📄 Recent Statements

The Bank of Korea's monetary policy decision emphasizes a cautious approach to interest rates, aiming to balance economic growth while managing inflationary pressures. The central bank remains vigilant in monitoring economic indicators to adjust its policy as necessary.

• The Bank of Korea decided to maintain the current interest rate to support ongoing economic recovery.
• Inflationary pressures are being closely monitored, with a commitment to adjust monetary policy if necessary.
• The central bank highlighted the importance of global economic conditions and domestic demand in shaping future policy decisions.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, reflecting a cautious outlook amid global economic uncertainties and moderating inflation. While Hungary's GDP showed slight growth, the economic environment remains characterized by duality, with retail sales increasing but industrial production subdued.

• Hungary's GDP grew by 0.7% in Q4 2025, with an overall annual growth of 0.4%.
• Inflation in January 2026 fell to 2.1%, indicating a moderation in price dynamics.
• The central bank is maintaining its interest rate structure, with expectations of a gradual recovery in growth supported by rising real wages and government measures.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4 percent, citing a moderate inflation rate and ongoing geopolitical uncertainty. The committee emphasizes its commitment to price stability and economic support while monitoring inflation and market conditions closely.

• Annual inflation has moderated to around 1.8 percent, aligning with previous assessments.
• The labor market remains tight with a high ratio of job vacancies to unemployed individuals.
• Geopolitical risks, particularly concerning Iran, have slightly increased Israel's risk premium.

The Reserve Bank of India emphasizes its commitment to maintaining price stability while supporting economic growth. The central bank is closely monitoring inflation trends and is prepared to adjust its monetary policy as necessary to ensure economic stability.

• The RBI is focused on controlling inflation to ensure economic stability.
• There is a readiness to modify monetary policy in response to changing economic conditions.
• The central bank is balancing the need for price stability with the support of economic growth.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75% in light of current and expected inflation trends, as well as domestic and international economic factors. The bank anticipates inflation will remain within the target range, supported by cautious monetary policy and systemic laws to curb unfair practices, despite some upward pressures from wage growth.

• The key policy rate, deposit facility, and lending facility rates are all held steady at 5.75%, 4.5%, and 7.0%, respectively.
• Inflation is expected to stay within the 3±1.5% target range until the end of 2026, aided by cautious monetary policy and improved agricultural conditions.
• Global uncertainties, including geopolitical tensions and protectionism, continue to influence Serbia's economic outlook and commodity prices.

The People's Bank of China has authorized the Bank of China London Branch to act as the clearing bank for Renminbi transactions in the UK, as per the memorandum of cooperation with the Bank of England. This decision aims to enhance the international use of the Renminbi and strengthen financial ties between China and the UK.

• The Bank of China London Branch will serve as the UK Renminbi clearing bank.
• This move is part of a broader strategy to promote the internationalization of the Renminbi.
• The decision follows a cooperation memorandum between the People's Bank of China and the Bank of England.

📝 According to the 'Memorandum of Cooperation between the People's Bank of China and the Bank of England', the People's Bank of China has decided to authorize the Bank of China London Branch to act as the UK Renminbi clearing bank. January 29, 2026.

The People's Bank of China, along with several other regulatory bodies, has issued a notice aimed at further preventing and addressing risks associated with virtual currencies and the tokenization of real-world assets. This initiative emphasizes the prohibition of virtual currency activities within the country and aims to enhance regulatory measures to safeguard national security and social stability.

• The notice reiterates the long-standing prohibition of virtual currency activities in China, classifying them as illegal financial activities.
• It highlights the need for strict regulation of the tokenization of real-world assets and prohibits any illegal issuance of tokens or securities without proper authorization.
• The publication calls for enhanced cooperation among various regulatory bodies to strengthen risk prevention and management strategies.

The Reserve Bank of India emphasizes its commitment to maintaining price stability while supporting economic growth. The central bank is closely monitoring inflation trends and is prepared to adjust its monetary policy as necessary to ensure economic stability.

• The RBI is focused on controlling inflation to ensure economic stability.
• There is a readiness to modify monetary policy in response to changing economic conditions.
• The central bank is balancing the need for price stability with the support of economic growth.

The European Central Bank has decided to maintain its key interest rates unchanged, reaffirming its commitment to achieving a medium-term inflation target of 2%. The economic outlook remains resilient despite global uncertainties, and the Governing Council will continue to adopt a data-driven approach to monetary policy decisions.

• Key ECB interest rates remain unchanged at 2.00%, 2.15%, and 2.40%.
• The Governing Council emphasizes a data-dependent approach to future interest rate decisions, without pre-committing to a specific rate path.
• The asset purchase programs are declining predictably, and the ECB is prepared to adjust its instruments to ensure inflation stability and effective monetary policy transmission.

The People's Bank of China convened a meeting to discuss the credit market for 2026, emphasizing the need to align with the economic and financial changes during the 14th Five-Year Plan. The bank aims to enhance financial services in key areas such as technology, green finance, and support for small and medium enterprises while continuing to mitigate debt risks associated with local government financing platforms.

