#MonetaryPolicy Update of #Fiji #Ghana #Hungary #Israel #Colombia #SriLanka #Turkey #Namibia #Kyrgyzstan‬ on February 2015

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fiji-24 feb 2015-bhavika

Hungary-24 feb 2015-bhavika

turkey-24 feb 2015-shruti



Srilanka-23 feb 2015-swapnil

colombia-swapnil-20 feb 2015

Israel-23 feb 2015-swapnil

Namibia-18 feb 2015-shruti

#MonetaryPolicy Update of #Fiji #Ghana #Hungary #Namibia #Israel #Colombia #SriLanka #Turkey #Kyrgyzstan‬ on February 2015

‪#‎Ghana‬’sCentral Bank- Bank of Ghana has maintained its ‪#‎MPR‬ (Monetary Policy Rate) at 21% as on 18th February 2015

At its meeting on 24 February 2015 the ‪#‎MonetaryCouncil‬ of the ‪#‎MagyarNemzetiBank‬ left the central bank ‪#‎BaseRate‬ unchanged, i.e.@ 2.10%

#‎Kyrgyzstan‬’s Central Bank- National Bank of the Kyrgyz Republic has maintained its ‪#‎MPR‬ (Monetary Policy Rate) at 11% as on 24th February 2015.

‪#‎Turkish‬ Central Bank has cut it’s ‪#‎MPR‬ (Monetary Policy Rate) to 7.50% per annum from earlier 7.75% per annum as on 24th February 2015.

The #ReserveBankofFiji has maintained the overnight policy rate at 0.50% on 24/02/2015

#Israel‘s Central Bank cut its #BenchmarkInterestRate by 15 Basis Points to 0.10 percent on 23rd February 2015

#SriLanka‘s Central Bank maintained its key #PolicyRates on 23rd February 2015

#ColombiaCentralBank maintained its #BenchmarkInterventionRate at 4.5 percent on 20th February 2015

#Namibia‘s #CentralBank raised its Benchmark #RepoRate by another 25 basis points to 6.25 percent on 18th February 2015

‪#‎Africa‬ ‪#‎InterestRates‬ ‪#‎MonetaryPolicy‬ ‪#‎CentralBankofGhana‬ ‪#‎PolicyRates‬ ‪#‎CentralBank‬ ‪#‎MonetaryRate‬ #‎Hungary‬ ‪#‎HungarianNationalBank‬ ‪#‎BaseRates‬ #Africa #BankofNamibia ‪ #‎Budapest‬ #‎CentralAsia ‬ #BankofIsrael  #Colombo #CentralBankofColombia #MiddleEast ‪#‎WesternAsia‬ ‪#‎JhunjhunwalasFinance

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Global Central Banks Highlights for Monetary Policy Rates for month of October 2014.

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Global Central Banks Highlights for Monetary Policy Rates for month of October 2014.
Global Central Banks Highlights for Monetary Policy Rates for month of October 2014.


Global Central Banks Highlights for Monetary Policy Rates for month of October 2014.

#NationalBankOfRwanda #Rwanda #CentralBankofIceland #Iceland #ECB #EuropeanCentralBank #Europe
#ReserveBankOfAustralia #Australia #BankOfIndonesia #Indonesia #NationalBankOfPoland #Poland
#BOE #BankOfEngland #CentralBankOfTajikistan #Tajikistan #CentralReserveBankOfPeru #Peru
#BankOfUganda #Uganda #BankOfKorea #SouthKorea #NationalBankOfSerbia #Serbia
#CentralBankOfEgypt #Egypt #CentralBankOfChile #Chile #CentralBankOfSrilanka #Srilanka
#BankOfMozambique #Mozambique #CentralBankOfNamibia #Namibia #BankOfCanada #Canada
#BankOfNorway #NorgesBank #Norway  #CentralBankOfPhillipines #Phillipines #CentralBankOfTurkey #Turkey
#BankOfIsrael #Israel  #BankOfMauritius #Mauritius #NationalBankOfAngola #Angola #BankOfAlbania #Albania
#RiksBank #CentralBankOfSweden #Sweden #NationalBankOfHungary #Hungary
#CentralBankOfBrazil #Brazil  #ReserveBankOfNewZealand #NewZealand
#ReserveBankOfFiji #Fiji  #CentralBankOfColombia #Colombia
#BankOfJapan #Japan #BankOfRussia #Russia #RussianFederation
#BankOfMexico #Mexico #America

