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Fiji holds rate, sees inflation below 3.0% end-2015

August 28, 2015 by CentralBankNews   Comments (0)

    Fiji's central bank maintained its Overnight Policy Rate (OPR) at 0.50 percent, saying the dual mandates of the bank remain intact with inflation expected to be below 3.0 percent at the end of the year due to low global commodity prices, especially for oil, and low inflation in trading partners.
    The Reserve Bank of Fiji (RBF), which has held its rate steady since November 2011, added that its foreign reserves were "comfortable" at US$1.969.3 billion as of Aug. 25, sufficient for 4.9 months of imports, and compared with $1.999.8 billion as of July 31.
    In a statement from Aug. 27, RBF Governor Barry Whiteside contrasted heightened uncertainty for global economic growth with strong demand in Fiji that is in line with projections for 4.3 percent economic growth for 2015.
   "In particular, increased consumption and investment demand continue to be supported by favorable financial and labour market conditions," Whiteside said.
    Fiji's inflation rate rose to 1.4 percent in July from 0.8 percent in June and in the RBF's review for July it said receipts for the first month of this year confirmed the current positive outlook for primary industries, such as timber and fish exports, while the output of gold, electricity and wood chip was higher in the year recorded to June.

    The Reserve Bank of Fiji issued the following statement:
   

"The Reserve Bank of Fiji Board at its monthly meeting on 27 August agreed to maintain the Overnight Policy Rate at 0.5 percent.
The Governor and Chairman of the Board, Mr Barry Whiteside noted that positive sectoral outcomes and strong demand conditions in the year to date are in line with the 4.3 percent economic growth projection for this year. In particular, increased consumption and investment demand continue to be supported by favourable financial and labour market conditions.”
Mr Whiteside stated that in contrast, global economic conditions remain fragile, particularly as the recent China currency devaluation heightened uncertainty for the international growth outlook, apart from pushing commodity prices further downwards.
Given the low global commodity prices, especially for oil and soft trading partner inflation expectations, the Governor highlighted that the 2015 year-end inflation is expected to be below 3.0 percent. Foreign reserves are currently (25 August) comfortable at $1,969.3 million, sufficient to cover 4.9 months of retained imports of goods and non-factor services. In short, the dual mandates of the Bank remain stable.
The Governor concluded that, “as a result, the Bank will continue to monitor the latest global and domestic developments and align monetary policy accordingly.” 

   www.CentralBankNews.info

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Ukraine cuts rate 300 bps, to keep relatively tight stance

August 27, 2015 by CentralBankNews   Comments (0)

    Ukraine's central bank lowered its benchmark discount rate by 300 basis points to 27.00 percent in light of easing risks to inflation but cautioned that its policy stance "will remain relatively tight to support the disinflation trend and shield the Ukrainian economy from external shocks currently experienced by global commodity and financial markets."
    The National Bank of Ukraine (NBU), which had maintained rates since its last rate hike in March, added that a tight policy stance over the last six months had "helped firmly anchor inflation and devaluation expectations and contributed to the stabilization of the FX market, thus putting inflation firmly on a downward path."
    From April last year though March the NBU raised its rate by a total of 23.50 percentage points, including16.00 percentage points this year alone.
    The rate cut comes on the same day that Ukraine and about half of its main creditors agreed on a plan to restructure $18 billion of foreign debt that will include a write-off of 20 percent. Press reports said Russia, which was not in the negotiating committee, would continue to demand full repayment of a $3 billion eurobond due in December.
     The NBU, which earlier this month held out the promise of lower rates by the end of this year, said it expects the disinflation trend to continue due to a stable foreign exchange market, the fading of major price increases in housing and utilities, and a slow recovery of consumer demand. In addition, a high yield of grain, vegetables and fruit should keep down food prices.
    Ukraine' inflation rate eased to 55.3 percent in July from 57.5 percent in June and a 2015-high of 60.9 percent in April.
    Ukraine's hryvnia plunged by almost 50 percent against the U.S. dollar in 2014 following the outbreak of armed conflict in Eastern Ukraine and the occupation of the Crimean peninsula by pro-Russian forces.
    But a cease-fire agreement in late February, rate hikes by the central bank and administrative measures have helped stabilize the hryvnia, which was trading at 21.1 to the U.S. dollar today, up from a low of 33.7 in late February but still down 25 percent this year.
    On July 31 the International Monetary Fund (IMF) disbursed another $1.7 billion of its 4-year $17.5 billion facility to Ukraine, saying its economy remains fragile but encouraging signs were emerging as the exchange rate had stabilized and retail banking deposits had risen.
    The IMF added that Ukraine should maintain "an appropriately tight monetary policy" and build up foreign exchange reserves but the policy can be "carefully eased" as disinflation takes root.

