Highlights

    Central Bank News' Global Monetary Policy Highlights (GMPH) provides readers with an overview of key events in global monetary policy, such as new policy initiatives, a switch in policy bias, key rate changes or important speeches and papers.
    The aim is to give readers a guide to the evolution of global monetary policy as practiced by the 90 central banks covered by Central Bank News.
    GMPH includes a summary of each month’s total rate cuts and rate rises with a list of the central banks that changed rates that month plus the global monetary policy rate (GMPR), the average policy rate by the 99 central banks followed by Central Bank News.
     For comparison purposes, rate changes by Zimbabwe, Vanuatu and Tanzania are not included in the calculation of GMPR, although the banks are included in the list of rate changes each month.
    GMPH can be viewed in conjunction with Central Bank News’ other regular features, the Global Interest Rate Monitor (GIRM). Please email us if you have any comments on our selection of events at centralbanknews@yahoo.com

SEPTEMBER 2020

NET CHANGE: -275 basis points
TOTAL RATE CUTS: 275 basis points
RATE CUTS: Moldova, Uzbekistan, Mongolia, Armenia and Azerbaijan.
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 4.19 percent



AUGUST 2020

NET CHANGE: +725 basis points
TOTAL RATE CUTS: 375 basis points
RATE CUTS: Georgia, Brazil, Romania, Moldova, Mexico, Zambia, Namibia, Colombia and Dominican Republic.
TOTAL RATE RISES: 1,100 basis points
RATE RISES: Congo
GLOBAL MONETARY POLICY RATE (GMPR): 4.21 percent



JULY 2020

NET CHANGE: -590 basis points
TOTAL RATE CUTS: 590 basis points
RATE CUTS: Malaysia, Sri Lanka, Indonesia, Kazakhstan, Hungary, South Africa, Russia, Eswatini, Tajikistan, Lesotho, Bangladesh, Azerbaijan, Colombia and Honduras.
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 4.14 percent


JUNE 2020

NET CHANGE: -1,340 basis points
TOTAL RATE CUTS: 1,340 basis points
RATE CUTS: Uganda, Serbia, Ukraine, Armenia, Morocco, Namibia, Mozambique, Brazil, Costa Rica, Indonesia, Russia, Azerbaijan, Seychelles, Belarus, Paraguay, West African States, Hungary, Georgia, Philippines, Pakistan, Guatemala, Mexico and Colombia.
TOTAL RATE RISES: 2,000 basis points
RATE RISES: Zimbabwe.
GLOBAL MONETARY POLICY RATE (GMPR): 4.20 percent




MAY 2020

NET CHANGE: -2,080 basis points
TOTAL RATE CUTS: 2,080 basis points
RATE CUTS: Malaysia, Brazil, Sri Lanka, Norway, Czech Republic, Tanzania, Macedonia, Belarus, Vietnam, Mexico, Pakistan, Thailand, Iceland, Zambia, Turkey, South Africa, Lesotho, Eswatini, India, South Korea, Nigeria, Poland, Gambia, Romania, Liberia and Colombia.
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 4.36 percent




APRIL 2020

NET CHANGE: -3,085
TOTAL RATE CUTS: 3,085 basis points
RATE CUTS: Kazakhstan, Sri Lanka, Eastern Caribbean, Uganda, Israel, Poland, Serbia, Mongolia, South Africa, Lesotho, Uzbekistan, Namibia, Eswatini, Philippines, Pakistan, Peru, Mauritius, Mozambique, China, Mexico, Turkey, Paraguay, Ukraine, Russia, Tajikistan, Myanmar, Armenia, Georgia, Kenya, Zimbabwe, Rwanda, Botswana and Colombia.
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 4.55 percent