#MonetaryPolicy #MPR #MonetaryPolicyRate
#InterestRate #RepoRate #PolicyRate #KeyRate

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Hungary Central Bankers cuts Policy rates for 20th time but signals pause – Central Bank News

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25th March 2014

Hungary’s central bank cut its base rate by 10 basis points to 2.60 percent, its 20th rate decrease in a row, but signaled that it was likely to pause with further rate cuts, saying the base rate had “approached a level which ensures the medium-term achievement of price stability and a corresponding degree of support for the economy.”
    The National Bank of Hungary, which has now cut rates by 440 basis since embarking on an easing cycle in August 2012, added that it did not see scope for continuing the easing cycle, even if global financial markets were to significantly deteriorate.
     From August 2012 until July last year the central bank cut rates in 25-basis point increments but starting in August 2013 it reduced the pace of rate cuts to 20 basis points, aware that global investors were reassessing their view of investments in emerging markets and it had to keep rates high enough to attract funds. In January and February it then reduced the size of its rate cuts to 15 basis points.
    The central bank said there remains a degree of unused capacity in the economy and inflation is likely to move in line with the target in the medium term.
   “The negative output gap is expected to close gradually at the monetary policy horizon, and therefore the disinflationary impact of the real economy is likely to decrease looking forward,” the bank said.
     Hungary’s inflation rate rose to 0.1 percent in February from zero in January and the central bank expects inflation to remain below its 3.0 percent target this year before moving into line with the target from 2015.
    Hungary’s economy went into recession in 2012 but rebounded last year and the central bank expects growth to continue, helped by exports that are expected to play an important source of growth in coming years and investments are also likely to pick up further, the bank said.
    Hungary’s Gross Domestic Product expanded by 0.5 percent in the fourth quarter of 2013 from the third quarter for annual growth of 2.7 percent, up from 1.8 percent in the previous quarter

Hungary cuts rate for 20th time but signals pause – Central Bank News.

Global Central Bank Monetary Policy Week in Review – Apr 20, 2013

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Monetary Policy Week in Review – Apr 20, 2013: One central bank raises rate, 1 cuts as inflation remains sticky – Central Bank News.

