April Sri Lanka and Kazakhstan have cut rates.

      MARCH
      In March the following 59 central banks cut rates 74 times: Australia (twice), Malaysia, USA (twice), Saudi Arabia (twice), Bahrain (twice), UAE (twice), Qatar (twice), Kuwait (twice), Jordan (twice), Hong Kong (twice), Macau (twice), Moldova (twice), Canada (three times), Paraguay (twice), Argentina, Mauritius, UK (twice), Iceland (twice), Serbia, Mongolia, Ukraine, Norway (twice), New Zealand, South Korea, Sri Lanka, Czech Republic (twice), Egypt, Chile, Costa Rica Armenia, Turkey, Pakistan (twice), Vietnam, Tunisia, Morocco, Poland, Fiji, Trinidad & Tobago, Ghana, Sierra Leone, Brazil, Dominican Republic, Honduras, Taiwan, Philippines, Indonesia, South Africa, Honduras, Thailand, Namibia, Romania, Mexico, Eswatini, Seychelles, Lesotho, Kenya, Bangladesh, Democratic Republic of Congo, Albania, Albania, India and Colombia.
      Kazakhstan and Denmark stand out as the only central banks to have raised rates in March.
 
      FEBRUARY
      14 central banks cut rates in February: Iceland, Thailand, Brazil, Honduras, Philippines, Russia, Belarus, Mexico, Argentina (twice), Namibia, Turkey, China, Indonesia and The Gambia.
      Two central banks, the Czech National Bank and the National Bank of the Kyrgyz Republic, raised rates.

      JANUARY
      11 central banks cut rates in January: Argentina (3 times), North Macedonia, Turkey, South Africa, Malaysia, Kenya, Lesotho, Sri Lanka, Ukraine, Costa Rica and Azerbaijan, with rates lowered by a cumulative 1,125 basis points while Tajikistan raised its rate.

      DECISIONS IN 2020 BY MARKETS
      Central banks worldwide have taken 179 policy decisions so far this year, with policy rates cut 108 times and only raised five times.

      Central banks in developed markets have decided on monetary policy 28 times this year, with seven banks cutting their rates 14 times: Australia, the United States (twice), Hong Kong (twice), Canada (three times), the UK (twice), Norway (twice) and New Zealand.
      Denmark raised its rate but this is the context of a policy framework in which the Nationalbank pegs the krone to the euro. The rate hike should support the krone which has come under downward pressure as capital flows to more liquid currencies.

     Emerging market central banks have decided on monetary policy 56 times, with 21 banks cutting rates 34 times: Turkey (three times), South Africa (twice), Malaysia (twice), Thailand, Brazil (twice), Philippines (twice), Russia, Mexico (twice), China, Indonesia (twice), the UAE (twice), Qatar (twice), South Korea, Chile (twice), Czech Republic (twice), Egypt, Pakistan (twice), Poland, Taiwan, India and Colombia cutting policy rates.
      After raising its rate in February, the Czech Republic reversed course in March and cut its rate.

     Central banks in frontier markets have decided on monetary policy 41 times, with 16 banks cutting rates 27 times: Sri Lanka (three times), Kenya (twice), Ukraine (twice), Bahrain (twice), Kuwait (twice), Jordan (twice), Mauritius, Serbia, Morocco, Tunisia, Vietnam, Ghana, Romania, Bangladesh and Kazakhstan. Argentina has cut six times.
     Kazakhstan has raised its rate once while Nigeria raised its reserve requirement.

     Central banks in other markets have decided on monetary policy 66 times, with 25 banks cutting rates 30 times: North Macedonia, Kenya, Lesotho (twice), Azerbaijan, Honduras (twice), Iceland (three times), Belarus, Costa Rica (twice), Namibia, The Gambia, Saudi Arabia (twice), Macao (twice), Moldova (twice), Mongolia, Trinidad & Tobago, Dominican Republic, Sierra Leone, Paraguay (twice), Fiji, Eswatini, Seychelles, Democratic Republic of Congo, Albania, Zimbabwe, Barbados, Vanuatu and Malawi.
     Kyrgyzstan and Tajikistan have raised their rates while Curacao has raised its reserve requirement to curb liquidity.

      2019
      Until now, last year had been characterized by the most synchronized monetary easing since the global financial crises in 2008-2009 as 67 different central banks worldwide eased their monetary policy stance, adding an estimated 0.5 percentage points to global growth, according to the International Monetary Fund (IMF).
       There were 182 policy decisions that resulted in looser monetary conditions, including 159 cuts to key interest rates.
      In contrast, 17 central banks tightened their monetary policy stance in 2019, with 31 policy decisions resulting in tighter conditions, including 24 rate hikes.

     EARLIER YEARS
     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

    Central Bank News, which tracks the policy rates of 97 central banks, publishes the following Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy. 
    GMPC aims to capture changes to a wide range of monetary policy instruments, such as reserve requirements, bond purchases or exchange rates, in addition to changes to key interest rates.
    GMPC complements Central Bank News’ other products, such as the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which summarizes rate changes each month.
     Following is an alphabetical list of countries that changed their monetary policy in 2019. The list is updated and can be accessed on the Central Bank News website under the heading of "Easier or Tighter" as soon as central banks announce changes to their monetary policy.



2020 GMPC



ALBANIA 
Mar 25: key interest rate cut 50 bps to 0.50% to lower cost of new borrowing and the cost of servicing
existing debt, and to ease the flow of liquidity to businesses and households, complementing earlier
measures to mitigate the impact of the coronavirus on the country's ecconomic and financial health.

ARGENTINA 
Jan 9: minimum interest rate on Leliq notes cut 300 bps to 52.0% due to progress made in reaching
 a national agreement on prices 

Jan 16: minimum interest rate on Leliq notes cut 200 bps to 50.0% as continued gradual decline is
appropriate in light of progress in reaching a national agreement on prices, the imminent extension of
Leliq terms and the macroeconomic situation. BCRA assesses monetary aggregates are at historical lows
as percentage of GDP and high interest rates have been ineffective in generating sustainable deflation
with inflation in 2019 reaching 53.8 percent, highest since 1991.

Jan 30: minimum interest rate on Leliq notes cut 200 bps to 48.0% in light of the recessionary
conditions of the county, and with a view to defining an interest rate path that is compatible with
economic recovery. The policy interest rate is considered appropriate level considering a decleration of
 inflation that is becoming evident.

Feb 13: minimum interest rate on Leliq notes cut 400 bps to 44% to consolidate inflationary slowdown.
 Effective interest rate is annual 54 percent

Feb 19: minimum interest rate on Leliq notes cut 400 bps to 40.0% based on the slowdown in inflation
and the prospects of this trend continuing. Central bank board considers excessively high interest rates
may delay the recovery of economic activity

Mar 5: minimum interest rate on Leliq notes cut 200 bps to 38.0% based on signs of a consolidation
of the disinflationary process and to help the economy recover 


AUSTRALIA 
Mar 3: cash rate cut 25 bps to 0.50% to support the economy as it responds to the global coronavirus
outbreak. Growth in the first quarter is likely to be noticably weaker than expected.

Mar 19: cash rate cut 25 bps to 0.25%, target for yield on 3-year government bonds of around 0.25%
by purchases in secondary market, 3-year, minimum A$90 billion term funding facility at fixed 0.25%
for banks with particular support for SMEs, banks' exchange settlement balances at Reserve Bank
renumerated at 10 bps rather than 0% as would have been the case under previour arrangements,
mitigating cost to banking system associated with large increase in settlement balances. 


AZERBAIJAN
Jan 31: discount rate cut 25 bps to 7.25% as inflation, which slowed in December, is forecast to remain
within the target range in 2020



BAHRAIN
Mar 3: key policy rate, the one-week deposit rate, cut to 1.75% from 2.25%
Mar 16: benchmark one-week deposit rate cut 75 bps to 1.0%, overnight deposit rate cut 75 bps to
0.75%, one-month deposit rate cut 75 bps to 1.45%, CBB lending rate cut 75 bps to 1.70%



BANGLADESH
Mar 23: repo rate cut 25 bps to 5.75% and cash reserve requirement cut 50 bps to 5.0%


BARBADOS
Mar 30: rate on overnight lending to banks and deposit-taking non-banks licensed cut to 2.0%
from 7.0%, securities ratio for banks cut to 5.0% from 17.5%, 1.5% securities ratio for non-bank deposit
 taking licenses eliminated, collateralised loans for up to 6 months can be offered if necessary to make it
easer for financial institutions to assist clients during the pandemic. Moratorium on loan payments for
 firms and indviduals directly impacted by pandemic for up to 6 months.


BELARUS
Feb 12: refinancing rate cut 25 bps to 8.75% to maintain neutral monetary policy stance and keep inflation
 near target in 2020


BRAZIL
Feb 5: Selic rate cut 25 bps to 4.25% but caution still recommended in monetary policy stance and it is
now appropriate to interrupt the monetary easing process in light of the lagged effects of the rate cuts
since July 2019

Mar 18: Selic rate cut 50 bps to 3.75% as economic conditions still require a stimulative monetary policy,
with the decision reflecting a higher-than-usual variance in the balance of risks but a convergence of
inflation to its target over the relevant horizon in 2020 and mainly 2021.
 


CANADA
Mar 4: benchmark target for overnight rate cut 50 bps to 1.24% as economic growth in the first quarter
will be weaker than expected and it is ready to adjust monetary policy further if required to support
economic growth and keep inflation on target

Mar 13: benchmark target for overnight rate cut 50 bps to 0.75% as a proactive measure in light of the
 negative shocks to Canada's economy from Covid-19 and the recent sharp drop in oil prices.

Mar 27: benchmark target for overnight rate cut 50 bps to 0.25%, the effective lower bound, and program
 to purchase commercial paper launched to ease strains in the short-term funding market, and to begin
buying government securities in the secondary market, beginning with a minimum of $5 billion a week,
 across yield curve. Program to be adjusted as conditions warrant and to continue until economic
 recovery is well under way.


CHILE 
Mar 16: monetary policy rate cut 75 bps to 1.0% to ease negative impact on economy from global
spread of coronavirus, set of measures launched to ensure normal functioning of credit markets, including
 a 6-month, conditional funding facility with 4-loans at the policy rate, a banking bond purchase program
to up to US$4 billion, an extension of foreign currency sales until Jan. 9, 2021, and the inclusion of
corporate bonds as collateral for all liquidity operations.

Mar 31: monetary policy rate cut 50 bps to 0.50%, a "technical minimum" after economic entered process
of severe contraction in second half of March that will extend throughout the second quarter. Bank bond
purchase program extended, raising outstanding balance to $5.5 billion.

CHINA
Jan 2: reserve requirement for large financial institutions cut 50 bps as of Jan.6 to 12.50%, freeing up
800 billion yuan in funds to support the real economy. PBOC says cut would lower banks' cost of funds
 by around 15 billion yuan annually.
 

Feb 3: To offset maturing reverse repos, a maturing of financial market products, and to maintain
adequate liquidity in the banking system "during the period of epidemic prevention and control," PBOC
injects 1.2 trillion yuan through reverse repo operations. The rate on the 7-day reverse repurchase facility,
 worth 900 billion yuan, is cut 10 bps to 2.40%, the first cut since Nov. 18, 2019, and the rate on 14-day
operations worth 300 billion, is cut to 10 bps to 2.55%, the first cut since Dec. 18, 2019. Liquidiy in
banking system now 900 billion yuan more than at same period of last year.
 

Feb 4: PBOC injects 380 billion yuan via 7-day reverse repos at 2.4%, same as on Feb. 3, and 120 billion
yuan via 14-day repos at 2.55%, same as on Feb. 3 to ensure adequate liquidity in banking system during
 period of epidemic prevention and control.

