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INTEREST RATE DECISIONS


07.04.2010 - Today the Bank of Japan (BoJ), headed by Masaaki Shirakawa unanimously voted to hold its benchmark interest rate at the record low level of 0.1 percent. In his interview Shirakawa stated that he sees evident signs of sustained recovery. The vote to maintain rates came in line with expectations. In March the bank made a decision to double its landing program to struggle against deflation as the Ministry of Finance exerts pressure on the BoJ before coming elections.

06.04.2010 - The RBA`s Board of governors, headed by Glenn Stevens, decided to maintain its benchmark interest rate by 0.25 percentage points to 4.25 percent levels, adjusting it closer to average value. In its monetary policy statement the RBA emphasizes that the risk of another downturn has faded away. Now bank is ready withdrawing its emergency measures as global economic conditions significantly improved. The next RBA`s monetary policy meeting is due on the 4th May.

24.03.2010 - At today`s meeting the Norges Bank, the Central Bank of Norway, made a decision to maintain its key policy rate at 1.75% level. In its official statement the Bank indicates that economic growth is not high enough and some industries are still in decline. The Norwegian krone remains stronger than expected. However, the Norges Bank does not plan rate increase until autumn. Next time Norges Bank is holding its monetary policy meeting on May 5.

18.03.2010 - The Bank of Japan`s policy board voted to maintain its benchmark interest rate at 0.1%. This decision came in line with all expectations. The bank also extended its three-month lending program to 20 trillion yen. This decision is aimed at reducing borrowing costs and spurring corporate sentiment as bank lending has dropped in last three months on decline in wages. Tumbling salaries in Japan continue bringing deflation.

17.03.2010 - The FOMC members voted to maintain its benchmark interest rate in 0 - 0.25% target range matching all expectations. In its statement the Federal officials mention that the labor market is stabilizing and economic activity continues strengthening. The pace of economic recovery in the USA remains moderate and inflation level is still low. These are the reasons why the FED will maintain the federal funds rate at exceptionally low level for an extended period.

11.03.2010 - The Reserve Bank of New Zealand, headed by Alan Bollard, decided to maintain its Official Cash Rate at 2.5% matching all expectations. Although the economic recovery in New Zealand sustained, the pace of growth remains unconvincing. The economy of New Zealand is expected to grow 4% in 2010. In its official statement the Bank expects to start removing policy stimulus and raise the OCR about the middle of 2010.

11.03.2010 - The SNB continues to retain the 3 month libor rate at 0.25%, a record-low level for the past 12 months. In its statement the Swiss National Bank said it would act decisively to hamper excessive appreciation of the Swiss franc versus the euro. The SNB assesses that developments in global economy are largely as expected. Moderate upward trend is anticipated for the Swiss economy in the short term. According to the statement, the GDP will increase by 1.5%.

04.03.2010 - The Bank of Englandís Monetary Policy Committee voted to maintain its Bank rate at 0.5%. The Bank rate remains at its lowest level for the last 12 months. Also the Bank officials decided to maintain the stock of asset purchases financed by the issuance of BoE`s reserves at £200 billion. The minutes of today`s meeting will be available on 17 March.

04.03.2010 - With Greece`s debt concerns adding to fragility of Europe`s recovery the European Central Bank made a decision to keep its benchmark Refinancing Tender rate at its low of 1%. Yesterday the ECB stated it appreciates Greece`s plans to beat budget deficit, however, the situation remains uncertain. The decision to keep rate on hold matched most analysts` expectations. The ECB, headed by Jen-Claude Trichet, holds rates unchanged since May 2009.

02.03.2010 - The Bank of Canada policy board decided not to follow the example shown by the RBA and voted to maintain its target overnight interest rate at its lowest level of 0.25%. In the Bank`s statement it is mentioned that the economic conditions in Canada had been slightly better than announced in its Monetary Policy Report released in January. The main factors of growth are rising business confidence, government stimulus measures and global growth.

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