Chile, Peru Continue Easing, Philippines Ratchets Up Further

September 16th, 2014
in econ_news

Monetary Policy Week in Review 08-12 September 2014

by Peter Nielsen, Central Bank News

Last week in global monetary policy the central banks of Chile and Peru continued their easing cycles while the Philippines ratcheted up rates further as geopolitical tensions, including the possible independence of Scotland, dominated sentiment in financial markets.

Follow up:

Amid the growing prospects of armed intervention by an international coalition in Syria and Iraq, there was uplifting news from the euro area where finance ministers last Friday showed their willingness to support the European Central Bank's (ECB) plea for fiscal stimulus and structural reforms to help stimulate demand now that its rates are at rock bottom and asset purchases over the coming months will help enlarge its balance sheet.

Through the first 37 weeks of this year, the 90 central banks followed by Central Bank News have cut their policy rates 48 times, or 14.2 percent of all policy decisions, up from 12 percent at the end of the first half and 12 percent at the end of the first quarter.

Meanwhile, rates have been raised 36 times, or 10.6 percent of all policy decisions, up from 9.3 percent at the end of June and 8.7 percent at the end of March. LIST OF LAST WEEK'S CENTRAL BANK DECISIONS:

OTHER STORIES:

TABLE WITH LAST WEEK'S MONETARY POLICY DECISIONS:

COUNTRY MSCI NEW RATE OLD RATE 1 YEAR AGO
NEW ZEALAND DM 3.50% 3.50% 2.50%
PHILIPPINES EM 4.00% 3.75% 3.50%
INDONESIA EM 7.50% 7.50% 7.25%
SERBIA FM 8.50% 8.50% 11.00%
CHILE EM 3.25% 3.50% 5.00%
PERU EM 3.50% 3.75% 4.25%
SOUTH KOREA EM 2.25% 2.25% 2.50%
RUSSIA EM 8.00% 8.00% 8.25%

This week (Week 38) seven central banks are scheduled to decide on monetary policy: Mozambique, the United States, Thailand, Malaysia, Norway, Switzerland and South Africa.

COUNTRY MSCI DATE CURRENT RATE 1 YEAR AGO
MOZAMBIQUE 15-Sep 8.25% 8.75%
UNITED STATES DM 17-Sep 0.25% 0.25%
THAILAND EM 17-Sep 2.00% 2.50%
MALAYSIA EM 18-Sep 3.25% 3.00%
NORWAY DM 18-Sep 1.50% 1.50%
SWITZERLAND DM 18-Sep 0.25% 0.25%
SOUTH AFRICA EM 18-Sep 5.75% 5.00%

www.CentralBankNews.info









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