    The National Bank of Ukraine issued the following statement:
   

"The Board of the National Bank of Ukraine has adopted a decision to reduce the discount rate from 30% to 27%, effective from August 28, 2015.
The tight monetary policy pursued by the National Bank of Ukraine in the past six months helped firmly anchor inflation and devaluation expectations and contributed to the stabilization of the FX market, thus putting inflation firmly on a downward path. The annual Consumer Price Index has been on a downward path for the third month in a row, whereas in July Ukraine recorded deflation in month-on-month terms. 
The improvement of the situation in the FX market and stabilization of inflation expectations have encouraged the inflow of deposits to the banking system.
The National Bank of Ukraine expects the disinflation trend to persist in the period ahead due to the maintenance of relative stability in the FX market, a fading wave of massive price increases in housing and utilities and a slow recovery of consumer demand.  An additional factor behind the disinflation trend will be a high yield of grain, vegetables and fruit, which will contribute to the subdued food price dynamics. 
Given lower inflationary risks, the Board of the National Bank of Ukraine deems it appropriate to embark on easing the monetary policy consistent with the projected decline in the annual inflation rate. However, despite the reduction in the discount rate from its current high level, the monetary policy will remain relatively tight to support the disinflation trend and shield the Ukrainian economy from external shocks currently experienced by global commodity and financial markets."


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Moldova raises rate 200 bps on rising inflation pressure

August 26, 2015 by CentralBankNews   Comments (0)

    Moldova's central bank raised its key policy rates by 200 basis points and the reserve ratio on bank's leu and non-convertible liabilities by 300 points to curb rising inflationary pressures from the the depreciation of the leu currency.
    The National Bank of Moldova (NMB), which has now raised its benchmark base rate by 13 percentage points this year, said it expects inflation to accelerate in coming quarters due to the comparison with last year's low base as the leu's deprecation since the beginning of the year will push up the prices of imported goods and then by second-round effects.
    The central bank said its policy decision was aimed at anchoring inflation expectations but inflation is still expected to temporarily exceed the upper limit of the target range of 6.50 percent to 3.50 percent, with a midpoint of 5.0 percent.
    In addition to raising the base rate, the NBM raised its rate on overnight loans by 200 basis points to 22.50 percent and the overnight deposit rate to 16.5 percent from 14.5 percent.
    To help sterilize excess liquidity accumulated in recent months, the central bank raised the required reserve ratio on leu and non-convertible deposits by 300 points to 35.0 percent while the ratio on freely convertible currencies was maintained at 14.0 percent.
    Moldova's leu currency has been depreciating since July last year and went into near-freefall in January this year. Since February it has continued to slowly decline though it rose in response to the central bank's latest rate hike.
    The currency of Moldova - a former Soviet state located between Romania and Ukraine - was trading at 19 to the U.S. dollar today, up from 19.2 prior to news of the bank's decision but still down 18 percent this year.
    Moldova's inflation rate rose to 8.6 percent in July from 8.3 percent in June.

