The past week in monetary policy saw two central banks altering official interest rates; the Reserve Bank of Australia cut its base rate 50 basis points to 3.75%, while the National Bank of Rwanda hiked rates by 50bps to 7.50%. Those central banks that held interest rates unchanged were: Colombia 5.25%, the EU 1.00%, Thailand 3.00%, Uganda 21.00%, Kenya 18.00%, Egypt 9.25%, Romania 5.25% and the Czech Republic at 0.75%. Elsewhere Peru's central bank announced alterations to its required reserves, Jordan's central bank reduced bank loan rates and the People's Bank of China stepped up liquidity operations; prompting some to expect imminent RRR cuts.
Looking at the central bank calendar, the week ahead sees the Bank of England announcing reviews of interest rate and asset purchase program settings - the market will be watching and hoping for any further quantitative easing. Other central banks meeting this week include the National Bank of Poland, the Norges Bank (Norway), Bank Indonesia, and the Central Reserve Bank of Peru.
National Bank of Poland
Bank of England
Central Reserve Bank of Peru