• The meeting highlighted the achievements of 2025 in advancing financial support for consumption and reducing debt risks in financing platforms.
• There is a strong focus on improving financial services for strategic sectors and addressing weaknesses in the economy during the 14th Five-Year Plan.
• The bank plans to enhance coordination between monetary and fiscal policies and promote various forms of finance including digital and inclusive finance.

The Reserve Bank of Australia has decided to raise the cash rate target by 25 basis points to 3.85 percent due to rising inflation and increased capacity pressures in the economy. The Board anticipates that inflation will remain above target for an extended period, influenced by stronger-than-expected private demand and ongoing tight labor market conditions.

• Inflation has increased significantly in the second half of 2025, prompting the rate hike.
• Private demand is growing faster than anticipated, contributing to capacity pressures in the economy.
• Labor market conditions remain tight, with low unemployment and strong wage growth.

The Bank of Korea's Monetary Policy Board has decided to maintain the Base Rate at 2.50% in light of the current domestic and international economic conditions. This decision reflects a consensus among board members to prioritize stability until the next scheduled meeting.

• The Base Rate will remain unchanged at 2.50%.
• The decision was made considering both domestic and international financial environments.
• All members of the Monetary Policy Board supported this decision unanimously.

The Bank of England's Monetary Policy Committee is set to release its summary and minutes from the February 2026 meeting, indicating ongoing discussions regarding the current economic conditions and the implications for monetary policy. The recent reduction of the Bank Rate to 3.75% in December 2025 reflects a response to economic challenges.

• The Bank Rate was reduced to 3.75% in December 2025, indicating a shift towards more accommodative monetary policy.
• The upcoming publication will provide insights into the Committee's deliberations and future policy direction.
• The focus remains on balancing inflation control with economic growth amidst ongoing uncertainties.

On January 28, 2026, the Governor of the People's Bank of China, Pan Gongsheng, met with David Solomon, Chairman and CEO of Goldman Sachs. They discussed the global economic and financial situation, China's macroeconomic policies, and Sino-U.S. trade relations.

• The meeting focused on the current global economic and financial landscape.
• Discussions included China's macroeconomic policies and their implications.
• The dialogue also touched on the state of U.S.-China trade relations.

The Federal Open Market Committee (FOMC) held its annual organizational meeting to elect members and officers for the upcoming term, confirming key leadership positions and operational directives. The Committee also approved minor changes to its Open Market Operations directives to align with recent policy directions.

• Elections were held for members and alternates of the FOMC, effective January 27, 2026.
• Jerome Powell was unanimously selected to continue as Chair of the Committee.
• The FOMC approved updates to the Open Market Operations directives to ensure consistency with recent policy decisions.

The Federal Reserve's FOMC statement indicates that economic activity is growing steadily, although job gains remain low and inflation is elevated. The Committee is committed to achieving maximum employment and a 2 percent inflation target while maintaining the current federal funds rate range of 3.5% to 3.75%. They will closely monitor economic data and adjust policy as necessary to meet their goals.

• Economic activity is expanding, but job gains are low and unemployment is stabilizing.
• Inflation remains elevated, prompting the Committee to maintain the federal funds rate target range.
• The Committee is prepared to adjust monetary policy in response to emerging risks to their dual mandate.

The People's Bank of China held a meeting to review and plan for the management of currency, gold, and security for 2026, emphasizing the importance of political leadership and adherence to central directives. The meeting highlighted the achievements of 2025 and outlined key tasks for the upcoming year, focusing on optimizing cash supply and enhancing management practices.

• The meeting underscored the importance of adhering to the principles of Xi Jinping's thought and central economic directives.
• Achievements in 2025 included improved management of RMB circulation and cash supply, with a focus on internal and external reforms.
• For 2026, the bank aims to strengthen political leadership, optimize cash services, and enhance safety and management practices.

The Central Bank of Brazil's recent publication highlights ongoing economic uncertainty, particularly due to external factors such as U.S. economic policy and geopolitical tensions. While domestic economic activity is moderating as expected, inflation remains above target, necessitating careful monitoring and a cautious approach to monetary policy.

• External economic conditions remain uncertain, impacting global financial conditions and requiring caution from emerging markets.
• Domestic economic indicators show a moderation in growth, with inflation still above target levels for 2026 and 2027.
• The labor market shows resilience, but mixed signals from economic indicators suggest careful monitoring is needed.

The Bank of Canada has decided to maintain its policy rate at 2¼%, emphasizing a cautious approach amid ongoing uncertainties in the global and Canadian economies. While economic growth is projected to be modest, inflation is expected to remain close to the 2% target, with the central bank prepared to adjust its stance if necessary.

• Global economic growth is projected to average about 3%, but is vulnerable to US trade policies and geopolitical risks.
• Canada's GDP growth is expected to be modest at 1.1% in 2026 and 1.5% in 2027, with ongoing impacts from US tariffs.
• CPI inflation rose to 2.4% in December, but core inflation measures have eased, indicating a potential stabilization around the 2% target.

The People's Bank of China held a meeting to discuss anti-money laundering (AML) efforts for 2026, emphasizing the need to adapt to new challenges and enhance the effectiveness of AML measures. The meeting highlighted achievements in 2025 and outlined key priorities for 2026, including strengthening regulatory capabilities and international cooperation.

