Serbia, Pakistan Cut Rates as Commodity Prices Drop

November 18th, 2014
in econ_news

Monetary Policy Week in Review 10-15 November 2014

by Peter Nielsen, Central Bank News

The central banks of Serbia and Pakistan cut their rates last week as the fall in global commodity prices from waning demand is leading to disinflation.

The drop in commodity prices picked up speed in October with the International Monetary Fund's (IMF) index down a sharp 6.42 percent, continuing the decline seen since June.

Follow up:

Nevertheless, the central banks of Ghana and Ukraine raised their rates last week in response to the continued decline in their currencies that is leading to accelerating inflation.

Through the first 46 weeks of this year, the 90 central banks followed by Central Bank News have cut their policy rates 57 times, or 13.9 percent of this year's 417 policy decisions, up from 13.5 percent at the end of the third quarter and 12 percent at the end of the first half, and 12 percent at the end of the first quarter.

Meanwhile, rates have been raised 44 times, or 10.4 percent of all policy decisions, up from 10.2 percent at the end of September, 9.3 percent at the end of June and 8.7 percent at the end of March.

Boosted by Ghana's and Ukraine's large rate rises, the Global Monetary Policy Rate - the average rate of the 90 central banks followed by Central Bank News - rose to 5.60 percent, up from 5.54 percent at the end of the third quarter and 5.53 percent at the end of the second and first quarters.

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
ARMENIA 6.75% 6.75% 8.00%
GHANA 21.00% 19.00% 16.00%
UKRAINE FM 14.00% 12.50% 6.50%
SERBIA FM 8.00% 8.50% 10.00%
INDONESIA EM 7.50% 7.50% 7.50%
SOUTH KOREA EM 2.00% 2.00% 2.50%
PERU EM 3.50% 3.50% 4.00%
PAKISTAN FM 9.50% 10.00% 10.00%

This week (Week 47) six central banks or monetary authorities are scheduled to decide on monetary policy: Chile, Japan, Georgia, South Africa, Turkey and Zambia.

TABLE WITH THIS WEEK'S MONETARY POLICY DECISIONS:

COUNTRY MSCI DATE CURRENT RATE 1 YEAR AGO
CHILE EM 18-Nov 3.00% 4.50%
JAPAN DM 19-Nov N/A N/A
GEORGIA 19-Nov 4.00% 3.75%
SOUTH AFRICA EM 20-Nov 5.75% 5.00%
TURKEY EM 20-Nov 8.25% 4.50%
ZAMBIA 21-Nov 12.00% 9.75%

www.CentralBankNews.info









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