Central Bank Watch

No Change Made in Indonesian Monetary Policy

November 16, 2017

Board officials at this month’s policy meeting left interest rates unchanged. A 4.25% one-week reverse repo rate is flanked y a 3.5% overnight deposit rate and a 5.0% lending rate. After cutting the repo rate by 25 bps each in back-to-back August and September meetings, officials felt the level represents a “neutral” stance, and today’s […] More

Central Bank of Iceland

November 15, 2017

Iceland’s seven-day term rate had been cut 25 basis points last month and earlier by 50 basis points in August 2016 and 25 bps each in May and June of this year. But a statement released after the latest review believes that the interest rate of 4.25% is appropriate for now. “The current monetary stance […] More

Central Bank of Chile: Board Leaves Policy Unchanged

November 15, 2017

Chile’s monetary policy rate had been reduced by 25 basis points four times during the first five months of 2017 to the current level of 2.5%. That’s higher than the present on-year CPI inflation rate of 1.9% but below the center of the medium-term 2-4% CPI target. In a statement after the latest Board meeting, […] More

Central Reserve Bank of Peru

November 10, 2017

Peru’s policy interest rate has been lowered from 3.5% to 3.25%. This action follows three earlier 25-basis point cuts this year done in May, July and September. Taken together, this one percentage point of reduction offsets four 25-basis point rate increases between September 2015 and February 2016. The reversal is possible because of an ongoing […] More

Bank of Mexico

November 10, 2017

In ten moves from December 2015 to June of this year, Mexico’s one-day interbank interest rate was raised from a low of 3.0% to the current 7.0% at which by unanimous vote this week it will remain. A statement released after the latest review observes that inflation is running a bit more than twice the […] More

National Bank of Serbia

November 9, 2017

Having been cut by 50 basis points at the prior meeting of the Serbian central bank executive board a month ago, officials made no further change at this time. The policy rate stays at 3.5%. There were two 25-basis point cuts made in 2016, 350 basis points of reduction in 2015, 150 bps of cuts […] More

Bank Negara Malaysia

November 9, 2017

A statement released after this year’s last scheduled meeting of 2017 announces that the Central Bank of Malaysia’s overnight policy will stay at an accommodative 3.0% but includes a hint that a rate hike may be somewhere in the pipeline: Given the strength of the global and domestic macroeconomic conditions, the Monetary Policy Committee may […] More

Bangko Sentral ng Pilipinas

November 9, 2017

The Filipino reverse repo rate has been at 3.0% since a pair of 25-basis point hikes in July and September of 2014. A statement released by the Monetary Board after the last review considers 3.0% to still be an appropriate level even though risks to the inflation output lie a tad to the upside. Inflation […] More

Reserve Bank of New Zealand

November 9, 2017

CPI inflation is projected to remain near the midpoint of the target range, and longer-term inflation expectations are well anchored at 2 percent. Monetary policy will remain accommodative for a considerable period. Numerous uncertainties remain and policy may need to adjust accordingly. So concludes a statement from Governor Spencer after the Official Cash Rate was […] More

National Bank of Poland

November 8, 2017

Poland’s reference interest rate was left at 1.5% at this week’s monetary policy review. It’s been 1.5% since a pair of 50-basis pint cuts in the first quarter of 2015. The rate had been at 4.75% prior to November 2012. In a released statement, officials revealed marginally higher expected growth and inflation in 2018, but […] More