The number of central banks tightening their monetary policy stance this year rose to 18 following today's rate hike by the South African Reserve Bank (SARB), but this is still eclipsed by the 41 central banks that have eased their policy stance this year to counter weak growth and low inflation.
Central Bank News, which already tracks the policy rates of 90 central banks worldwide, recently expanded its list of products to include Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy.
GMPC complements Central Bank News’ other products, such as the the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which covers key events in monetary policy and includes a summary of rate changes each month.
Following is an alphabetical list of countries that have changed their monetary policy this year. The list is updated and can be accessed on the Central Bank News website under the heading of "Tighter or Easier" as soon as central banks announce changes to their policy.
ALBANIA Jan 28: key rate cut 25 bps to 2.00%, easy monetary conditions to be maintained some quarters ahead to achieve inflation target ANGOLA Feb 13: rate on liquidity absorbtion facility cut 175 bps to 0.0% at extraordinary meeting following government 2015 program Mar 30: basic interest rate raised 25 bps to 9.25% as inflation rises, kwanza depreciates and credit rises Jun 29: basic interest rate raised 50 bps to 9.75 as inflation accelerates, credit rises ARMENIA Jan. 22: repo rate raised 100 bps to 9.50% to support demand, foster sustainable growth and inflation Feb 10: repo rate raised 100 bps to 10.50% to reduce short-term market rates, stabilize financial markets and ensure inflation objective AUSTRALIA Feb. 3: cash rate cut 25 bps to 2.25% to boost demand, economic growth and inflation May 5: cash rate cut 25 bps to 2.00% to boost household demand but no guidance issued. AZERBAIJAN Jul 10: refinancing rate cut 50 bps to 3.00% to stimulate growth in non-oil sector and accelerate fall in interest rates for business BELARUS Jan 8: National Bank enacts series of measures to stabilize Belarus ruble and money markets, including raising repo rate 500 bps to 25.00%, overnight deposit rate raised to 20%, reserve requirement on FX cut to 12.50% and then to 10.00% in February in light of lack of ruble funds. Pegging of Belarus ruble to FX basket resumes. BOTSWANA Feb 18: bank rate cut 100 bps to 6.5% as economic outlook and inflation provides scope for easing BRAZIL Jan 21: Selic rate raised 50 bps to 12.25% in unanimous decision, no bias Mar 4: Selic rate raised 50 bps to 12.75% in unanimous decision, no bias Apr 29: Selic rate raised 50 bps to 13.25% in unanimous decision, no bias Jun 3: Selic rate raised 50 bps to 13.75% in unanimous decision, no bias BULGARIA Dec 30, 2014: January base rate cut by 1 bps to 0.01% May 29: June base rate raised by 1 bps to 0.02% CANADA Jan 21: benchmark target for overnight rates cut 25 bps to 0.75% in response to sharp drop in oil prices that will be negative for growth and inflation Jul 15: benchmark target for overnight rates cut 25 bps to 0.50% due to slower growth, downside risks to inflation CAPE VERDE Feb 13: policy rate cut 25 bps to 3.50%, reserve requirement cut 300 bps to 15.0% to boost growth and fight "scenario of deflation" CENTRAL AFRICAN STATES Jul 10: main rate cut 50 bps to 2.45% CHINA Feb 4: reserve requirement for big banks cut 50 bps to 19.50% to free up up to 600 billion yuan held as bank reserves Feb 28: benchmark 1-year lending rate cut 25 bps to 5.35% and 1-year deposit rate cut 25 bps to 2.50% to counter dampening impact on economy from rise in real interest rates from falling inflation Apr 19: reserve requirement for big banks cut 100 bps to 18.50% to counter slowdown in industrial output and retail sales May 10: benchmark 1-year lending rate cut 25 bps to 5.10% and 1-year deposit rate cut 25 bps to 2.25% as economy faces "greater downward pressure" while inflation remains low Jun 27: benchmark 1-year lending rate cut 25 bps to 4.85% and reserve requirement for rural lenders by 50 bps and ratio for financial firms by 300 bps COSTA RICA Feb 2: policy rate cut 50 bps to 4.75% Mar 19: policy rate cut 25 bps to 4.50% Apr 23: policy rate cut 25 bps to 4.00% Jun 20: policy rate cut 25 bps to 3.50% DENMARK Jan 19: Lending rate cut 15 bps to 0.05%, deposit rate cut 15 bps to -0.20% following purchase of FX in market Jan. 22: Deposit