Feb 7: PBOC deploys special 300 billion central bank lending program to support the epidemic prevention
 and control by providing low-cost funds to key enterprises engaged in the production, transport and sales of
 crucial medial supplies for epidemic prevention and control and daily necessities. Financial institutions
should grant loans with interest rates no higher than the latest 1-year loan prime rate minus 100 bps and
PBOC encourages instutions to offer loans at rates lower than the ceiling. Central government will subsidize
 50% of firms' interest payments to ensure actual financing cost is below 1.6%
Feb 10: PBOC injects 700 billion yuan via 7-day reverse repos at 2.40%, same as on Feb. 4, and 200 billion
 yuan via 14-day reverse repos at 2.55%, same as on Feb. 4 "to maintain reasonable and adequate
liquidity in the banking system." The injection offsets 900 billion of reverse repos that matured on
Feb. 10, resulting in zero liquidity injection into market, according to Xinhua
Feb 11: PBOC injects 100 billion yuan via 7-day reverse repos at unchanged 2.40% to "offset the impact of
 maturing reverse repos, and to maintain reasonable and adequate liquifity in the banking system."
380 billion yuan of reverse repos matured, resulting in net withdrawal of 280 billlion from market,
according to Xinhua

Feb 17: PBOC offers 200 billion yuan in 1-year medium-term lending (MLF) facility at 3.15%, down 10 bps
 from Nov. 5, 2019, the second cut in the rate since early 2016, to counter the expiry of earlier reverse
repos and maintain reasonable and sufficient liquidity in the banking system. Under the new monetary
framework from August 2019, the loan prime rate (LPR), is expressed as a spread to MLF . PBOC also
offers 100 billion in a 7-day reverse repo at an unchanged 2.40%
.

Feb 20: PBOC cuts 1-year loan prime rate (LPR) 10 bps to 4.05% and 5-year LPR to 4.75%
Mar 13: PBOC releases a total of 550 billion yuan in long-term funds by cutting the reserve requirements
 of some banks. Of the total, 400 billion yuan will be released to banks that meet the criteria of inclusive
finance, which means services to micro-businesses, farmers, those on low incomes, disabled and senior
citizens. Their reserve requirement will be cut by 0.5 to 1.0 percentage point. The other 150 billion yuan
 will be released by cutting the reserve requirement for qualified joint-stock companies by a further
1 percentage point to support the issuance of loans to the inclusive financial sector.

Mar 30: PBOC injects 50 billion yuan in 7-day repo operation at 2.20%, down from 2.40% at previous
repo.

Apr 3: required reserve ratio for rural credit cooperatives and rural commercial banks cut 100 bps in 2
stages, first on April 15 and then on May 15, with 50 bps each time. This releases 400 billion yuan.
 Interest rate on excess reserves (IOER) fo financial institutions cut to 0.35% from 0.72% from April 7.

COLOMBIA
Mar 27: benchmark interest rate cut 50 bps to 3.75% a new measure to boost liquidity in both pesos and
U.S. dollars by auctioning up to $1 billlion in U.S. dollars and carrying out currency swaps of up to
 $400 million. These measure come after the central bank on March 23 injected around $10 billion in
permanent liquidity into the financial system by purchasing private securities issued by credit
 institutions and through the purchase of up to $2 billion of treasury bonds during March.

CONGO, THE DEMOCRATIC REPUBLIC OF 
Mar 24: policy rate cut 150 bps to 7.50% to lower the cost of credit, the compulsory reserve on sight
deposits in national currency cut to 0.0% to free up liquidity,  special refinancing window established
 with maturities from 3 to 24 months on flexible terms. Measures taken to mitigate the impact of the
 health crises on economic activity and guarantee the continuity of financial services 


COSTA RICA
Jan 30: monetary policy rate cut 50 bps to 2.25% as there is space and justification to continue with the
cycle of monetary policy easing as inflation is projected to be below the midpoint target of 3.0 percent
on average in 2020-2021

Mar 16: monetary policy rate cut 100 bps to 1.25% to mitigate the economic impact from the coronavirus 


CURACAO & ST. MAARTEN
Feb 4: reserve requirement ratio raised 100 bps to 19.0% due to continuing excess liquidity in the banking
 system and the declining trend in official reserves


CZECH REPUBLIC 
Feb 6: 2-week repo rate raised 25 bps to 2.25% as inflation is seen increasing appreciably above the upper
 boundary of the tolerance band in the months ahead

Mar 16: 2-week repo rate cut 50 bps to 1.75% and national bank is ready to cut rates further. Decision from
May 2019 to raise countercyclical capital buffer to 2.0% as of July 1 is revised so banks will maintain
current rate of 1.75%.

Mar 26: 2-week repo rate cut 75 bps to 1.0%, countercyclical capital buffer cut 75bps to 1.0% and CNB
ready to release buffer if losses in banking sector rise unexpectedly. CNB also ready to lower interest
rates further and ready to adopt other measures to address any liquidity problems. Ready to react to any
excessive exchange rate fluctuations and any measures may be adopted at any time needed
.


DENMARK
Mar 19: interest rate on certificates of deposit raised 15 bps to -0.60%, narrowing the spread to the euro area
 to -0.10 percentage points from -0.25 percentage points, remaining lower that the rate in the euro area.
This follows sale of foreign exchange in the market in the context of Denmark's fixed exchange rate
policy.



DOMINICAN REPUBLIC 
Mar 18: monetary policy rate cut 100 bps to 3.50%, cutting the rate on 1-day repos to 4.50% from 6.0% and
rate on overnight deposits to 2.50% from 3.0%, providing liquidity of more than RD$52 billion to f
inancial firms , relaxing requirements for reserve requirements, providing liquidity through the repo
windows for up to 90 days, 30 days and between 31 and 90 days,  adding liquidity in foreign currency
through repos and a temporary relaxation of legal reserve requirements
.

Mar 26: Liquidity for financial institutions raised to 50 billion pesos from 30 billion reserve through repos
for up to 90 days,  legal reserve ratio in national currency cut 50 bps for savings and credit banks,
representing a release of resources up to 136.4 million pesos, with the ratio now the same as for savings
and loans. Liquidity facilities in foreign currency for financial institutions increased by US$100 million to
US$400 million through repos, in addition to US$22.4 million released from legal reserves.


EGYPT
Mar 16: benchmark overnight deposit rate cut 300 bps to 9.25% to support economic activity given the
challenging external environment



ESWATINI
Mar 20: discount rate cut 100 bps to 5.50% to support economic, and reserve requirement cut 100 bps to
5.0%, liquidity requirement for commercial banks cut to 20% from 25% and to 18% from 22% to improve
liquidity in the financial sector. 


EUROPEAN CENTRAL BANK
Mar 12: Targeted Longer-Term Refinancing Operations (TLTLO-III) launched to support bank lending to
those most affected by the spread of the coronavirus. Program to begin in June and run until June 2021.
Asset purchase program raised to 120 billion euros in "temporary envelope" until the end of the year.

Mar 18: A 750 billion euro Pandemic Emergency Purchase Programme (PEPP) created, with purchases
until the end of 2020 to include all asset classes eligible under existing asset purchase program (APP).
Range of eligible assets under corporate sector purchase program expanded to non-financial commercial
 paper, and collateral standards eased.

Mar 25: Under PEPP self-imposed limit of buying maximum 33% of any euro zone country's debt will
 no longer apply and debt with maturity as short as 70 days, in comparison with 1-year in earlier
 purchases, will be allowed.


FIJI
Mar 18: OPR cut 25 bps to 0.25% to provide stimulus to the economy in light of the negative impact of
COVID-19 on travel and trade, and deteriorating consumer and business confidence 


GAMBIA 
Feb 28: policy rate cut 50 bps to 12.0% as inflation is expected to trend lower, premised on a continued
stable exchange rate and well anchored inflation expectations, despite risks from the domestic food
supply in light of a poor harvest, the outbreak of the coronavirus on food supply chains and the
uncertainty surrounding global food prices 



GHANA
Mar 18: monetary policy rate cut 150 bps to 14.5% and primary reserve requirement cut 200 bps to 8.0%,
capital conservation buffer cut 150 bps to 1.5%, effectively reducing capital adequacy requirement to
11.5% wile loan provisioning in the OLEM category lowered to 5% from 10% as a policy response to
loans that may experience difficulty in repayments due to a slowdown in economic activity, and loan
 repayments that are past due for mircofinance institutions for up to 30 days shall be considered current,
and agreement wtih banks and mobile network operators on more eficient payments for the next
3 months. The negative impact of COVID-19 on exports, imports, taxes and foreign exchange receipts
will culmuninate in slower economic activity, with GDP forecast to slow to 5% and in worst case
scenario could be halved to about 2.5% in 2020.


HONDURAS
Feb 5: monetary policy rate cut 25 bps to 5.25% amid an absence of inflationary pressures from demand
and lower risks of future international inflation while economic growth continues to show moderate
growth
 

Mar 19: monetary policy rate cut 75 bps to 4.50% make financial conditions more flexible and ensure
liquidity to meet the demands of the population at this point of high demand, and to assure there is
access to credit to the economic sectors to help mitigate the impact of Covid-19.


HONG KONG
Mar 4: base rate adjusted downward by 50 bps to 1.50% according to pre-set formula following Federal
 Reserve's 50 point cut in the federal funds rate. Fed actions shows it will use monetary policy to
mitigate possible economic risks posed by the coronavirus but further developments of the virus are
still very uncertain and financial markets will continue to see considerable volatiliy. Investors should
manage their risks prudently.

Mar 16: base rate adjusted downward 64 bps to 0.86% according to pre-set formula, countercyclical capital
 buffer cut 100 bps to 1.0%



HUNGARY
Mar 24: domestic credit institutions released from reserve requirements until further notice with immediate
effect, facilitating liquidity management for the banking system and releasing over 250 billion forint
 that banks can use to fund for lending in the interbank market, helping the distribution of liquidity, or
 to fund the required amount of liquidity.


ICELAND
Feb 5: 7-day deposit rate cut 25 bps to 2.75% the outlook for 2020 and 2021 has deteriorated as exports
are set to contract in 2020 due to slower recovery of tourism, production difficulties in the aluminium
industry and second consecutive failure of capelin catch. Higher corporate credit spreads are also leading
 to lower-than-expected investments

Mar 11: 7-day deposit rate cut 50 bps to 2.25% at unscheduled meeting in view of the worsening economic
outlook following the spread of the Covid-19 virus

Mar 18: 7-day deposit rate cut 50 bps to 1.75% at unscheduled meeting and countercyclical buffer cut 200
bps to 0% as economic outlook has deteriorated sharply, at least in the short term

Mar 23: to begin purchases of Treasury bonds in the secondary market to help ease financial conditions as
 the expected issuance of new bonds to finance increased spending in response to the repercussions from
 the coronavirus will reduce liquidity and push up yields.



INDIA
Mar 27: policy rate cut 75 bps to 4.40%, fixed rate reverse repo rate, which sets floor of liquidity adjustment
corridor (LAF), cut 90 bps to 4.0% to make it unattractive for banks to deposit funds with RBI and
instead use for lending, targeted long term repo operations of up to 3 years for total amount of 1 trillion
rupees at floating rate linked to repo rate, cash reserve ratio cut 100 bps to 3.0% for 1 year, releasing
1.37 trillion rupees, reducing minimum daily CRR balance maintenance requirement 10 bps to 80%
until June 26, raising accommodation under marginal standing facility to 3% from 2%, all commercial
banks permitted to allow 3 month moratorium on payments of installments on outstanding loans as of
March 1, deferment of  implementation of net stable funding ratio (NSFR) that was planned for April 1
until Oct. 1 and deferment of implementation of last tranche of 0.625% capital conservation buffer from
March 31 to Sept. 30. Since last MPC meeting in Feb. RBI has injected 2.8 trillion rupees, or 1.4% of
GDP, including today's measures liquidity injection amounts to around 3.2% of GDP.

Apr 1: Activation of countercyclical capital buffer (CCCB) delayed for one year or less, as may be
necessary. In February RBI unveiled its plans for CCCB, which would range from 0.0% to 2.5% of risk
weighted assets, and be maintained in the form of CET1 capital or other fully loss absorbing capital.
The main trigger for CCCB is the credit-to-GDP gap.


INDONESIA 
Feb 20: BI 7-day reverse repo rate cut 25 bps to 4.75% to maintain domestic economic growth mometum
 in the face of a global economic recovery potentially restrained by the outbreak of the Covid-19 virus.
Mar 2: reserve requirement for foreign exchange cut 400 bps to 4.0% as of March 16, boosting liquidity
 in the banking system by around US$3.2 billion, and reserve requirement for banks financing exports
and imports cut 50 bps for 9 months as of April 1 to maintain monetary and financial market stability,
and mitigate risks from COVID-19

Mar 19: BI 7- reverse repo rate cut 25 bps to 4.50% as policy rate remains accommodative and consistent
 with inflation in target corridor while serving as pre-emptive measure to maintain economic growth
momentum. Other measures include strengthening the triple intervention policy to maintain rupiah
stability, extending the SNB repo tenor to 12 months and providing daily auctions to loosen liquidity in
 baning industry, increasing frequency of FX swaps and encouraging banks to use lowered FX reserve
requirements for domestic purposes.



