2019 Global Central Bank Calendar - updated with Namibia & Bangladesh

      (Following item has been updated with this year's schedule for monetary policy statements by the Bank of Namibia and the January date for Bangladesh Bank's monetary policy statement for the January-June period)

      Following is the 2019 calendar for monetary policy.

     The table includes scheduled meetings for more than 45 central bank committees or boards that decide monetary policy. In the event meetings take place over several days, the date listed is for the final day when decisions are normally announced.
     The calendar is updated regularly to reflect the latest information as some central banks only release tentative schedules at the beginning of the year while other central banks only schedule their meetings a few months in advance.
     Readers are encouraged to check the latest version of the calendar by clicking here.
     You may replicate the table in part or in full only if cite Central Bank News as the source or provide a link to www.centralbanknews.info.

DATE	FX CODE	COUNTRY	CENTRAL BANK
JANUARY
7-Jan	ILS	Israel	Bank of Israel
8-Jan	RON	Romania	National Bank of Romania
9-Jan	PLN	Poland	National Bank of Poland
9-Jan	CAD	Canada	Bank of Canada
10-Jan	RSD	Serbia	National Bank of Serbia
10-Jan	PEN	Peru	Central Reserve Bank of Peru
14-Jan	KZT	Kazakhstan	National Bank of Kazakhstan
16-Jan	TRY	Turkey	Central Bank of Republic of Turkey
17-Jan	FJD	Fiji	Reserve Bank of Fiji
17-Jan	IDR	Indonesia	Bank Indonesia
17-Jan	ZAR	South Africa	South African Reserve Bank
21-Jan	PYG	Paraguay	Central Bank of Paraguay
22-Jan	NGN	Nigeria	Central Bank of Nigeria
23-Jan	JPY	Japan	Bank of Japan
24-Jan	KRW	South Korea	Bank of Korea
24-Jan	MYR	Malaysia	Central Bank of Malaysia
24-Jan	NOK	Norway	Norges Bank
24-Jan	EUR	Euro area	European Central Bank
25-Jan	AOA	Angola	Bank of Angola
28-Jan	GHS	Ghana	Bank of Ghana
28-Jan	KES	Kenya	Central Bank of Kenya
29-Jan	HUF	Hungary	Central Bank of Hungary
29-Jan	AMD	Armenia	Central Bank of the Republic of Armenia
30-Jan	GEL	Georgia	National Bank of Georgia
30-Jan	TJS	Tajikistan	National Bank of Tajikistan
30-Jan	BDT	Bangladesh	Bangladesh Bank
30-Jan	USD	United States	Federal Reserve
30-Jan	CLP	Chile	Central Bank of Chile
31-Jan	UAH	Ukraine	National Bank of Ukraine
31-Jan	BGN	Bulgaria	Bulgarian National Bank
31-Jan	COP	Colombia	Central Bank of Colombia
31-Jan	DOP	Dominican Republic	Central Bank of the Dominican Rep.

CORRECTED-Bangladesh maintains key rates as inflation under control

      (Following item is corrected to make clear Bangladesh Bank lowered its repo rate in April, not in June)      
      The central bank of Bangladesh left its key policy rates steady for the first half of the 2019 financial year, which began July 1, and set growth ceilings for private credit, domestic credit and broad money at 16.8, 15.9 and 12.0 percent, respectively.
       Bangladesh Bank (BB), which lowered the repo rate by 75 basis points to 6.0 percent and the cash reserve ratio by 1 percentage point in April to ease tightening liquidity, added the targets for credit and broad money would be sufficient to accommodate real Gross Domestic Product growth of up to 7.8 percent and average inflation of up to 5.8 percent in fiscal 2019.
       "Balancing the inflation and output risks, amid improving liquidity conditions and moderating food inflation while inflation expectations are elevated and global market conditions tighter, BB has decided to maintain the policy rates at their current levels, with repo and reverse repo rates at 6.0 and 4.75 percent, respectively," the central bank said in its monetary policy statement for the first half of fiscal 2019 from July to December, 2018.
       BB added it would continue with intensive and intrusive supervision to ensure that credit flows to the priority sectors of agriculture, manufacturing and small and medium-sized enterprises.
       In fiscal 2018 Bangladesh's economy grew 7.65 percent,  above the 7.4 percent target and up from 7.28 percent in fiscal 2017, and inflation averaged 5.78 percent, slightly above the 5.5 percent goal, reflecting weather-related shocks and rising global inflation.
       Despite a rise in food inflation in June to over 7 percent, BB said inflationary concerns remained largely under control in FY18 as broad money, the key determinant of inflation, grew 9.2 percent, well below the monetary program target of 13.3 percent.
       Private sector credit growth, despite recent moderation, remained strong at 16.95 percent in June, slightly above the FY18 target of 16.8 percent, but domestic credit growth reached 14.6 percent, below the target of 15.8 percent.
       In June the International Monetary Fund (IMF) said Bangladesh's economy was performing well with inflation stable, strong growth, moderate public debt and greater resilience to external shocks.
       Economic growth accelerated to 7.3 percent in FY17, which ended Sept. 30, from 7.1 percent in the previous fiscal year. Growth is projected at 7 percent in FY18 and inflation is expected to remain close to BB's target at 5.9 percent as flood-related pressure on food prices eases with the recovery of the rice harvest.