    The National Bank of Moldova issued the following statement:
   

"Within the meeting of the 26 August 2015, the Executive Committee of the National Bank of Moldova adopted the following decision by unanimous vote:

1. to increase the base rate applied on main short-term monetary policy operations by 2.0 percentage points, from the level of 17.5 to 19.5 percent annually;
2. To increase the interest rates:
     - on overnight loans by 2.0 percentage points, from 20.5 to 22.5 percent annually;
     - 
on overnight deposits by 2.0 percentage points, from 14.5 to 16.5 percent annually;
3. To increase the required reserves ratio from financial means in MDL and non-convertible currency by 3.0 percentage points and set at the level of 35.0 percent of the base starting with the maintenance period of 08 October 2015 - 07 November 2015 of the required reserves in MDL;
4. To maintain the required reserves ratio from financial means attracted in freely convertible currency at the level of 14.0 percent of the base.
5. The rates referred to in items 1 and 2 shall entry into force on 02 September 2015.
The annual inflation rate reached in July 2015 the level of 8.6 percent or by 0.3 percentage points more compared to the previous month, mainly due to higher contribution from core inflation and food prices by 4.0 and 3.0 percentage points, respectively.
In July 2015, the annual rate of core inflation accounted for 11.8 percent, by 0.7 percentage points more compared to June 2015.
In the first semester, exports and imports decreased by 15.3 and 22.1 percent respectively, compared to the same period of the previous year, while the industrial output increased by 5.9 percent.
Transport of goods decreased by 7.7 percent during January - July 2015, compared to the same period of the previous year.
In terms of consumer demand, the annual average real wage growth in the economy in June 2015 was 4.0 percent, by 0.3 percentage points higher that in June 2014. Money transfers to individuals through the banks of the Republic of Moldova fell by 30.1 percent in January-July 2015 and by 37.0 percent in July 2015 compared with the same period of 2014.  
At the end of July 2015, the balance of loans granted to economy decreased by 6.7 percent compared to the end of July 2014, while the that of deposits increased by 2.7 percent.      
In July 2015, the average interest rates applied by banks to loans and deposits in national currency recorded an upward trend. Thus, the average annual interest rate on the loan portfolio in national currency increased by 0.08 percentage points compared to the previous month, constituting 12.14 percent. The average interest rate for deposits in MDL increased by 0.46 percentage points compared to June, registering a level of 11.03 percent.
The monetary policy continues to be affected by the complexity of risk balance, with a prevalence of inflationary risks. Weak economic activity in the euro area countries and the recession of the Russian Federation - the main trading partners of the Republic of Moldova maintain the risk of lowering of foreign currency income of households and domestic exporters in short-term, through remittances and foreign trade channel. This may subsequently influence inflation and the escalation of geopolitical tensions in the region may cause additional inflationary pressures.
The depreciation of the national currency since the beginning of this year has increased the inflationary pressures, which will subsequently determine in the future periods, through the prices of imported goods and tariffs of regulated services and later by second-round effects, the IPC to leave temporarily the upper limit of the variation range of ± 1.5 percentage point from the inflation target of 5.0 percent. It is anticipated that inflation will accelerate in the coming quarters, including due to the low calculation base of the previous year.
Against this background, within the meeting held on 26 August 2015, the members of the Executive Committee of the NBM decided by unanimous vote to increase the policy rate by 2.0 percentage points from 17.5 to 19.5 percent annually.
In order to sterilize excess liquidity accumulated in recent months and improve the transmission mechanism of monetary policy decisions, the Executive Committee took the decision to increase the required reserves ratio attracted in MDL and non-convertible currency by 3.0 percentage points up to 35.0 percent of the value of the base for the maintenance period of required reserves in MDL: 08 October 2015 - 07 November 2015. At the same time, the required reserves ratio from financial means attracted in freely convertible currency was maintained at the current level 14.0 percent of the base.
The decisions of the Executive Committee of 26 August 2015 are aimed at anchoring inflation expectations in the context of restoring and maintaining the inflation rate close to the target of 5.0 percent over the medium-term, with a possible deviation of ± 1.5 percentage points.
In order to support the proper functioning of the interbank money market, the NBM will continue to manage firmly the liquidity excess through sterilization operations, according to the announced schedule.
National Bank will continue to offer banks liquidity, according to the schedule announced for 2015, through REPO operations with the term of 14 days, at a fixed rate equal to the base rate of the National Bank plus a margin of 0.25 points percentage.
NBM will further monitor and anticipate the domestic and international economic environment developments, including household consumption dynamics, remittances and changing foreign trade conditions, so that by the flexibility of operational framework specific for the inflation targeting strategy to ensure price stability in the medium term
The next meeting of the Executive Committee of the NBM on monetary policy will take place on 24 September 2015, according to the announced schedule."