ISRAEL 
Mar 15: to operate the additional monetary policy tools of open market operations and the purchase of
government bonds in the secondary market of "various types and maturities in the necessary quantities
need to ensure the smooth functioning of the government bond market." 
Mar 23: launches 50 billion shekel government bond purchase program in secondary market, as a
complementary tool to the short-term interest rate policy, to ease credit conditions  and influence bond
yields to lower cost of longer-term credit for firms and households. To continue giving financial firms
access to repo transactions with government bonds as collateral and continue swap tenders in the
shekel-dollar market
.


JAMAICA 
Mar 26: temporary increase in limits on foreign currency net open positions, either long or short, by 5
percentage points to 25% of regulatory capital to allow dealers to provide more foreign currency to
clients, commencing bond buying programme of GOJ securities on secondary market and prepared to
redeem BOJ securities early, limit on amount banks can borrow overnight without penalty removed so
liquidity available at 2.5%, longer-term lending facility re-introduced where by liquidity  is available for
 up to 6 months.


JAPAN
Mar 16: monetary easing enhanced through new loan operation against corporate debt (about 8 trillion
 yen as of end-February) as collateral at an interest rate of 0% with maturity up to 1 year, increase the
upper limit of purchases of commercial paper and corporate bonds by 2 trilllion yen until the end of
September 2020, to an upper limit of outstanding amounts of 3.2 trillion yen and 4.2 trillion yen,
respectively, and purchase exchange traded funds (ETFs) and J-Reits so amounts outstanding will
increase at annual paces with the upper limit of 12 trillion yen and 180 billion yen, respectively
.


JORDAN
Mar 4: benchmark one-week repo rate cut 50 bps to 3.50% to support economic growth 
Mar 15: Package of measures to contain negative repurcussions of Covid-19 on local economy,
including pumping additional liquidity of 550 million dinars by lowering the compulsory reserve ratio
on banks' deposits to 5.0% from 7.0%, the first cut since 2009, allowing banks to restructure individual
and corporate loans, especialy medium and small ones affected by the virus, lowering the interest rate
on economic development sector financing to 1.0% from 1.75% inside the capital and to 0.5% from
1.0% for other areas.
 

Mar 16: main rate cut 100 bps to 2.50%, same size cut on discount and overnight rates cut to 3.50%
and 3.25%, respectively while overnight deposit rate cut 75 bps to 2.0%


KAZAKHSTAN
Mar 10: base rate raised 275 bps to 12.0% in response to a weakening of the tenge following the spread
 of the coronavirus and the failure by OPEC to reach an agreement on reducing oil production.
Interventions in foreign exchange market carried out to stabilize market.

Apr 3: base rate cut 250 bps to 9.50% and spread between lending and borrowing rate cut 400 bps to
11.5%- 7.5% for withdrawl of liquidity. Rate hike in March against backdrop of lower oil prices  but
keeping rate at this level could limit economic activity. Bank ready to make adequate decisions in case
of a significant deterioration of global economy.


KENYA
Jan 27: CBK cut 25 bps to 8.25% as November cut is still being transmitted to economy so there is
room for further accommodation as inflation expectations remain anchored in target range, economy is
still operating below its potential and fiscal policy is being tightened
.

Mar 23: CBK cut 100 bps to 7.25% to minimize economic and financial impact of the spread of the
coronavirus, and cash reserve ratio cut 100 bps to 4.25% to release 35.3 billion shillings as additional
liquidity for banks to directly support borrowers under distress from COVID-19.


KUWAIT
Mar 4: discount rate cut 25 bps to 2.50% due to the uncertainty of global economic growth prospects,
and the negative impact of the coronavirus outbreak on global economic activity, international trade,
and decrease in demand and output
 

Mar 16: discount rate cut 100 bps to 1.5%, rate on repos and all other monetary instruments also cut
 by 100 bps to increase liquidity and ensure the attractiveness of the dinar as a reliable store for domestic
 savings

April 3: banks allowed to release capital conservation buffers, thus reducing capital requirements, and
credit risk weight lowered to 25 percent from 75 percent in calculating capital adequacy ratio to
empower banks to provide more financing. Loan-to-value ratio of value of property or development
raised.  


KYRGYZ REPUBLIC
Feb 24: discount rate raised 75 bps to 5.0% as higher food prices are continuing to exert upward pressure
on inflation in the medium term 


LESOTHO
Jan 28: CBL rate cut 25 bps to 6.25% as domestic growth remains subdued, with risks to the oulook
including exposure to international developments and domestic structural rigidities and policy
uncertainty. Down side risks to global economic outlook continue to be prominent, including
geopolitical and trade tensions

Mar 23: CBL rate cut 100 bps to 5.25% as domestic economic outlook expected to remain fragile and
growth lower than the forecast of 2.2% in 2020 and 4.1% in 2021, while fiscal position is expected to
remain under pressure as government responds to pandemic.


MACAO
Mar 4: base rate of the discount window lowered by 50 bps to 1.50% 
Mar 16: base rate of the discount window cut 64 bps to 0.86% in response to HKMA's rate cut
following the Federal Reserve's rate cut
 



MALAWI
Apr 3: Liquidity Reserve Requirement (LRR) on domestic deposits cut 125 bps to 3.75%, releasing
some 12 billion kwacha, Lombard Rate cut 50 bps to 20bps above policy rate to lower cost of funds.


MALAYSIA 
Jan 22: OPR cut 25 bps to 2.75% in "pre-emptive measure to secure growth trajectory and price stability."
Monetary policy stance now considered appropriate.

Mar 3: OPR cut 25 bps to 2.50% to support economic growth that will be weakened, particularly in the
 first quarter, by the COVID-19 outbreak, primarily in the manufacturing and tourism-related sectors.

Mar 19: Statutory Reserve Requirement (SRR) ratio cut 100 bps to 2.0% and dealers able to recognize
MGS and MGII of up to RM1 billion as part of SRR compliance. Combined measures release around
RM30 billion of liquidity into banking system.


MAURITIUS 
Mar 10: key repo rate cut 50 bps to 2.85%, with an accommodative monetary policy seen as appropriate
to support economic activity because COVID-19 outbreak is expected to have significant impact on
 domestic economy

Mar 13: Support program with 5 key measures to further support businesses across all economic sectors,
including a special relief amount of 5.0 bilion RS to meet cash flow and working capital requirements of
businesses directly impacted by Covid-19, with interest at fixed rate of 2.50%, a moratorium of 6 months
 on capital and interest repayments, cash reserve ratio for commercial banks cut 100 bps to 8.0%, the
issuance of a 2.5% 2-year savings bond for 5 billion RS


MEXICO
Feb 13: target for overnight interbank interest rate cut 25 bps to 7.0% as balance of risks to global
economy remain to the downside due to several uncertainties, including the coronavirus outbreak.

Mar 20: target for overnight interbank interest rate cut 50 bps to 6.50%, and other measures to provide
 liquidity adopted.



MOLDOVA 
Mar 4: base rate cut 100 bps to 4.5% in light of disinflationary trend from the spread of the coronavirus.
Mar 20: base rate cut 125 bps to 3.25%, required reserve ratio on lei and non-convertible currencies cut
250 bps and required reserve ratio on freely convertible currencies raised 100 bps to strengthen liquidity
in banking sector to support the economy.

Apr 3: required reserve ratio on lei on non-convertible currencies cut to 34.0% from 40.0% after
extraordinary meeting, amending the March 20 decision on the cut in the required reserve ratio. The
decision aims to increase liquidity available to banks to prevent liquidity risk and strengthen the
banking sector. The cut will increase liquidity by about 3.0 billion leu.


MOROCCO 
Mar 17: key interest rate cut 25 bps to 2.0% to support economic activity, with growth in 2020 seen
stagnating at 2.3 percent, same as in 2019 due to the combined effect of an unfavourable climate and
the Covid-19 virus. Growth in 2021 seen rebounding to 3.8%, with forecasts  surrounded by great
uncertainties and subject to downward revision if the spread of the virus is not contained in the short term.
 


MONGOLIA 
Mar 11: policy rate cut 100 bps to 10.0% as increased uncertainties from the spread of the coronavirus
 has increased the risk that the economic slowdown will worsen due to weaker external demand, lower
commodity prices and sluggish domestic and external activities 


NAMIBIA 
Feb 19: repo rate cut 25 bps to 6.25% to support economic activity and maintain one-to-one link to
South African rand

Mar 20: repo rate cut 100 bps to 5.25% to help cushion the anticipated impact of COVID-10 and
support domestic economic activity while maintaining the one-to-one link to the South African rand.


NEW ZEALAND 
Mar 16: OCR cut 75 bps to 0.25% due to negative economic impact from the outbreak of the
coronavirus, and rate will remain at this level for at least the next 12 months. Start of higher capital
requirements to be delayed by one year to July 2021, allowing banks to supply around $47 billion more
in lending 

Mar 23: to purchase up to $30 billion of New Zealand government bonds, across a range of maturities,
over next 12 months to support the economy, build confidence and keep interest rates on bonds low 


NIGERIA
Jan 24: cash reserve requirement (CRR) raised 500 bps to 27.5% to tame the rising trend in inflation, which
remains above the 6-9 percent threshold. Rising inflation is attributable to a combination of structual and
supply side factors, expansionary fiscal policy and growth in money supply arising from rising liquidity
surfeit. Bank is confident raising CRR will help address monetary-induced inflation whilst retaining the
benefits from the bank's loan-to-deposit policy, which has significantly increased credit to the private
sector and pushed market interest rates downward
.
NORTH MACEDONIA 
Jan 15: policy rate cut 25 bps to 2.00% based on continued favorable movements on the foreign exchange
 market which indicates the absence of pressure in the external sector, showing a stable perception of
domestic entities, while there is an absence of price pressures



NORWAY 
Mar 13: policy rate cut 50 bps to 1.0% to dampen the downturn from the coronavirus outbreak and mitigate
the effects on output and employment. Countercyclical buffer cut to 1.0% from 2.5% to counteract any
tightening of banks' lending standards, which can amplify an economic downturn. Liquidity also
pumped into banking system through extraordinary 3-month F-loans at current policy rate for as long
as necessary and fully allotted.

Mar 19: policy rate cut 75 bps to 0.25% as economic situation has continued to worsen with a number of
businesses having to close or reduce activity, unemployment shown a marked increase, higher credit and
market premiums make funding more expensive for companies. Lower rates can support a faster
rebound in activity when virus containment measures are scaled back and situation returns to normal.


PAKISTAN
Mar 17: policy rate cut 75 bps to 12.50% and 2 other measures launched. A Temporary Economic
Refinance Facility (TERF), refinancing banks to provide financing at maximum end-user interest rate
of 7% for 10 years for setting up new industrial units. It can be accessed by all manufacturing industries
with exception of the power sector. Total size of scheme is 100 bilion rupees. Also, a Refinance Facility
for Combatting COVID-19 (RFCC) aimed at supporting hospitals and medical centers in combatting the
 spread of the virus. Facility will efinance banks to provide financing at maximum end-user interest rate
of 3% for 5 years for the purchase of equipment to detect, contain and treat the virus. Facility provided
to banks at 0.0%. Total size of scheme is 5 billion rupees and is available until end-September 2020.

Mar 24: policy rate cut 150 bps to 11.0% as the coronavirus is expected to lead to a "noticable" slowdown
in domestic demand. SBP ready to take whatever further actions become necessary in response to the
economic impact of the virus.


PARAGUAY
Mar 13: monetary policy rate cut 25 bps to 3.75% to mitigate the possible adverse effects of the coronavirus
 while ensuring the convergence of inflation to the target
Mar 16: monetary policy rate cut 50 bps to 3.25% as there is room for further monetary policy easing to
 help mitigate the negative economic impact of the coronavirus on the local economy without
jeopardizing the fulfillment of the inflation target.


