A total of 36 central banks and monetary authorities worldwide have eased their policy stance so far in 2015 while 14 have tightened their policy, with the National Bank of the Kyrgyz Republic joining the rate-cutting spree on May 25 by cutting its policy rate by 150 basis points.
From July 2014 through January this year, the central bank of Kyrgyzstan raised its policy rate by a total of 500 basis points to curb inflationary pressures from a depreciation of the som currency. But since late April the som's exchange rate has bounced back and inflation has eased steadily after hitting 11.6 percent in January.
Central Bank News, which already tracks the policy rates of 90 central banks worldwide, recently expanded its list of products to include Global Monetary Policy Changes (GMPC), a country-by-country overview of changes to monetary policy.
GMPC aims to capture changes to a wide range of monetary policy instruments, such as reserve requirements, bond purchases or exchange rates, in addition to changes to key interest rates. Major central banks have resorted to unconventional monetary policy measures to stimulate economic activity after cutting rates to effectively zero in the wake of the global financial crises.
GMPC complements Central Bank News’ other products, such as the the Global Interest Rate Monitor (GIRM), which tracks official policy rates, and Global Monetary Policy Highlights (GMPH), which covers key events in monetary policy and includes a summary of rate changes each month.
Following is an alphabetical list of countries that have changed their monetary policy this year. The list is updated and can be accessed on the Central Bank News website under the heading of "Easier or Tighter?" as soon as central banks announce changes to their policy.
| ALBANIA |
| Jan 28: key rate cut 25 bps to 2.00%, easy monetary conditions to be maintained some quarters ahead to achieve inflation target |
| ANGOLA |
| Feb 13: rate on liquidity absorbtion facility cut 175 bps to 0.0% at extraordinary meeting following government 2015 program |
| Mar 30: basic interest rate raised 25 bps to 9.25% as inflation rises, kwanza depreciates and credit rises |
| ARMENIA |
| Jan. 22: repo rate raised 100 bps to 9.50% to support demand, foster sustainable growth and inflation |
| Feb 10: repo rate raised 100 bps to 10.50% to reduce short-term market rates, stabilize financial markets and ensure inflation objective |
| AUSTRALIA |
| Feb. 3: cash rate cut 25 bps to 2.25% to boost demand, economic growth and inflation |
| May 5: cash rate cut 25 bps to 2.00% to boost household demand but no guidance issued. |
| BELARUS |
| Jan 8: National Bank enacts series of measures to stabilize Belarus ruble and money markets, including raising repo rate 500 bps to 25.00%, overnight deposit rate raised to 20%, reserve requirement on FX cut to 12.50% and then to 10.00% in February in light of lack of ruble funds. Pegging of Belarus ruble to FX basket resumes. |
| BOTSWANA |
| Feb 18: bank rate cut 100 bps to 6.5% as economic outlook and inflation provides scope for easing |
| BRAZIL |
| Jan 21: Selic rate raised 50 bps to 12.25% in unanimous decision, no bias |
| Mar 4: Selic rate raised 50 bps to 12.75% in unanimous decision, no bias |
| Apr 29: Selic rate raised 50 bps to 13.25% in unanimous decision, no bias |
| BULGARIA |
| Dec 30, 2014: January base rate cut by 1 bps to 0.01% |
| CANADA |
| Jan. 21: benchmark target for overnight rates cut 25 bps to 0.75% in response to sharp drop in oil prices that will be negative for growth and inflation |
| CAPE VERDE |
| Feb 13: policy rate cut 25 bps to 3.50%, reserve requirement cut 300 bps to 15.0% to boost growth and fight "scenario of deflation" |
| CHINA |
| Feb 4: reserve requirement for big banks cut 50 bps to 19.50% to free up up to 600 billion yuan held as bank reserves |
| Feb 28: benchmark 1-year lending rate cut 25 bps to 5.35% and 1-year deposit rate cut 25 bps to 2.50% to counter dampening impact on economy from rise in real interest rates from falling inflation |
| Apr 19: reserve requirement for big banks cut 100 bps to 18.50% to counter slowdown in industrial output and retail sales |
| May 10: benchmark 1-year lending rate cut 25 bps to 5.10% and 1-year deposit rate cut 25 bps to 2.25% as economy faces "greater downward pressure" while inflation remains low |
| COSTA RICA |
| Feb 2: policy rate cut 50 bps to 4.75% |
| Mar 19: policy rate cut 25 bps to 4.50% |
| Apr 23: policy rate cut 25 bps to 4.00% |
| DENMARK |
| Jan 19: Lending rate cut 15 bps to 0.05%, deposit rate cut 15 bps to -0.20% following purchase of FX in market |
| Jan. 22: Deposit rate cut 15 bps to -0.35% following purchase of FX in market |