rate cut 15 bps to -0.35% following purchase of FX in market Jan. 29: deposit rate cut 15 bps to -0.50% following purchase of FX in market Jan. 30: Danish government suspends issuance of domestic and foreign bonds to limit FX inflow Feb. 5: deposit rate cut 25 bps to -0.75% following purchase of FX in market. Danmarks Nationalbank says it has necessary instruments to defend fixed exchange rate DOMINICAN REPUBLIC April 30: policy rate cut 50 bps March 30: policy rate cut 50 bps May 3: policy interest rate cut 50 bps to 5.25% as inflation expected to remain below lower bound May 31: policy rate cut 25 bps to improve economic growth without jeopardizing inflation target EGYPT Jan. 15: deposit rate cut 50 bps to 8.75% in surprise move as upside risks from imported inflation are contained due to lower oil and food prices EURO AREA Jan. 22: Governing council decides to launch expanded asset purchase program in March, with combined monthly purchases of euro-area government and European institutions of 60 billion euros. Programme intended to be carried out until end of September 2016 and until "sustained adjustment in path of inflation." GAMBIA May 7: rediscount rate raised 100 bps to 23.00% along with more intense market operations due to persitent inflationary pressure GEORGIA Feb 11: repo rate raised 50 bps to 4.50%, as predicted by governor, and central bank expects further rate rise to 5.0% by end-2015 May 6: repo rate raised 50 bps to 5.00% and will be raised to 5.50% end-year on risk inflation will exceed target Jul 1: repo rate raised 50 bps to 5.50% and will be raised to 6.50% end-year due to rising inflation expectations, domestic and external risks GHANA May 13: monetary policy rate raised 100 bps to 22.00% to rein-in inflation and inflation expectations along with sustained fiscal consolidation. GUATEMALA Feb 25: leading interest rate cut 50 bps to 3.50% as inflation is forecast to remain below the central bank's target. Central bank says will take timely actions to keep inflation close to medium-term target. HUNGARY Mar 24: base rate cut 15 bps to 1.95%, "cautious easing" may continue. Apr 21: base rate cut 15 bps to 1.80%, "cautious easing" may continue. May 26: base rate cut 15 bps to 1.65%, "cautious easing" may continue Jun 23: base rate cut 15 bps to 1.50%, sees "further, slight easing" of policy rate Jul 21: base rate cut 15 bps to 1.35%, but rate now reached level that assures inflation target will be reached while economy is supported ICELAND Jun 10: key rates raised 50 bps as high wage increases, robust demand worsens inflation outlook. Further rate rise in August necessary. INDIA Jan 15: repo rate cut 25 bps to 7.75% in unscheduled move in response to falling inflation. Further easing based on continuing disinflation Mar 4: repo rate cut 25 bps to 7.50% in another unscheduled move with reserve bank governor describing it as a pre-emptive move in light of softer inflation. Further adjustment to depend on data. Jun 2: repo rate cut 25 bps to 7.25% in a front-loaded move as inflation should fall further while capacity utilisation remains low and the economic recovery remains mixed with subdued investment and credit growth. INDONESIA Feb 17: BI rate cut 25 bps to 7.50% on confidence that inflation will remain within target corridor May 19: Loan-to-deposit (LDR) ratio and loan-to-value (LTV) policy for mortgages and car loans to be loosened to "keep the economic growth momentum." IRAN April 18: Annual deposit rate cut 200 bps to 20% on lowered inflation forecast ISRAEL Feb 23: benchmark interest rate cut 15 bps to 0.10% to counter negative impact on economic activity and inflation from recent appreciation of shekel. JAMAICA Apr 16: rate on 30-day certificate of deposit cut by 25 bps to 5.50% as inflation expected to remain low JORDAN Feb 2: re-discount rate cut 25 bps to 4.00% following rise in foreign reserves and improved inflation outlook Jul 8: re-discount rate cut 25 bps to 3.75% to stimulate economic growth KENYA: Jun 9: central bank rate raised 150 bps to 10.00% to curb inflation pressure from depreciating shilling, strong demand and expected rise in oil prices Jul 7: central bank rate raised 150 bps to 11.50% to anchor inflationary expectations from pressure on the exchange rate over last few months KYRGYZSTAN Jan 26: policy rate raised 50 bps to 11.00% to curb inflation pressures from depreciation of som, appropriate