european central bank, bank of japan, romania’s central bank, russian central bank, kiwi central bank, us federal reserve, central bank news, philippines, france, japan, kuwait, united states, new zealand, brazil, bank chiefs, bank, federal reserve system, eurozone, thomson reuters, economy of new york city, new york city, chief, www.centralbanknews.info
japan, egypt, namibia, trinidad central bank, bank of england, european central bank, bank of japan, nigeria central bank, central bank news, new zealand herald, bank, usd, ocr, mario draghi, financial markets, finance, financial economics, economy of nigeria, nigerian naira, trader, investment, www.centralbanknews.info
Turkey's central bank maintained its short term interests rates, including the benchmark one-week repo rate at 8.25 percent, repeating its recent guidance that a "tight monetary policy stance will be maintained, by keeping a flat yield curve, until there is a significant improvement in the inflation outlook."
The Central Bank of the Republic of Turkey (CBRT), which raised its repo rate by 550 basis points to 10.0 percent in January and then began cutting it from May through July, said its macro prudential measures and its tight policy stance had a favorable impact on core inflation but elevated food prices were delaying an improvement in the outlook for inflation.
However, declining oil prices are expected to contribute to lower inflation in 2015, the bank added.
Turkey's headline inflation rate eased to 8.86 percent in September from 9.54 percent in August and the CBRT has a year-end inflation goal of 7.6 percent.
Turkey's Gross Domestic Product contracted by 0.5 percent in the second quarter from the first quarter for annual growth of 2.1 percent, down from 4.7 percent in the first quarter.
The CBRT issued the following statement:
ahmet faruk aysan, murat çetinkaya, başçı, abdullah yavaş, mehmet yörükoğlu, monetary policy committee, central bank of the republic of turkey, turkey's central bank, oil prices, elevated food, bank, food prices, turkey, inflation, economics, macroeconomics, monetary policy, disinflation, central bank, official bank rate, yield curve, monetary policy of india, economic history of turkey, governor, www.centralbanknews.info
The central bank of the Philippines maintained its key policy rates at 4.0 percent and said inflation is expected to be lower than expected in the 2014-2016 period due to easing pressures on commodity prices while domestic demand remains resilient.
Bangko Sentral ng Pilipinas (BSP), which raised its rate last month to rein in inflationary expectations, also said the risks to inflation were broadly balanced and it was maintaining its policy stance to allow the tighter policy since March to work its way through the economy.
Last month BSP also said the favorable prospects for domestic demand allowed its scope for a further adjustment in rates but it dropped this guidance today.
Instead the central bank said it would remain vigilant against any developments that could affect the outlook for inflation and financial stability and was ready to take appropriate action to safeguard its objectives for price and financial stability.
The headline inflation rate in the Philippines eased to 4.4 percent in September from 4.9 percent in August and its Gross Domestic Product in the second quarter expanded by 1.9 percent from the first quarter for annual growth of 6.4 percent, up from 5.6 percent in the previous quarter.
BSP issued the following statement:
central bank of the philippines, monetary board, bangko sentral ng pilipinas, philippines, bank, bank lending, inflation, economics, macroeconomics, monetary policy, central bank, monetary inflation, monetary policy of the philippines, inflation in india, www.centralbanknews.info, forward
Norway's central bank retained its policy rate at 1.5 percent, as expected, saying inflation and economic growth are largely as expected but the decline in oil prices and uncertainty surrounding the euro area had increased the uncertainty surrounding the outlook.
Norges Bank, which last cut its rate in March 2012, added that the Norwegian krone currency had also depreciated since its last meeting in September, reflecting the drop in oil prices.
In September the central bank said it expected the policy rate to remain at the current level until the end of 2015 before it starts to gradually increase. Today it omitted that guidance.
Norway's headline inflation rate was unchanged in September at 2.1 percent while its Gross Domestic Product rose by 0.9 percent in the second quarter from the first for a contraction of 0.3 percent in comparison with the second quarter of 2013.
Norges Bank issued the following statement:
øystein olsen, oil, oil prices, bank, norway, norges bank, norway's central bank, europe, economics, economy of the european union, inflation, norwegian krone, euro, real interest rate, hyperinflation, governor, www.centralbanknews.info
Canada's central bank maintained its benchmark target for the overnight rate at 1.0 percent, as widely expected, saying the "risks to its inflation projection are roughly balanced" while the risks to financial stability associated with household debt were edging higher.
The Bank of Canada (BOC), which has maintained its policy rate since September 2010, omitted giving financial markets and investors specific guidance about its expected future policy, a move that was expected following a speech earlier this month in which Governor Stephen Poloz said forward guidance was best reserved for times of crises.
At its last policy meeting in September, the BOC said it was neutral with respect to the next change in its policy rate, with the timing and direction depending on how new information influences its outlook. Economists expect the BOC to start raising its rates around the middle of next year.
In today's statement, the BOC said total consumer price inflation was evolving broadly as expected, with underlying inflationary pressures muted but as the economy reaches full capacity in the second half of 2016, both core and total consumer price inflation are projected to be about 2 percent on a sustained basis.
In its latest monetary policy report, the BOC raised its forecast for inflation marginally from July. Core inflation is forecast to average 2.1 percent in the fourth quarter of this year, up from July's projection of 1.8 percent while total CPI inflation rises to 2.2 percent, the same as forecast in July.
In the fourth quarter of 2015, core inflation is seen averaging 1.8 percent, the same as in July, rising to 2.0 percent in the fourth quarter of 2016, unchanged from July. Total CPI inflation is forecast at 1.8 percent in the fourth quarter of 2015, down from July's 1.9 percent forecast, rising to 2.0 percent in the fourth quarter of 2016, the same as seen in July.