MARCH 2020

NET CHANGE: -6,953 basis points
TOTAL RATE CUTS: 7,243 basis points
RATE CUTS: Australia (twice), Malaysia, United States (twice), Saudi Arabia (twice), Bahrain (twice), United Arab Emirates (twice), Hong Kong (twice), Macao (twice), Qatar (twice), Kuwait (twice), Jordan (twice), Moldova (twice), Canada (three times), Paraguay (three times), Argentina, Mauritius, United Kingdom (twice), Iceland (twice), Serbia, Mongolia, Ukraine, Norway (twice), New Zealand, South Korea, Sri Lanka, Czech Republic (twice), Egypt, Chile (twice), Costa Rica, Armenia, Turkey, Pakistan (twice), Vietnam, Tunisia, Morocco, Poland, Trinidad & Tobago, Fiji, Ghana, Sierra Leone, Brazil, Dominican Republic, Guatemala (twice), Taiwan, Philippines, Indonesia, South Africa, Honduras, Peru, Myanmar (twice) Thailand, Namibia, Romania, Mexico, Eswatini, Seychelles, Lesotho, Kenya, Bangladesh, Democratic Republic of Congo, Central African States, Albania, Zimbabwe, Cape Verde, India, Colombia, Barbados and Vanuatu.
TOTAL RATE RISES: 290 basis points
RATE RISES: Kazakstan and Denmark
GLOBAL MONETARY POLICY RATE (GMPR): 4.85 percent


FEBRUARY 2020

NET CHANGE: -1,060 basis points
TOTAL RATE CUTS: 1,160 basis points
RATE CUTS: Iceland, Thailand, Brazil, Honduras, Philippines, Russia, Belarus, Mexico, Argentina, Namibia, Turkey, China, Indonesia and The Gambia 
TOTAL RATE RISES: 100 basis points
RATE RISES: Czech Republic and Kyrgyz Republic
GLOBAL MONETARY POLICY RATE (GMPR): 5.45 percent



JANUARY 2020

NET CHANGE: -1,225 basis points
TOTAL RATE CUTS: 1,275 basis points
RATE CUTS: Argentina (3 times), Macedonia, Turkey, South Africa, Argentina, Malaysia, Kenya, Lesotho, Sri Lanka, Ukraine, Costa Rica and Azerbaijan
TOTAL RATE RISES: 50 basis points
RATE RISES: Tajikistan
GLOBAL MONETARY POLICY RATE (GMPR): 5.56 percent



DECEMBER 2019


NET CHANGE: -1,525 basis points
TOTAL RATE CUTS: 1,600 basis points
RATE CUTS: Moldova, Brazil, Turkey, Ukraine, Russia, Azerbaijan, Mexico, Honduras, Costa Rica and Argentina (twice(
TOTAL RATE RISES: 75 basis points
RATE RISES: Georgia and Sweden
GLOBAL MONETARY POLICY RATE (GMPR): 5.69 percent 


NOVEMBER 2019


NET CHANGE: -305 basis points
TOTAL RATE CUTS: 430 basis points
RATE CUTS: Iceland, Thailand, Belarus, Serbia, Peru, Egypt, Mexico, China, Kenya and Tajikistan
TOTAL RATE RISES: 125 basis points
RATE RISES: Zambia
GLOBAL MONETARY POLICY RATE (GMPR): 5.80 percent 



OCTOBER 2019

NET CHANGE: -900 basis points
TOTAL RATE CUTS: 1,000 basis points
RATE CUTS: Australia, Iceland, India, Uganda, South Korea, Chile, Indonesia, Ukraine, Turkey, Russia, Azerbaijan, USA, Saudi Arabia, Costa Rica, Brazil, Bahrain, Kuwait, UAE, Qatar, Jordan, Hong Kong and Macao.
TOTAL RATE RISES: 100 basis points
RATE RISES: Georgia
GLOBAL MONETARY POLICY RATE (GMPR): 5.86 percent 



SEPTEMBER 2019


NET CHANGE: -900 basis points
TOTAL RATE CUTS: 1,050 basis points
RATE CUTS: Chile, Ukraine, Russia, Armenia, Turkey, ECB, Denmark, Azerbaijan, Vietnam, United States, Saudi Arabia, Brazil, Hong Kong, Macao, Qatar, UAE, Jordan, Indonesia, Costa Rica, China, Paraguay, Seychelles, Philippines, Egypt and Mexico
TOTAL RATE RISES: 150 basis points
RATE RISES: Georgia (2 times), Kazakhstan and Norway
GLOBAL MONETARY POLICY RATE (GMPR): 5.95 percent 