measures to be taken to reduce inflation to target May 26: policy rate cut 150 bps to 9.50% as inflation falls further MOLDOVA Jan 29: base rate raised 200 bps to 8.50%, reserve requirement raised 200 bps to 16.00% Feb 17: base rate raised 500 bps to 13.50% at extraordinary board meeting in response to leu depreciation Apr 30: reserve requirement raised 200 bps to 20.00% as depreciation expected to raise inflaiton May 28: base rate raised 100 bps to 14.50% as inflation expected to exceed upper limit, reserve requirement raised 200 bps to 22.00% Jun 25: base rate raised 100 bps to 15.50% to anchor inflation expectations as inflation expected to accelerate in coming months, reserve requirement raised 400 bps to 26.00% MONGOLIA Jan 16: policy rate raised 100 bps to 13.00% to dampen demand, curb current account deficit and keep inflation low and stable NAMIBIA Feb 18: repo rate raised 25 bps to 6.25% on continuing concern over high growth in household credit used on "unproductive goods" such as cars and luxury goods Jun 17: repo rate raised 25 bps to 6.50% to contain high growth in credit, particularly installment credit used to buy unproductive luxury goods NEW ZEALAND Jun 11: OCR rate cut 25 bps to 3.25% in light of low inflationary pressures and expected weakening of demand. Expects further easing to be appropriate. Jul 23: OCR rate cut 25 bps to 3.00% due to a softer outlook for the economy and inflation. Further easing seems likely. NORWAY Jun 18: key policy rate cut 25 bps to 1.00% due to a deterioration in economic outlook but countercyclical capital buffer to be raised to 1.5% from 1.0% in June 2016 to prevent lower lending rates leading to even higher property prices and debt. PARAGUAY Mar 19: policy rate cut 25 bps to 6.50% as inflation continues to fall a expectations have adjusted to new inflation target Apr 21: policy rate cut 25 bps to 6.25% to maintain policy stance as falling inflation is changing inflation expectations Jun 18: policy rate cut 25 bps to 6.00% as some domestic sectors have undergone negative shocks in last 2 months Jul 21: policy rate cut 25 bps to 5.75% to boost economic activity as growth in 2016 may be below forecasts and potential PAKISTAN Jan. 24: policy rate cut 100 bps to 8.50% due to improving economy, declining inflation, rising FX reserves and contained fiscal deficit. Inflation forecast revised down Mar 21: policy rate cut 50 bps to 8.00% due to trend of falling inflation May 23: key rates cut 100 bps with ceiling rate cut to 7.0% and floor rate at 5.0%, new target rate set at 6.50% PERU Jan. 15: policy rate cut 25 bps to 3.25% on continued weak growth but says this doesn’t imply successive rate cuts Jan. 27: reserve requitement for domestic currency cut 50 bps to 8.50% Feb 26: reserve requirement for domestic currency cut 50 bps to 8.00% Mar 30: reserve requirement for domestic currency cut 50 bps 7.50% Apr 27: reserve requirement for domestic currency cut 50 bps to 7.00% May 31: reserve requirement for domestic currency cut 50 bps to 6.50% POLAND Mar 4: policy reference rate cut 50 bps to 1.50% in expected move to avoid prolonged period of deflation. Central bank lowers inflation forecasts but says it has now ended its easing cycle. ROMANIA Jan. 7: policy rate cut 25 bps to 2.50%, rate corridor narrowed 25 bps 2.25 pct points as inflation forecast to remain below lower bound of target range Feb. 4: policy rate cut 25 bps to 2.25%, rate corridor narriwed 25 bps to 2.00 pct points as inflation forecast lowered Mar 31: policy rate cut 25 bps to 2.00%, rate corridor narrowed 25 bps to 1.75 pct points as data shows inflation will rise but remain below lower bound of target range May 6: policy rate cut 25 bps to 1.75%, rate corridor narrowed 25 bps to 1.50 pct points, reserve requirement on leu cut 200 bps to 8.00% after inflation forecast cut RUSSIA Jan 30: key rate cut 200 bps to 15.00% to avert "sizable decline in economic activity" Mar 13: policy rate cut 100 bps to 14.00% and central bank says ready to continue ctting as inflation risks abate Apr 30: key rate cut 150 bps to 12.50% and central bank says ready to cut further as inflationary risks continue to weaken Jun 15: key rate cut 100 bps to 11.50%. Central bank ready to cut furtherbut easing limited by the risk of inflation. SERBIA Mar 12: key policy rate cut by 50 bps to 7.50%, further changes depend on how commodity prices and international risks