Meanwhile, 19 central banks have tightened their policy stance this year, mainly to shore up the value of their currencies and thus curb inflationary pressures.
Ukraine is among six central banks worldwide that have reversed their policy stance this year as rate hikes along with government measures succeeded in defending its embattled hryvnia currency and lowered the risks of hyper inflation.
Following is an alphabetical list of countries that have changed their monetary policy this year.
The list (Global Monetary Policy Changes (GMPC)) is part of Central Bank News' comprehensive cover of the monetary policy of 90 central banks worldwide.
GMPC 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.
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.
| 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 |
| Jul 27: basic interest rate raised 50 bps to 10.25% as inflation rises |
| Aug 28: basic interest rate raised 25 bps to 10.50% as inflation rises, credit expands and the kwanza depreciates |
| 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 |
| Aug 11: repo rate cut 25 bps to 10.25% as inflation is expected to fall and deviate from lower limit of target range |
| 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 |
| Aug 6: bank rate cut 50 bps to 6.0% as low domestic demand and subdued foreign price developments contribute to positive inflation outlook |
| 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 |
| Jul 29: Selic rate raised 50 bps to 14.25 in unanimous decision, rate to be maintained at this level for sufficient long period to bring inflation to target by end-2016 |
| 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% |
| Jul 31: August 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 |
| Jul 15: benchmark target for overnight rates cut 25 bps to 0.50% due to slower growth, downside risks to 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 |
| Aug 11: devaluation of yuan's central parity exchange rate by about 200 bps against U.S. dollar as PBOC wants market to play bigger role in exchange rate by basing midpoint on market makers' quotes, which refer to previous day's closing rate of inter-bank FX market |
| Aug 25: benchmark 1-year lending rate cut 25 bps to 4.60% and reserve ratio for big banks by 50 bps to 18.0% due to downward pressure on growth and historically low inflation |
| 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 |
| Aug 12: repo rate raised 50 bps to 6.00% and will be raised to 6.50% end-year due to rising inflation expectations. Further changes to depend on inflation forecast |
| Sep 23: repo rate raised 100 bps to 7.0% due to rising inflation expectations |
| GHANA |
| May 13: monetary policy rate raised 100 bps to 22.00% to rein-in inflation and inflation expectations along with sustained fiscal consolidation. |
| Aug 13: monetary policy rate rises 200 bps to 24.00% as rate merged with reverse repo rate. Central bank says monetary policy stance has not changed. |
| Sep 14: policy rate raised 100 bps to 25.0% to lower inflationary expectations and inflation back toward its target by 2016 |
| 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 |
| Jul 21: base rate cut 15 bps to 1.35%, but rate now reached level that assures inflation target will be reached while economy is supported |
| ICELAND |
| Jun 10: key rates raised 50 bps as high wage increases, robust demand worsens inflation outlook. Further rate rise in August necessary. |
| Aug 19: key rates raised 50 bps and rates to be raised further to bring inflation back to target if inflation rises following wage increases |
| 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 |
| Aug 17: rate on 30-day certificate of deposit cut by 25 bps to 5.25% as inflation expected to decline |
| 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 |
| Jul 27: policy rate cut 150 bps to 8.00% as seasonal factors slow down inflation |
| 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% as depreciation expected to raise inflaiton |
| May 28: base rate raised 100 bps to 14.50% as inflation expected to exceed upper limit, reserve requirement raised 200 bps to 22.00% |
| Jun 25: base rate raised 100 bps to 15.50% to anchor inflation expectations as inflation expected to accelerate in coming months, reserve requirement raised 400 bps to 26.00% |
| Jul 30: base rate raised 200 bps to 17.50% as inflation forecast to exceed upper limit until Q2 2017. Reserve requirement raised 600 bps to 32.00% |
| Aug 26: base rate raised 200 bps to 19.50% to anchor inflation expectations as inflationary pressures are rising from the depreciating leu |
| 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 cut 25 bps to 3.25% in light of low inflationary pressures and expected weakening of demand. Expects further easing to be appropriate. |
| Jul 23: OCR cut 25 bps to 3.00% due to a softer outlook for the economy and inflation. Further easing seems likely. |
| Sep 10: OCR cut 25 bps to 2.75% due to softer outlook for the economy and inflation. Further easing seems likely, depending on the flow of economic data |
| NIGERIA |
| Sep 22: Cash Reserve Requirement cut 600 bps to 25.0% to help stimulate economic growth |
| 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. |
| Sep 24: key policy rate cut 25 bps to 0.75% as growth prospects have weakened and inflation expected to decline. Policy rate may be reduced further in coming year |
| 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% |
| Sep 12: key rate cut 50 bps to 6.00% as inflation seen below target in fiscal 2016 |
| PARAGUAY |
| Mar 19: policy rate cut 25 bps to 6.50% as inflation continues to fall |
| Apr 21: policy rate cut 25 bps to 6.25% as falling inflatin is changing inflation expectations |
| Jun 18: policy rate cut 25 bps to 6.00% as some domestic sectors have undergone negative shocks in last 2 months |
| Jul 21: policy rate cut 25 bps to 5.75% to boost economic activity as growth in 2016 may be below forecasts and potential |
| 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 requirement 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% |
| Sep 10: policy rate raised 25 bps on rising inflation but bank says it has not started sequence of rate hikes |
| 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. |
| Jul 31: key rate cut 50 bps to 11.00%, further cuts to depend on balance of inflation risks and risks of economy cooling |
| 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 |
| Aug 13: key policy rate cut 50 bps to 5.50% as inflation remains below lower limit and inflation is low abroad, expectations are stable and domestic factors are disinflationary |
| Sep 10: key policy rate cut 50 bps to 5.00% to support economic recovery while inflation pressures are subdued |
| 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 AFRICA |
| Jul 23: repo rate raised 25 bps to 6.00% on concern heightened inflation risks will lead to entrenched inflation expectations |
| 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 |
| TAIWAN |
| Sep 24: discount rate cut by 12.5 bps to 1.75% to foster economic growth and to maintain price and financial stability |
| 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 |
| Jul 31: repo rate raised 25 bps to 4.00% based on normaliztion of US monetary policy, potential for rising core inflation and respectable performance by non-energy sector |
| 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. |
| Jul 13: central bank rate raised 150 bps to 14.50% to avert prospect of higher inflation from recent depreciation of shilling's exchange rate |
| Aug 10: central bank rate raised 150 bps to 16.00% to forestall risk of higher inflation from exchange rate depreciation |
| 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 |
| Aug 27: discount rate cut 300 bps to 27.00% as inflation on downward path due to stable FX market but policy to be kept relatively tight to support disinflation and shield economy from external shocks |
| Sep 24: discount rate cut 500 bps to 22.0% in "quite restrained" move to boost growth in light of steady reduction in risks to inflation |
| UZBEKISTAN |
| Jan. 5: repo rate cut 100 bps
to 9.00% to boost growth www.CentralBankNews.info |
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