Archive for August 18th, 2022

Central Bank Watch

Central Bank of Turkey’s Policy Interest Rate Cut to 13% from 14%

August 18, 2022

Turkey has one of the world’s highest inflation rates. Consumer prices rose 79.6% in the twelve months through July, up from inflation of 19% a year earlier and 11.8% in the year ending July 2020. Turkey also has an autocratic leader, who believes that raising interest rates is a cause of inflation, not a solution […] More

Central Bank Watch

More Tightening at the Bank of Norway

August 18, 2022

In Norway, CPI inflation has climbed from 3.0% in July 2021 to a 34-year high of 6.8% last month. Core CPI inflation of 4.5% constitutes a record high. After the pandemic hit, officials had slashed Norway’s central bank policy rate from 1.50% to 0.50% between March and May of 2020. Rate normalization at the Bank […] More

Central Bank Watch

Rate Hike in the Philippines

August 18, 2022

The Filipino policy interest rate was increased by another 50 basis points to 3.75%. May had seen the first increase since November 2018, a hike of 25 basis points. Another 25-bp hike was agreed at the June central bank monetary board meeting, followed by a 75-basis point increase in July. The total increase of 175 […] More

New Overnight Developments Abroad - Daily Update

Central Banks See Little Alternative but to React to Elevated Inflation

August 18, 2022

The reinforcing cycle of high inflation and rising central bank interest rates has made a favorable environment for the dollar, which rose another 0.2% overnight against the yen, euro, yuan, peso and on a DXY weighted basis. The U.S. currency also climbed 0.4% versus the kiwi and 0.3% relative to the Swiss franc but is […] More

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