affect inflation Apr 9: key policy rate cut 50 bps to 7.00% to curb disinflationary pressures from low demand May 11: key policy rate cut 50 bps to 6.50% as inflation is moving below the tolerance band and inflation pressures are subdued. Interest rate corridor around key rate narrowed to plus/minus 2.00% from 2.50% Jun 11: key policy rate cut 50 bps to 6.00% to support growth as inflation is below the tolerance band, cautious stance warranted due to international uncertainties SIERRA LEONE Mar 23: monetary policy rate cut 50 bps to 9.50% to stimulate growth to promote growth against twin shocks of Ebola and fall in commodity prices, particularly iron iron SINGAPORE Jan. 28: Slope of Singapore dollar's appreciation band reduced in an unschedule move due to a lower inflation forecast. SOUTH AFRICA Jul 23: repo rate raised 25 bps to 6.00% on concern heightened inflation risks will lead to entrenched inflation expectations SOUTH KOREA Mar 11: base rate cut 25 bps to 1.75%, a surprise to most analysts, as economic growth and inflation will be below forecasts Jun 11: base rate cut 25 bps to 1.50% due to sluggish exports and the negative impact on consumption from the outbreak of the rare MERS virus. SRI LANKA Apr 15: main policy rates cut by 50 bps in surprise move, relaxed monetary policy stance will be pursued in coming months to boot growth while inflation remains in single digits SWEDEN Feb 12: repo rate cut 10 bps to -0.10%, starts quantitative easing by buying 10 bln Swedish crowns of 1-5 yr gov. bonds to ensure inflation returns to target. Central bank says prepared to make policy more expansive Mar 18: repo rate cut 15 bps to -0.25%, raises target for purchasing government bonds to 30 billion crowns in unscheduled move to ensure rise in crown doesn't reverse trend of rising inflation Apr 29: repo rate maintained at -0.25% but target for purchasing government bonds raised by 40-50 billion crowns to 80-90 billion to ensure deflation doesn't return and consumer prices continue to rise. Riksbank said prepared to make policy even more expansionary if necessary Jul 2: repo rate cut 10 bps to -0.35%, further 45 bln crowns of government bonds to be bought from Sept. through end-2015 to ensure inflation rises in light of appreciation of krona's exchange rate and uncertainties surrounding Greece. SWITZERLAND Jan 15: Upper limit on Swiss franc exchange rate against euro of 1.20 abolished and 3-month Libor rate cut 50 bps to minus 0.75% in surprise move that shocks financial markets THAILAND Mar 11: policy rate cut 25 bps to 1.75% to support economic recovery and shore up confidence. Decision comes as a surprise to most economists as bank's MPC votes 4-3 to cut Apr 29: policy rate cut 25 bps to 1.50% to support economic recovery and anchor inflation expectations TRINIDAD & TOBAGO Jan 30: repo rate raised 25 bps to 3.50% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates Mar 27: repo rate raised 25 bps to 3.75% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates Jun 1: repo rate raised 25 bps to 3.75% based on normalization of US monetar policy, potential for rising inflation and positive growth outlook TURKEY Jan. 20: one-week repo rate cut 50 bps to 7.75% in response to lower inflation, future decisions conditional on improved inflation outlook Feb 24: one-week repo rate cut 25 bps to 7.50%, with future decisions depending on inflation outlook UGANDA Apr 8: central bank rate raised by 100 bps to 12.00% to forestall rise in core inflation over bank's target Jun 16: central bank rate raised 100 bps to 13.00% in response to high inflation pressure from shilling depreciation and rising demand. To raise rate further if inflation outlook deteriorates. Jul 13: central bank rate raised 150 bps to 14.50% to avert prospect of higher inflation from recent depreciation of shilling's exchange rate UKRAINE Feb 5: discount rate raised 550 bps to 19.50% to defend hryvnia and curb inflation. Daily auctions for FX scrapped Mar 3: discount rate raised 1050 bps to 30.00% to defend hryvnia exchange rate, reduce money market tensions and curb inflation UZBEKISTAN Jan. 5: repo rate cut 100 bps to 9.00% to boost growth
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Central Bank News, which already tracks the policy rates of 90 central banks worldwide, recently expanded its list of products to include Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy.