AUGUST 2019


NET CHANGE: -800 basis points
TOTAL RATE CUTS: 800 basis points
RATE CUTS: Qatar, Hong Kong, Macau, Jordan, New Zealand, India, Thailand, Belarus, Philippines, Serbia, Peru, Mauritius, Namibia, Mozambique, Mexico, Paraguay, Indonesia, Egypt, Sri Lanka, Jamaica, Iceland, Botswana and Dominican Republic
TOTAL RATE RISES: 0 basis points
RATE RISES: None
GLOBAL MONETARY POLICY RATE (GMPR): 6.04 percent 



JULY 2019


NET CHANGE: -1,250 basis points
TOTAL RATE CUTS: 1,400 basis points
RATE CUTS: Australia, Argentina, Serbia, South Korea, Indonesia, Ukraine, South Africa, Swaziland, Paraguay, Costa Rica, Lesotho, Turkey, Russia, Azerbaijan, Dominican Republic, United States, Bahrain, Saudi Arabia, United Arab Emirates and Brazil.
TOTAL RATE RISES: 150 basis points
RATE RISES: Pakistan and Moldova
GLOBAL MONETARY POLICY RATE (GMPR): 6.13 percent 


JUNE 2019


NET CHANGE: -275 basis points
TOTAL RATE CUTS: 350 basis points
RATE CUTS: Australia, India, Azerbaijan, Chile, Russia, Mozambique, Costa Rica, Iceland and Dominican Republic
TOTAL RATE RISES: 75 basis points
RATE RISES: Moldova and Norway
GLOBAL MONETARY POLICY RATE (GMPR): 6.26 percent




MAY 2019

NET CHANGE: -375 basis points
TOTAL RATE CUTS: 600 basis points
RATE CUTS: Malawi, Rwanda, Malaysia, New Zealand, Philippines, Jamaica, Iceland, Costa Rica, Angola, Kyrgyz Republic, Sri Lanka and Tajikistan
TOTAL RATE RISES: 225 basis points
RATE RISES: Czech Republic, Pakistan and Zambia
GLOBAL MONETARY POLICY RATE (GMPR): 6.29 percent




APRIL 2019

NET CHANGE: -625 basis points (excluding Argentina)
TOTAL RATE CUTS: 625 basis points
RATE CUTS: India, Kazakhstan, Ukraine, Azerbaijan and Democratic Republic of Congo
TOTAL RATE RISES: 250 basis points
RATE RISES: Argentina (minimum rate of 62.5 percent on Leliq notes in April)
GLOBAL MONETARY POLICY RATE (GMPR): 6.32 percent



MARCH 2019

NET CHANGE: -125 basis points
TOTAL RATE CUTS: 200 points
RATE CUTS: Macedonia, Georgia, Azerbaijan, Paraguay, Nigeria, Costa Rica and Jamaica
TOTAL RATE RISES: 75 points
RATE RISES: Norway and Pakistan


GLOBAL MONETARY POLICY RATE (GMPR): 6.36 percent



FEBRUARY 2019

NET CHANGE: -175 basis points
TOTAL RATE CUTS: 350 points
RATE CUTS: Azerbaijan, India, Egypt, Jamaica, Paraguay, Kyrgyz Republic and Gambia
TOTAL RATE RISES: 175 points
RATE RISES: Tajikistan and Tunisia
GLOBAL MONETARY POLICY RATE (GMPR): 6.36 percent





JANUARY 2019

NET CHANGE: -300 basis points
TOTAL RATE CUTS: 375 points
RATE CUTS: Angola, Ghana, Armenia, Georgia and Malawi
TOTAL RATE RISES: 75 points
RATE RISES: Honduras, Chile and Pakistan


GLOBAL MONETARY POLICY RATE (GMPR): 6.38 percent



DECEMBER 2018

TOTAL RATE CUTS: 100 points
RATE CUTS: Mozambique and Jamaica 
TOTAL RATE RISES: 250 points
RATE RISES: Russia, Thailand, United States, Saudi Arabia, Bahrain, UAE, Qatar, Hong Kong, Sweden, Mexico, Macau and Jordan
GLOBAL MONETARY POLICY RATE (GMPR): 6.42 percent




NOVEMBER 2018

TOTAL RATE CUTS: 0 points
RATE CUTS: None
TOTAL RATE RISES: 515 points
RATE RISES: Czech Republic, Iceland, Sri Lanka, Indonesia, Philippines, Mexico, South Africa, Israel, Mongolia, South Korea and Pakistan
GLOBAL MONETARY POLICY RATE (GMPR): 6.46 percent



