Archive for July 23rd, 2015

Central Bank Watch

South African Reserve Bank Repo Rate Raised for First Time in a Year

July 23, 2015

A 25-basis point increase in SARB’s repo rate to 6.0% was the first change since two increases in 2014 of 50 basis points in January followed by 25 bps in July.  South Africa is struggling with both low growth and rising inflationary pressure.  Although total inflation is currently below target, a released statement projects a […] More

Central Bank Watch

Central Bank of the Republic of Turkey

July 23, 2015

Turkey’s Monetary Policy Committee again “decided to keep the interest rates at current levels.”  Since being cut in February, the one-week repo rate has been at 7.5% and the overnight lending and borrowing rates have stood respectively at 10.75% and 7.25%.  Previous peaks, reached after sharp hikes in January 2014 had been at 10.0%, 12.0% […] More

Central Bank Watch

Reserve Bank of New Zealand in Easing State of Mind

July 23, 2015

Monetary officials at the RBNZ are pushing for easier monetary conditions through a combination of lower interest rates and additional New Zealand dollar depreciation.  A statement from Governor Wheeler after the second straight policy meeting to cut the Official Cash Rate (OCR) proclaimed that the economic outlook now looks somewhat softer than imagined at the […] More

New Overnight Developments Abroad - Daily Update

Weaker Dollar and Pound

July 23, 2015

The dollar edged 0.1% firmer against sterling but has lost 1.4% against the kiwi, 0.7% relative to the euro, 0.6% vis-a-vis the Swiss franc, 0.4% versus the loonie and Aussie dollar and 0.2% against the yen.  The yuan is steady. Share prices rose 2.3% in China 0.6% in Hong Kong and 0.4% in Japan but […] More

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