| Jan. 29: deposit rate cut 15 bps to -0.50% following purchase of FX in market |
| Jan. 30: Danish government suspends issuance of domestic and foreign bonds to limit FX inflow |
| Feb. 5: deposit rate cut 25 bps to -0.75% following purchase of FX in market. Danmarks Nationalbank says it has necessary instruments to defend fixed exchange rate |
| DOMINICAN REPUBLIC |
| April 30: Policy rate cut 50 bps |
| March 30: Policy rate cut 50 bps |
| May 3: monetary policy interest rate cut 50 bps to 5.25% as inflation expected to remain below lower bound |
| EGYPT |
| Jan. 15: deposit rate cut 50 bps to 8.75% in surprise move as upside risks from imported inflation are contained due to lower oil and food prices |
| EURO AREA |
| Jan. 22: Governing council decides to launch expanded asset purchase program in March, with combined monthly purchases of euro-area government and European institutions of 60 billion euros. Programme intended to be carried out until end of September 2016 and until "sustained adjustment in path of inflation." |
| GAMBIA |
| May 7: rediscount rate raised 100 bps to 23.00% along with more intense market operations due to persitent inflationary pressure |
| GEORGIA |
| Feb 11: repo rate raised 50 bps to 4.50%, as predicted by governor, and central bank expects further rate rise to 5.0% by end-2015 |
| May 6: repo rate raised 50 bps to 5.00% and will be raised to 5.50% end-year on risk inflation will exceed target |
| GHANA |
| May 13: monetary policy rate raised 100 bps to 22.00% to rein-in inflation and inflation expectations along with sustained fiscal consolidation. |
| GUATEMALA |
| Feb 25: leading interest rate cut 50 bps to 3.50% as inflation is forecast to remain below the central bank's target. Central bank says will take timely actions to keep inflation close to medium-term target. |
| HUNGARY |
| Mar 24: base rate cut 15 bps to 1.95%, "cautious easing" may continue. |
| Apr 21: base rate cut 15 bps to 1.80%, "cautious easing" may continue. |
| May 26: base rate cut 15 bps to 1.65%, "cautious easing" may continue |
| INDIA |
| Jan. 14: repo rate cut 25 bps to 7.75% in unscheduled move in response to falling inflation. Further easing based on continuing disinflation |
| Mar 3: repo rate cut 25 bps to 7.50% in another unscheduled move with reserve bank governor describing it as a pre-emptive move in light of softer inflation. Further adjustment to depend on data. |
| INDONESIA |
| Feb 17: BI rate cut 25 bps to 7.50% on confidence that inflation will remain within target corridor |
| May 19: Loan-to-deposit (LDR) ratio and loan-to-value (LTV) policy for mortgages and car loans to be loosened to "keep the economic growth momentum." |
| IRAN |
| April 18: Annual deposit rate cut 200 bps to 20% on lowered inflation forecast |
| ISRAEL |
| Feb 23: benchmark interest rate cut 15 bps to 0.10% to counter negative impact on economic activity and inflation from recent appreciation of shekel. |
| JAMAICA |
| Apr 16: rate on 30-day certificate of deposit cut by 25 bps to 5.50% as inflation expected to remain low |
| JORDAN |
| Feb 2: discount rate cut 25 bps to 4.00% following rise in foreign reserves and improved inflation outlook |
| KYRGYZSTAN |
| Jan 26: policy rate raised 50 bps to 11.00% to curb inflation pressures from depreciation of som, appropriate measures to be taken to reduce inflation to target |
| May 26: policy rate cut 150 bps to 9.50% as inflation falls further |
| MOLDOVA |
| Jan 29: base rate raised 200 bps to 8.50%, reserve requirement raised 200 bps to 16.00% |
| Feb 17: base rate raised 500 bps to 13.50% at extraordinary board meeting in response to leu depreciation |
| Apr 30: reserve requirement raised 200 bps to 20.00% |
| MONGOLIA |
| Jan 16: policy rate raised 100 bps to 13.00% to dampen demand, curb current account deficit and keep inflation low and stable |
| NAMIBIA |
| Feb 18: Repo rate raised 25 bps to 6.25% on continuing concern over high growth in household credit used on "unproductive goods" such as cars and luxury goods |
| PAKISTAN |
| Jan. 24: policy rate cut 100 bps to 8.50% due to improving economy, declining inflation, rising FX reserves and contained fiscal deficit. Inflation forecast revised down |
| Mar 21: policy rate cut 50 bps to 8.00% due to trend of falling inflation |
| May 23: key rates cut 100 bps with ceiling rate cut to 7.0% and floor rate at 5.0%, new target rate set at 6.50% |
| PERU |
| Jan. 15: policy rate cut 25 bps to 3.25% on continued weak growth but says this doesn’t imply successive rate cuts |
| Jan. 27: reserve requitement for domestic currency cut 50 bps to 8.50% |
| Feb 26: reserve requirement for domestic currency cut 50 bps to 8.00% |