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Hungary lives up to July pledge and maintains rate

August 25, 2015 by CentralBankNews   Comments (0)

   Hungary's central bank left its base rate unchanged at 1.35 percent, living up to its guidance from July,  and repeated that it will keep monetary conditions loose "for an extended period" as long as inflation and growth evolves as it expects.
    The National Bank of Hungary (MNB), which has cut its rate by 75 basis points this year, also confirmed its statement from last month that there is still a degree on unused capacity in the country's economy and "inflationary pressures are likely to remain moderate."
    In July the MNB cut its rate by 15 basis points for the fifth time in a row this year but added that rates had now reached a level that not only would ensure that it would reach its inflation target but they would still support economic activity.
    Economic growth in Hungary continued in the second quarter, but slightly lower than the MNB projected in its June inflation report, probably due to weaker agriculture output.
    However, underlying growth has not changed "significantly," the central bank said, adding that "growth is likely to continue at a rapid pace" based on retail sales on a wide range of products rising, growing household real income underpinned by low inflation, a reduced need for deleveraging and growing employment.
    Hungarian consumer prices continued to rise in July, up by an annual 0.4 percent, but underlying inflation still shows moderate pressures due to subdued imported inflation, falling commodity prices and unused productive capacity, the MNB said.
    The MNB first expects inflation to approach its 3.0 percent target level by the end of its forecast horizon.

    The National Bank of Hungary issued the following statement:

  "At its meeting on 25 August 2015, the Monetary Council reviewed the latest economic and financial developments and voted to maintain the central bank base rate 1.35%.

In the Council’s assessment, Hungarian economic growth is likely to continue. While the pace of economic activity is strengthening, output remains below potential and the domestic real economic environment is expected to continue to have a disinflationary impact, albeit to a diminishing extent. Despite the pick-up in domestic demand, capacity utilisation is expected to improve only gradually due to the protracted recovery in Hungary’s export markets. With employment rising, unemployment continues to exceed its long-term level determined by structural factors. Inflationary pressures are likely to remain moderate.
Consumer prices continued to show low dynamics in July, rising slightly compared with the same period a year earlier. The incoming inflation data was consistent with the projection in the June Inflation Report. Annual core inflation was unchanged relative to previous months. The Bank’s measures of underlying inflation continue to indicate moderate inflationary pressures in the economy, reflecting subdued imported inflation, falling commodity prices and the degree of unused capacity in the economy. Core inflation is likely to rise gradually as domestic demand picks up; however, the continuing decline in commodity prices may moderate the increase in the consumer price index. Domestic real economic and labour market factors continue to have a disinflationary impact. Consequently, inflation is expected to approach levels around the 3 per cent target only towards the end of the forecast horizon, reflecting moderate underlying inflation.
According to the preliminary estimate, domestic economic growth continued in the second quarter. Growth was slightly slower than projected in the June Inflation Report, presumably as a result of the weaker agricultural output. The Council assesses that, based on the monthly macroeconomic indicators, underlying growth has not changed significantly and economic growth is likely to continue at a rapid pace. In June, industrial production rose relative to the previous month and the same period a year earlier. The dynamics of retail sales have been stable in recent months, with the volume of sales increasing across a wide range of products. Rising household real income underpinned by low inflation, the reduced need for deleveraging and growing employment are expected to contribute to the increase in household consumption.Investment is expected to pick up gradually, owing to the recovery in activity, as well as the Funding for Growth Scheme and its extension. Employment continued to grow, with the unemployment rate falling below 7 per cent in the second quarter.
Sentiment in global financial markets has been volatile in the period since the Council’s latest policy decision, but this has had little impact on domestic financial market indicators. Developments at the negotiations on the settlement of Greek government debt led to an improvement in sentiment. By contrast, global risk appetite deteriorated, reflecting uncertainty about Chinese capital market developments and the country’s growth outlook as well as an impending interest rate increase by the US Fed. Domestic financial markets have been calm, with the forint fluctuating against the euro within a narrow range. The domestic CDS spread and long-term government bond yields have been broadly unchanged since the previous policy decision. The persistently high external financing capacity of the Hungarian economy and the resulting decline in external debt have contributed to the reduction in its vulnerability. In the Council’s assessment, a cautious approach to monetary policy is warranted due to uncertainty in the global financial environment.
In the Council’s assessment, there continues to be a degree of unused capacity in the economy and inflationary pressures are likely to remain moderate. The negative output gap is expected to close only gradually over the policy horizon. If the assumptions underlying the Bank’s projections hold, the current level of the base rate and maintaining loose monetary conditions for an extended period are consistent with the medium-term achievement of the inflation target and a corresponding degree of support to the economy.
The abridged minutes of today’s Council meeting will be published at 2 p.m. on 9 September 2015."

