LONDON, Aug 5 (Reuters) – Emerging-market central banking institutions accelerated interest rate slashes in July, with policymakers rushing to trim benchmarks as major central banking institutions including the U.S. Federal Reserve and the European Central Bank adopted a more dovish tone. Interest-rate movements by central banking institutions across several 37 developing economies showed a net eight-rate cuts last month — the biggest quantity since March 2015. Some predicted entrants such as South Korea and Serbia became a member of the list.
In June, developing market central banks recorded an online five rate slashes. HONG KONG – The Hong Kong Monetary Authority (HKMA) cut its foundation rate charged through the right away discount home window by 25 basis points to 2.5% on August 1, its first trim since past due 2008, good U.S. Federal Reserve’s move. Hong Kong’s financial policy techniques in lock-step with the Fed as its money is pegged at a good range of 7.75-7.85 per money.
MOLDOVA – The central bank or investment company raised its main interest rate to 7.5% from 7% on July 31 to combat rising inflation caused by wage raises and higher food prices. SAUDI ARABIA / BAHRAIN / UNITED ARAB EMIRATES – Central banks of Saudi Arabia, Bahrain, and the United Arab Emirates – whose currencies are pegged to the U.S. July 31 after the Federal Reserve lowered U.S. RUSSIA – Policy makers slice the key interest on July 26 and flagged that a couple of more slashes were possible later this year as Russia encounters sluggish economic growth and slowing inflation.
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TURKEY – The central loan company slashed its key interest rate by a bigger-than-expected 425 basis points to 19.75% on July 25 to spur a recession-hit economy, its first step from the emergency position followed during last year’s currency crisis. SOUTH AFRICA – The central standard bank cut its main lending rate as expected July 18 but struck a careful tone that recommended future cuts in borrowing costs weren’t a foregone conclusion despite benign inflation. INDONESIA – The central bank cut its benchmark interest rate for the very first time in nearly 2 yrs on July 18 in a bet to lift slow economic development.
SOUTH KOREA – The central lender delivered a shock to interest rate cut on July 18 and shaved this year’s growth forecast to the lowest in a decade, as a brewing dispute with Japan piled more pressure on the trade-dependent economy. PAKISTAN – Policy makers hiked the main interest rate by 100 basis points on July 16 to 13.25%, citing increased inflationary pressures and a likely near-term rise in prices from higher utility costs. SERBIA – The central loan company unexpectedly cut its main interest rate by 25 basis factors to 2.75% on July 11 to bolster lending and growth, the first such move around in over the year.
CHILE – Chile’s central loan company unexpectedly slice the benchmark interest rate by 50 basis factors to 2.5% on June 7 as it braced for a sharper economic slowdown because of the U.S.-China trade dispute. SRI LANKA – The central bank or investment company cut its key rates of interest by 50 basis factors on, may 31, as widely expected, to aid its faltering overall economy as overall business and consumer self-confidence slumped pursuing last month’s fatal bomb episodes.
KYRGYZSTAN – Policy makers in the Central Asian nation cut the benchmark rate to 4.25% from 4.50% on May 28, citing slowing inflation. ZAMBIA – The central loan provider in Lusaka elevated the benchmark lending rate to 10.25% from 9.75% on May 22 to counter inflationary pressure and support macroeconomic stability. JAMAICA – Jamaica’s central loan company cut its interest rate by 50 basis factors to 0.75% on May 19 – the third cut since the start of the year.
THE PHILIPPINES – The central standard bank cut its benchmark interest rate on, may 9 by 25 basis factors to 4.50%, on targets inflation will relieve after the overall economy grew at its slowest speed in four years in the first quarter. KAZAKHSTAN – Policymakers cut the policy rate by 25 basis points to 9.00% on April 15 in an expected move used after President Kassym-Jomart Tokayev ordered them to make credit more affordable.
NIGERIA – In a shock move, the central loan company cut its benchmark interest rate to 13.5% from 14% on March 26 as part of an attempt to stimulate growth in Africa’s biggest economy and sign a “new direction”. GEORGIA – The central bank or investment company cut its refinancing rate to 6.5% from 6.75% on March 13, citing forecasts suggesting that annual inflation would stay near to its 3% target this year. TUNISIA – Policymakers in Tunisia raised the key interest to 7.75% from 6.75% on Feb. 19 to combat high inflation – the third such hike in the past a year. EGYPT – Egypt’s central loan provider made a shock trim to its overnight deposit rate on Feb. 14, citing a solid drop in inflation and an improvement in other macroeconomic signals.
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