| Mar 30: reserve requirement for domestic currency cut 50 bps 7.50% |
| Apr 27: reserve requirement for domestic currency cut 50 bps to 7.50% |
| POLAND |
| Mar 4: policy reference rate cut 50 bps to 1.50% in expected move to avoid prolonged period of deflation. Central bank lowers inflation forecasts but says it has now ended its easing cycle. |
| ROMANIA |
| Jan. 7: policy rate cut 25 bps to 2.50%, rate corridor narrowed 25 bps 2.25 pct points as inflation forecast to remain below lower bound of target range |
| Feb. 4: policy rate cut 25 bps to 2.25%, rate corridor narriwed 25 bps to 2.00 pct points as inflation forecast lowered |
| Mar 31: policy rate cut 25 bps to 2.00%, rate corridor narrowed 25 bps to 1.75 pct points as data shows inflation will rise but remain below lower bound of target range |
| May 6: policy rate cut 25 bps to 1.75%, rate corridor narrowed 25 bps to 1.50 pct points, reserve requirement on leu cut 200 bps to 8.00% after inflation forecast cut |
| RUSSIA |
| Jan 30: key rate cut 200 bps to 15.00% to avert "sizable decline in economic activity" |
| Mar 13: policy rate cut 100 bps to 14.00% and central bank says ready to continue ctting as inflation risks abate |
| Apr 30: key rate cut 150 bps to 12.50% and central bank says ready to cut further as inflationary risks continue to weaken |
| SERBIA |
| Mar 12: key policy rate cut by 50 bps to 7.50%, further changes depend on how commodity prices and international risks affect inflation |
| Apr 9: key policy rate cut 50 bps to 7.00% to curb disinflationary pressures from low demand |
| May 11: key policy rate cut 50 bps to 6.50% as inflation is moving below the tolerance band and inflation pressures are subdued. Interest rate corridor around key rate narrowed to plus/minus 2.00% from 2.50% |
| SIERRA LEONE |
| Mar 23: monetary policy rate cut 50 bps to 9.50% to stimulate growth to promote growth against twin shocks of Ebola and fall in commodity prices, particularly iron iron |
| SINGAPORE |
| Jan. 28: Slope of Singapore dollar's appreciation band reduced in an unschedule move due to a lower inflation forecast. |
| SOUTH KOREA |
| Mar 11: base rate cut 25 bps to 1.75%, a surprise to most analysts, as economic growth and inflation will be below forecasts |
| SRI LANKA |
| Apr 15: main policy rates cut by 50 bps in surprise move, relaxed monetary policy stance will be pursued in coming months to boot growth while inflation remains in single digits |
| SWEDEN |
| Feb 12: repo rate cut 10 bps to -0.10%, starts quantitative easing by buying 10 bln Swedish crowsn of 1-5 yr gov. bonds to ensure inflation returns to target. Central bank says prepared to make policy more expansive |
| Mar 18: repo rate cut 15 bps to -0.25%, raises target for purchasing government bonds to 30 billion crowns in unscheduled move to ensure rise in crown doesn't reverse trend of rising inflation |
| Apr 29: repo rate maintained at -0.25% but target for purchasing government bonds raised by 40-50 billion crowns to 80-90 billion to ensure deflation doesn't return and consumer prices continue to rise. Riksbank said prepared to make policy even more expansionary if necessary |
| SWITZERLAND |
| Jan 15: Upper limit on Swiss franc exchange rate against euro of 1.20 abolished and 3-month Libor rate cut 50 bps to minus 0.75% in surprise move that shocks financial markets |
| THAILAND |
| Mar 11: policy rate cut 25 bps to 1.75% to support economic recovery and shore up confidence. Decision comes as a surprise to most economists as bank's MPC votes 4-3 to cut |
| Apr 29: policy rate cut 25 bps to 1.50% to support economic recovery and anchor inflation expectations |
| TRINIDAD & TOBAGO |
| Jan 30: repo rate raised 25 bps to 3.50% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates |
| Mar 27: repo rate raised 25 bps to 3.75% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates |
| TURKEY |
| Jan. 20: one-week repo rate cut 50 bps to 7.75% in response to lower inflation, future decisions conditional on improved inflation outlook |
| Feb 24: one-week repo rate cut 25 bps to 7.50%, with future decisions depending on inflation outlook |
| UGANDA |
| Apr 8: central bank rate raised by 100 bps to 12.00% to forestall rise in core inflation over bank's target |
| UKRAINE |
| Feb 5: discount rate raised 550 bps to 19.50% to defend hryvnia and curb inflation. Daily auctions for FX scrapped |
| Mar 3: discount rate raised 1050 bps to 30.00% to defend hryvnia exchange rate, reduce money market tensions and curb inflation |
| UZBEKISTAN |
| Jan. 5: repo rate cut 100 bps to 9.00% to boost growth |
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