• The meeting reviewed the significant progress made in AML efforts in 2025, including improved regulatory frameworks and international collaboration.
• Key priorities for 2026 include enhancing the implementation of the revised Anti-Money Laundering Law and improving the capacity of financial institutions to manage beneficial ownership information.
• The central bank aims to establish a regular mechanism for combating money laundering crimes and to enhance monitoring and analysis capabilities.

The Bank of Korea's working paper analyzes the synchronization of bond yields between the U.S. and Korea, emphasizing its implications for monetary policy transmission in a small open economy. The study finds that yield synchronization varies significantly over time and affects the effectiveness of monetary policy, particularly during periods of global financial stress.

• The paper introduces a high-frequency measure of yield synchronization between the U.S. and Korea, highlighting its importance for understanding monetary policy transmission.
• Empirical findings indicate that long-term yield synchronization has increased post-crisis and spikes during global financial stress.
• Monetary policy transmission in Korea is state-dependent, with contractionary shocks producing conventional responses when synchronization is low but weaker or reversed effects when synchronization is high.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates amid ongoing geopolitical tensions and a slowly improving global economic outlook. While inflation has moderated, the Council remains cautious due to uncertainties in corporate pricing and external factors affecting Hungary's economy.

• The central bank base rate remains unchanged, with the overnight collateralized rate set at the base rate plus 1.00 percentage point.
• Inflation in Hungary has decreased to 3.3% in December 2025, primarily due to lower fuel and processed food prices.
• The labor market remains tight, but there are signs of easing, with low unemployment historically.

The People's Bank of China held a macro-prudential work meeting to review 2025's achievements and set priorities for 2026, emphasizing the importance of enhancing macro-prudential management and supporting the internationalization of the Renminbi. The meeting outlined a comprehensive framework for financial stability and risk management while promoting trade facilitation and the development of offshore Renminbi markets.

• The PBOC aims to strengthen its macro-prudential management system and enhance governance mechanisms in 2026.
• There is a focus on promoting the international use of the Renminbi and optimizing cross-border payment arrangements.
• The central bank plans to expand the coverage of macro-prudential policies and innovate policy tools to maintain financial stability.

The Bank of Korea's working paper analyzes the interest rate choices made by mortgage borrowers, highlighting the factors influencing their decisions in the current economic climate. The findings aim to inform policymakers on the implications of these choices for monetary policy and financial stability.

• The paper examines how borrowers select between fixed and variable interest rates based on economic conditions and personal circumstances.
• It identifies key determinants such as expectations of future interest rates and borrower risk profiles.
• The analysis provides insights into the potential impact of borrower choices on the overall housing market and financial system stability.

In the fourth quarter of 2025, the People's Bank of China imposed economic penalties on two entities for refusing to accept Renminbi cash. The central bank emphasizes the importance of respecting public payment choices and aims to maintain a harmonious cash circulation environment while protecting consumer rights.

• Two entities were penalized for refusing to accept Renminbi cash.
• The People's Bank of China is committed to enforcing regulations to ensure cash acceptance.
• Consumers are encouraged to assert their rights when faced with refusal of cash payments.

📝 In the fourth quarter of 2025, the People's Bank of China imposed economic penalties on two verified entities and related responsible persons for refusing to accept Renminbi cash. Business entities should strengthen their awareness of the rule of law, respect the public's right to choose payment methods, and work together to create a harmonious cash circulation environment. The People's Bank of China will continue to carry out rectification work regarding the refusal to accept Renminbi cash, effectively protecting consumers' legitimate rights and maintaining the legal status of the Renminbi as legal tender. Members of the public encountering refusal to accept Renminbi cash can assert their rights according to the

Norges Bank has decided to keep the policy rate unchanged at 4 percent, indicating that while inflation has fallen, it remains above the target. The central bank emphasizes the need for a cautious approach to monetary policy, balancing the risks of inflation and economic growth.

• Inflation is still above the 2 percent target, necessitating a restrictive monetary policy.
• The Committee is not in a hurry to reduce the policy rate further, as inflation remains too high.
• Future adjustments to the policy rate will depend on economic developments and labor market conditions.

The People's Bank of China held a meeting to outline the priorities for payment and settlement work in 2026, emphasizing the need for a modernized and high-quality payment system aligned with national economic goals. The meeting highlighted achievements in regulatory improvements and cross-border payment systems while setting a roadmap for further advancements in the coming year.

• The meeting focused on enhancing the quality and efficiency of the payment system in line with the '14th Five-Year Plan' and national financial development goals.
• Significant progress has been made in cross-border payment systems, with a push for greater connectivity and diversification.
• The central bank emphasizes strict regulatory oversight and the importance of compliance to foster a healthy industry ecosystem.

📝 On January 15, 2026, the People's Bank of China held a meeting on payment and settlement work for 2026. The meeting, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, aimed to implement the spirit of the 20th Central Committee's Fourth Plenary Session and the Central Economic Work Conference, summarize the payment and settlement work in 2025, analyze the current situation, and deploy key tasks for 2026.

The People's Bank of China has announced a policy adjustment regarding the minimum down payment ratio for commercial property loans, setting it at no less than 30%. This change aims to adapt to the evolving supply-demand dynamics in the real estate market and support the development of a new model for real estate growth.

