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  • Monetary Policy Week In Review - 10 March 2012
    The past week in monetary policy and central banking saw just one central bank change interest rates, with Brazil cutting rates 75 basis points to 9.75%. Meanwhile those that held interest rates unchanged were: Australia 4.25%, Kenya 18.00%, Poland 4.50%, New Zealand 2.50%, EU 1.00%, UK 0.50%, Korea 3.25%, Serbia 9.50%, Peru 4.25%, Canada 1.00%, Malaysia 3.00%, and Indonesia 5.75%. The Reserve Bank of India also made headlines, cutting its Cash Reserve Ratio by 75 basis points to 4.75%.

    Looking at the central bank calendar, the main event next week is the US Federal Reserve's FOMC (Federal Open Market Committee), Wall Street will be watching the release closely for any signs of further Quantitative Easing e.g. "QE3" or even sterilized quantitative easing. The Bank of Japan meeting and Swiss National Bank meetings will also be worth watching.





    Mar-13JPYJapanBank of Japan
    Mar-13USDUnited StatesFederal Reserve
    Mar-14NOKNorwayNorges Bank
    Mar-15CHFSwitzerlandThe Swiss National Bank
    Mar-15INRIndiaReserve Bank of India

    Mar-16MXNMexicoBanco de Mexico


    Article source:

    Mar 09 9:30 PM | Link | Comment!
  • Monetary Policy Week In Review - 25 February 2012
    The past week in monetary policy saw two central banks changing their main interest rates; Colombia +25bps to 5.25%, and Belarus -500bps to 38.00%, while two held their rates unchanged; Namibia at 6.00%, and Turkey at 5.75%. Turkey did however cut some of its other interest rates (see the update for details). Also making headlines was the People's Bank ofChina announcing a 50 basis point cut to the Required Reserve Ratio, an important move towards more growth focused policy settings.

    Looking at the central bank calendar, the week ahead features a handful of emerging/frontier market central bank meetings; with decisions due from Israel, Hungary, and the Philippines. The main event of the next week in central banking though will be the European Central Bank's second LTRO. Also of note is US Federal Reserve Chairman, Ben Bernanke, testifying before the House and Senate on Thursday and Friday.


    • ILS - Israel (Bank of Israel) expected to hold at 2.75%% on the 27th of Feb
    • HUF - Hungary (Magyar Nemzeti Bank) expected to hold at 7.00% on the 28th of Feb
    • PHP - Philippines (Bangko Sentral ng Pilipinas) expected to hold at 4.25%% on the 1st of March

    Also during the past week Central Bank News released data, extending back to January 2000, for the Global Monetary Policy Rate Index - Emerging Markets.


    Article source:

    Feb 24 3:23 PM | Link | Comment!
  • Monetary Policy Week In Review - 18 February 2012
    The past week in monetary policy saw 3 monetary policy interest rate changes; Kazakhstan -50bps to 7.00%, Sweden -25bps to 1.50%, and Ghana +100bps to 13.50%. Meanwhile the central banks of Pakistan 12.00%, Japan 0.10%, Chile 5.00%, and Georgia 6.50% all held interest rates unchanged. The other key headline was the Bank of Japan expanding its quantitative easing program by another 10 trillion Yen to 65 trillion. The Reserve Bank of India also made a technical adjustment to one of its old policy rates.

    Following are some of the key quotes and comments from the central bankers that met to review monetary policy settings over the past week:

    • Bank of Japan (held rate at 0.10%, added to 10T to APP): "Japan's economic activity has been more or less flat, mainly due to the effects of a slowdown in overseas economies and the appreciation of the yen. On the other hand, financial conditions in Japan have continued to ease. On the price front, the year-on-year rate of change in the CPI (all items less fresh food) is around 0 percent."
    • Sweden's Riksbank (cut rate -25bps to 1.50%): "Inflationary pressures in the Swedish economy are low. The economic outlook in Sweden has weakened as a result of developments abroad. In order to stabilise inflation around 2 per cent and resource utilisation in the economy around a normal level, the Executive Board of the Riksbank has decided to cut the repo rate by 0.25 percentage points to 1.50 per cent. The repo rate is expected to remain at this level until some time in 2013."
    • Bank of Ghana (hiked rate 100bps to 13.50%): "The Committee concluded that the balance of risks to inflation is elevated. To contain future inflation pressures and realign interest rates in favour of domestic assets, it is necessary that monetary policy continues to be fine tuned to ensure that inflation expectations remain anchored to keep inflation within the target band."
    • Banco Central de Chile (held rate at 5.00%): "Domestically, economic activity and domestic demand have tended to outperform forecasts from the latest Monetary Policy Report. The labor market is still tight. Credit market conditions are stable. Y‐o‐y CPI inflation is slightly above the tolerance range, while core inflation measures have normalized. Inflation expectations remain around the target."
    • National Bank of Georgia (held rate at 6.50%): "Despite low inflation the real exchange rate had been appreciating in the end of last year. This is related to the faster nominal appreciation of the national currency vs. currencies of main trade partners. Real appreciation on one hand causes further widening of the trade deficit and on the other causes weakening of the demand."
    Looking at the central bank calendar, the only major central bank scheduled to meet next week is the Central Bank of Turkey. Elsewhere the Bank of England will release its recent monetary policy meeting minutes (where it increased its APP by GBP 75B) on Wednesday; likewise the Reserve Bank of Australia will release its most recent monetary policy meeting minutes on Tuesday.


    • TRY - Turkey (Central Bank of Turkey) expected to hold at % on the 21st of Feb

    Also during the past week Central Bank News released data, extending back to January 1999, for the Global Monetary Policy Rate Index - Developed Markets.


    Article source:

    Feb 17 4:03 PM | Link | Comment!
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