Last week six central banks took policy decisions with two major banks in emerging markets (Turkey and Brazil) changing their rates in opposite direction while the other four central banks (Canada, Sweden, Mozambique and Sri Lanka) kept rates steady as inflation remains sticky despite weak global growth.
    Brazil’s 25 basis point rate hike – well-flagged and overdue – was significant because it illustrates that inflationary pressures are building in some emerging markets, specifically Asian countries, and central bankers will defend their inflation-fighting credentials.
    Brazil’s move was in contrast to decisions by Canada and Sweden to further push back the time frame for rate rises, showing how the euro area’s severe crises is hampering economic recovery throughout advanced economies while growth in many emerging markets is accelerating.
    While inflation remains an issue in many emerging countries, disinflation – or deflation in the case of Japan – haunts many advanced economies as long unemployment lines holds down wage pressure along with excess industrial capacity.
    Sweden’s Riksbank specifically cited the need to keep policy rates low for longer than forecast because inflation will take longer to return to target than expected. For 2013 inflation is forecast to average a mere 0.1 percent.
    Weaker-than-expected growth is also holding back inflation in Canada, with the Bank of Canada now first expecting inflation to return to target by mid-2015, at least six months later than it expected in January.
   Turkey, which bounced back swiftly from the global financial crises but then was hit by slow growth last year, cut its rate by a larger-than-expected 50 basis points despite inflation above the central bank’s target.
    The latest central bank decisions came as policy makers gathered in Washington D.C. for the annual meeting of the International Monetary Fund.
    While the IMF trimmed its 2013 global growth forecast, it also said the global economy was taking on the characteristics of a three-speed recovery. Growth in emerging and developing markets is still strong, the U.S. is getting back on its feet, but the euro area is continuing to contract with adverse feedback loops between weak banks, weak sovereigns and low economic activity reinforcing each other.
    Through the first 16 weeks of this year, 77 percent of the 147 policy decisions taken by the 90 central banks followed by Central Bank News have lead to unchanged rates, the same ratio as after 15 weeks.
    Globally, 19 percent of policy decisions this year have lead to rate cuts – largely by central banks in emerging economies – unchanged from last week and slightly down from 20 percent the week before then.
MOZAMBIQUE 9.50% 9.50% 13.50%
SRI LANKA FM 7.50% 7.50% 7.75%
TURKEY EM 5.00% 5.50% 5.75%
BRAZIL EM 7.50% 7.25% 9.00%
SWEDEN DM 1.00% 1.00% 1.50%
CANADA DM 1.00% 1.00% 1.00%
Next week (week 17) features nine central bank policy decisions, including Hungary, Namibia, New Zealand, Philippines, Fiji, Japan (including the economic outlook), Mexico, Colombia, and Trinidad and Tobago.
COUNTRY MSCI              DATE               RATE        1 YEAR AGO
HUNGARY EM 23-Apr 5.00% 7.00%
NAMIBIA 24-Apr 5.50% 6.00%
NEW ZEALAND DM 24-Apr 2.50% 2.50%
PHILIPPINES EM 25-Apr 3.50% 4.00%
FIJI 25-Apr 0.50% 0.50%
JAPAN DM 26-Apr 0.00% 0.10%
TRINIDAD & TOBAGO 26-Apr 2.75% 3.00%
MEXICO EM 26-Apr 4.00% 4.50%
COLOMBIA EM 26-Apr 3.25% 5.25%


Monetary Policy Week in Review for last week – Central Bank News

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Monetary Policy Week in Review – Mar 30, 2013: Chance of global crises eases as 3 banks cut rates, 8 hold, 1 raises – Central Bank News.