GMPC complements Central Bank News’ other products, such as the the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which covers key events in monetary policy and includes a summary of rate changes each month.
Following is an alphabetical list of countries that have changed their monetary policy this year. The list is updated and can be accessed on the Central Bank News website under the heading of "Tighter or Easier" as soon as central banks announce changes to their policy.
ALBANIA Jan 28: key rate cut 25 bps to 2.00%, easy monetary conditions to be maintained some quarters ahead to achieve inflation target ANGOLA Feb 13: rate on liquidity absorbtion facility cut 175 bps to 0.0% at extraordinary meeting following government 2015 program Mar 30: basic interest rate raised 25 bps to 9.25% as inflation rises, kwanza depreciates and credit rises Jun 29: basic interest rate raised 50 bps to 9.75 as inflation accelerates, credit rises ARMENIA Jan. 22: repo rate raised 100 bps to 9.50% to support demand, foster sustainable growth and inflation Feb 10: repo rate raised 100 bps to 10.50% to reduce short-term market rates, stabilize financial markets and ensure inflation objective AUSTRALIA Feb. 3: cash rate cut 25 bps to 2.25% to boost demand, economic growth and inflation May 5: cash rate cut 25 bps to 2.00% to boost household demand but no guidance issued. AZERBAIJAN Jul 10: refinancing rate cut 50 bps to 3.00% to stimulate growth in non-oil sector and accelerate fall in interest rates for business BELARUS Jan 8: National Bank enacts series of measures to stabilize Belarus ruble and money markets, including raising repo rate 500 bps to 25.00%, overnight deposit rate raised to 20%, reserve requirement on FX cut to 12.50% and then to 10.00% in February in light of lack of ruble funds. Pegging of Belarus ruble to FX basket resumes. BOTSWANA Feb 18: bank rate cut 100 bps to 6.5% as economic outlook and inflation provides scope for easing BRAZIL Jan 21: Selic rate raised 50 bps to 12.25% in unanimous decision, no bias Mar 4: Selic rate raised 50 bps to 12.75% in unanimous decision, no bias Apr 29: Selic rate raised 50 bps to 13.25% in unanimous decision, no bias Jun 3: Selic rate raised 50 bps to 13.75% in unanimous decision, no bias BULGARIA Dec 30, 2014: January base rate cut by 1 bps to 0.01% May 29: June base rate raised by 1 bps to 0.02% CANADA Jan 21: benchmark target for overnight rates cut 25 bps to 0.75% in response to sharp drop in oil prices that will be negative for growth and inflation Jul 15: benchmark target for overnight rates cut 25 bps to 0.50% due to slower growth, downside risks to inflation CAPE VERDE Feb 13: policy rate cut 25 bps to 3.50%, reserve requirement cut 300 bps to 15.0% to boost growth and fight "scenario of deflation" CENTRAL AFRICAN STATES Jul 10: main rate cut 50 bps to 2.45% CHINA Feb 4: reserve requirement for big banks cut 50 bps to 19.50% to free up up to 600 billion yuan held as bank reserves Feb 28: benchmark 1-year lending rate cut 25 bps to 5.35% and 1-year deposit rate cut 25 bps to 2.50% to counter dampening impact on economy from rise in real interest rates from falling inflation Apr 19: reserve requirement for big banks cut 100 bps to 18.50% to counter slowdown in industrial output and retail sales May 10: benchmark 1-year lending rate cut 25 bps to 5.10% and 1-year deposit rate cut 25 bps to 2.25% as economy faces "greater downward pressure" while inflation remains low Jun 27: benchmark 1-year lending rate cut 25 bps to 4.85% and reserve requirement for rural lenders by 50 bps and ratio for financial firms by 300 bps COSTA RICA Feb 2: policy rate cut 50 bps to 4.75% Mar 19: policy rate cut 25 bps to 4.50% Apr 23: policy rate cut 25 bps to 4.00% Jun 20: policy rate cut 25 bps to 3.50% DENMARK Jan 19: Lending rate cut 15 bps to 0.05%, deposit rate cut 15 bps to -0.20% following purchase of FX in market Jan. 22: Deposit rate cut 15 bps to -0.35% following purchase of FX in market Jan. 29: deposit rate cut 15 bps to -0.50% following purchase of FX in market Jan. 30: Danish government suspends issuance of domestic and foreign bonds to limit FX inflow Feb. 5: deposit rate cut 25 bps to -0.75% following purchase of FX in market. Danmarks Nationalbank says it has