| 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 |
Jun 29: basic interest rate
raised 50 bps to 9.75 as inflation accelerates, 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. |
|
| AZERBAIJAN |
| Jul 10: refinancing rate cut
50 bps to 3.00% to stimulate growth in non-oil sector and accelerate fall in
interest rates for business |
|
| 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 |
| Jun 3: Selic rate raised 50
bps to 13.75% in unanimous decision, no bias |
|
| BULGARIA |
| Dec 30, 2014: January base
rate cut by 1 bps to 0.01% |
| May 29: June base rate raised
by 1 bps to 0.02% |
|
| 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" |
|
| CENTRAL AFRICAN STATES |
| Jul 10: main rate cut 50 bps
to 2.45% |
|
| 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 |
| Jun 27: benchmark 1-year
lending rate cut 25 bps to 4.85% and reserve requirement for rural lenders by
50 bps and ratio for financial firms by 300 bps |
|
| 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% |
| Jun 20: policy rate cut 25 bps
to 3.50% |
|
| 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: policy interest rate
cut 50 bps to 5.25% as inflation expected to remain below lower bound |
| May 31: policy rate cut 25 bps
to improve economic growth without jeopardizing inflation target |
|
| 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 |
| Jul 1: repo rate raised 50 bps
to 5.50% and will be raised to 6.50% end-year due to rising inflation
expectations, domestic and external risks |
|
| 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 |
| Jun 23: base rate cut 15 bps
to 1.50%, sees "further, slight easing" of policy rate |
|
| ICELAND |
| Jun 10: key rates raised 50
bps as high wage increases, robust demand worsens inflation outlook. Further
rate rise in August necessary. |
|
| INDIA |
| Jan 15: repo rate cut 25 bps
to 7.75% in unscheduled move in response to falling inflation. Further easing
based on continuing disinflation |
| Mar 4: 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. |
| Jun 2: repo rate cut 25 bps to
7.25% in a front-loaded move as inflation should fall further while capacity
utilisation remains low and the economic recovery remains mixed with subdued
investment and credit growth. |
|
| 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: re-discount rate cut 25
bps to 4.00% following rise in foreign reserves and improved inflation
outlook |
| Jul 8: re-discount rate cut 25
bps to 3.75% to stimulate economic growth |
|
| KENYA |
| Jun 9: central bank rate
raised 150 bps to 10.00% to curb inflation pressure from depreciating
shilling, strong demand and expected rise in oil prices |
| Jul 7: central bank rate
raised 150 bps to 11.50% to anchor inflationary expectations from pressure on
the exchange rate over last few months |
|
| 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 |
| Jun 17: repo rate raised 25
bps to 6.50% to contain high growth in credit, particularly installment
credit used to buy unproductive luxury goods |
|
| NEW ZEALAND |
| Jun 11: OCR rate cut 25 bps to
3.25% in light of low inflationary pressures and expected weakening of
demand. Expects further easing to be appropriate. |
|
| NORWAY |
| Jun 18: key policy rate cut 25
bps to 1.00% due to a deterioration in economic outlook but countercyclical
capital buffer to be raised to 1.5% from 1.0% in June 2016 to prevent lower
lending rates leading to even higher property prices and debt. |
|
| 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 7.00% |
| May 31: reserve requirement
for domestic currency cut 50 bps to 6.50% |
|
| 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 |
| Jun 15: key rate cut 100 bps
to 11.50%. Central bank ready to cut furtherbut easing limited by the risk of
inflation. |
|
| 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% |
| Jun 11: key policy rate cut 50
bps to 6.00% to support growth as inflation is below the tolerance band,
cautious stance warranted due to international uncertainties |
|
| 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 |
| Jun 11: base rate cut 25 bps
to 1.50% due to sluggish exports and the negative impact on consumption from
the outbreak of the rare MERS virus. |
|
| 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 crowns 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 |
| Jul 2: repo rate cut 10 bps to
-0.35%, further 45 bln crowns of government bonds to be bought from Sept.
through end-2015 to ensure inflation rises in light of appreciation of
krona's exchange rate and uncertainties surrounding Greece. |
|
| 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 |
| Jun 1: repo rate raised 25 bps
to 3.75% based on normalization of US monetar policy, potential for rising
inflation and positive growth outlook |
|
| 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 |
| Jun 16: central bank rate
raised 100 bps to 13.00% in response to high inflation pressure from shilling
depreciation and rising demand. To raise rate further if inflation outlook
deteriorates. |
|
| 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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