Last week 12 central banks took policy decisions with three banks cutting rates (Vietnam,Hungary and Georgia), eight keeping rates on hold (Israel, AngolaTurkeyMoroccoTaiwan,ZambiaCzech Republic and Romania) and Tunisia becoming the fifth central bank to raise rates this year.
    The main message gleaned from central banks last week was that the global economy continues to recover, but every time it seems to pick up a little steam, confidence is undermined by developments in Europe, the only major risk to a sustained recovery. 
    But like a resilient boxer, the global economy dusts itself off and gets back on its feet, adjusting to the fact that large bank depositors in Europe may have to share the costs of future bank bailouts with tax payers, the main lesson from Cyprus.
    After the shock from this major but ultimately positive policy shift, there was a sense of relief that Europe had muddled through, once again, and financial markets had taken the events in stride.
     “It appears that there has been a decline in the probability of a crises occurring, a development which has reduced the high level of uncertainty that prevailed in the last year,” the Bank of Israel said in its statement.
    But as both Israel and the Reserve Bank of Australia (RBA) acknowledged, the global economic picture remains mixed and “it is too early to say whether the improved market sentiment over the past six months is the beginning of a sustained recovery, or merely a temporary upswing.”
    The challenges facing Europe’s policy makers is considerable. Not only do they have to restore financial health to governments and banks, they must also find ways to strengthen economic growth at a time of growing challenges from emerging markets.
    “The renewed market tension associated with the handling of the sovereign and banking crisis in Cyprus in recent weeks has provided a reminder of the political, economic and social challenges of resolving the pervasive fiscal and banking sector problems,” the RBA said in its financial review.
     In the latest manifestation of the structural shift in the global economy – illustrated by a stagnating Europe and growing emerging markets – the leaders of Brazil, Russia, India, and South Africa and China agreed to establish a New Development Bank.
    The leaders of these five countries, known as the BRICS countries, acknowledged that their infrastructure has to be improved but currently there is insufficient long-term and foreign investment in capital stock.
    Acknowledging their role and responsibility for global governance, the BRICS leaders said a bank, which now will be established, would use global financial resources more productively and thus make a positive contribution in boosting global demand.
    They also agreed to establish a $100 billion financial reserve arrangement that would “help BRICS countries forestall short-term liquidity pressures, provide mutual support and further strengthen financial stability,” the leaders said in their March 27 Durban declaration.
     The Contingent Reserve Arrangement (CRA) would help strengthen the global financial safety net during times of market turmoil.
    Through the first 13 weeks of the year, 77 percent of the 125 policy decisions taken by the 90 central banks followed by Central Bank News lead to unchanged rates, marginally down from 78 percent after the first 11 weeks.
    Globally, 19 percent of policy decisions this year have lead to rate cuts, largely by central banks in emerging economies, a ratio that was steady from last week.
    Of the 24 rate cuts worldwide so far this year, 42 percent have come from central banks in emerging markets and the remainder from frontier markets and other countries.
    No central banks in developed markets have cut rates this year, but this is largely because many of those central banks slashed rates to effectively zero five years ago and then switched to various forms of so-called quantitative easing to stimulate demand.
ISRAEL DM 1.75% 1.75% 2.50%
VIETNAM FM 8.00% 9.00% 14.00%
ANGOLA 10.00% 10.00% 10.25%
TURKEY EM 5.50% 5.50% 5.75%
MOROCCO EM 3.00% 3.00% 3.00%
HUNGARY EM 5.00% 5.25% 7.00%
GEORGIA 4.50% 4.75% 6.50%
TAIWAN EM 1.88% 1.88% 1.88%
ZAMBIA 9.25% 9.25% 9.00%
CZECH REPUBLIC EM 0.05% 0.05% 0.75%
TUNISIA FM 4.00% 3.75% 3.50%
ROMANIA FM 5.25% 5.25% 5.25%
Next week (week 14) features six central bank policy decisions, including Australia, Thailand, Uganda, Japan, United Kingdom and the euro area.
COUNTRY MSCI          MEETING               RATE        1 YEAR AGO
AUSTRALIA DM 2-Apr 3.00% 4.25%
THAILAND EM 3-Apr 2.75% 3.00%
UGANDA 3-Apr 12.00% 21.00%
JAPAN DM 4-Apr 0.10% 0.10%
UNITED KINGDOM DM 4-Apr 0.50% 0.50%
EURO AREA DM 4-Apr 0.75% 1.00%


Global Monetary Policy Rates – February 2013 : Global Central Bank News

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Global Monetary Policy Rates – Feb. 2013: Rates decline further but pace slows as growth prospects improve – Central Bank News.

 Global interest rates declined further in February as six central banks cut rates by a total of 150 basis points, pushing the average global monetary policy rate down to 5.86 percent from January’s 5.88 percent and December’s 5.92 percent.
    The pace of rate cuts cooled from January when the 90 central banks followed by Central Bank News trimmed rates by a total of 342 basis points, as many central banks start to shift towards a more neutral stance to gauge the impact of last year’s rate cuts, U.S. budget cuts and Europe’s recession.
    Only one central bank raised rates in February: Serbia, which has now raised rates by 50 basis points this year, continuing its dogged fight against inflation.
    Apart from Denmark, which raised its rate in January for exchange rate reasons, Serbia is the only central bank worldwide to have tightened policy this year, illustrating how weak global demand is keeping inflation at bay and allowing central banks to cut interest rates to stimulate growth.
    Declining inflation rates and subdued upward pressure was specifically cited by five of this month’s rate cutters (Georgia, Azerbaijan, Poland, Hungary and Colombia) in their policy statements. 
    Nevertheless, some central banks are starting to voice concern over inflationary pressures, especially Brazil, Russia and Malaysia, while China has been draining funds from the banking system to temper the rise in inflation.
    While there are still major risks to the global economic recovery, the overall picture of the global economy is one of brightening prospects, with the U.S., China and emerging markets growing stronger while Europe is weakening.
    The Reserve Bank of Australia (RBA) and the Bank of Israel (BOI) typify those central banks that are in a holding pattern. After last year’s sizable rate cuts, their economies are adjusting with the RBA saying the full impact of “significant easing” is yet to come while the BOI notes it’s too early to tell whether the economy has reached a turning point.
    Asia remains the hub for global growth, with a pickup in China’s economic activity cited by both Indonesia and far-away Chile as helping their exports. South Korea, Thailand, Japan and Sweden also noted improving exports.
     New Zealand, whose strong currency is helping curtain inflation, is also more upbeat about its economic prospects and keeping a close eye on house prices for any signs of overheating.


