Archive for September 22nd, 2016

Central Bank Watch

South African Monetary Policy Stays on Hold

September 22, 2016

Officials at the South African Reserve Bank did not change their 7.0% policy interest rate at the latest review. Such has been at 7.0% since the last of six increases made in March of this year. That move culminated a tightening of policy from a 5.0% rate at the end of 2013. An improved inflation […] More

Central Bank Watch

Central Bank of the Republic of Turkey

September 22, 2016

Both the overnight marginal funding rate and late liquidity lending rate have been cut by 25 basis points to 8.25% and 9.75%. The 7.5% one-week repo rate and 7.25% overnight borrowing rate were not changed. These moves constitute both and easing of the policy stance and a “measured and cautious” further step toward simplification of […] More

Central Bank Watch

Bank Indonesia

September 22, 2016

The 7-day reverse repo rate, which has replaced the BI rate as the main operative central bank interest rate, was sliced further to 5.0% at this month’s meeting. According to a released statement, the action coordinates with the government’s efforts to buttress economic growth that’s been somewhat lower than hoped and assumed. Inflation at 2.8% […] More

Central Bank Watch

Bangko Sentral ng Pilipinas Leaves Filipino Central Bank Interest Rates Unchanged

September 22, 2016

A narrower interest rate corridor framework for monetary policy in The Philippines was adopted in June. A policy meeting in August did not change settings, which were also maintained after this month’s meeting. An overnight reverse repo rate of 3.0% is flanked by an overnight deposit rate of 2.5% and an overnight 3.5% lending rate. […] More

Central Bank Watch

Norges Bank

September 22, 2016

Norway’s central bank policy rate has been 0.50% since a 25-basis point cut in March. Norway is one of several economies in which monetary policy began to be tightened in the post-Great Recession economic recovery but had to be rescinded subsequently when the economy did not react well. The last cyclical low of 1.25% lasted […] More

Central Bank Watch

Reserve Bank of New Zealand: No Rate Change this Time but More Ease Possible in the Future

September 22, 2016

New Zealand’s Official Cash Rate, which had been cut this year by 25 basis points each in March and August, was left at the record low of 2.0%. There also had been four 25-bp reductions during 2015 and four increases of like amount during 2014. A statement released by Governor Wheeler today reiterated that the […] More

New Overnight Developments Abroad - Daily Update

Central Banks Setting the Market Tone

September 22, 2016

Yesterday’s eagerly awaited Federal Reserve and Bank of Japan meetings have been followed today by monetary policy decisions in New Zealand, Norway, The Philippines, Indonesia and Turkey with South Africa and public comments from ECB President Draghi still to come. Overall, the tone from central banks has been dovish, creating incentives for funds to gravitate […] More

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