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China cuts rate 25 bps, lowers reserve ratio 50 bps

August 25, 2015 by CentralBankNews   Comments (0)

    China's central bank cut its benchmark one-year lending rate by 25 basis points to 4.60 percent, the deposit rate by a similar 25 points to 1.75 percent and lowered the reserve ratio for major financial institutions by 50 basis points to 18 percent in response to "downward pressure on economic growth."
    The People's Bank of China (PBOC) has now lowered its key rate by 100 basis points this year and by 140 points since it embarked on its easing cycle in November 2014.
    The PBOC said the rate cuts will take effect on Aug. 26 while the cut in the reserve ratio will take effect Sept. 6.

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Kyrgyzstan holds rate, jumpy market may boost inflation

August 25, 2015 by CentralBankNews   Comments (0)

     The central bank of the Kyrgyz Republic left its policy rate unchanged at 8.0 percent, saying increased instability in foreign financial markets had increased pressure on the domestic currency market and this could raise inflationary pressures in the medium term.
    The National Bank of the Kyrgyz Republic, which has cut its rate by 250 basis points this year after raising it by 450 points last year to curb inflation, added that inflation had continued to slow, reaching 5.6 percent as of Aug. 14 compared with 11.6 percent at the start of the year.
    The central bank also said in a statement from Aug. 24 that economic growth of 7.1 percent in the first seven months of this year was mainly driven by expansion at the Kumtor gold mine as growth in Gross Domestic Product excluding the mine amounted to 4.5 percent.
    Kyrgyzstan's inflation rate rose slightly to 5.0 percent in July from 4.5 percent in June, within the central bank's target range of  5-7 percent.
    GDP rose by an annual 7.3 percent in the second quarter, up from 7.0 percent in the first quarter.
    Kyrgyzstan's som currency has been depreciating since June and was trading at 62.15 to the U.S. dollar today, down 5.2 percent this year.
    The Kumtor gold mine is an open-pit mine near Kyrgyzstan's border with China that is owned by the Canadian firm Centerra. It is the largest gold mine operated in Central Asia by a Western-based company and produced 568 ounces of gold in 2014.