KENYA FM 9.50% -150
MONGOLIA 12.50% -75
COLOMBIA EM 3.75% -50
GEORGIA 4.75% -50
HUNGARY EM 5.25% -50
JAMAICA 5.75% -50
POLAND EM 3.75% -50
AZERBAIJAN 4.75% -25
ALBANIA 3.75% -25
ANGOLA 10.00% -25
INDIA EM 7.75% -25
MACEDONIA 3.50% -25
BULGARIA FM 0.01% -2



Hungary’s Central Bank News

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Hungary’s central bank, which earlier today cut its base rate for the seventh time in a row, said it would consider cutting rates further if the outlook for inflation remains in line with its 3.0 percent target and the improvement in financial market sentiment is sustained.
The forward guidance by the National Bank of Hungary is exactly the same as in previous months. Since August 2012, the central bank has cut rates by 175 basis points with the rate now at 5.25 percent.
“In the Monetary Council’s judgement, the economic data becoming available in the past month suggest that weak demand continues to exert a strong disinflationary impact on prices, and therefore companies will have limited ability to pass on higher production costs into prices,” the bank said.
In addition, favorable financial market conditions may lead to a sustained fall in Hungarian asset prices which means that the bank’s inflation target can be met with looser monetary conditions.
Hungary’s economy contracted by more than expected in the fourth quarter of 2012, the bank said, adding that it expects growth to resume this year, helped by better exports.
“However, external, and domestic demand factors in particular, point to only modest growth in the period ahead,” the bank added.
Hungary’s Gross Domestic Product contracted by 0.9 percent in the fourth quarter from the third, the fourth quarterly contraction in a row, for an annual drop of 2.7 percent, up from the third quarter’s annual decline of 1.5 percent.
        Last month the International Monetary Fund said in its annual review that Hungary’s economy was estimated to have shrunk by 1.5 percent in 2012 following a 1.7 percent expansion in 2011.

    The IMF also said that further rate cuts by Hungary’s central bank should be “considered very cautiously” as rate cuts are unlikely to have a material impact on aggregate demand, given the difficult operational environment for banks, and the foreign currency exposure of private and public balance sheets remains significant so any sizable currency depreciation could be destabilizing.
    Hungary’s headline inflation rate slowed more than expected in January, the bank said, attributing the decline to a wide range of goods and services, along with a marked slowdown in underlying inflation which may reflect the “stronger-than-expected disinflationary impact of weak domestic demand.”
    The inflation rate fell to 3.7 percent in January, down from December’s 5.0 percent but still above the central bank’s 3.0 percent target. Hungary’s inflation rate jumped last year due to higher indirect taxes, which triggered price hikes, a depreciation of the forint plus higher food prices from bad weather.
     The central bank said global risk appetite had remained strong over the past month, but the contrast between improved investor sentiment and the modest outlook for global growth remains a risk, a warning the bank also issued last month.
    The success of Hungary’s foreign currency-denominated bond issue had also reduced financing risks for the country and cooperation with the European Commission and the International Monetary Fund “might contribute to a further reduction in financing costs,” the bank said.


Hungary to cut rates again if inflation remains on target – Central Bank News.