The past week in monetary policy saw two major emerging market economy's central banks cut rates; with India cutting by a surprise 50 basis points to 8.00%, and Brazil cutting an expected 75 bps to 9.00%. The only other bank to adjust rates was Mongolia; hiking 100bps to 13.25%. Meanwhile those that held interest rates unchanged were: Canada 1.00%, Chile 5.00%, Turkey 5.75%, Sweden 1.50%, and the Philippines 4.00%. [more]
The past week in monetary policy saw 12 central banks announce interest rate decisions. Those that cut rates were: Vietnam -100bps to 13.00% and Mozambique -25bps to 13.50%, while Ghana increased +100bps to 14.50%. Those that held interest rates unchanged were: Russia 8.00%, Japan 0.10%, Armenia 8.00%, Indonesia 5.75%, Fiji 0.50%, Pakistan 12.00%, Korea 3.25%, Serbia 9.50%, and Peru 4.25%. Also making headlines in monetary policy was an announced monetary policy tightening by the Singapore Monetary Authority, a 150 basis point cut to the RRR by Croatia, and selected reductions of the RRR by the People's Bank of China.
Full story: http://www.centralbanknews.info/2012/04/monetary-policy-week-in-review-14-april.html