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#MonetaryPolicy Update of #Fiji #Ghana #Hungary #Israel #Colombia #SriLanka #Turkey #Namibia #Kyrgyzstan on February 2015
#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
#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.
#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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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
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.
INTEREST RATE CUTS, YEAR-TO-DATE IN BASIS POINTS, FEBRUARY 2013:
|COUNTRY||MSCI||CURRENT RATE||YTD CHANGE|
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.