      www.CentralBankNews.info

   

Bangladesh maintains rate but inflation risks on upside

       The central bank of Bangladesh left its benchmark repurchase and reverse repurchase rates steady at 6.75 and 4.75 percent for the second half of the 2018 financial year along with the ceiling for domestic credit growth at 15.8 percent in order to accommodate the targeted economic growth of 7.4 percent with up to 6.0 percent inflation.
       Bangladesh Bank (BB), which has maintained its rates since cutting them to the current level in January 2016, added in its monetary policy statement for January-June that the continuing negative trend in government borrowing from banks should leave room for 16.8 percent private sector credit growth, up from the previous projection of 16.3 percent in H2 FY18, which began in January.
       Bangladesh is seeing a robust pickup in investment and output activities, imports and credit to the private sector that is supported by progress in addressing the country's infrastructural deficiencies and the broad-based rise in global economic output and trade.
       Apart from higher imports of food grains to cover crop losses from flooding in August 2017, imports are mainly of capital machinery and production inputs which should bode well for growth.
      However, this also poses a near-term challenge of containing inflationary pressure and protecting the balance of payments, according to the report that was accompanied by a press conference with BB Governor Fazle Kabir.
       Domestic credit grew by 14.5 percent in the first half of FY18, in line with BB's target, although private domestic sector credit grew by 18.1 percent, substantially topping the 16.2 percent target as a decline in government bank borrowing helped ease the pressure on liquidity.
       Strong domestic demand, credit growth, growing exports and remittances has kept Bangladesh's economy on track to reach the 7 plus percent growth for financial 2018 while weather-related supply shocks and rising global commodity prices boosted inflation to 6.12 percent in September.
       But by December inflation eased to 5.83 percent from 5.91 percent in November as food inflation was steady at 7.13 percent and non-food inflation only rose 3.85 percent, down from 4.1 percent.
        "Looking ahead, inflation risks appear to be on the upside, as demonstrated by BB's inflation expectation survey," but food inflation pressure should ease from imports and the rice harvests.
        BB is projecting inflation of 5.7-6.0 percent in June 2018, assuming favorable global outcome.
        Bangladesh's Gross Domestic Product was estimated to have risen 7.28 percent in financial 2017, which ended June 30, 2017, despite flood-related crop losses.
        Economic activity remains strong, with exports in the July-December 2017 period up by 7.2 percent from 1.7 percent in FY17. Remittances have reversed their declining trend in FY16 and were up 12.5 percent in the same period.
       Imports were up 27.6 percent in July-November, with capital machinery imports up 37.5 percent and industrial raw material imports up 18.9 percent, BB said, projecting overall economic growth in FY18 of 7.1-7.4 percent, assuming continued political stability.
      "Moderation of the transient imbalance from credit-fueled high import growth to sustainable trend will be a key priority for monetary and macro-prudential policies in H2 FY18 and will be important to keep in check the inflationary risks from rising global commodity prices and any spillovers from food to non-food inflation, against the backdrop of elevated inflation expectations," BB said.
       Bangladesh Bank will focus its macro-prudential measures in H2 FY18 on bringing back monetary aggregates to sustainable growth mainly by "intensive, intrusive supervision focusing on quality and sectoral composition of credit flows rather than by restricting access to credit for productive pursuits," BB said.
        The central bank will focus on curbing "imprudent unproductive lending" and require banks to rationalize their advance/deposit ratios to "curb their over exuberance in lending" and encourage banks to avoid investment financing exposure to corporate borrowers and instead help in corporate bond issuance in capital markets so banks are only used as interim bridge financing windows.
        The gradual depreciation of the exchange rate of the taka against the U.S. dollar is helping export competitiveness, liming the current account deficit, BB added.
        The taka was trading at 83.26 to the dollar today, down 0.6 percent this year and down 5.2 percent since the start of 2017.