• The minimum down payment ratio for commercial property loans is now set at 30%.
• Local branches of the People's Bank of China and financial regulatory agencies can adjust this ratio based on local government policies.
• The policy reflects a shift to accommodate new changes in the real estate market and support sustainable development.

📝 To implement the decisions and deployments of the Central Committee of the Communist Party of China and the State Council, adapt to the new changes in the supply-demand relationship of our country's real estate market, and support the construction of a new model for real estate development, the following notice regarding commercial property loan policies is issued: The minimum down payment ratio for commercial property (including 'commercial-residential dual-use properties') loans is adjusted to no less than 30%. The provincial branches of the People's Bank of China and the provincial offices of the National Financial Regulatory Administration will determine the minimum down payment ratio limits for each city based on local government regulation requirements, following the principle of implementing policies based on local conditions.

The People's Bank of China has renewed its bilateral currency swap agreement with the Bank of Canada, allowing for a swap scale of 200 billion yuan over a five-year term, which can be extended by mutual consent. This agreement aims to enhance financial cooperation between China and Canada, promote the use of local currencies, facilitate bilateral trade and investment, and maintain financial stability.

• The bilateral currency swap agreement is valued at 200 billion yuan and is effective for five years.
• The agreement is designed to strengthen financial cooperation between China and Canada.
• It aims to promote the use of local currencies in trade and investment, enhancing convenience.

The People's Bank of China emphasizes its commitment to maintaining a moderately accommodative monetary policy to support the high-quality development of the real economy. Recent measures include lowering interest rates on various structural monetary policy tools and increasing support for key sectors such as technology innovation and small enterprises.

• The central bank reported significant growth in financial metrics, with social financing and M2 supply increasing by 8.3% and 8.5% respectively, outpacing nominal GDP growth.
• Policy measures introduced include a 0.25 percentage point reduction in structural monetary policy tool rates and increased funding for small and private enterprises.
• The bank aims to further optimize financial structures by enhancing support for technology, green projects, and consumption sectors.

The People's Bank of China emphasizes its commitment to maintaining a moderately accommodative monetary policy to support the high-quality development of the real economy. Recent measures include lowering interest rates on various structural monetary policy tools and increasing support for key sectors such as technology innovation and small enterprises.

• The central bank reported significant growth in financial metrics, with social financing and M2 supply increasing by 8.3% and 8.5% respectively, outpacing nominal GDP growth.
• Policy measures introduced include a 0.25 percentage point reduction in structural monetary policy tool rates and increased funding for small and private enterprises.
• The bank aims to further optimize financial structures by enhancing support for technology, green projects, and consumption sectors.

The Bank of Korea's monetary policy decision reflects a cautiously optimistic outlook for the domestic economy, supported by a recovery in consumption and export growth, particularly in the semiconductor sector. While inflation has slightly declined, it is expected to stabilize around the 2% level, influenced by global oil prices and exchange rate movements.

• The global economy is projected to maintain moderate growth, aided by expansionary fiscal policies and AI-related investments.
• Domestic economic growth is improving, with a forecasted growth rate of 1.8% for the year, supported by strong exports and recovering consumption.
• Consumer price inflation has decreased to 2.3%, with expectations for it to gradually decline to around 2% in the near future.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75% in light of current and expected inflation trends, as well as domestic and international economic factors. The bank anticipates inflation will remain stable around its target midpoint until March 2026, supported by measures to curb unfair merchant practices and easing cost pressures. However, caution in monetary policy is emphasized due to ongoing global instability.

• The key policy rate, deposit facility, and lending facility rates remain unchanged at 5.75%, 4.5%, and 7.0%, respectively.
• Inflation is expected to stabilize around the target midpoint of 3% until March 2026, aided by regulatory measures and improved agricultural conditions.
• The NBS is cautious of external factors, including geopolitical tensions and protectionism, which could impact domestic production and economic growth.

On January 7, 2026, the Governor of the People's Bank of China, Pan Gongsheng, met with former Canadian Prime Minister Jean Chrétien. They discussed the global economic and financial situation, China-Canada trade relations, and financial cooperation between the two countries.

• The meeting focused on the current global economic and financial landscape.
• Discussions included enhancing trade relations between China and Canada.
• Financial cooperation between the two nations was a key topic of conversation.

The People's Bank of China will issue a commemorative silver coin featuring a design of the Great Wall and a dragon on January 15, 2026. This coin, which is legal tender in the People's Republic of China, will have a total mintage of 2 million pieces and will be made of 99.9% pure silver.

• The commemorative coin will weigh 31.104 grams and have a face value of 10 yuan.
• The coin's design includes the Great Wall on the front and a dragon with cloud patterns on the back.
• It will be minted by Shenzhen Guobao Mint Co., Ltd. and distributed by China Gold Coin Group Co., Ltd.

The People's Bank of China emphasizes the continuation of a moderately accommodative monetary policy to support stable economic growth and financial market stability in 2026. The bank aims to enhance financial services for high-quality development while managing financial risks and promoting international financial cooperation.

