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INTEREST RATE DECISIONS


06.05.2010 - European Central Bank as expected decided to maintain its refinancing tender rate. Jean-Clude Trichet in his speech said that rate level remains appropriate as the pace of economic recovery in euro-zone remains moderate. The GDP is anticipated to expand this year. However, the Bank assumes that the financial crisis is expected to have a dampening effect on economic growth in euro-area. Price development is also expected to be moderate.

05.05.2010 - Norges Bank, the central bank of Norway, today voted to lift its main policy rate by 25 basis points to 2% level. In its official statement the bank, headed by Svein Gjedrem, indicates that global economy is picking up. The Norwegian economy rebounds as expected. The level of economic activity increased and inflation is expected to grow further. Therefore, the Board decided to lift the rate level close to its average value.

04.05.2010 - Today, the RBA`s Board, headed by Glenn Stevens, voted to lift its benchmark interest rate by 25 basis points to 4.5% level as economic conditions significantly improve. The hike closer to “average level” signals reducing degree of stimulus measures. In his interview Glenn Stevens told the reports that risk of another phase of contraction has passed away and Greek budget crisis should not affect Australia. The expected target for inflation rise is range between 2 and 3 percent.

30.04.2010 - Today the Bank of Japan made a decision to remain its benchmark interest rate on hold at 0.1% level. In its official statement Japan`s central bank reiterated that it would fight deflation as prices rise of 13-th straight month. Consumer prices are expected to rise in 2011. The government continues to exert pressure on BoJ before parliament elections coming in July. Masaaki Shirakawa, the head of BoJ directed staff to find ways of financially supporting commercial banks.

29.04.2010 - The Reserve Bank of New Zealand voted to hold its interest rate at 2.5%. The decision came in line with all expectations. In the official statement the Bank emphasizes that business spending remains subdued, however, exports continue to pick up. New Zealand`s central bank projects to withdraw stimulus measures in the coming months to provide constant growth for the economy. The next monetary policy meeting of RBNZ is scheduled on June, 9.

29.04.2010 - Matching all expectations the US Federal Reserve voted to hold interest rates in the range between 0 and 0.25% reiterating its promise to keep rates at excessively low level for extended period of time. According to FOMC official report, economic activity has continued to strengthen and labor market starts improving. The pace of economic recovery is expected to be moderate, however, the FED is not likely to raise rates in the second quarter of 2010.

20.04.2010 - The bank of Canada made a decision to maintain its benchmark interest rate at a record low of 0.25%, signaling the rates will be lifted in July 2010. The Bank may start a series of increases after 12 months since it reduced the rate to its lowest level as the county`s economy is picking up on the key fronts since the fourth quarter of 2009. Mark Carney, the BOC`s governor, emphasized that stimulus measures will soon be withdrawn.

20.04.2010 - The Executive Board of Swedish Riksbank made a decision to maintain the target interest rate at a low level in order to support employment sector and stimulate production. The bank anticipated to increase the rate by summer or early autumn this year. According to the Bank`s assessment, country`s GDP is growing in 2010, consumption in Sweden rises as well. The rate will become applicable from April, 21. Next Riksbank`s monetary policy meeting will be on 30 June 2010.

08.04.2010 - The Bank of England’s Monetary Policy Committee maintained its benchmark Bank Rate at 0.5%. The BOE also voted to hold the size of asset purchase program at 200 billion. Last time the program was increased by 25 billion in November 2009. The next monetary policy meeting of BOE is scheduled on 6 May. However, analysts predict that the bank will not raise borrowing costs until the third quarter.

08.04.2010 - As foreseen, the European Central Bank made a decision to maintain its benchmark Refinancing Tender rate at its record low of 1%, signaling that this level is appropriate now and reflects the state of economy in 16-nation region. The ECB governor Jean-Claude Trichet softened his tone when speaking about Greece. Trichet praised Greece`s efforts to struggle against budget deficit. However, economic recovery in Eurozone remains fragile.

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