necessary instruments to defend fixed exchange rate DOMINICAN REPUBLIC April 30: policy rate cut 50 bps March 30: policy rate cut 50 bps May 3: policy interest rate cut 50 bps to 5.25% as inflation expected to remain below lower bound May 31: policy rate cut 25 bps to improve economic growth without jeopardizing inflation target EGYPT Jan. 15: deposit rate cut 50 bps to 8.75% in surprise move as upside risks from imported inflation are contained due to lower oil and food prices EURO AREA Jan. 22: Governing council decides to launch expanded asset purchase program in March, with combined monthly purchases of euro-area government and European institutions of 60 billion euros. Programme intended to be carried out until end of September 2016 and until "sustained adjustment in path of inflation." GAMBIA May 7: rediscount rate raised 100 bps to 23.00% along with more intense market operations due to persitent inflationary pressure GEORGIA Feb 11: repo rate raised 50 bps to 4.50%, as predicted by governor, and central bank expects further rate rise to 5.0% by end-2015 May 6: repo rate raised 50 bps to 5.00% and will be raised to 5.50% end-year on risk inflation will exceed target Jul 1: repo rate raised 50 bps to 5.50% and will be raised to 6.50% end-year due to rising inflation expectations, domestic and external risks GHANA May 13: monetary policy rate raised 100 bps to 22.00% to rein-in inflation and inflation expectations along with sustained fiscal consolidation. GUATEMALA Feb 25: leading interest rate cut 50 bps to 3.50% as inflation is forecast to remain below the central bank's target. Central bank says will take timely actions to keep inflation close to medium-term target. HUNGARY Mar 24: base rate cut 15 bps to 1.95%, "cautious easing" may continue. Apr 21: base rate cut 15 bps to 1.80%, "cautious easing" may continue. May 26: base rate cut 15 bps to 1.65%, "cautious easing" may continue Jun 23: base rate cut 15 bps to 1.50%, sees "further, slight easing" of policy rate Jul 21: base rate cut 15 bps to 1.35%, but rate now reached level that assures inflation target will be reached while economy is supported ICELAND Jun 10: key rates raised 50 bps as high wage increases, robust demand worsens inflation outlook. Further rate rise in August necessary. INDIA Jan 15: repo rate cut 25 bps to 7.75% in unscheduled move in response to falling inflation. Further easing based on continuing disinflation Mar 4: repo rate cut 25 bps to 7.50% in another unscheduled move with reserve bank governor describing it as a pre-emptive move in light of softer inflation. Further adjustment to depend on data. Jun 2: repo rate cut 25 bps to 7.25% in a front-loaded move as inflation should fall further while capacity utilisation remains low and the economic recovery remains mixed with subdued investment and credit growth. INDONESIA Feb 17: BI rate cut 25 bps to 7.50% on confidence that inflation will remain within target corridor May 19: Loan-to-deposit (LDR) ratio and loan-to-value (LTV) policy for mortgages and car loans to be loosened to "keep the economic growth momentum." IRAN April 18: Annual deposit rate cut 200 bps to 20% on lowered inflation forecast ISRAEL Feb 23: benchmark interest rate cut 15 bps to 0.10% to counter negative impact on economic activity and inflation from recent appreciation of shekel. JAMAICA Apr 16: rate on 30-day certificate of deposit cut by 25 bps to 5.50% as inflation expected to remain low JORDAN Feb 2: re-discount rate cut 25 bps to 4.00% following rise in foreign reserves and improved inflation outlook Jul 8: re-discount rate cut 25 bps to 3.75% to stimulate economic growth KENYA: Jun 9: central bank rate raised 150 bps to 10.00% to curb inflation pressure from depreciating shilling, strong demand and expected rise in oil prices Jul 7: central bank rate raised 150 bps to 11.50% to anchor inflationary expectations from pressure on the exchange rate over last few months KYRGYZSTAN Jan 26: policy rate raised 50 bps to 11.00% to curb inflation pressures from depreciation of som, appropriate measures to be taken to reduce inflation to target May 26: policy rate cut 150 bps to 9.50% as inflation falls further MOLDOVA Jan 29: base rate raised 200 bps to 8.50%, reserve requirement raised 200 bps to 