OCTOBER 2018

TOTAL RATE CUTS: 25 points
RATE CUTS: Azerbaijan
TOTAL RATE RISES: 150 points
RATE RISES: Uganda, Kazakhstan, Chile and Canada
GLOBAL MONETARY POLICY RATE (GMPR): 6.40 percent




SEPTEMBER 2018

TOTAL RATE CUTS: 0 points
RATE CUTS: None
TOTAL RATE RISES: 1,300 points
RATE RISES: Ukraine, Turkey, Russia, Norway, Uzbekistan,  Czech Republic, United States, Bahrain, Saudi Arabia, United Arab Emirates, Qatar, Hong Kong, Macau, Indonesia, Philippines, Pakistan and Jordan
GLOBAL MONETARY POLICY RATE (GMPR): 6.39 percent




AUGUST 2018

TOTAL RATE CUTS: 100 points
RATE CUTS: Macedonia and Mozambique
TOTAL RATE RISES: 800 points
RATE RISES: India, United Kingdom, Czech Republic, Philippines, Argentina (twice) and Indonesia
GLOBAL MONETARY POLICY RATE (GMPR): 6.05 percent



JULY 2018

TOTAL RATE CUTS: 225 points
RATE CUTS: Angola, Georgia and Kenya
TOTAL RATE RISES: 350 points
RATE RISES: Sierra Leone, Canada, Ukraine, Pakistan and Dominican Republic
GLOBAL MONETARY POLICY RATE (GMPR): 5.97 percent


JUNE 2018

TOTAL RATE CUTS: 325 points
RATE CUTS: Kazakhstan, Albania, Azerbaijan, Mozambique, Belarus and Jamaica
TOTAL RATE RISES: 600 points
RATE RISES: India, Turkey, USA, Hong Kong, Macau, Saudi Arabia, Qatar, UAE, Bahrain, Tunisia, Jordan, Philippines, Mexico, Czech Republic, Indonesia and Trinidad & Tobago
GLOBAL MONETARY POLICY RATE (GMPR): 5.97 percent


MAY 2018

TOTAL RATE CUTS: 300 points
RATE CUTS: Jamaica, Ghana, Kyrgyz Republic and Gambia
TOTAL RATE RISES: 2,025 points
RATE RISES: Argentina (twice), Romania, Philippines, Indonesia (twice), Sierra Leone, Pakistan and Turkey
GLOBAL MONETARY POLICY RATE (GMPR): 5.94 percent


APRIL 2018

TOTAL RATE CUTS: 1,125 points
RATE CUTS: Sri Lanka, Bangladesh, Azerbaijan, Congo, Mozambique, Serbia, Kazakhstan and Colombia
TOTAL RATE RISES: 300 points
RATE RISES: Argentina 
GLOBAL MONETARY POLICY RATE (GMPR): 5.76 percent


MARCH 2018

TOTAL RATE CUTS: 700 points
RATE CUTS: Kazakhstan, Peru, Serbia, Kenya, Tajikistan, Brazil, Russia, Mongolia, Ghana, South Africa, Egypt and Swaziland
TOTAL RATE RISES: 430 points
RATE RISES: Ukraine, Tunisia, Saudi Arabia, Oman, USA, Kuwait, Bahrain, UAE, Qatar, China, Hong Kong, Macau and Jordan

GLOBAL MONETARY POLICY RATE (GMPR): 5.86 percent


FEBRUARY 2018

TOTAL RATE CUTS: 625 points
RATE CUTS: Brazil, Russia, Azerbaijan, Uganda, Egypt, Zambia, Jamaica and Mozambique
TOTAL RATE RISES: 75 points
RATE RISES: Czech Republic, Romania and Mexico

GLOBAL MONETARY POLICY RATE (GMPR): 5.87 percent




JANUARY 2018

TOTAL RATE CUTS: 425 points

RATE CUTS: Argentina (twice), Tajikistan, Peru, Kazakhstan, Colombia, Belarus and Swaziland
TOTAL RATE RISES: 250 points
RATE RISES: Romania, Canada, Malaysia, Ukraine and Pakistan

GLOBAL MONETARY POLICY RATE (GMPR): 5.94 percent




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