• The bank will maintain a moderately accommodative monetary policy, utilizing various tools like interest rate cuts and reserve requirement ratio adjustments to ensure ample liquidity.
• Financial support will be focused on key sectors such as technology innovation, small and micro enterprises, and rural development to enhance the quality of economic growth.
• The PBOC will strengthen financial risk management and continue to deepen financial reforms and open up to foreign investment in the financial sector.

The Bank of Israel's Monetary Committee has decided to lower the interest rate to 4 percent, reflecting a moderation in the inflation environment, with annual inflation currently at 2.4 percent. Economic activity continues to expand, supported by a strengthening shekel and easing labor supply constraints.

• The Consumer Price Index declined by 0.5 percent in November, leading to an annual inflation rate of 2.4 percent.
• The shekel has strengthened against major currencies, indicating improved market stability.
• The labor market shows signs of easing supply constraints, with increased participation and employment rates.

In November 2025, the People's Bank of China reported a robust performance in the bond market, with a total issuance of various bonds reaching 70,179.3 billion yuan. The report highlights an increase in trading volumes and a stable monetary environment, suggesting ongoing support for economic activity amidst global uncertainties.

• Total bond issuance in November reached 70,179.3 billion yuan, with significant contributions from government and corporate bonds.
• The interbank bond market saw a year-on-year increase in trading volume, indicating improved liquidity and market confidence.
• Foreign institutional investment in China's bond market remains modest, accounting for only 1.9% of total holdings.

The Central Bank of Russia's discussion highlights a recent decline in inflation rates, with year-on-year inflation dropping to 4.6% in late 2025. Despite some volatility in price growth, the bank anticipates inflation will end the year below its previous forecast of 6.5% to 7.0%. The overall economic outlook remains cautious, with considerations for monetary policy adjustments based on evolving inflationary trends.

• Inflation rates have decreased to 4.6% year-on-year, down from 6.6% earlier in the year.
• Volatility in price growth has been noted, particularly influenced by seasonal changes in commodity prices.
• The bank expects year-end inflation to be below 6%, indicating a more favorable outlook than previously anticipated.

In November 2025, the Bank of Korea reported an increase in the average interest rates for new deposits and loans, indicating a tightening of monetary conditions. The average interest rate on new deposits rose to 2.81%, while new loans increased to 4.15%, reflecting ongoing adjustments in response to economic conditions.

• The average interest rate on new deposits increased by 24 basis points to 2.81%.
• The average interest rate on new loans rose by 13 basis points to 4.15%.
• Outstanding deposit rates slightly decreased to 2.02%, while outstanding loan rates remained unchanged at 4.21%.

The People's Bank of China and the State Administration of Foreign Exchange have issued a notice to streamline the management of funds for domestic enterprises listed overseas, aiming to enhance capital project openness and support high-quality economic development. Key measures include unifying foreign currency management policies, simplifying registration processes, and allowing greater flexibility in fund usage and risk management for these enterprises.

• Unified foreign currency management policies for overseas-listed companies, allowing for repatriation of funds in both foreign currency and RMB.
• Simplified procedures and relaxed registration timelines for companies seeking to list overseas, with banks playing a central role in facilitating this process.
• Clarified regulations on the management of raised funds, emphasizing the need for repatriation of funds while allowing certain conditions for retaining funds abroad.

📝 To deeply implement the spirit of the Fourth Plenary Session of the 20th Central Committee of the Communist Party, enhance the openness of capital projects, and promote high-quality development of financial services for the real economy, on December 26, 2025, the People's Bank of China and the State Administration of Foreign Exchange jointly issued the 'Notice on Issues Related to the Management of Funds for Domestic Enterprises Listed Overseas' (Yin Fa [2025] No. 252, hereinafter referred to as the 'Notice'), further facilitating efficient financing for domestic enterprises in overseas financial markets.

The People's Bank of China (PBOC) emphasized the continuation of an appropriately accommodative monetary policy to support high-quality economic development amidst a challenging external environment. The central bank aims to enhance monetary policy tools and coordination with fiscal policies to promote stable growth and address imbalances in supply and demand.

• The PBOC has intensified macro adjustments and maintained a mix of monetary policy tools to support the real economy.
• Despite global economic challenges, China's economy is stable, but it faces issues such as strong supply and weak demand.
• The PBOC plans to manage liquidity and financing costs to align with economic growth and target price levels.

The Bank of Korea emphasizes its commitment to financial stability through enhanced monitoring and risk management in financial and foreign exchange markets. It aims to improve lending facilities and strengthen policy communication to ensure effective monetary policy implementation.

• The Bank will strengthen monitoring and risk management for financial and foreign exchange markets.
• Improvements will be made to lending facilities to support financial system stability.
• The Bank will enhance policy communication to improve the effectiveness of monetary policy.

The People's Bank of China emphasizes the need for a moderately accommodative monetary policy to support high-quality economic development amidst external uncertainties and domestic challenges. The central bank plans to enhance its policy tools and coordination with fiscal measures to stabilize growth and manage inflation expectations.

• The central bank will maintain a moderately accommodative monetary policy while strengthening counter-cyclical adjustments.
• There is a focus on improving the efficiency of monetary policy transmission and ensuring that financing costs remain low.
• The bank aims to support key sectors such as technology innovation and small and medium enterprises through targeted financial measures.