PHILIPPINES
Feb 6: overnight reverse repo rate cut 25 bps to 3.75% as manageable inflation environment
allows room for preemptive rate cut to support market confidence 

Mar 19: overnight reverse repo rate cut 50 bps to 3.25% along with a temporary relaxation of BSP
regulations on complicance reporting by banks, calculation of penalties on required reserves, and single
borrower limits as inflation seen at 2.2% in 2020 and 2.4% in 2021, down from February projections of
3.0% and 2.9%, respectively, due to lower inflation in recent months, sharp decline in crude oil prices
and adverse effects of coronavirus on global and domestic economic activity.

Mar 23: BSP authorized to buy government securities under repurchase agreement worth 300 billion pesos
 with maximum repayment period of 6 months. Funds to be used to support government program to
 support those most affected by COVID-19
.
Mar 24: reserve requirement for universal and commercial banks cut 200 bps to 12.0%


POLAND
Mar 17: reference rate cut 50 bps to 1.0%, required reserve ratio cut 300 bps to 0.5% and renumeration
of reserves raised to 1.0% from 0.5%. To limit risk of tensions in domestic financial markets, NBP will
provide liquidity using repo transactions, purchase government bonds on the secondary market to
maintain liquidity, and offer bill discount credit to refinance new loans granted to businesses by banks.


QATAR
Mar 4: benchmark lending rate QCBLR cut 75 bps to 3.50% "taking into account evolving
 domestic and international macroeconomic developments. Deposit rate and repo rates cut 50 bps to
1.50% and 1.50%, respectively.

Mar 16: benchmark lending rate QCBLR cut 100 bps to 2.50%, deposit rate cut 50 bps to 1.0% and
repo rate cut 50 bps to 1.0%
 



ROMANIA 
Mar 20: monetary policy rate cut 50 bps to 2.0% and symmetrical corridor interest rates on standing
facilities narrowed to plus/minus 0.5 percentage points from plus/minus 1.0 percentage points to mitigate
 the impact of the situation from the coronavirus outbreak on households and companies. Central bank
also ready to cut the minimum reserve requirements on leu and foreign-currency liabilities.


RUSSIA 
Feb 7: key interest rate cut 25 bps to 6.0% as inflation is falling faster than expected and the central bank
 is open to the propsect of further easing in upcoming meetings if the situation develops as it expects 



SAUDI ARABIA 
Mar 3: repo rate cut to 1.75% from 2.25% and reverse repo cut 50 bps to 1.25% from 1.75% "in light of
global developments."

Mar 16: repo rate cut 75 bps to 1.0% and reverse repo rate cut 75 bps to 0.50% "to preserve monetary
stability given evolving global developments."


SERBIA
Mar 11: reference rate cut 50 bps to 1.75% in a "timely and adequate" response to increased uncertainty
 in the international environment caused by the spread of the coronavirus. Executive board met at an 

extraordinary meeting, the day before its scheduled meeting.


SEYCHELLES
Mar 23: monetary policy rate cut 100 bps to 4.0% in a first phase of a response to the challenge from the
spread of the coronavirus, which is expected to lower earnings from tourism this year by 70 percent and
 lead to a double-digit drop in economic growth.



SINGAPORE
Mar 30: Zero percent annual rate of appreciation of policy band for Singapore dollar (S$NEER) starting
at current level, with no change to width of band. MAS ready t curb excessive volatiliy in S$NEER.
Economy seen contracting between minus 1.0 to minus 4.0% percent in 2020, core inflation and CPI
all-item inflation seen averaging minus 1.0% and 0.0% in 2020 even wtih some import prices likely to
 rise from production and transport disruptions.
 

SIERRA LEONE
Mar 18: monetary policy rate cut 150 bps to 15.0% to soften the potential impact of COVID-19 on economy,
and create a special 500 billion leone to support production, procurement and distribution of essential
goods and services
.

SOUTH AFRICA 
Jan 16: repurchase rate cut 25 bps to 6.25% as a lower inflation forecast and improved risk profile
"opens some space to provide further policy accommodation." Future policy decisions will continue to
be "highly data-dependent" and sensitive to the balance of risks to outlook

Mar 19: repurchase rate cut 100 bps to 5.25% as the significantly lower forecast for headline inflation has
created space for monetary policy to respond to the rapid deterioration in economic conditions from the
coronavirus. Economy forecast to contract by 0.2% in 2020, then expand 1.0% in 2021 and 1.6% in 2022.

Mar 25: SARB enters short-term funding markets to provide liquidity in exchange for repurchase agreements
for maturities of up to 12 months to assist with continuous flow of funding to institutions, and begin
buying government bonds in the secondary market to help reduce excessive volatility in bond prices.
Bonds to be held in bank's monetary policy portfolio, a liquidity management tool used to inject and
drain liquidity.

April 1: SARB allows banks to comply with of 80% of liquidiy coverage ratio (LCR) to provide temporary
liquidity relief to banks until financial markets have normalised. Once this has been determined,
 minimum LCR of 100% to be restored.


SOUTH KOREA 
Feb 26: Ceiling for special loan programs raised by 5 trillion won to 30 trillion to help businesses, especially
 small and medium-sized, affected by the coronavirus, such as tourism, restaurants, distribution and
importers of raw materials and exporters to China. The interest rate on the loans is 0.75%
.

Mar 16: base rate cut 50 bps to 0.75% and rate on bank intermediated lending support facility cut to 0.25%
from 0.50-0.75%, and to manage liquidity the collateral for open market operations will be broadened to
 include debentures issued by banks. Action taken to ease volatility in financial market and reduce the
effects on future economic growth and inflation
.


SRI LANKA 
Jan 29: SDRF and SLFR cut 50 bps to 6.50% and 7.50%, respectively, to support continued reduction in
 market lending rates, ensuring a broad based and sustained recovery in economic activity

Mar 16: SDRF and SLFR cut 25 bps to 6.25% and 7.25%, respectively, and statutory reserve ratio (SRR)
on rupee liabilities cut 100 bps to 4.0%  "in consideration of the urgent need to support economic activity."

Apr 3: SDRF and SLFR cut 25 bps to 6.0% and 7.0%, respectively, to ease market conditions and
 provide further relief to businesses and households affected by the outbreak of COVID-19.

SWEDEN
Mar 13: Lending up to 500 billion krona to companies via banks to limit effects of coronavirus and
maintain supply of credit. Riksbank prepared to take further measures to supply necessary liquidity.

Mar 16: to facilitate supply of credit, purchases of securities increaed by up to 300 billion krona and
if necessary include government, municipal and mortgage bonds. Lending rate for overnight loans to
banks cut to 20 bps above repo rate from 75 bps. Repo rate remains at 0%. Offering banks to borrow
unlimited amount of money on a weekly basis against collateral at 3-months maturity at interest of 20
bps above repo rate and increased flexibility with regard to collateral banks can use when borrowing
money, giving banks more scope to use mortgage bonds as collateral. 



SWITZERLAND
Mar 25: Sets up COVID-19 refinancing facility (CRF) to provide additional liquidity.No upper limits
on amounts available and drawdowns can be made at any time. CRF operates in conjunction with the
government's guarantee for corporate loans and enables banks to expand their lending "rapidly and on a
large scale." Interest rate corresponds to policy rate of minus 0.75%
.


TAIWAN
Mar 19: key rates cut 25 bps, with key discount rate now at 1.125%, the rate on accommodations with
collateral at 1.50% and the rate on accommodations without collateral at 3.375%, respectively. Also,
under a special accommodation facility, additional funds of total NT$200 billion at a rate of one
percentage point lower than rate on accommodations with collateral  to support credit expansions to
SMEs. To ensure liquidity, banks may use holdings of CDs and negotiable CDs to request early
withdrawal or take out secured loans. In case of emergency, expanded repo facility, introduced in 2008,
could be utilized to provide sufficient market access to liquidity.



TAJIKISTAN
Jan 28: Refinancing rate raised 50 bps to 12.75% as of Feb. 3, 2020


THAILAND 
Feb 5: policy rate cut 25 bps to 1.0% as economy is seen expanding much slower than expected in 2020
due to the outbreak of the coronavirus, a delay in the government's budget and the impact of drought.

Mar 20: policy rate cut 25 bps to 0.75% to reduce interest burden of borrowers affected by the coronavirus
 outbreak and to alleviate strains in financial markets. Covid-19 outbreak t be more severe than previously
 expected and situation will take some time before returning to normal, severely affecting Thai economy.


TRINIDAD AND TOBAGO
Mar 17: repo rate cut 150 bps to 3.50% and primary reserve requirement cut 300 bps to 14.0% to amplify
system liquidity in the short run, around $2.6 billion in the case of the reserve requirement cut.


TUNISIA
Mar 17: key interest rate lowered 100 bps to 6.75%, with council saying if the spread of the coronavirus
 is not controlled, the tourism, air and transport, and industrial sector could deteriorate


TURKEY 
Jan 16: policy rate cut 75 bps to 11.25% as monetary policy stance is consistent with projected path of
slowing inflation but cautious policy stance to be maintained to ensure lower inflation 

Feb 19: policy rate cut 50 bps to 10.75% as the path of inflation is broadly in line with the forecast and
the monetary policy stance is consistent with this path
 

Mar 17: policy rate cut 100 bps to 9.75% to contain negative effects of coronavirus on Turkish economy.
To support financial stability, CBRT has taken several measuress, including providing banks with as
much liquidity as they need through intraday and overnight standing facilities; raising the liquidity limits
on primary dealers in open market operations; cutting the reserve requirements on FX liabilities by 500
bps for all maturities, thus increasing liquidity around US$1.5 billion; offering banks additional liquidity
facilities to secure uninterupted flow to corporate sector via repo acutions with maturities up to 91 days
with an interest rate 150 bps lower than policy rate; conducting lira currency swap auctions with
maturity of 1 year, providing banks with lira against U.S. dollars, euros, and gold with an interest rate
100 bps lower than policy rate.
 


UKRAINE
Jan 30: policy rate cut 150 bps to 11.0% and rate to be cut further to 7.0% by end-2020, with the fastest
 pace of cuts in the first half of 2020

Mar 12: policy rate cut 100 bps to 10.0% to boost economy further as inflationary pressures are declining
faster than expected.


UNITED ARAB EMIRATES 
Mar 3: repo and deposit rates cut 50 basis points, with the deposit rate now 2.0%

Mar 16: rate on 1-week deposit rate cut 75 bps, in line with the upper bound of the Federal Funds Target
Rate, maintain the repo rate at 50 bps above the 1-week CD rate, lower rate on interim margin lending
facility by 50 bps to 50 bps above the repo rate against CDs.


UNITED KINGDOM
Mar 11: Bank Rate cut 50 bps to 0.25%, a new funding scheme (Term Funding Scheme with additional
incentives for SMEs, or TFSME) launched and the countercyclical buffer cut to 0.0% from 1.0 percent
to help businesses and households manage through the economic shock from the outbreak of the
coronavirus which could prove sharp and large but temporary. Funding scheme will offer 4-year funds
over the next 12 months at lending rates that are at, or very close, to the bank rate, and additional
 funding will be available to banks that raise lending to small and medium-sized businesses. This could
provide in excess of 100 billion pounds in funds while the cut in the countercyclical buffer should
support up to 190 billion pounds of bank lending.

Mar 19: bank rate cut 15 bps to 0.10%, holdings of UK government bonds and non-financial investment
grade corporate bonds by 200 billion pounds to total of 645 billion, financed by the issuance of central
bank reserves. Majority of additional asset purchases to comprise government bonds and to be
completed as soon as operationally possible. TFSME scheme to be enlarged, also financed by central
bank reserves.