      www.CentralBankNews.info
   

Bangladesh holds rates, sees over 7% growth in FY17

     Bangladesh Bank (BB) maintained its two key policy rates to support growth and mitigate inflation risks, and forecast that economic growth in the current 2017 fiscal year would exceed 7 percent while inflation would be within a range of 5.3 to 5.6 percent in June 2017.
     The central bank of Bangladesh cut its two policy rates, the repo and reverse repo, to their current levels of 4.75 and 6.75 percent in January 2016.
     In its monetary policy statement for the second half of 2016/17, which began in January, BB forecast broad money and private sector credit growth targets of 15.5 percent and 16.5 percent, respectively, by June 2017.
    This is in line with private sector credit growth of 15-16 percent in first half of 2016/17, three-year high levels with strong demand from trade, construction and small and medium enterprises.
    In calendar 2016 Gross Domestic Product in Bangladesh grew by an all-time high of 7.11 percent, up from 6.55 percent in 2015. BB has projected growth of 7.2 percent for 2016/17.
    Consumer price inflation in Bangladesh decelerated to 5.03 percent in December from 5.38 percent in November, pulling down the annual average to 5.5 percent, just under the inflation ceiling of 5.8 percent.
    But core inflation, which excludes food and fuel, remains elevated at around 7.6 percent in December, "indicating inflation can pick up if buffeted by adverse shocks," BB said.
    "Looking ahead, the global commodity outlook suggests some upward price pressures may emerge from higher import prices," the central bank added.
    In the June-November 2016 period, average lending and deposit rates declined by 45 and 25 basis points to 9.94 percent and 5.29 percent, respectively, reflecting favorable inflation, ample liquidity and an increase in competition in the banking system, BB said.

Bangladesh holds rate, inflation seen easing to 5.45%

    The central bank of Bangladesh will maintain its key policy rates, the repo and reverse repo rate, at a 6.75 percent and 4.75 percent, in the first half of the 2017 fiscal year, which began on July 1, but said it would adjust monetary growth and rates if necessary to keep inflation around 6 percent.
    Bangladesh Bank (BB) said consumer price inflation had been on a slowly declining trend for the last couple of years - the 12-month average rate fell to 5.92 percent in June 2016 from 7.28 percent in July 2014 - but a further decline due to lower fuel and commodity prices may not be strongly attained.
    BB, which cut its rates by 50 basis points in January, forecast inflation of 5.45 percent in December this year, down from 6.2 percent target for June 2016, with 6 percent seen as "a safe zone" as data and studies suggest that 6 percent inflation, along with one standard deviation, is a growth maximizing threshold.
    Consumer price inflation rose slightly to 5.53 percent in June from 5.45 percent in May and down from 6.07 percent in January this year.
    The recent decline in inflation is mainly due to falling food prices while non-food inflation has edged up due to a boost in consumption following the historically highest salary hike for the public sector, with BB expecting the private sector to follow suit, putting upward pressure on inflation.
    The economy of Bangladesh attained almost all key objectives in fiscal 2016, which ended June 30, with broad money (M2) growth below the target until May this year and likely to remain within the ceiling of 15.0 percent by the end of June.
    For fiscal 2017 the target for broad money is 15.5 percent based on Gross Domestic Product growth of 7.2 percent and consumer price inflation of 5.8 percent.
    Private sector credit grew robustly throughout FY16 and was at 16.4 percent in May, overshooting the targeted end-June ceiling of 14.8 percent. However, with the government's small net bank borrowing at the end of FY16, overall domestic credit growth remained below the targeted path and is likely to be within the 15.5 percent ceiling by end-June.
   Domestic credit is projected to grow by an annual rate of 16.4 percent in FY17, with credit to the private sector up by 16.5 percent and growth to the public sector of 15.9 percent.
    Bangladesh's government targets economic growth of 7.2 percent for fiscal 2017, up from the FY16 target of 7.0 percent, with BB forecasting growth of 7.1-7.3 percent, above the World Bank's 6.3 percent forecast for 2017 and the International Monetary Fund's forecast of 6.9 percent.
    Data indicate that Bangladesh's GDP will grow by 7.05 percent in FY16, up from 6.55 percent in FY2015.
    BB follows an foreign exchange rate policy of a managed float and has been buying taka to keep it from appreciating, keeping the exchange rate stable for almost three years since early 2013.
   The take was trading at 78.48 to the U.S. dollar today, little changed from 78.43 at the start of this year, with BB's foreign exchange reserves reaching "an adequately comfortable level" of US$30 billion in June - the equivalent of almost 8 months of imports - and expected reach a record high of $33 billion by the end of fiscal 2017.
    Under its new governor, Fazle Kabir who took over in March, BB is working on a transition path toward targeting market interest rates from the current monetary policy approach of mainly targeting the money stock, which is most useful for underdeveloped countries with limited external openness.

    www.CentralBankNews.info

   
 