   
    The National Bank of the Kyrgyz Republic issued the following statement:

"On August 24, 2015 the Board of the National Bank of the Kyrgyz Republic decided to keep the policy rate at 8.00 percent. 
Seasonal factor conditioned slowdown of inflation rate, which came to 5.6 percent in annual term as of the middle of August (as of August 14, 2015) against 11.6 percent as of the beginning of the current year.  
High economic growth in January-July 2015 (7.1 percent) was mainly driven by expansion of production at the "Kumtor" gold-mining company. Without “Kumtor”, the real GDP growth was 4.5 percent. 
Some decline of market makers activity in the interbank market is observed in recent months, meanwhile weighted average rates at the interbank credit market were lower than the policy rate. 
There is a decline in foreign trade and the inflow of remittances, including depreciation of the national currencies of main trading partners of the Kyrgyz Republic. Instability on the foreign financial markets has increased, which together with the current factors is one of the main reasons for increasing the pressure on the domestic currency market of the country, and which could enhance inflation pressure in the medium term. 
In view of forecasted dynamics of inflationary developments, the National Bank of the Kyrgyz Republic continues to monitor the situation in the national economy and will take appropriate measures of monetary policy consistent with statutory mandate. The monetary policy will be aimed at achieving and maintaining the inflation rate at the level of 5-7 percent in the medium term, which is determined by the Main directions of monetary policy guidelines of the National Bank of the Kyrgyz Republic for the medium term.  
The next meeting of the Board of the National Bank of the Kyrgyz Republic on the monetary policy rate is scheduled for September 28, 2015.  "
   

 

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Central Bank News Link List - Aug 24, 2015: Asian central banks from India to South Korea say ready to act

August 24, 2015 by CentralBankNews   Comments (0)

Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.

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Israel holds rate, warns of rising risks to inflation target

August 24, 2015 by CentralBankNews   Comments (0)

    Israel's central bank left its benchmark interest rate steady at 0.10 percent, as widely expected, but said "the risks to attaining the inflation target, and to growth, have increased," triggering a sharp rise in the shekel.
    The Bank of Israel (BOI), which cut its rate by 15 basis points in February to counter the negative impact on exports and inflation from a rise in the shekel, added that it "will use the tools available to it and will examine the need to use various tools to achieve its objectives of price stability."
    Israel's consumer prices continued to fall in July by an annual 0.3 percent, slightly less than the 0.4 percent in June but inflation has now been negative for the last 11 months.
    The BOI said short-term inflation expectations had declined sharply this month due to the fall in energy and commodity prices and the scheduled reduction in electricity prices, and average expectations for the next 12 months fell to 0.7 percent from 1.0 percent,  below the central bank target range of 1 - 3 percent.
    The Telbor curve, the rate on interbank loans, indicates some probability of a rate cut in the next few months, the BOI said, but added that most private forecasts don't expect a rate cut and forecasters' projection of the benchmark rate in one year remains 0.29 percent, on average.
     Israel's economy slowed sharply in the second quarter with the BOI attributing this to a moderation in world trade, noting that exports of goods and services contracted by 11.6 percent, partly due to labor disruptions in the chemicals industry.
    It added that annual growth in Gross Domestic Product was only 0.3 percent in the second quarter, well below the normal range of growth of 2.5 to 3.0 percent seen in the past two years.
    In addition to rate cuts, the BOI is reported to have been intervening in foreign exchange markets to weaken the shekel which has been firming against the U.S. dollar since mid-March.
    Today the shekel rose to 3.83 against the dollar after the BOI's policy decision from 3.88, to be largely unchanged since the start of the year.
    The BOI noted that since its previous policy decision on July 26, the shekel had weakened by about 1.3 percent against the dollar and by about 4.2 percent against the euro.

   
    The Bank of Israel issued the following statement that included its main considerations behind its policy decision:

"The main considerations behind the decision 
 
The decision to keep the interest rate for September 2015 unchanged at 0.1 percent is consistent with the Bank of Israel's monetary policy, which is intended to return the inflation rate to within the price stability target of 1–3 percent a year over the next twelve months, and to support growth while maintaining financial stability. The path of the interest rate in the future depends on developments in the inflation environment, growth in Israel and in the global economy, and the exchange rate of the shekel, as well as on monetary policies of major central banks. 
 
