Central Bank Watch
Central Bank of Chile Keeps Policy Unchanged
September 12, 2013
The central bank board left the monetary policy interest rate at 5.0%, its level since a sole 25-basis point cut in January 2012. Previously, the rate was raised 475 basis points in a dozen moves between June 2010 and June 2011 after having been cut by 775 bps to 0.5% during the first seven months […] More
Central Bank Watch
No Change in Serbia’s Central Bank Rate
September 12, 2013
The September meeting of the National Bank of Serbia’s Executive Board ended with a vote to leave the key policy rate at 11%, just as was done in July and August. An eight-step 225-basis point tightening begun in June 2012 ended in February 2013 at 11.75% but was followed by cuts of 50 bps in […] More
Central Bank Watch
More Monetary Tightening in Indonesia
September 12, 2013
The Bank Indonesia Rate has been raised four times in the space of three months by a total of 150 basis points to 7.25%, the highest level in slightly over four years. Today’s increase was by 25 bps and follows by just two weeks an unscheduled meeting that resulted in a 50-bp increase. Officials also […] More
Central Bank Watch
Bank of Korea: Low Inflation, Low Central Bank Rate
September 12, 2013
Another unanimous vote was cast by the Monetary Policy Committee for an unchanged 2.5% seven-day repo rate. A released statement reiterates the likelihood of “a negative output gap for a considerable time going forward” and projects “that inflation will remain low for the time being despite an increase in international oil prices.” Moderate economic growth […] More
Central Bank Watch
Bangko Sentral ng Pilipinas: Policy Unchanged but…
September 12, 2013
The Monetary Board, whose statement after the prior policy meeting in July had explicitly called the existing stance “appropriate,” did not make a similar claim in today’s statement. Instead, “the Monetary Board noted that the balance of risks to the inflation outlook has shifted slightly toward the upside as oil prices have become more volatile […] More
New Overnight Developments Abroad - Daily Update
Slew of Second-Tier Central Bank Policy Decisions
September 12, 2013
The Reserve Bank of New Zealand left the Official Cash Rate at 2.5%, its level since March 2011, but gave a stronger indication that such will be raised in 2014. Bangko Sentral ng Pilipinas retained a 3.5% reverse repo rate and a 5.5% repo rate as expected. Officials expect in-target inflation over the forecast horizon. […] More