UNITED STATES OF AMERICA 
Jan 14: New York Federal Reserve to continue to conduct term and overnight repo operations until Feb. 13.
 On Oct. 11, 2019 NY Fed said it would conduct repo operations at least through Jan. 2020 to ensure the
supply of reserves remains adequate to mitigate the risk of money market pressure that could adversely
affect policy implementation. The amount of two-week repos will be at least $35 billion to Jan. 30,
unchanged since Dec. 19, 2019,  and then drop to $30 billion in the next 4 operations from Feb. 4 to Feb.
 13.Overnight operations from Jan. 15 to Feb. 13 will total at least $120 billion, the same amount as from
 Jan. 3 to Jan. 14. Federal Reserve has described these operations as "technical measures" that do not
represent a change in the stance of monetary policy.
Jan 29: term and overnight repurchase operations to continue "at least through April" to ensure the supply
of reserves remains ample and mitigages the risk that any pressure in the money markets would affect
policy implentation. Interest rate on excess reserves raised 5 bps to 1.60% to foster trading in the federal
 funds market at rates well within the target range.
Feb 14: New York Fed says maximum size of 14-day repo operations to be lowered to at least $25 billion 
from $30 billion from Feb. 18 and then drop further to at least $20 billion through March 12. Aggregate 
amount of overnight operations drops to at least $100 billion from Feb. 14 through March 12, down 
from $120 billion from Jan. 15 through Feb. 13.
Mar 3: fed funds rate cut 50 bps to a range of 1.0% to 1.25% at unscheduled FOMC meeting to support 
employment and price stability as the coronavirus poses evolving risks to economic activity. The Fed is 
closely monitoring developments and their implications for the economic outlook and will use its tools 
and act as appropriate to support the economy 
Mar 9: New York Fed raises maximum size of daily overnight repos to $150 billion from $100 billion 
through Mar 12, 2-week repos on Mar 10 and Mar 12 raised to minimum $45 billion from $20 billion 
to "support smooth functioning of funding markets as market participants implement business resiliency 
plans in response to the coronavirus."
Mar 11: New York Fed raises maximum size of overnight repos to $175 billion from $150 billion from 
Mar. 12 through Apr. 13, and offers three, one-month repos of at least $50 billion from Mar. 12. 
Two-week repos to be conducted twice a week from Mar. 12 through Apr 13 of $45 billion, unchanged 
from previous offering, to ensure smooth functioning of funding markets
Mar 15: fed funds rate cut 100 bps to 0.0% to 0.25% to support economy activity and expects to maintain
 rate until it is confident the economy has weathered recent events. Treasury securities of at least $500 
billion and agency mortgage-backed securities of at least $200 billion to be added to holdings over 
coming months. In coordination with ECB, BOC, BOE, BOJ and SNB, price of standing U.S. dollar 
liquidity swaps cut 25 bps. Primary credit rate in discount window cut 150 bps to 0.25%. Reserve 
requirement ratio cut to 0.0% as reserve requirements no longer play a significant role in the operating 
framework adopted in January 2019 of ample reserves.
Mar 16: New York Fed conducts an additional overnight repo operation for up to $500 billion, with all 
previously planned repos conducted as scheduled
Mar 17: Federal Reserve establishes commercial paper funding facility (CPFF) to support flow of credit 
to households. CPFF provides liquidity backstop to US issuers of commercial paper through a special 
purpose vehicle as CP market has been under considerable strain in recent days as businesses and 
households face greater uncertainty in light of the coronavirus outbreak. The U.S. Treasury provides 
$10 billion of credit protection to the Fed.
Mar 17: Federal Reserve establishes a Primary Dealer Credit Facility (PDCF) to allow primary dealers 
to support smooth market functioning and facilitate the availability of credit to businesses and 
households. PDCF will offer overnight and term funding with maturities up to 90 days and be in place 
for 6 months and may be extended. Dealers may use a broad range of collateral, such as equities, 
municipal bonds, investment grade debt and commerical paper. Interest charged at primary credit rate 
or disount rate.
Mar 17: New York Fed to conduct additional overnight repos each afternoon for the remainder of this 
week for aggreagate amount of $500 billion. In addition, the aggregate amount offered for overnight 
repos conducted each morning for the remainder of this week will increase to $500 billion, and all other 
scheduled repo operations will be conducted as scheduled. Action to ensure supply of reserves remains 
ample and to support smooth functioning of short-term US dollar funding markets.
Mar 18: Federal Reserve of Boston establishes money market mutual fund liquidity facility (MMLF) to
make loans to financial institutions secured by high-quality assets that are bought from money market
mutual funds. MMLF will assist money market funds in meeting demands for redemptions by
households and other investors, enhancing overall market functioning and credit provision to economy.
Mar 19: New York Fed to conduct overnight repo operations each morning for 3 weeks from March 23 to 
April 13 of at least $175 billion
Mar 19: Federal Reserve establishes temporary US dolllar swap lines with central banks of Australia, 
Brazil, Denmark, South Korea, Mexico, Norway, New Zealand, Singapore and Sweden to help lessen 
strains in dollar funding markets. Fed will provide up to $60 billion each for Australia, Brazil, South 
Korea, Mexico, Singapore and Sweden; $30 billion each for Denmark, Norway and New Zealand. 
Swap lines in place for at least 6 months. Fed already has standing liquidity swap lines with Canada, 
UK, Japan, ECB and Switzerland
Mar 23: Federal Reserve announces "extensive new measures" to support flow of credit to households
 and businesses by addressing strains in the markets for Treasuries and agency mortgage-backed
securities. This includes purchases of Treasury securities and agency mortgage-backed securities "in the
 amounts needed to support smooth market functioning and effective transmission of monetary policy,"
purchases of agency commercial mortgage-backed securities will be include in purchases of agency
mortgage-backed securities. Three new facilities also established, providing up to $300 billion in new
financing: A Primary Market Corporate Credit Faciilty (PMCCF) to support new bond and loan issuance
 by large employers; a Secondary Market Corporate Credit Faciilty (SMCCF) to provide liquidity for
outstanding corporate bonds; and the Term Asset-Backed Securities Loan Facility (TALF) to support
flow of credit to consumers and businesses by enabling the issuance of asset-backed securities backed by
 student loans,  auto loans, credit card loans, loans guaranteed by SBA and certain other assets. To
facilitate flow of credit to municipalities, the Money Market Mutual Fund Liquidity Facility (MMLF) to
be expanded to include wider range of securities and Commercial Paper Funding Facility (CPFF) also
expanded, A Main Street Business Lending Program will soon be announced.

Mar 31: Federal Reserve sets up temporary repurchase agreement facility for foreign and international
monetary authorities (FIMA Repo Facility) from April 6 for at least 6 months so foreign central banks
can exchange U.S. Treasury securities for U.S. dollars.
VIETNAM 
Feb 24: credit institutions directed to reschedule debt repayments, exempt and reduce interest rates, 
make new loans to stabilize production and support businesses "due to the impact of the epidemic," 
which has affected production and business activity. 
Mar 17: benchmark refinancing rate cut 100 bps to 5.0%, rediscount rate cut to 3.5% from 4.0%, 
overnight lending rate cut to 6.0% from 7.0% in accordance with macroeconomic developments, 
international financial markets and to solve difficulties for industry and business.

ZIMBABWE
Mar 26: policy rate cut 1,000 bps to 25.0%, statutory reserve ratio cut 50 bps to 4.5%, medium term
 bank accommodation facilitie to support productive sector raised ZW$1 billion to ZW$2.5 billion to
 finance winter wheat planting, and managed floating exchange rate regime replaced with a fixed
exchange rate regime at current level of ZW$25 to US$, with measure reviewed when markets stabilise
from effects of COVID-19.

                                             2019 GMPC

ANGOLA


Jan 25: BNA rate cut 75 bps to 15.75% due to the fall in inflation during 2018 and a contraction in
monetary base

May 24: BNA rate cut 25 bps to 15.50% on the continued downward trajectory in inflation and the
 evolution of the monetary base, which shrank 0.54 percent in the last 12 months

Oct 23: reserve requirement raised 500 basis points to 22% as part of the implementation a free floating
 exchange rate
 

ARGENTINA
Mar 14: Objective of zero growth in monetary base extended until end of 2019 from September 2018 goal
of zero growth from October 2018 to June 2019, with no seasonal adjustment in June. As of March 13
 monetary base was 1.26 trillion peso, slightly lower than in October when new framework was started.
Limits of non-intervention area in exchange rate expanded by 1.75% a month during second quarter.
Measures aim to reduce monetary base by 10% from original goal. Government to propose reform of
central bank charter that sets price stability as BCRA's main objective and prohibits any financing
of the treasury.

Apr 1: Necessary liquidity absorbed to support minimum rate of 62.5% reference rate (daily auctions of
Leliq notes) during April as monetary base has exceeded target for year, implying additional contraction
of US$29 billion

Jul 1: Minimum interest rate for Leliq notes in July lowered to 58.0% and cash reserve requirement for
time deposits cut 300 bps, releasing about $45 billion, during higher seasonal demand for working capital.
Monetary base objective met for 9th consecutive month in June but to ensure policy is not relaxed
during high demand for liquidity, monetary base goal for June will be retained for July.

Sept 18: Minimum interest rate for Leliq notes raised to 78% for September and minimum 68% in October
Oct 30: Minimum interest rate for Leliq notes cut to 63% for November
Dec 19: Minimum interest rate for Leliq notes cut to 58.0% from 63% as interest rate at "inappropriate level
and potentially inconsistent with the prospects of nominal evolution of the relevant economic varibles" in
the framework of the current macroeconomic transition and search for a sustainable debt indebtedness
scheme
Dec 26: Minimum interest rate for Leliq notes lowered to 55% from 58% as interest rate at
 "inappropriate level and potentially inconsistent with the prospects of nominal evolution of the relevant
economic varibles" during the current macroeconomic transition. Sustainable management of debt will
"surely result in the definiation of a new curve of interest rates."

ARMENIA 
Jan 29: refinancing rate cut 25 bps to 5.75% and easy monetary conditions to be in place for longer time as
inflation is seen below midpoint target until end of forecast horizon
Sep 10: refinancing rate cut 25 bps to 5.50% and stimulative monetary stance to be maintained to achieve
 inflation target due to deflationary impact from external sector 


AUSTRALIA
Jun 4: cash rate cut 25 bps to 1.25% "to support employment growth and provide greater confidence that
 inflation will be consistent with the medium-term target
"

Jul 2: cash rate cut 25 bps to 1.00% "support employment growth and provide greater confidence that
inflation will be consistent with the medium-term target." Monetary policy will be adjusted if needed
to support sustainable growth and the achievement of the inflation target
 

Oct 1: cash rate cut 25 bps to 0.75% to support employment and income growth and provide greater
confidence inflation will be consistent with the medium-term target. Monetary policy wil be eased further
 if needed to support sustainable growth, full employment and the achievement of the inflation target
 


AZERBAIJAN 
Feb 1: policy rate cut 50 bps to 9.25% as the risks of inflation are relatively low. Monetary conditions will
continue to be normalized 

Mar 15: policy rate cut 25 bps to  9.0% but inflation now forecast to settle within target range in 2019 and
recent easing had contributed to normalizing monetary conditions

Apr 26: policy rate cut 25 bps to 8.75% as inflation within target range, stable inflation expectation and
favorable external environment allows for continued monetary policy normalization 

Jun 7: policy rate cut 25 bps to 8.50% as inflation is below the target range, inflation expectations are
stable, the external environment is favorable and the updated economic outlook

Jul 26: policy rate cut 25 bps to 8.25% and trend toward neutral monetary policy stance to continue as long
 as inflation is expected to remain within target

Sep 13: discount rate cut 25 bps to 8.0% with future decisions on interest rates based on actual and projected
inflation along with the impact of external and internal risks to inflation

Oct 25: policy rate cut 25 bps to 7.75% with future decisions on interest rates based on the impact of internal
 risks on inflation and external factors, with the aim of reaching the targeted inflation

Dec 13: policy rate cut 25 bps to 7.50%, with further decisions on interest rate made based on the degree of
consistency between actual and targeted inflation, changing macroeconomic conditions and the
likelihood of risks occurring


BAHRAIN
Jul 31: key policy rate, one-week deposit rate, cut 25 bps to 2.50%, along with similar cuts to the overnight
deposit rate, the one-month deposit rate and the lending rate
 

Oct 30: key policy rate, the one-week deposit rate, cut 25 bps to 2.25%, overnight deposit rate cut to 2.0%,
one-month deposit rate to 2.60% and lending rate to 4.0%



BELARUS
Aug 7: refinancing rate cut 50 bps to 9.50% to ensure interest rates remain neutral and inflation meets the
 target in 2019 in light of a more intense slowdown of inflation in the second quarter
 

Nov 6: refinancing rate cut 50 bps to 9.0% to ensure interest rates remain neutral as inflation continues to
slow 

