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INTEREST RATE DECISIONS


09.09.2010 - The Bank of England’s Monetary Policy Committee made a decision to hold its benchmark Bank Rate at its record low of 0.5%. Separately, the stock of asset purchases financed by the issuance of CB reserves was maintained at 200 billion GBP. Most analysts do not expect a rate hike from the part of BOE until next year. Besides, consumer prices dropped to 3.1% in July, however, inflation remains above the target level of 2%. Next time the Bank of England’s Monetary Policy Committee, headed by Mervin King will meet on October 7.

08.09.2010 - Today the Bank of Canada headed by Mark Carney made a decision to raise its overnight lending rate by 0.25 percentage point to 1.00% target level. The decision matched all expectations as Canadian economy has shown signs of strong recovery. The BOC expects consumption go grow and business investment to rise strongly. Inflation in the country remains within the anticipated frames. Next time the Bank of Canada governing board will meet on October 19.

07.09.2010 - By unanimous vote the Bank of Japan made a decision to hold its overnight call rate at 0.1% level. The decision came in line with all expectations. According to official bank statement, the pace of economic recovery remains moderate. The situation is still severe, however, the level of severity has subdued. The Bank emphasize that extra attention should be paid to downside risks as Japan`s economy faces critical challenge. Next time the Policy Board, will meet on October 5.

07.09.2010 - Today the Reserve Bank of Australia made a decision to hold its cash rate at 4.5% in spite of the highest quarter growth since 2007. As marked in the official bank release, the world economy extended at a high pace, but the recovery will probably be moderate for the rest of the year. Still, unemployment in Australia remains at 5.3%, which is close to its peak. Besides, Julia Gillard was reappointed as the Prime-Minister allowing her Labor Party to retain government and pursue a tax on mining companies. The election uncertainty was one of the reasons the RBA was reluctant to raise rates. Next time the RBA is set to meet on October 4, just a day ahead of BOJ`s meeting.

02.09.2010 - As the Swedish economy continues showing signs of strong recovery, he Executive Board of Swedish CB today made a decision to lift its benchmark interest rate by 0.25 percentage points. The Bank expects to attain its inflation target level of 2% on the way of creating the needed conditions for stable economic growth. The Bank expects to see economic growth by 4.1% this year, strongly than the body anticipated before. The next monetary policy meeting is set on October 26.

02.09.2010 - As expected, the ECB monetary policy decision ended up with a decision to hold low rates as 1% target remains “appropriate” for the euro-zone`s economy. The Bank Governing Board, headed by Jean-Claude Trichet, is concearned about signs of slowing down of the US economy as the American problems may spread to Europe. However, the outlook for GDP growth in the 16-nation region remains strong after the Euro-zone`s economy surged 1% in Q2. The growth is driven by Germany with its 2,2% increase. The next monetary policy meeting will take place on October 7.

16.08.2010 - As economic activity in Norway is rising at a moderate pace and inflation remains subdued, the governing council of Norges Bank voted to hold its key policy rate at 2%. The bank governor Svein Gjedrem expressed the idea that the interest rate should be gradually brought closer to a more normal level in future. In its official statement the Bank says that the outlook for the US economy is somewhat more uncertain, however, the turbulence in some EU countries has receded. The next monetary policy decision of Norges Bank set on September 22.

11.08.2010 - Yesterday the Federal Open Market Committee voted to maintain its federal funds rate at 0 to 1/4 percent. Exceptionally low rate remain appropriate for the US economy as resource utilization remains low and situation with labor market is still uneven. Besides, the pace of economic recovery in the world`s first economy is likely to be more modest in the short term than had been anticipated. Thus, Federal Reserve chief Ben Bernanke reiterated his promise to keep rates at low levels for an extended period. Next time the FOMC meets on September 21.

10.08.2010 - Today the Bank of Japan, headed by governor Masaaki Shirakawa, unanimously voted to hold its key interest rate at 0.1% level and to retain the degree of credit programs. The governor voiced concern about the yen's surge boosting Japanese companies for large losses. The main idea of Shirakawa`s message however was that Japanese economy is still showing signs of moderate recovery as economic conditions overseas improved. The level of deflation has been subdued, but employment sector recovery still remains fragile and uneven. Next time the BOJ governing council will meet on September 7.

05.08.2010 - The official Bank rate has been maintained at its low of 0.5% by BOE governing council. Besides, the stock of asset purchases financed by the issuance of BOE has been held at 200 billion GBP. The minutes of the meeting will be published at 9.30am on Wednesday 18 August. The rate has been at its current low of 0.5 per cent since March 2009. The next monetary policy decision is due on September 9.

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