Indonesia's central bank, Bank Indonesia, held the BI rate unchanged at 5.75%. The Bank said: "To control short-term temporary inflation pressure, the policy will be focused on strengthening monetary operation and managing short term excess liquidity. Besides strengthening policy coordination with the government at national level as well as at regional level through TPI and TPID forums. Although there is a tendency of inflation to go beyond the target due to temporary impact of government policy on fuel subsidy, with various policy implemented by Bank Indonesia and the coordination with the government, Bank Indonesia is confident that inflation in 2013 will return to its range of 4.5% ±1%."
The Bank cut the rate by 25 basis points at its previous meeting, and cut the interest rate by 50 basis points at its November 2011 meeting, and also cut the key monetary policy rate (the BI Rate) by 25 basis points to 6.50% at its October meeting. Previously the Bank raised the BI rate by 25 basis points to 6.75% in February 2011. Indonesia reported annual inflation of 3.56% in February, compared to 3.7% in January, 4.1% in November, 4.61% in September, 4.79% in August and July, 4.61% in June, 5.98% in May, 6.16% in April, and 6.65% in March, and just below the inflation target of 5% +/-1% in 2011 (which changes to 4.5% +/-1% in 2012).
Bank Indonesia has previously forecast GDP growth of 6.3-6.8% in 2011 and 6.4-6.9% in 2012 for the Indonesian economy, meanwhile Indonesia reported annual GDP growth of 6.5% in the June quarter last year. The Indonesian Rupiah (IDR) has weakened by about 5% against the US dollar over the past year, while the USDIDR exchange rate last traded around 9,135. Bank Indonesia next meets on the 12th of April this year.
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The Bank Negara Malaysia kept its Overnight Policy Rate (OPR) steady at 3.00%. The Bank said: "Headline inflation is expected to moderate in 2012. Nevertheless, upside risks to inflation could emerge arising from the risk of supply disruptions and the possible financialisation in commodity markets, which would result in higher energy and commodity prices. In the MPC's assessment, while global financial conditions have improved, downside risks to the global economy remain. The high global commodity prices continue to pose risks to inflation. The MPC will continue to carefully assess these evolving conditions and their implications on the overall outlook for growth and inflation."
The Bank Negara Malaysia previously kept the rate unchanged at its February meeting, and last increased the OPR by 25 basis points to 3.00% in May last year, it also increased the Statutory Reserve Requirement (SRR) by 100bps to 3.00% at that meeting, and increased the SRR again in July by 100bps to 4.00%. Malaysia saw inflation of 2.7% in January, down from 3.4% in September, 3.3% in August, 3.4% in July, 3.5% in June, 3.3% in May, 3.2% in April, and 3.0% March.
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The Bank of Canada held its target for the overnight rate at 1.00%. The Bank noted on the Canadian economy: "Reflecting all of these factors, the Bank has decided to maintain the target for the overnight rate at 1 per cent. With the target interest rate near historic lows and the financial system functioning well, there is considerable monetary policy stimulus in Canada. The Bank will continue to monitor carefully economic and financial developments in the Canadian and global economies, together with the evolution of risks, and set monetary policy consistent with achieving the 2 per cent inflation target over the medium term."
Previously the Bank of Canada also held the target interest rate unchanged at its January meeting; it's last move was a 25 basis point increase to 1.00% in September last year. Canada reported annual CPI inflation of 2.5% in January, compared to 2.9% in November and October, 3.2% in September, 3.10% in August, 2.7% in July, 3.1% in June, 3.7% in May, and 3.3% in April, the same as March, according to Statistics Canada. The Bank of Canada has an inflation target of 2 percent over the medium term.
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The Central Reserve Bank of Peru kept its key monetary policy reference rate steady at 4.25%. The Bank said: "This decision takes into account the lower growth being recorded by some components of expenditure, the current international financial risks, and inflation's deviation from the target due mainly to transitory supply factors. Future adjustments in the reference interest rate will depend on the evolution of inflation and its determinants."
Peru's central bank also held the interest rate at 4.25% at its February meeting, while the bank last raised the monetary policy reference rate by 25 basis points to 4.25% in May last year. Peru reported annual inflation of 4.2% in February, compared to 4.74% in December, up from 4.2% in October, up from 3.73% in September, 3.35% in August and July, and compared to 2.9% in June, 3.07% in May, 3.34% in April, and above the Bank's 1-3% inflation target.
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The Bank of England (BoE) held the Bank Rate at 0.50%, and kept its Asset Purchase Program (Quantitative Easing) target unchanged at GBP 325 billion. The Bank said: "The Bank of England's Monetary Policy Committee today voted to maintain the official Bank Rate paid on commercial bank reserves at 0.5%. The Committee also voted to continue with its programme of asset purchases totalling £325 billion financed by the issuance of central bank reserves. The Committee expects the announced programme of asset purchases to take another two months to complete. The scale of the programme will be kept under review."
At its previous meeting the Bank of England expanded its asset purchase program by GBP 50 billion, after increasing it by 75 billion at its October meeting. The Bank also held the official Bank Rate unchanged at 0.50% at its December meeting last year; the rate has remained on hold since March 2009, when the Bank reduced the interest rate by 50 basis points to 0.50%. The United Kingdom reported annual consumer price inflation of 3.6% in January, 4.2% in December, 5.2% in September, 4.5% in August, and 4.4% in July, and still above the Bank's inflation target of 2.00%.
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The National Bank of Serbia kept its 2-week repo rate on hold at 9.50%. The Bank said: "Given the inflation factors with a medium-term effect, such as low aggregate demand, rising import prices, risks stemming from the international environment and fiscal policy at home, the NBS Executive Board voted to keep the key policy rate on hold. The Executive Board continues to stress that keeping the budget deficit in line with statutory fiscal responsibility rules remains one of the key prerequisites for maintaining the country's macroeconomic stability."
The Bank previously cut the interest rate by 25 basis points in January, 75 basis points in December and November, 50bps in October, and 50bps in September, after pausing in August, while previously the Bank reduced the 2-week repo rate by 25 basis points to 11.75% at its July meeting, and cutting the rate 50 basis points at its June meeting to 12.00%. Serbia reported inflation of 5.6% in January , down from 7% in December, 8.7% in October, 10.5% in August, 12.1% in July, 12.7% in June, 13.4% in May, 14.7% in April, and just above the bank's inflation target range of 3-6%.
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In recent years, the financial industry has witnessed a revolution. To discuss, debate, and seek a bit of consensus on the crucial issues impacting the industry, I met earlier this year in New York with a team of experts at the Electronic Trading Innovation Council. For the event, Cisco partnered with the founders of the council, Julio Gomez and Clay Booma. I was joined by my Cisco colleagues Aron Dutta, co-managing director for financial markets, Cisco IBSG; Chris O’Connell, Cisco’s head of strategy for alternative investment markets; and Dave Malik, Cisco’s technology & architecture lead. The other participants represented a wide range of financial and tech-based firms, including BNY Mellon, Citi, Credit Suisse, Lazard Freres, Morgan Stanley, Nomura, State Street, UBS, Equinix, Savvis, and Tervela.read more...
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