Central Banks Maintain Rates Amidst Global Uncertainty

September 24th, 2014
in econ_news

Monetary Policy Week in Review – Sep 15-19, 2014: 10

by Peter Nielsen, Central Bank News

Last week all 10 central banks that considered their monetary policy stance left rates unchanged, something that has only occurred once before this year.

Apart from last week, only week 15 - from April 7 to April 11 - saw all central banks maintain their rates, illustrating just how active monetary policy has become since the global financial crises. Between two and 15 monetary policy committees at central banks have deliberated their policy stance each and every week this year, with one to five central banks changing their rates.

Follow up:

But last week all 10 central banks maintained their rates, reflecting the renewed uncertainty over the direction of the global economy and the timing of a normalization of U.S. monetary policy.

Through the first 38 weeks of this year, the 90 central banks followed by Central Bank News have cut their policy rates 48 times, or 13.8 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 10.2 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:

TABLE WITH LAST WEEK'S MONETARY POLICY DECISIONS:

COUNTRY MSCI NEW RATE OLD RATE 1 YEAR AGO
MOZAMBIQUE 8.25% 8.25% 8.75%
UNITED STATES DM 0.25% 0.25% 0.25%
THAILAND EM 2.00% 2.00% 2.50%
GHANA 19.00% 19.00% 16.00%
MALAYSIA EM 3.25% 3.25% 3.00%
NORWAY DM 1.50% 1.50% 1.50%
SWITZERLAND DM 0.25% 0.25% 0.25%
SOUTH AFRICA EM 5.75% 5.75% 5.00%
NIGERIA FM 12.00% 12.00% 12.00%
PAKISTAN FM 10.00% 10.00% 9.50%

This week (Week 38) 10 central banks are scheduled to decide on monetary policy: Israel, Armenia, Hungary, Morocco, Albania, Georgia, Turkey, Fiji, Czech Republic and Trinidad and Tobago.

COUNTRY MSCI DATE CURRENT RATE 1 YEAR AGO
ISRAEL DM 22-Sep 0.25% 1.00%
ARMENIA 23-Sep 6.75% 8.50%
HUNGARY EM 23-Sep 2.10% 3.60%
MOROCCO FM 23-Sep 3.00% 3.00%
ALBANIA 24-Sep 2.50% 3.50%
GEORGIA 24-Sep 4.00% 3.75%
TURKEY EM 25-Sep 8.25% 4.50%
FIJI 25-Sep 0.50% 0.50%
CZECH REPUBLIC EM 25-Sep 0.05% 0.05%
TRINIDAD & TOBAGO 26-Sep 2.75% 2.75%

www.CentralBankNews.info









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