16.00% Feb 17: base rate raised 500 bps to 13.50% at extraordinary board meeting in response to leu depreciation Apr 30: reserve requirement raised 200 bps to 20.00% as depreciation expected to raise inflaiton May 28: base rate raised 100 bps to 14.50% as inflation expected to exceed upper limit, reserve requirement raised 200 bps to 22.00% Jun 25: base rate raised 100 bps to 15.50% to anchor inflation expectations as inflation expected to accelerate in coming months, reserve requirement raised 400 bps to 26.00% MONGOLIA Jan 16: policy rate raised 100 bps to 13.00% to dampen demand, curb current account deficit and keep inflation low and stable NAMIBIA Feb 18: repo rate raised 25 bps to 6.25% on continuing concern over high growth in household credit used on "unproductive goods" such as cars and luxury goods Jun 17: repo rate raised 25 bps to 6.50% to contain high growth in credit, particularly installment credit used to buy unproductive luxury goods NEW ZEALAND Jun 11: OCR rate cut 25 bps to 3.25% in light of low inflationary pressures and expected weakening of demand. Expects further easing to be appropriate. Jul 23: OCR rate cut 25 bps to 3.00% due to a softer outlook for the economy and inflation. Further easing seems likely. NORWAY Jun 18: key policy rate cut 25 bps to 1.00% due to a deterioration in economic outlook but countercyclical capital buffer to be raised to 1.5% from 1.0% in June 2016 to prevent lower lending rates leading to even higher property prices and debt. PARAGUAY Mar 19: policy rate cut 25 bps to 6.50% as inflation continues to fall a expectations have adjusted to new inflation target Apr 21: policy rate cut 25 bps to 6.25% to maintain policy stance as falling inflation is changing inflation expectations Jun 18: policy rate cut 25 bps to 6.00% as some domestic sectors have undergone negative shocks in last 2 months Jul 21: policy rate cut 25 bps to 5.75% to boost economic activity as growth in 2016 may be below forecasts and potential PAKISTAN Jan. 24: policy rate cut 100 bps to 8.50% due to improving economy, declining inflation, rising FX reserves and contained fiscal deficit. Inflation forecast revised down Mar 21: policy rate cut 50 bps to 8.00% due to trend of falling inflation May 23: key rates cut 100 bps with ceiling rate cut to 7.0% and floor rate at 5.0%, new target rate set at 6.50% PERU Jan. 15: policy rate cut 25 bps to 3.25% on continued weak growth but says this doesn’t imply successive rate cuts Jan. 27: reserve requitement for domestic currency cut 50 bps to 8.50% Feb 26: reserve requirement for domestic currency cut 50 bps to 8.00% Mar 30: reserve requirement for domestic currency cut 50 bps 7.50% Apr 27: reserve requirement for domestic currency cut 50 bps to 7.00% May 31: reserve requirement for domestic currency cut 50 bps to 6.50% POLAND Mar 4: policy reference rate cut 50 bps to 1.50% in expected move to avoid prolonged period of deflation. Central bank lowers inflation forecasts but says it has now ended its easing cycle. ROMANIA Jan. 7: policy rate cut 25 bps to 2.50%, rate corridor narrowed 25 bps 2.25 pct points as inflation forecast to remain below lower bound of target range Feb. 4: policy rate cut 25 bps to 2.25%, rate corridor narriwed 25 bps to 2.00 pct points as inflation forecast lowered Mar 31: policy rate cut 25 bps to 2.00%, rate corridor narrowed 25 bps to 1.75 pct points as data shows inflation will rise but remain below lower bound of target range May 6: policy rate cut 25 bps to 1.75%, rate corridor narrowed 25 bps to 1.50 pct points, reserve requirement on leu cut 200 bps to 8.00% after inflation forecast cut RUSSIA Jan 30: key rate cut 200 bps to 15.00% to avert "sizable decline in economic activity" Mar 13: policy rate cut 100 bps to 14.00% and central bank says ready to continue ctting as inflation risks abate Apr 30: key rate cut 150 bps to 12.50% and central bank says ready to cut further as inflationary risks continue to weaken Jun 15: key rate cut 100 bps to 11.50%. Central bank ready to cut furtherbut easing limited by the risk of inflation. SERBIA Mar 12: key policy rate cut by 50 bps to 7.50%, further changes depend on how commodity prices and international risks affect inflation Apr 9: key policy rate cut 50 bps to 7.00% to