The People's Bank of China has introduced a one-time credit repair policy aimed at helping individuals with overdue debts restore their credit status. This policy allows for the removal of certain overdue records from the central bank's credit system if the debts are repaid by March 31, 2026.

• The policy applies to individual overdue debts not exceeding 10,000 RMB incurred between January 1, 2020, and December 31, 2025.
• Eligible individuals must fully repay their overdue debts by March 31, 2026, to benefit from the credit repair.
• The initiative aims to improve the credit status of individuals affected by unforeseen financial difficulties, particularly due to the COVID-19 pandemic.

The Central Bank of Russia's publication focuses on the monitoring of monetary policy conditions and banking credit terms, providing insights into the current economic landscape. It highlights the ongoing assessment of credit conditions and inflation expectations as part of its broader monetary policy framework.

• The publication includes data on banking credit conditions and demand for loans based on quarterly surveys of major Russian banks.
• It emphasizes the importance of monitoring inflation expectations and liquidity in the banking sector.
• The Central Bank aims to maintain stability in monetary policy while adapting to changing economic conditions.

The People's Bank of China will begin issuing commemorative coins and banknotes for the year 2026 starting December 22, 2025. This includes a dual-color copper alloy coin, a commemorative banknote, a gold coin, and a silver coin, all of which are legal tender in the People's Republic of China.

• The issuance includes a dual-color copper alloy coin (10 yuan), a commemorative banknote (20 yuan), a gold coin (10 yuan), and a silver coin (3 yuan).
• The total issuance includes 100 million dual-color copper alloy coins and 100 million commemorative banknotes.
• The coins and banknotes will be distributed through a reservation exchange method.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at around 0.75 percent, reflecting a moderate recovery in Japan's economy despite some weaknesses. The central bank anticipates continued wage increases and a stable inflation environment, which supports its current monetary policy stance.

• The uncollateralized overnight call rate will be set at around 0.75 percent, effective December 22, 2025.
• The interest rate for the complementary deposit facility will also be 0.75 percent, while the basic loan rate will be 1.0 percent.
• Japan's labor market remains tight, with expectations for steady wage increases, contributing to moderate inflation.

The Reserve Bank of India's Monetary Policy Committee has unanimously decided to reduce the policy repo rate to 5.25% while maintaining a neutral stance on monetary policy. This decision reflects a detailed assessment of macroeconomic conditions, including strong domestic growth and easing global uncertainties.

• The policy repo rate has been reduced to 5.25%, with corresponding adjustments to other rates.
• India's GDP growth reached 8.2% in Q2:2025-26, driven by strong domestic demand and supportive fiscal measures.
• Global economic conditions are stabilizing, but inflation remains a concern in major advanced economies.

On December 19, 2025, the Bank of Russia reduced the key rate by 50 basis points to 16.00% per annum as the economy shows signs of returning to balanced growth. Despite a decline in underlying price growth, inflation expectations have risen, prompting the Bank to maintain tight monetary conditions to achieve its inflation target.

• The key rate was cut to 16.00% per annum, reflecting a cautious approach to monetary policy amid rising inflation expectations.
• Annual inflation is projected to decline to 4.0–5.0% in 2026, with underlying inflation expected to reach 4% in the second half of the year.
• Economic activity is growing moderately, supported by rising household incomes and lending, although labor market tightness is decreasing.

The People's Bank of China emphasizes its commitment to multilateralism and macroeconomic policy coordination during the G20 meeting, advocating for reforms to address global imbalances and enhance cross-border payment systems. The bank plans to maintain a moderately accommodative monetary policy to support stable economic growth and high-quality development.

• China supports multilateralism and aims to strengthen the G20's role in global economic coordination.
• Tariffs are deemed ineffective for addressing global imbalances, and deficit countries should adjust domestic policies.
• China will continue to implement a moderately accommodative monetary policy to foster economic stability and growth.

The European Central Bank has decided to maintain its key interest rates unchanged while projecting that inflation will stabilize around the 2% target in the medium term. Economic growth forecasts have been revised upward, driven by stronger domestic demand, although inflation expectations have been adjusted slightly higher for 2026 due to slower declines in services inflation.

• Key ECB interest rates remain unchanged at 2.00%, 2.15%, and 2.40%.
• Inflation is projected to average 2.1% in 2025, with a gradual decline expected in subsequent years.
• Economic growth forecasts have been revised up to 1.4% for 2025 and 2027, indicating stronger domestic demand.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.00%, effective December 19, 2025, in response to declining global economic activity and persistent inflation pressures. The central bank acknowledges ongoing trade tensions and geopolitical risks that may impact economic growth and inflation forecasts.

• The overnight interbank interest rate is reduced to 7.00% to stimulate economic activity amid global economic slowdown.
• Headline inflation increased slightly to 3.80%, while core inflation rose to 4.43%, indicating persistent inflationary pressures.
• Economic activity in Mexico is expected to remain weak, with significant downward risks due to uncertainty and trade tensions.

Norges Bank has decided to keep the policy rate unchanged at 4 percent, citing ongoing inflation concerns and the need for a restrictive monetary policy. While the outlook remains uncertain, the bank anticipates potential rate cuts in the coming year if economic conditions align with projections.

