The past week in monetary policy saw interest rate decisions announced by 8 central banks around the world. Those that altered interest rates were: Brazil, cutting 50 basis points to a low of 8.50%; Denmark, trimming a further -15bps to 0.45%; and Uganda dropping -100bps to 20.00%. Meanwhile the central banks that held interest rates unchanged were: Hungary 7.00%, Turkey 5.75%, Zambia 9.00%, Colombia 5.25%, and Israel 2.50%. Elsewhere in monetary policy, the Central Bank of Egypt cut its RRR -200bps to 10 percent.
Looking at the central bank calendar, the week ahead is set to be a big one in terms of monetary policy meetings. However the RBA is expected to hold fire at 3.75% this time, likewise the BOC is expected to hold at 1.00%, and the ECB and BoE are expected to hold at 1.00% and 0.50% respectively; and keep their asset purchase programs unchanged. Of course this does not preclude them from taking action, as the economic and geopolitical backdrop arguably warrants action. Outside of the main central banks, the National Bank of Poland, Central Reserve Bank of Peru, and Banco de Mexico also meet to review monetary policy settings.
Source: Article source: http://www.centralbanknews.info/2012/06/monetary-policy-week-in-review-2-june.html
updated Jun 01, 2012
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