curb disinflationary pressures from low demand May 11: key policy rate cut 50 bps to 6.50% as inflation is moving below the tolerance band and inflation pressures are subdued. Interest rate corridor around key rate narrowed to plus/minus 2.00% from 2.50% Jun 11: key policy rate cut 50 bps to 6.00% to support growth as inflation is below the tolerance band, cautious stance warranted due to international uncertainties SIERRA LEONE Mar 23: monetary policy rate cut 50 bps to 9.50% to stimulate growth to promote growth against twin shocks of Ebola and fall in commodity prices, particularly iron iron SINGAPORE Jan. 28: Slope of Singapore dollar's appreciation band reduced in an unschedule move due to a lower inflation forecast. SOUTH AFRICA Jul 23: repo rate raised 25 bps to 6.00% on concern heightened inflation risks will lead to entrenched inflation expectations SOUTH KOREA Mar 11: base rate cut 25 bps to 1.75%, a surprise to most analysts, as economic growth and inflation will be below forecasts Jun 11: base rate cut 25 bps to 1.50% due to sluggish exports and the negative impact on consumption from the outbreak of the rare MERS virus. SRI LANKA Apr 15: main policy rates cut by 50 bps in surprise move, relaxed monetary policy stance will be pursued in coming months to boot growth while inflation remains in single digits SWEDEN Feb 12: repo rate cut 10 bps to -0.10%, starts quantitative easing by buying 10 bln Swedish crowns of 1-5 yr gov. bonds to ensure inflation returns to target. Central bank says prepared to make policy more expansive Mar 18: repo rate cut 15 bps to -0.25%, raises target for purchasing government bonds to 30 billion crowns in unscheduled move to ensure rise in crown doesn't reverse trend of rising inflation Apr 29: repo rate maintained at -0.25% but target for purchasing government bonds raised by 40-50 billion crowns to 80-90 billion to ensure deflation doesn't return and consumer prices continue to rise. Riksbank said prepared to make policy even more expansionary if necessary Jul 2: repo rate cut 10 bps to -0.35%, further 45 bln crowns of government bonds to be bought from Sept. through end-2015 to ensure inflation rises in light of appreciation of krona's exchange rate and uncertainties surrounding Greece. SWITZERLAND Jan 15: Upper limit on Swiss franc exchange rate against euro of 1.20 abolished and 3-month Libor rate cut 50 bps to minus 0.75% in surprise move that shocks financial markets THAILAND Mar 11: policy rate cut 25 bps to 1.75% to support economic recovery and shore up confidence. Decision comes as a surprise to most economists as bank's MPC votes 4-3 to cut Apr 29: policy rate cut 25 bps to 1.50% to support economic recovery and anchor inflation expectations TRINIDAD & TOBAGO Jan 30: repo rate raised 25 bps to 3.50% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates Mar 27: repo rate raised 25 bps to 3.75% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates Jun 1: repo rate raised 25 bps to 3.75% based on normalization of US monetar policy, potential for rising inflation and positive growth outlook TURKEY Jan. 20: one-week repo rate cut 50 bps to 7.75% in response to lower inflation, future decisions conditional on improved inflation outlook Feb 24: one-week repo rate cut 25 bps to 7.50%, with future decisions depending on inflation outlook UGANDA Apr 8: central bank rate raised by 100 bps to 12.00% to forestall rise in core inflation over bank's target Jun 16: central bank rate raised 100 bps to 13.00% in response to high inflation pressure from shilling depreciation and rising demand. To raise rate further if inflation outlook deteriorates. Jul 13: central bank rate raised 150 bps to 14.50% to avert prospect of higher inflation from recent depreciation of shilling's exchange rate UKRAINE Feb 5: discount rate raised 550 bps to 19.50% to defend hryvnia and curb inflation. Daily auctions for FX scrapped Mar 3: discount rate raised 1050 bps to 30.00% to defend hryvnia exchange rate, reduce money market tensions and curb inflation UZBEKISTAN Jan. 5: repo rate cut 100 bps to 9.00% to boost growth
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Global rate hikers rises to 18 after South Africa's increase
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