• Inflation remains above target, prompting the need for continued restrictive monetary policy.
• The krone's depreciation is raising inflation prospects, and a quick reduction in the policy rate could prolong high inflation.
• The Committee forecasts 1-2 rate cuts next year, with a gradual decline in the policy rate towards slightly above 3 percent by the end of 2028.

The Bank of Korea's Monetary Policy Board decided to maintain the Base Rate at 2.50%, reflecting a consensus on the appropriateness of this rate given current domestic and international economic conditions. However, one member advocated for a reduction to 2.25%, indicating some divergence in views among board members.

• The Base Rate remains unchanged at 2.50% following the November 2025 meeting.
• The decision was based on a comprehensive assessment of domestic and international economic conditions.
• One board member proposed a decrease in the Base Rate to 2.25%, highlighting differing opinions within the board.

The Magyar Nemzeti Bank's Monetary Council has decided to maintain the current structure of central bank interest rates, reflecting a cautious approach amid ongoing global economic uncertainties and moderate inflation trends. The bank anticipates a gradual recovery in Hungary's economy, supported by rising real wages and government measures, despite challenges in reducing public debt.

• The central bank base rate remains unchanged, reflecting a cautious stance in light of prolonged trade and geopolitical tensions.
• Hungary's economy is projected to grow by 0.5% in 2025, with stronger growth expected in subsequent years due to rising consumption and investment.
• Inflation and core inflation have decreased to 3.8% and 4.1%, respectively, supported by lower global commodity prices and a stronger forint.

The People's Bank of China has authorized DBS Bank Ltd. to serve as the Renminbi clearing bank in Singapore, following a memorandum of cooperation with the Monetary Authority of Singapore. This decision aims to enhance the facilitation of Renminbi transactions and strengthen financial cooperation between China and Singapore.

• DBS Bank Ltd. has been appointed as the Renminbi clearing bank in Singapore.
• This decision is part of a broader cooperation agreement between the People's Bank of China and the Monetary Authority of Singapore.
• The initiative is expected to improve the efficiency of Renminbi transactions in the region.

The Bank of Korea's working paper examines the effects of communication strategies and dot plots on interest rate decisions in Korea. It highlights the importance of clear forward guidance in shaping market expectations and influencing monetary policy outcomes.

• The paper analyzes how communication methods, including dot plots, impact interest rate decisions in Korea.
• Effective forward guidance is crucial for managing market expectations and enhancing the effectiveness of monetary policy.
• The study utilizes natural language processing to assess the implications of central bank communication on interest rates.

The People's Bank of China emphasizes the need for a stable monetary policy to support economic growth and financial stability amid external pressures and internal challenges. The bank will continue to implement moderately accommodative monetary policies while enhancing financial support for key sectors such as technology and small enterprises.

• The central bank will maintain a moderately accommodative monetary policy to ensure economic stability and support growth.
• There is a focus on enhancing financial support for domestic demand, technological innovation, and small and medium-sized enterprises.
• The bank aims to balance economic growth with financial risk prevention and maintain the stability of the financial market.

The Central Bank of Turkey's Monetary Policy Committee meeting highlighted ongoing global economic uncertainties and their impact on Turkey's economic outlook. While inflation risks persist, the bank is adjusting monetary policy tools to respond to changing financial conditions, including modifications to reserve requirements.

• Global growth forecasts show a moderate improvement, but risks remain due to protectionism and geopolitical uncertainties.
• Turkish lira deposit rates have decreased, while commercial loan rates have increased, indicating mixed trends in borrowing costs.
• The CBRT is simplifying reserve requirement regulations and has made adjustments to FX reserve requirements effective January 2026.

The Swiss National Bank (SNB) assesses that inflation has recently been lower than expected, but medium-term inflationary pressures remain stable. The SNB will continue to monitor economic conditions and adjust its monetary policy as necessary to maintain price stability and support economic growth.

• Inflation decreased slightly from 0.2% in August to 0.0% in November, driven by lower prices in the hotel industry, rents, and clothing.
• The medium-term inflation forecast remains stable, with average annual inflation projected at 0.2% for 2025, 0.3% for 2026, and 0.6% for 2027.
• Global economic growth has been stronger than expected, but uncertainties remain, particularly regarding US tariffs and trade policy.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, citing stable inflation expectations and the influence of both domestic and international factors. The bank anticipates inflation will remain within the target range until at least March 2026, supported by measures to enhance lending conditions and curb unfair merchant practices.

• Inflation has decreased to 2.8% year-on-year, and the NBS expects it to remain stable within the target range of 3±1.5% until the end of 2026.
• The NBS emphasizes the importance of cautious monetary policy due to ongoing global uncertainties, including geopolitical tensions and protectionism.
• Lending activity has shown significant growth, with a 13.1% year-on-year increase in October, driven by improved credit conditions for low-income citizens and young homebuyers.

The Federal Reserve's minutes from the December FOMC meeting indicate that market participants expect a modest reduction in the federal funds rate, reflecting a resilient economic outlook despite some tightening in money market conditions. Inflation expectations have remained stable, although market-based measures of inflation compensation have declined, particularly for shorter tenors.

