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INTEREST RATE DECISIONS


23.06.2010 - The Executive Board of the Norges Bank, Norway`s central bank today made a decision to retain its key deposit rate at 2% level. The decision broadly matched the predictions as pick up in Norwegian economy remains moderate and recovery pace is well below the expected degree. The level of inflation remains as expected by the government. According to its official statement, weakened outlook for Norwegian inflation, output and employment does not set the stage for lifting rates at this point.

17.06.2010 - The SNB stated on Thursday that it is set to hold its benchmark interest rate target at 0.25 percent level. The decision came in line with most expectations. However, the county`s central bank warned that pumping cheap money into the nation`s economy for too long period may reflect into inflation. The rate has been at the same level for 15 months. The Bank will probably hold the rate until 2012 as inflation may exceed the target level of 2%.

15.06.2010 - As expected by most analysts, the Bank of Japan Governing Board today voted to maintain its main overnight call rate at 0.1% level. The key rate of Japan`s economy has been at its current point since December 2008. According to BoJ`s official statement, situation with jobs and wages remains severe, however, the degree of severity has been subdued. Besides, the Bank unveiled its new $33 billion credit program to boost commercial crediting.

10.06.2010 - Today, the Bank of England’s Monetary Policy Committee voted to maintain its official Bank Rate paid on commercial bank reserves at 0.5 per cent.

The Committee also voted to maintain the stock of asset purchases financed by the issuance of central bank reserves at £200 billion. The minutes of the meeting will be published at 9.30am on Wednesday 23 June.

Please visit Interest Rates page for updates on interest rates of other central banks.

10.06.2010 - At today’s meeting the Governing Council of the ECB decided to leave unchanged the interest rate on the main refinancing operations, the interest rates on the marginal lending facility and the deposit facility at 1.00%, 1.75% and 0.25% respectively.

The President of the ECB Jean-Claude Trichet at the press conference upon the decision stated that «the current rates remain appropriate». He also added that «The latest information has also confirmed that the economic recovery in the euro area continued in the first half of 2010, but quarterly growth rates are likely to be rather uneven.»

ECB expects that the economy of euro area will «grow at a moderate pace», but still «uneven» across economies and sectors and «price stability to be maintained over the medium term».

10.06.2010 - Today, the Reserve Bank of New Zealand decided to lift its Official Cash Rate (OCR) by 25 basis points up to 2.75 percent.

Alan Bollard, Reserve Bank of New Zealand Governor, said: «The economy has entered its second year of recovery with growth becoming more broad-based.»

About 3.5% economy growth is expected in New Zealand this year. It is expected to be achieved mainly by higher export prices and volume growth, improving employment, growth of residential and business investment. However, housing spending and credit growth will remain weak. Besides, underlying CPI inflation is expected to remain in the target range, even in case of further growth of the economy.

Taking this into account, the Bank decided to reduce monetary policy stimulus with further decisions depending on economic and financial market developments.

01.06.2010 - Today the Bank of Canada announced that it is raising its target for the overnight rate by 0.25% to 0.5% level. The Bank Rate is correspondingly raised to 0.75% and the deposit rate is kept at 0.25%, thus re-establishing the normal operating band of 50 basis points for the overnight rate.

This is the first increase during the last three years. According to BoC statement «the global economic recovery is proceeding but is increasingly uneven across countries, with strong momentum in emerging market economies, some consolidation of the recovery in the United States, Japan and other industrialized economies, and the possibility of renewed weakness in Europe».

As expected, business activity in Canada is growing. The economy grew by 6.1% in the Q1 due to increased housing and consumer spending. Nevertheless, «given the considerable uncertainty surrounding the outlook, any further reduction of monetary stimulus would have to be weighed carefully against domestic and global economic developments», as it is said in the statement.

01.06.2010 - At its meeting today, June 1, 2010, the Reserve Bank Board decided to leave the cash rate unchanged at 4.5 per cent level, giving relief to borrowers, amid signs of a possible slowdown in the economy. The decision was preceded by three consecutive rate rises within the last three months.

«In Australia, with the high level of the terms of trade expected to add to incomes and demand, output growth over the year ahead is likely to be about trend, even though the effects of earlier expansionary policy measures will be diminishing. Inflation appears likely to be in the upper half of the target zone over the next year», Glenn Stevens, the Governor, said in his statement.

The decision to preserve the rate was expected by most analysts. Please visit our Interest Rates page for information about current interest rates of leading central banks.

21.05.2010 - According to all expectations, Bank of Japan today voted to retain its key policy rate at 0.1%, the lowest level. The BOJ assesses that the economy is starting to recover moderately. The main problem for the economic recovery remains deflation. The decision to maintain the rate is aimed at struggling against price falling and spurring crediting. The next monetary policy meeting will be held on June 15.

11.05.2010 - The Bank of England’s Monetary Policy Committee, headed by Mervyn King, made a decision to maintain the target Bank Rate at record low of 0.5%. The BOE also voted to retain the stock of asset purchases at 200 billion Pounds. The Bank rate remains at its lowest level since 5 March 2009 as the Bank still has no desire to withdraw stimulus measures on slow economic growth. The GBP continues falling on uncertainty over future UK Cabinet of Ministers.

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