BOTSWANA
Aug 29: bank rate cut 25 bps to 4.75%, with subdued domestic demand pressure and a modest increase in
foreign prices contributing to a position inflation outlook, providing scope for easing monetary
policy to support economic activity


BRAZIL
Jun 26: rate on compulsory reserve on time deposits cut 200 bps to 31.0% to free up 16.1 billion reais.
Rate now closer to the levels seen prior to the 2008 financial crises

Jul 31: benchmark Selic rate cut 25 bps to 6.0% as the "risks associated with slowdown in global growth
remain" and various measures of inflation are at comfortable levels. Economic conditions prescribe a
stimulative monetary policy, i.e. interest rates below the structural level
 

Sep 18: benchmark Selic rate cut 50 bps to 5.50% and sees room for further easing in the event of further
 progress in economic reforms amid an uncertain outlook and the risks of a more pronounced slowdown
in the global economy 

Oct 30: benchmark Selic rate cut 50 bps to 5.0% and a strengthening of the current benign outlook for
inflation should allow for another rate cut of the same magnitude

Dec 11: benchmark Selic rate cut 50 bps to 4.50% with the current stage of the business cycle calling for
caution in the conduct of monetary policy, with the next steps depending on the evoluation of economic
 activity, the balance of risks, and inflation projections and expectations
 



CANADA
Mar 4: benchmark target for overnight rate cut 50 bps to 1.25% as economic growth in the first quarter
will be weaker than expected and it is ready to adjust monetary policy further if required to support
economic growth and keep inflation on target
Mar 13: benchmark target for overnight rate cut 50 bps to 0.75% as a proactive measure in light of the
negative shocks to Canada's economy from Covid-19 and the recent sharp drop in oil prices.
Mar 27: benchmark target for overnight rate cut 50 bps to 0.25%, the effective lower bound, and
program to purchase commercial paper launched to ease strains in the short-term funding market, and
to begin buying government securities in the secondary market, beginning with a minimum of $5 billion
 a week, across yield curve. Program to be adjusted as conditions warrant and to continue until
economic recovery is well under way.


CHILE 
Jan 30: monetary policy rate raised 25 bps to 3.00% and further gradual withdrawal of monetary stimulus
gradually and cautiously 

Jun 7: monetary policy rate cut 50 bps to 2.50% in response to slower than expected growth in the first
quarter and a wider-than-expected output gap from the impact of massive immigration on potential
growth

Sep 3: monetary policy rate cut 50 bps to 2.0% as the outlook is for inflation to take longer to converge to
 target in light of the economy's poor performance in the second quarter. Further stimulus may be
required

Oct 23: monetary policy rate cut 25 bps to 1.75% and further monetary boost is expected to ensure inflation
 converges towards its target as recent events will affect economic activity

CHINA


Jan 4: reserve requirement for large financial institutions cut by 0.5 pct points as of Jan. 15 and cut a further


0.5 pct points on Jan. 25 for total cut of 1 pct point to 13.50%
May 6: reserve requirement for about 1,000 small and medium-sized banks that focus on county-level
lending with assets less than 10 billion yuan cut in 3 stages (May 15, June 17 and July 15)  to 8.0% from

arond 11.5%, releasing about 280 billion yuan to help small and micro enterprises. These banks will now

have the same ratio as rural cooperatives, simplifying PBOC's reserve requirement system. 
Aug 17: PBOC reforms mechanism for setting the Loan Prime Rate (LPR) to improve the transmission of
 interest rates and reduce the financing cost in the real economy. LPR to become pricing benchmark for all

types of loans by commercial lenders instead of the benchmark lending rate. LPR is the average of prices
submitted by 18 banks, including 2 foreign institutions, as compared with 10 large Chinese banks

previously, and banks are required to link LPR quotations to the medium-term lending facility (MLF).

LPR to be announced on the 20th. of each month.
Aug 20: Loan Prime Rate (LPR), the new benchmark rate, set at 4.25%, 10 points below the benchmark
lending rate of 4.35%, and 6 points lower than the old LPR from October 2013. Five-year LPR is 4.85%.
Sep 6: reserve requirement for large financial institutions cut by 50 basis points as of Sept. 16 to 13.0%
and reserve ratio for small and micro enterprises, and commercial banks in provinces cut in 2 steps by 50

points each on Oct. 15 and Nov. 15 for an additional total cut of 100 points. The move will release some

900 billion yuan in liquidity.



Sep 20: The 1-year LPR, the new benchmark interest rate, set at 4.20%, down 5 bps from Aug. 20, the 
5-year LPR unchanged at 4.85%

Nov 5: interest rate on 1-year Medium-Term Lending (MLF) facility cut 5 bps to 3.25%, 1st reduction
since early 2016. Under the new framework from August, the Loan Prime Rate (PPR), the new reference
rate for lending, is expressed as a spread to rate on the 1-year MLF

Nov 18: interest rate on 7-day reverse repurchase facility cut 5 bps to 2.50% in injection of 180 billion
yuan,  first cut in the short-term lending rate since October 2015.

Nov 20: One-year LPR cut 5 bps to 4.15% and five-year LPR cut 5 bps to 4.80%
Dec 18: interest rate on 14-day reverse repurchase agreements cut 5 bps to 2.65%


CONGO, DEMOCRATIC REPUBLIC OF
Apr 30: policy rate cut 500 bps to 9.0% due to the favorable economic outlook with inflation below
target and growth in 2019 forecast at 5.9%, up 0.1 percentage point from 2018 and 2.2 points from 2017

COSTA RICA
Mar 28: monetary policy rate cut 25 bps to 5.0% as downside risks to inflation exceed upside risks and
inflation would be below target range in the forecast horizon
May 23: monetary policy rate cut 25 bps to 4.75% as risks to inflation are biased to the downside due
to low economic growth and high unemployment

May 31: minimum legal reserve requirement for domestic currency deposits cut 300 bps to 12.0% to
 stimulate credit, which has decelerated sharply, and economic activity, which has slowed to
below potential, resulting in deflationary pressures

Jun 19: monetary policy rate cut 25 bps to 4.50% as inflation is forecast to remain around the midpoint
of inflation target range although deflationary forces persist

July 22: monetary policy rate cut 50 bps to 4.0% in light of deflationary forces that are generating a
negative output gap and a high rate of unemployment. Forecast for 2019 growth lowered to 2.2%, with a
moderate recovery to 2.6% by 2020
Sept 18: monetary policy rate cut 25 bps to 3.75% due to persistent deflationary forces and downwards 
risks to inflation.

Oct 30: monetary policy rate cut 50 bps to 3.25% to support incipient economic recovery without
jeopardizing objective of keeping inflation low and stable
Dec 18: monetary policy rate cut 50 bps to 2.75% to help inflation gradually return to its target range
and support the economic recovery without compromising the inflationary objective
 


CZECH REPUBLIC 
May 2: Benchmark 2-week repo rate raised 25 bps to 2.0% but the forecast for domestic growth was
lowered due to a worse external outlook and inflationary pressures are now easing



DENMARK
Sep 12: deposit rate cut 10 bps to -0.75% as a consequence of the ECB's reduction of its monetary
policy rate. Currently,  where monetary policy counterparties have a large need to place funds at
Nationalbanken, the deposit rate determines money market rates and the exchange rate


DOMINICAN REPUBLIC 
Jun 28: monetary policy rate cut 50 bps to 5.00% to revitalize private credit and ensure economic
growth meets the targeted 5.50 percent while inflation is expected to remain below the lower limit
this year before rising to the midpoint of 4.0 percent in 2020
 

Jul 30: monetary policy rate cut 25bps to 4.75% as inflation was below the lower limit of the target
 range for the 8th consecutive month and forecast to remain below the lower limit until the end of 2019
before converging to the center of the range in 2020

Aug 30: monetary policy rate cut 25 bps to 4.50% as inflation remains below the lower limit of the
target range for the 9th consecutive month but the expansionary monetary measures have begun to
boost private credit


EGYPT
Feb. 14: overnight deposit rate cut 100 bps to 15.75% after achieving inflation target for Q4 2018 and data
confirm moderation of underlying inflationary pressure

Aug 22: overnight deposit rate cut 150 bps to 14.25% with the pace and magnitude of future policy
adjustments subject to the confirmation that inflation expectations are anchored to target levels that are
consistent with disinflation and price stability 

Sep 26: overnight deposit rate cut 100 bps to 13.25% with the pace and magnitude of future policy changes
 based on inflation expectations that are anchored at target levels consistent with disinflation and
price stability 

Nov 14: overnight deposit rate cut 100 bps to 12.25% as underlying inflationary pressures continue to ease,
 with the recent easing providing appropriate support to economic activity while remaining consistent
with achieving inflation target 


EURO AREA
Mar 7: Third round of targeted longer-term refinancing operations (TLTRO-III) launched, to start in
September and end in March 2021. Guidance of rates to be kept at current level at least through
end-2019 compared with June 2018 guidance of keeping rates steady at least through the summer of 2019

Jun 6: Key interest rates to remain at present level "at least through first half of 2020" to ensure continued
 rise of inflation instead of "at least through the end of 2019." TLTRO III rates set 10 bps above
average rate applied in main refinancing operations

Sep 12: deposit rate cut 10 bps to minus 0.50% and open-ended asset purchase program restarted with 20
billion euros a month from Nov. 1. Forward guidance changed an now tied to inflation instead of a date,
with rates to remain at present or lower level until inflation robustly converges to level that is sufficiently
close to, but below 2%


GAMBIA
Feb 28: monetary policy rate cut 100 bps to 12.50% in view of declining inflation and the commitment to
support private sector growth
 


GEORGIA 
Jan 30: refinancing rate cut 25 bps to 6.75% on continued weak inflationary pressures. Further easing
expected this year.

Mar 13: refinancing rate cut 25 bps to 6.50%, further easing depends on how fast output gap will close.
Reserve requirement for foreign currency deposits raised 500 bps to mitigate possible future financial
stability risks

Sep 4: refinancing rate raised 50 bps to 7.0% to stem inflationary pressures from the exchange rate
depreciation and says it is ready to continue tightening until the pressure on the exchange rate weakens
Sep 25: refinancing rate raised 50 bps to 7.50% as the exchange rate of the lari remains undervalued and
inflationary expectations persist

Oct 23: monetary policy rate raised 100 bps to 8.50% and policy will continue to be tightened until
pressure on exchange rate is eliminated so upward pressure on inflation eases 

Dec 11: refinancing rate raised 50 bps to 9.0% with future policy decisions to depend on speed of
neutralization of inflationary pressures stemming from exchange rate depreciation 


GHANA 
Jan 28: policy rate cut 100 bps to 16.0% as current conditions provide scope to translate recent gains 
in macroeconomic stability to the economy


HONDURAS
Jan 4: monetary policy rate raised 25 bps to 5.75% in precautionary measure as inflation expectations
have risen and without the rate hike inflation is projected to be above tolerance range in 2019 and 2020
Dec 19: monetary policy rate cut 25 bps to 5.50% as underlying inflation continues to slow, indicating
the absence of aggregrate demand pressure. Inflation expected to remain close to the midpoint
target of 4.0% over the next one and two years

HUNGARY
Mar 26: Overnight deposit rate, which represents the bottom of the interest rate corridor, raised 10 bps
to -0.05% as inflation target has been met and to maintain price stability it is necessary to modify
monetary conditions



HONG KONG
Aug 1: base rate cut 25 bps to 2.50% according to a pre-set formula, following the 25-basis point
downward shift in the target range for the US federal funds rate.