In September Canada's core inflation rate was steady at 2.1 percent while headline inflation eased to 2.0 percent from 2.1 percent in August.
Although the BOC said the outlook remains for stronger momentum in the global economy in 2015 and 2016, it noted weakness since July and "persistent headwinds continue to buffet most economies and growth remains reliance on exceptional policy stimulus."
But the BOC was relatively optimistic about the economic outlook, saying "confidence in the sustainability of domestic and global demand should improve and business investment should pick up. Together with a moderation in the growth of household spending, this is expected to gradually return Canada’s economy to a more balanced growth path."
It also noted that the U.S. economy is gaining traction, particularly in sectors that are beneficial to Canada and the country's exports have begun to respond.
Canada's economy is forecast to average close to 2.5 percent over the next year before slowing gradually to 2 percent by the end of 2016, roughly what the BOC considers to be the growth rate of potential output.
In its latest forecast, annual growth is forecast at 2.2 percent in the fourth quarter of this year, up from July's forecast of 2.1 percent, and then pick up speed to 2.4 percent in the final quarter of 2015, the same as seen in July. In the fourth quarter of 2016 Gross Domestic Product growth is forecast at 2.2 percent, the same as forecast in July.
In the second quarter of this year, Canada's GDP expanded by 0.8 percent from the first quarter for annual growth of 2.45 percent, up from 2.14 percent in the first quarter.
The BOC issued the following statement:
Weighing all of these factors, the Bank judges that the risks to its inflation projection are roughly balanced. Meanwhile, the financial stability risks associated with household imbalances are edging higher. Overall, the balance of risks falls within the zone for which the current stance of monetary policy is appropriate and therefore the target for the overnight rate remains at 1 per cent."
energy prices, bank, retail sector, lower energy prices, bank of canada, united states, canada, stephen poloz, core, economics, inflation, monetary policy, economy of the united states, macroeconomics, disinflation, governor, www.centralbanknews.info
bank of england, european central bank, central bank of lesotho, people's bank of china, sri lanka central bank, south korea central bank, nigerian central bank, european union, lesotho, daily mirror, central bank news, south korea, bank, bank ratings, usd, europe, eurozone, euro, central bank, nigerian naira, critic, chief, executive, www.centralbanknews.info
Namibia's central bank maintained its repo rate at 6.0 percent to "support domestic economic activities" while it monitors the impact of the two interest rate increases in June and August.
But the Bank of Namibia, which has raised its rate by a total of 50 basis points this year, said it was still concerned over the strong growth in household credit that is largely financing the import of unproductive luxury goods, such as cars, and putting pressure on international reserves.
The central bank said credit to the private sector increased to an average rate of 15.5 percent in the first eight months of the year from 14.2 percent in the previous eight month period, with strong growth in credit to individuals in overdrafts, loans, advances and installment credit.
This resulted in a further widening of the trade deficit in January-August period, the bank said, adding that its international reserves remain sufficient to meet its foreign obligations.
While the central bank did not provide any data for international reserves, it said in August that foreign exchange reserves had declined 15 percent since the start of the year to 15.9 billion Namibian dollars (NAD) in June.
Data showed that foreign exchange had risen in April to 17.482 billion NAD from 14.595 billion in March.
In the second quarter of this year, Namibia's trade deficit amounted to 5.649 billion NAD, down from 6.785 billion in the first quarter while the current account deficit in the same period fell to 1.685 billion NAD from 3.216 billion.
Namibia's inflation rate eased to 5.3 percent in September from 5.4 percent in August, continuing the decline since hitting a 2014-high of 6.1 percent in June, with the decline mainly reflected in the cost of food, transport and housing, the bank said.
Inflation is expected to average around 5.5 percent for 2014, the bank said, down from its August estimate of 6.0 percent.
Namibia's economy has benefited from exports of diamonds, beef and fish and the bank said it is expected to improve this year compared with last year, supported by construction, strong domestic demand, diamond mining and manufacturing.
But activity in agriculture, uranium and zinc production have performed poorly in the first eight months of the year, the bank added.
The risk to growth remains low commodity prices due to depressed demand which could negatively affect export earnings, mining profits and employment.
On Sept. 30, the central bank forecast in its quarterly report that the economy would expand 5.4 percent this year, up from an estimated 5.1 percent growth in 2013.
nad, namibia's central bank, bank of namibia, manufacturing, diamond mining, food, bank, namibia, republics, political geography, culture, international relations, economic history of turkey, government debt, www.centralbanknews.info
ny fed, european central bank, swiss national bank, mexican central bank, european union, world bank, turkey’s central bank, romania central bank, india’s central bank, bank of canada, bulgaria central bank, ukraine’s central bank, us federal reserve, us fed, denmark’s central bank, central bank news, epoch times, manila bulletin, jp morgan, riksbank, eur, usd, forbes, hungary, foreign banks, bank watchdog, deposit law, bank, bank lending channel, shadow banking, europe, economics, federal reserve system, deflation, central banks, manila bulletin publishing corporation, sveriges riksbank, central banker, forward, epoch times europe gmbh, chief, www.centralbanknews.info
australia, philippines, argentina, japan, new zealand, central bank news, globe and mail, bullard, russia central bank, european central bank, bank of japan, people's bank of china, federal government, bank of england, reserve bank of australia, bank of canada, russian central bank, pakistan central bank, orders bank, finance rules, bank, businessworld, the dominion post, bis, usd, federal reserve system, central bank of russia, central bank, government, c.bank governor, the globe and mail inc., bis chief economist, www.centralbanknews.info