Bangladesh cuts rate 50 bps to stimulate investment

    The central bank of Bangladesh lowered its repo and reverse repo rates by 50 basis points, citing "gains in inflation decline earned over last period and the need to realign the rates with the market."
    It is the first rate cut by the Bangladesh Bank (BB) since a similar-size rate cut in February 2013. The repo rate cut is being cut to 6.75 percent and the reverse repo rate to 4.75 percent.
    "Based on commendable macro stability, it is high time to stimulate investment and thus growth where political calm beckons to use improved condition in market confidence," the bank said in its monetary policy statement for January-June 2016.
    Bangladesh's inflation rate rose slightly to 6.1 percent in December from 6.05 percent in November, but down from a 2015 high of 6.36 percent in July and highs close to 12 percent at the end of 2011.
    The central bank forecast inflation of 6.07 percent in June 2016 as some effects of pay rises in the government sector are likely to be canceled out by the dampening fuel and commodity prices.
    In its previous policy statement from July, the BB targeted average inflation of 6.2 percent for fiscal 2015/16.
    Domestic credit is projected to grow at 15. recent at the end of fiscal 2016 from 10.9 percent in December 2015, with the central bank saying it aims to stimulate investment, with a focus on expanding quality credit through an inclusivity approach.
    BB also said it had made a strategic shift in loan disbursement policy and all banks will be encouraged to substantially increase advances for micro, small and medium enterprises.

Bangladesh holds rate, to mull easing when inflation falls

    The central bank of Bangladesh held its benchmark repurchase rate steady at 7.25 percent, but said "easing will be considered after point-to-point headline general inflation and core CPI inflation take a sustained declining trend."
    The Bangladesh Bank, which has maintained its rate since February 2013, said the current level of inflation is "moderate," but the government's 6.2 percent target for fiscal 2016, which began on July 1, "implies that we need to go for further reduction by slightly pressing the brake on the price level."
    The current level of money supply in Bangladesh is cautious but at the same time "generously accommodative for growth generating pursuits," the bank said.
    The central bank said general inflation eased to 6.40 percent in June from 6.87 percent in January but core inflation rose to 6.74 percent from 6.08 percent in January, warranting a cautious policy stance.
    "Gains in inflation declined earned over this period do not yet make a case for easing of policy interest rats, given that both headline point-to-point CPI inflation and core CPI inflation have edged up recently," the bank said, attributing the fall in inflation to declining food prices.
    The bank added that the fall in global fuel prices may have played a role in dampening inflationary concerns but the government did not adjust prices. Given that food occupies almost 60 percent of the consumption basket, this played a major role in pulling down inflation.
    The government of Bangladesh is targeting 7 percent economic growth in fiscal 2016 compared with an estimated 6.5 percent in fiscal 2015.
    Gross Domestic Product in 2014 grew by 6.12 percent in calendar 2014 and policymakers are aiming to break out of the pattern of growth around 6 percent that has persisted for the past 12 years.

Central Bank News Link List - July 26, 2014 - Bangladesh Bank keeps policy rates unchanged

Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.

• Bangladesh Bank keeps policy rates unchanged (The Daily Star)
• Uribe: Colombia’s neutral interest rate has probably fallen (Bloomberg)
• ECB deputy puts faith in easing measures (WSJ)
• Central banks in Russia to Kazakhstan boost gold reserves (Bloomberg)
• IMF offl: Must be on alert, but not alarm, on financial stability (MNI)
• Argentine cenbank buying spree continues w. $100 mln(Buenos Aires Herald) 

          www.CentralBankNews.info

Bangladesh holds rate, aims to reduce inflation to 7 pct

    Bangladesh's central bank kept its policy rate steady at 7.75 percent and aims to bring inflation down to 7.0 percent "while ensuring that credit growth is sufficient to stimulate inclusive economic growth."
    The Bangladesh Bank (BB) said in its monetary policy statement for the second half of the current 2014 fiscal year that it would use both monetary and financial sector policy instruments to reach its inflation goal and specifically contain reserve money growth to 16.2 percent and broad money growth to 17.0 percent by the end of June 2014.
    "The persisting inflationary pressures over the past few months with the risks ahead related to the inflation outlook imply that achieving the FY14 target will be challenging," BB said.
    In its previous policy statement from July 2013, the BB aimed to limit reserve money growth to 15.5 percent and broad money growth to 17.2 percent by December 2013. Bangladesh's financial year begins on July 1.
    BB also said it expects a further build-up of foreign reserves in the current fiscal year though at a more moderate pace than last year when international reserves rose to US$18.1 billion by the end of December from $15.3 billion end of June 2013, sufficient for about 5-1/2 months of imports.
    "BB will continue to support a market-based exchange rate while seeking to avoid excessive
foreign exchange rate volatility," the central bank said.