Sep 19: base rate cut 25 bps to 2.25% according to pre-set formula following the downward shift
in the target range for the US federal funds rate

Oct 31: base rate cut 25 bps to 2.0% according to pre-set formula following the 25-basis point
downward shift in the target range for the US federal funds rate
ICELAND
May 22: key rate cut 50 bps to 4.0% due to a swift deterioration in the outlook for growth from a drop
in tourism and exports of marine products, especially the capelin
Jun 26: key rate cut 25 bps to 3.75% as economic contraction set to become more obvious in coming
months and the expected decline in tourism to be larger than forecast
 

Aug 28: key rate cut 25 bps to 3.50% as growth outlook for 2020 has deteriorated as it appears it will
take longer for tourism to recover after this year's setbacks

Oct 2: key rate cut 25 bps to 3.25% as economy could weaken more rapidly than expected due to the
uncertain outlook, particularly for the global economy

Nov 6: key rate cut 25 bps to 3.0%, saying current interest rate level should suffice to ensure
medium-term price stability and full capacity utilisation
 

INDIA 
Feb 7: policy repo rate cut 25 bps to 6.25% and monetary policy stance eased to neutral from calibrated
 tightening as inflation is projected to remain below or around targe
t

Apr 4: policy repo rate cut 25 bps to 6.0% to strengthen domestic growth impulses by spurring private
investment that has remained sluggish. Monetary policy stance kept at neutra
l

Jun 6: policy repo rate cut 25 bps to 5.75% and policy stance changed to accommodative from neutral
to boost demand, in particular investment and private consumption

Aug 7: policy repo rate cut 35 bps to 5.40% and policy stance kept at accommodative to boost aggregate
demand, especially private investment, amid continued downside risks from the global slowdown and
escalating trade tensions

Oct 4: policy repo rate cut 25 bps to 5.15% and policy stance will be kept accommodative as long as
necessary to revive growth while ensure inflation remains within target


INDONESIA
Jun 20: rupiah reserve requirement for conventional and islamic banks lowered 50 bps to 6.0% and 4.5%,
 respectively, to ensure adequate liquidity in banking industry to finance economic activity
Jul 18: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.75% to build economic momentum
and sees adequate space for accommodative monetary policy to stimulate economic growth in line with
low inflation expectations

Aug 22: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.50 and going forward an
accommodative policy mix will be maintained in line with low inflation expectations, a maintained
 external stability and the need to build economic growth momentum

Sep 19: main interest rate, BI 7-day reverse repo rate, cut 25 bps to 5.25% in preemptive move to drive
the momentum of domestic economic growth amid slowing global economic conditions
 

Oct 24: main interest rate, 7-day reverse repo rate, cut 25 bps to 5.0% as pre-emptive measure to stimulate
 domestic economic growth against a backdrop of global economic moderation

Nov 21: rupiah reserve requirement for conventional and islamic banks lowered 50 bps to 5.50% and
4.0%, respectively, to ensure adequate liquidity in the banking system to increase financing and support
economic growth
. Releases 26 trillion rupiah in liquidity.


JAMAICA
Feb 20: policy rate cut 25 bps to 1.50% and cash reserve requirement cut 300 bps to 9.0%, which will
 release $16.8 billion in liquidity. Both steps are aimed at supporting the expansion of credit to stimulate
economic activity and support inflation returning to the centre of the target more quickly 

Mar 27: policy rate cut 25 bps to 1.25% to stimulate even faster expansion in private sector credit, which
should lead to higher economic activity, consistent with the inflation target 

May 17: policy rate cut 50 bps to 0.75%  and cash reserve requirement cut 200 bps to 7.0% as of June 3,
increasing liquidity in financial system by $12.3 billion to support expansion of credit to businesses
and households to help inflation return to midpoint of target
.

Aug 27: policy rate cut 25 bps to 0.50% as the projected trajectory of inflation is lower than previously
forecast, reflecting lower-than-previously assessed inflation expectations and the projected pace of
expansion in domestic demand will be slower due to headwinds from the global economy 


JORDAN
Aug 1: policy interest rate cut 25 bps in line with interest rate developments in the global and regional
financial markets. Decision comes during at rate of low inflation and the expected continuance of
inflation at low level in 2019.

Sep 18: policy interest rate cut 25 bps to 4.25%
Oct 31: policy interest rate cut 25 bps to 4.0% in resposne to the recent trends in interest rates in regional
 and international markets and positive outcome on balance of payments, particularly exports, tourism
and continuous flow of workers' remittances


KAZAKHSTAN
Apr 15: base rate cut 25 bps to 9.0% to help keep inflation in the target corridor and maintain economic
growth

Sep 9: base rate raised 25 bps to 9.25% as inflation is above expectations and expected to rise to the top
of its target corridor by the end of this year.



KENYA
Nov 25: Central Bank Rate (CBK) cut 50 bps to 8.50% as inflation expectations remain well anchored,
the economy is operating below its potential level and the continuing tightening of fiscal policy has
made room for an acccommodative monetary policy to support economic activity
 


KUWAIT 
Oct 30: discount rate cut 25 bps to 2.75% to fulfill dual objective of promoting non-inflationary economic
 growth and ensuring the attractiveness of the national currency


KYRGYZ REPUBLIC 
Feb 26: discount rate cut 25 bps to 4.50% and lowered its forecast for inflation to average 3.0% in 2019,
down from December's forecast of inflation in the target range of 5.0-7.0%

May 27: discount rate cut 25 bps to 4.25% and inflation foreccast lowered to an average of 1.0% percent
 in 2019, reaching maximum 4.0 percent by end-year



LESOTHO
Jul 23: CBL rate cut 25 bps to 6.50% and the net international reserves target floor to US$750 million
from $755 million on risks to the domestic economic outlook from global economic developments and
weak domestic economic activity on the back of structural rigidities and policy uncertainty



MACAO
Aug 1: discount rate cut 25 bps to 2.50% as AMCM follows Hong Kong counterpart after the policy
action by the US Federal Reserve

Sep 19: discount rate cut 25 bps to 2.25% following Hong Kong's adjustment of its base rate as Macao's
pataca is linked to the Hong Kong dollar

Oct 31: discount rate cut 25 bps to 2.0% as the monetary authority followed its Hong Kong counterpart
 to adjust the base rage after the policy action by the Federal Reserve to lower the funds funds rate


MACEDONIA
Mar 12: policy rate cut 25 bps to 2.25% as there is room for further monetary policy easing following
the ECB's decision to keep interest rates steady for longer than expected amid an absence of inflationary
pressure from the external sector and domestic prices


MALAYSIA 
May 7: Overnight Policy Rate cut 25 bps to 3.0% to preserve the degree of monetary accommodation
after signs of tightening of domestic financial conditions
 

Nov 8: Statutory Reserve Requirement cut 50 bps to 3.0% as of Nov. 16 to ensure sufficient liquidity
in domestic financial system, not a signal of monetary policy stance 

MALAWI
Jan 30: policy rate cut 150 bps to 14.50% on lower risks to inflation and stable kwacha. Lombard rate
cut to 40 bps above policy rate from a previous 200 bps, liquidity reserve requirement for kwacha
deposits cut 250 bps to 5.0%, requirement for foreign currency deposits cut 375 bps to 3.75% 

May 3: policy rate cut 100 bps to 13.50%, adequately tight to guide inflation toward the target. Forecast
for inflation lowered again and growth forecast raised.



MAURITIUS
Aug 9: repo rate cut 15 bps to 3.35% as easing price pressures provides room for a lower policy rate as
 a pre-emptive move against the risks of weakening global growth



MEXICO
Aug 15: benchmark target for the overnight interbank rate cut 25 bps to 8.0% as inflation has decelerted
as expected but the economy continues to stagnate while the uncertainty about the relationship
with the U.S. continues to pose risks to economic growth 

Sep 26: target for overnight interbank rate cut 25 bps to 7.75% due to the decline in inflation, ample slack
in the economy and lower domestic interest rates, factors that are consistent with inflation converging to
the target range

Nov 14: target for overnight interbank rate cut 25 bps to 7.50% due to low inflation, ample slack in the
economy and the recent behaviour of external and domestic bond yields

Dec 19: target for overnight interbank rate cut 25 bps to 7.25% as the current environment continues to
pose risks that could affect the country's macroeconomic conditions, its ability to grow, and the
economy's price formation process. Weakness that economic activity has been exhibitig for several
quarters is expected to persist.


MOLDOVA
Jun 19: base rate raised 50 bps to 7.0% to curb inflationary pressures from higher wages and credit along
with fiscal spending in 2019 and 2020

Jul 31: base rate raised 50 bps to 7.50% to reduce inflationary pressures given increase in demand from
higher wages, pensions, other income and higher consumer credit
 

Dec 11: base rate cut 200 bps to 5.50% after latest inflation report says monetary policy will have to be
relaxed as inflaiton is expected to decline in 2020


MOROCCO
Sep 24: reserve requirement cut to 2.0 percent from 4.0 percent, releasing an estimated 11 billion dirhams 
in liquidity


MOZAMBIQUE
Mar 6: raises reserve requirement for foreign currency deposits by 900 bps to 36.0% given the likelihood
that inflation could accelerate if the external environment continues to deteriorate and the
 exchange rate of
the metical falls
Jun 19: monetary policy rate, MIMO, cut 100 bps to 13.25% as inflation has slowed for four months and
is expected to remain low and stable 

Aug 14: monetary policy rate, MIMO, cut 50 bps to 12.75% as inflation continues to decline and the
outlook became more favorable following the signing of a peace accord between the government and the
 main opposition group



NAMIBIA 
Aug 14: repo rate cut 25 bps to 6.50% as economic growth, inflation and growth to private individuals
slowed in the first half of the year while key risks to global growth remain

NEW ZEALAND
May 8: OCR cut 25 bps to 1.50% as there is a need for further monetary stimulus given weaker domestic
spending and a more subdued outlook for employment growth and inflation 

Aug 7: OCR cut 50 bps to 1.00% to boost employment and inflation as global economic growth continues
 to weaken, easing demand for New Zealand's goods and services

NIGERIA 
Mar 26: policy rate cut 50 bps to 13.50% on the continued decline in inflation, the stability of the
naira's exchange rate, a robust level of reserves and positive forecasts for economic growth this year
 
NORWAY
Mar 21: policy rate raised 25 bps to 1.0% on stronger-than-expected inflation and economic growth.
Further rate rise seen in next half year

Jun 20: policy rate raised 25 bps to 1.25% as economic growth has been slightly better than
expected, with the upswing expected to continue into 2020. A further rate increase is seen
likely later in 2019

Sep 19: policy rate raised 25 bps to 1.50% as economic growth remains solid and capacity utilisation
 is slightly above normal. But there is considerable uncertainty surrounding global growth prospects
and the balance of risks suggest the policy rate will most likely remain at this level in the coming period 


PAKISTAN
Jan 31: policy rate raised 25 bps to 10.25% as fiscal deficit has yet to show signs of consolidation,
 the current account deficit remains high and inflationary pressures persist 

Mar 29: policy rate raised 50 bps to 10.75% as there are still underlying inflationary pressures, the
fiscal deficit is elevated and the current account deficit is still high despite an improvement

May 20: policy rate raised 150 bps to 12.25% to address underlying inflationary pressures from
higher inflation, a fall in the rupee, the elevated fiscal deficit and potential increases in utility tariffs
Jul 16: policy rate raised 100 bps to 13.25% but changes to interest rate related to exchange rate
now completed, future rate changes to depend on economic developments


PARAGUAY
Feb 22: policy rate cut 25 bps to 5.0% to adopt more accommodating monetary policy to ensure
 inflation converges to target

Mar 22: policy rate cut 25 bps to 4.75% to ensure inflation converges to target as data shows deceleration
in pace of growth in some sectors of economy

Jul 22: policy rate cut 25 bps to 4.50% as there is space to give the economy a monetary boost because
 inflation is still expected to converge toward the target
 

Aug 21: policy rate cut 25 bps to 4.25% as economic activity has slowed amid rising uncertainty about
a resolution to the trade tensions between the US and China while inflationary pressures are not seen
in coming months 

Sep 23: policy rate cut 25 bps to 4.0% amid downward risk in the growth prospects for the global
economy, negative domestic growth and the absence of inflationary pressure 


PERU
Aug 8: monetary policy rate cut 25 bps to 2.50% although inflation is still expected to remain within the
target range but there is a downside bias due to the possibility of lower-than-expected increase in
domestic demand
 

Nov 7: monetary policy rate cut 25 bps to 2.25% but this decision does not necessarily imply further rate
 cuts. Inflation is expected to remain around the target but with a downside bias due to the possibilty of
a lower than expected increase in domestic demand 


PHILIPPINES
May 9: benchmark overnight reverse repurchase rate cut 25 bps to 4.50% on a manageable inflation
outlook due to easing price pressures from a decline in food prices amid improved supply conditions 
May 17: Reserve requirement for universal and commercial banks lowered 200 bps to 16.0% in 3 stages
 through July 26 in recognition of continued downtrend in inflation, to mitigate any tightness in liquidity
 and as part of BSP's reform to promote more efficient financial system by lowering intermediation costs
Aug 8: benchmark overnight reverse repurchase rate cut 25 bps to 4.25% as weaker global economic
prospects continue to temper the inflation outlook

Sep 26: overnight reverse repurchase rate cut 25 bps to 4.0% as benign inflation outlook provides room
for further reduction in policy rate to support economic growth and reinforce market confidence 

Sep 27: reserve requirement for universal and commercial banks cut 100 bps to 15.0% as of November to
boost domestic liquidity and credit activity

Oct 24: reserve requirement for universal, commercial and thrift banks cut 100 bps to 14.0% as of December.