The following are the main considerations underlying the decision:
 
·     The rate of increase in the CPI in recent months has been consistent with the inflation target. However, short-term inflation expectations declined sharply this month, against the background of decreases in energy and commodity prices in the past two months and the scheduled reduction in electricity prices; expectations are below the lower bound of the target range. Medium-term and long-term (forward) expectations remained entrenched near the midpoint of the inflation target range. 
·     Indicators of real economic activity are volatile but point to some decline in the growth environment, relative to the 2.5–3.0 percent growth range of the past two years, with a decline in exports against the background of decreased world trade, and continued growth of current consumption. Labor market data indicates that the unemployment rate is low, and the job vacancy rate is relatively high, with employment growth primarily in the services industries. 
·     Some slowdown is apparent in the global growth rate with an increase in the level of risk. Slowing growth in China is negatively impacting economic activity in numerous countries. In recent days there have been sharp declines in global financial markets, and the expected path of the US federal funds rate, as derived from capital markets, is lower than it was last month. 
·     From the monetary policy discussion on July 26, 2015, through August 21, 2015, the shekel weakened by 1.3 percent in terms of the nominal effective exchange rate, but it has appreciated by 5.8 percent for the year to date. Even with the depreciation this month, the development of the exchange rate since the beginning of the year weighs on the growth of exports and of the tradable sector, and is delaying the return of the inflation rate to within the target range.
·     Robust activity in the housing market continued this month as well, and was reflected in an especially elevated level of new home sales, and in an acceleration in the rate of increase of home prices, which have increased by 4.4 percent in the past 12 months. Likewise, the pace of new mortgages taken out remains high.
 
The Monetary Committee is of the opinion that the risks to attaining the inflation target, and to growth, have increased. The Bank of Israel will continue to monitor developments in the Israeli and global economies and in financial markets. The Bank will use the tools available to it and will examine the need to use various tools to achieve its objectives of price stability, the encouragement of employment and growth, and support for the stability of the financial system, and in this regard will continue to keep a close watch on developments in the asset markets, including the housing market.
 
 
The minutes of the monetary discussions prior to the interest rate decision for September 2015 will be published on September 7, 2015. 
The decision regarding the interest rate for October 2015 will be published at 16:00 on Thursday, September 24, 2015."


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This week in monetary policy: Israel, Kyrgyzstan, Hungary, Moldova, Ukraine, Fiji and Angola

August 24, 2015 by CentralBankNews   Comments (0)

    This week (August 24 through August 29) central banks from seven countries or jurisdictions are scheduled to decide on monetary policy: Israel, Kyrgyz Republic, Hungary, Moldova, Ukraine, Fiji and Angola.
    Following table includes the name of the country, the date of the next policy decision, the current policy rate, the change to the policy rate at the last policy meeting, the change to the policy rate year-to-date, the rate one year ago and the country's MSCI classification.
    The table is updated when the latest decisions are announced and can always accessed by clicking on This Week.


WEEK 35
AUG 24-AUG 29, 2015:
COUNTRY       DATE           RATE      LATEST        YTD     1 YR AGO    MSCI
ISRAEL 24-Aug 0.10% 0 -15 0.25%       DM
KYRGYZSTAN 24-Aug 8.00% -150 -250 6.50%
HUNGARY 25-Aug 1.35% -15 -75 2.10%       EM
MOLDOVA 26-Aug 17.50% 200 1100 3.50%
UKRAINE 27-Aug 30.00% 0 1600 12.50%       FM
FIJI 27-Aug 0.50% 0 0 0.50%
ANGOLA 28-Aug 10.25% 50 125 8.75%


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Central Bank News Link List - Aug 22, 2015: Bullard says he’ll look through oil’s drop as labor market heals

August 23, 2015 by CentralBankNews   Comments (0)

Here's today's Central Bank News' link list, click through if you missed the previous link list. The list comprises news about central banks that is not covered by Central Bank News. The list is updated during the day with the latest developments so readers don't miss any important news.

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