QATAR
Aug 1: QCB lending rate cut 25 bps to 4.75% "taking into account the evolving domestic and international
macroeconomic developments

Sep 19: QCB lending rate cut 25 bps to 4.50% "taking into account the evolving domestic and international
macroeconomic developments"

Oct 31: QCB lending rate cut 25 bps to 4.25% "taking into account the evolving domestic and international
macroeconomic developments"


RUSSIA
Jun 14: key rate cut 25 bps to 7.50% as inflation is slowing and short-term inflationary risks have abated.
 End-year inflation forecast cut and further rate cuts are possible as monetary policy transitions to
neutral until mid-2020

Jul 26: key rate cut 25 bps to 7.25% as inflation continues to slow and economic growth is weaker than
expected. Further rate cuts possible as bank moves toward neutral policy stance in 2020

Sep 6: key rate cut 25 bps to 7.0% as the inflation slowdown continues with the forecast for end-2019
inflation lowered to 4.0-4.5% from 4.2-4.7%. If the situation develops in line with the forecast,
Bank of Russia will consider the necessity of further rate reductions.

Oct 25: key rate cut 25 bps to 6.50% due to faster-than-forecast decline in inflation, and further rate cuts
 to be considered in coming months if inflation continues to fall

Dec 13: key rate cut 25 bps to 6.25% as the slowdown in inflation is overshooting the forecast and further
rate reductions in the first half of 2002 will be considered


RWANDA
May 6: Central Bank Rate cut 50 bps to 5.0% to sustain growing domestic demand and help drive
inflation towards 3.0 percent in 2019



SAUDI ARABIA 
Jul 31: repo rate lowered 25 bps to 2.75% and reverse repo rate by 25 bps to 2.25% in line with
SAMA's objective of preserving monetary stability
 

Sep 18: repo rate lowered 25 bps to 2.50% and reverse repo rate by 25 bps to 2.00% in line with
SAMA's objective of preserving monetary stability amid evolving developments in global financial
markets

Oct 30: repo rate cut 25 bps to 2.25% and reverse repo rate cut 25 bps to 2.00%, consistent with
 objective of maintaining monetary stability


SERBIA 
Jul 11: key policy rate cut 25 bps to 2.75% to support economic growth amid subdued inflation and
increasingly likely new round of monetary easing by the Federal Reserve and ECB

Aug 8: key policy rate cut 25 bps to 2.50% to support credit and economic growth as inflation remains
 firmly under control while global trade and growth is slowing, leading to easier monetary policy by
leading central banks

Nov 7: key policy rate cut 25 bps to 2.25% to support credit and economic growth amid weakening
 inflationary pressures


SEYCHELLES
Sep 23: monetary policy rate cut 50 bps to 5.0% for Q4 to support domestic economic activity given
the expectation of modest inflationary pressures on account of weak growth in global commodity prices


SINGAPORE
Oct 14: reduces slightly the rate of appreciation of the Singapore dollar against a trade-weighted basket
 of currencies as inflationary pressures are expected to remain muted and economic growth below
potential
 


SRI LANKA
Feb 22: Statutory Reserve Ratio on all rupee deposits cut 100 bps to 5.0% to address large and persistent
liquidity deficit in money marke
t

May 31: Standing Deposit Facility Rate and Standing Lending Faciity Rate both cut 50 bps to 7.50% and
8.50%, respectively, as economic growth is expected to be lower than projected as Easter Sunday
bombing attacks have affected economic confidence and sentiment, particularly disrupting tourism
and related activities 

Aug 23: Standing Deposit Facility Rate and Standing Lending Facility Rate both cut 50 bps to 7.0% and
8.0% respectively, to support economic activity in the context of low inflation as domesic and global
headwinds are likely to delay the economic recovery
 


SOUTH AFRICA
Jul 18: repurchase rate cut 25 bps to 6.50% amid an economic slowdown and a persistently uncertain
environment
 


SOUTH KOREA 
Jul 18: base rate cut 25 bps to 1.50% as domestic economic growth has slowed and growth is expected to
be moderate and inflationary pressures on the demand side will remain at a low level 

Oct 16: base rate cut 25 bps to 1.25% and accommodative monetary policy stance to be maintained due to
 moderate domestic growth and low inflation 


SWAZILAND
Jul 19: discount rate cut 25 bps to 6.50% as domestic macroeconomic conditions largely support a more
accommodating monetary policy, with inflation in the third quarter now seen lower than previously and
current inflation levels are below the objective of 3-7 percent



SWEDEN
Dec 19: repo rate raised 25 bps to 0.0 percent as conditions are good for inflation to remain close to
target going forward. Repo rate forecast to remain unchanged through 2021 and rise to an
average of 0.1% in 2022


TAJIKISTAN
Feb 1: refinancing rate raised 75 bps to 14.75% as inflation seen rising through 2021
May 31: refinancing rate cut 150 bps to 13.25% to support the continued rise in inflation toward the target
of 7.0 percent by the end of the year

Nov 28: refinancing rate cut 100 bps to 12.25% as inflation continues to decline and expected to remain
within target range in medium term


TANZANIA
Jun 10: minimum reserve requirement cut 100 bps to 7.00% to increase lending 


THAILAND 
Aug 7: policy rate cut 25 bps to 1.50% as economic growth is expected to be
slower than forecast due to a decline in exports while inflation is projected to be below the target range

Nov 6: policy rate cut 25 bps to 1.25% to contribute to economic growth and support the rise in inflation
 toward the target

TUNISIA
Feb 19: key interest rate raised 100 bps to 7.75% due to continued inflationary pressures that are a
threat to the economy and purchasing power


TURKEY
Feb 16: Lira reserve requirement cut 100 bps to 7.0% for deposits with maturities up to 3 years and by
50 bps for all other liabilities. Upper limit of holding gold from wrought or scap gold increased to
10% from 5% of reserve requirement


May 9: Reserve requirement for foreign currency liabilities raised 100 bps and the amount of FX that
can be used as reserve requirement cut to 30% from 40%, resulting in a US$3 billion withdrawal of
liquidity. One-week repo auctions suspended
 
May 27: reserve requirement for foreign currency liabilities raised 200 bps, withdrawing US$4.2 billion
 of liquidity from market

Jul 25: one-week repo auction rate cut 425 bps to 19.75% on improved outlook for inflation, but
cautious monetary stance continues to ensure inflation declines

Aug 5: reserve requirement for foreign currency liabilities raised 100 bps, withdrawing US$2.1 billion
in FX liquidity. Renumeration rate for all USD-denominated required reserves, reserve options and free
reserves lowered 100 bps to 1.0%

Sep 12: one-week repo rate cut 325 bps to 16.50% but cautious monetary policy stance to be maintained
 to ensure inflation continues to decline 

Oct 24: policy rate cut 250 bps to 14.0% with extent of monetary tightness to be determined by trend of
underlying inflation to ensure inflation continues to decline 

Dec 12: policy rate cut 200 bps to 12.0% as the outlook for inflation continues to improve and keeping the
disinflation process in track with the targeted path requires the continuation of a cautious monetary
stance 

Dec 28: reserve requirement for foreign currency liabilities raised 200 bps for all maturities, withdrawing
 about $2.9 billion of foreign currency liquidity 


UGANDA
Oct 7: Central Bank Rate cut 100 bps to 9.0% as benign inflation outlook provides room to support
economic growth. Inflation forecast cut sharply
.


UNITED ARAB EMIRATES
Jul 31: interest rate on certificates of deposits lowered 25 bps to 3.0% in line with the decrease in interest
rates on U.S. dollars

Sep 18: interest rate on certificates of deposits lowered 25 bps to 2.75% in line with the decrease in interest
 rates on US dollars

Oct 31: interest rate on certificates of deposit cut 25 bps to 2.50% in line with the Federal Reserve's decision


UNITED STATES OF AMERICA 
Mar 20: the reduction of holdings of Treasuries to be slowed by reducing the cap on monthly redemptions
 to $15 billion from current level of $30 billion and conclude the reduction of aggregate holding of
securities by the end of September 2019. Beginning in October principal payments from agency debt
and agency MBS to be reinvested in Treasury securities at a maximum amount of $20 billion a month,
principal payments in excess of that to be reinvested in agency MBS
Jul 31: Target range for federal funds rate cut 25 bps to 2.0-2.25% "in light of the implications of global
developments for the economic outlook as well as muted inflation pressures." The reduction of holdings
of securities will also conclude in August, two months earlier than previously indicated. Principal
payments from agency debt and mortgage-backed securities up to $20 billion per month will be
reinvested in Treasuries. Repayments in excess of $20 billion will continue to be reinvested in mortgage
securities

Sep 18: target range for federal funds rate cut 25 bps to 1.75-2.0% due to muted inflation pressures and the
 impact of global developments for the economic outlook. 

Oct 11: New York Federal Reserve to purchase Treasury bills at an initial pace of around $60 billion per
month, starting with the period from mid-October to mid-November, to at least into Q2 2020 to maintain
 ample reserve balances at or above the level that prevailed in early September 2019 when short-term
borrowing costs rose due to a decline in reserve balances and lenders. In addition, the NY Fed's open
market desk will conduct term and overnight repo operations at least through January 2020 to ensure
 the supply of reserves remains ample to mitigate the risk of money market pressures that could
adversely affect policy  implementation. Term repo operations will generally be conducted twice per
week, initially in an amount of at least $35 bilion per operation, while overnight repo operations will be
 conducted daily, initally in offering amount of at least $75 billion per operation. Fed said "these actions
are purely technical measures to support the effective implementation of the FOMC's monetary policy,
and do not represent a change in the stance of monetary policy."

Oct 30: target for federal funds rate cut 25 bps to 1.50-1.75% "in light of the implications of global
developments for the economic outlook as well as muted inflation pressures."

UKRAINE
Apr 25: key policy rate cut 50 bps to 17.50% but further steps in new cycle of easing will depend on how
 inflation risks develop and an improvement in inflation expectations

Jul 18: key policy rate cut 25 bps to 17.0% as cycle of monetary easing continues amid prudent fiscal policy,
slower wage growth, relatively low energy prices and ample supply of domestic and foreign food
products

Sep 6: key policy rate cut 50 bps to 16.50% and cycle of monetary easing will continue provided inflation
steadily declines to the target of 5.0%. How quickly the policy rate is reduced to its neutral level of 8.0%
depends on internal and external risks. If structural reforms speed up, the rate could be cut more quickly,
but if inflation risks materialize, the easing of monetary policy will be more gradual.

Oct 24: key policy rate cut 100 bps to 15.50% and cycle of monetary easing to continue toward a rate of
8.0% by end-2021, provided inflation continues to decline toward target of 5.0%

Dec 13: key policy rate cut 200 bps to 13.50%, saying it was speeding up monetary policy easing as the
 rapid appreciation of the hryvnia makes inflationary pressures decline faster than expected


VIETNAM
Sep 13: refinancing rate cut 25 bps to 6.0% amid a less favourable global economy in which many central
banks have lowered interest rates 


ZAMBIA
May 22: policy rate raised 50 bps to 10.25% and rate may be raised further if upside risks to inflation
 persist and keep inflation above the target range

Nov 20: policy rate raised 125 bps to 11.50% to counter rising inflationary pressures and rate may be raised
further if inflation persistently remains above target range



Dec 9: statutory reserve ratios (SRR) on banks' kwacha and foreign currency deposi liabilities raised 400 bps
to 9.0% as of Dec. 23 due to the threat to inflation from developments in the foreign exchange market.
Banks also required to maintain SRR on a daily basis as opposed to weekly compliance.
                                                  



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