• Market participants anticipate a 25 basis point reduction in the federal funds rate at the December meeting, with expectations for two additional cuts next year.
• Treasury yields have risen slightly, while inflation compensation has decreased, attributed to lower energy prices and reassessments of tariff impacts.
• Equity prices have shown volatility, particularly influenced by economic data and developments in artificial intelligence.

The Federal Reserve's recent FOMC statement indicates a moderate expansion in economic activity, with a slight rise in unemployment and elevated inflation. In response to increased downside risks to employment, the Committee has decided to lower the federal funds rate target range by 0.25 percentage points to support maximum employment and achieve its 2% inflation goal.

• Economic activity is expanding moderately, but job gains have slowed and unemployment has increased.
• Inflation remains elevated, prompting the Committee to lower the federal funds rate target range to 3.5% to 3.75%.
• The Committee is closely monitoring economic indicators and is prepared to adjust monetary policy as necessary to meet its dual mandate.

The Central Bank of Brazil's recent Copom meeting highlighted ongoing uncertainties in the external environment, particularly due to U.S. economic policies, while domestic economic activity is showing signs of moderation. Inflation remains above target, necessitating continued vigilance in monetary policy to ensure convergence towards the inflation goal.

• External uncertainties persist, influenced by U.S. economic conditions and geopolitical tensions, affecting emerging markets.
• Domestic economic indicators show a moderation in growth, with inflation expectations for 2025 and 2026 remaining above target.
• The labor market remains resilient, but there are mixed signals regarding economic indicators, necessitating careful monitoring.

The Bank of Canada has decided to maintain its policy rate at 2¼%, indicating that this level is appropriate to keep inflation near the 2% target while navigating ongoing economic uncertainties. The bank acknowledges recent improvements in the labor market and GDP growth but remains cautious about future economic volatility and inflation pressures.

• Canada's economy grew by 2.6% in Q3, driven by trade volatility, but domestic demand remains flat.
• CPI inflation has slowed to 2.2%, with core inflation measures between 2½% and 3%, indicating underlying inflation pressures.
• The Bank is prepared to adjust its policy if economic conditions change significantly, emphasizing the importance of maintaining price stability.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, citing recent inflationary pressures that may be temporary but warrant close monitoring. Economic activity is recovering, with strengthened private demand, yet uncertainties remain regarding the persistence of inflation and the overall economic outlook.

• Inflation has decreased since its peak in 2022 but has recently picked up, indicating potential persistent pressures.
• Economic activity is recovering with strong growth in private demand, but the labour market remains tight with rising unemployment.
• The Board is cautious in its approach, emphasizing the need for ongoing assessment of economic data and inflation trends.

The opening of the IMF Shanghai Center marks a significant step in enhancing collaboration between the IMF and the Asia-Pacific economies, focusing on research and capacity building for emerging markets and middle-income countries. People's Bank of China Governor Pan Gongsheng emphasized China's commitment to multilateralism and global governance initiatives, highlighting the importance of this center in fostering macroeconomic policy exchange and maintaining financial stability.

• The IMF Shanghai Center aims to strengthen cooperation and communication between the IMF and Asia-Pacific economies.
• Pan Gongsheng reiterated China's support for multilateralism and global governance, aligning with President Xi Jinping's initiatives.
• The center will focus on research and capacity building for emerging markets and middle-income countries.

The Reserve Bank of India has reduced the policy repo rate by 25 basis points to 5.25% in response to a significant decline in inflation and robust economic growth. The central bank aims to support ongoing economic recovery while maintaining a neutral policy stance amidst evolving global conditions.

• Inflation has dropped to an unprecedented low of 0.3% in October 2025, well below the target threshold.
• Real GDP growth accelerated to 8.2% in Q2 2025, driven by increased consumer spending and favorable tax adjustments.
• The Monetary Policy Committee unanimously decided to lower the policy repo rate and maintain a neutral stance to support economic conditions.

The Central Bank of Turkey has launched the 'Center of Payments' website to provide comprehensive and up-to-date information on various payment systems and innovations, including the Digital Turkish Lira and Open Banking. This initiative aims to enhance transparency and accessibility in the payments sector.

• The new website will feature information on the FAST System, CBRT Payment Systems, and other payment innovations.
• The launch date of the website is December 5, 2025.
• The website is currently available in Turkish only.

The Monetary Policy Council of the National Bank of Poland has decided to reduce interest rates by 0.25 percentage points, setting the reference rate at 4.00%. This decision reflects the Council's ongoing efforts to support economic growth amid changing economic conditions.

• Interest rates were decreased by 0.25 percentage points, effective from 4 December 2025.
• The new reference rate is set at 4.00%, with the lombard rate at 4.50% and the deposit rate at 3.50%.
• This move aims to stimulate economic activity in response to current economic challenges.

The Central Bank of Turkey has announced that the zero percent reserve requirement ratio for foreign currency liabilities with maturities longer than one year will not be extended beyond the end of the year. Additionally, new FX reserve requirement ratios will be implemented starting January 16, 2026, affecting various categories of foreign currency deposits and liabilities.

• The zero percent reserve requirement for certain foreign currency liabilities will expire at the end of the year.
• Revised FX reserve requirement ratios will take effect on January 16, 2026.
• The changes aim to strengthen the macroprudential framework and manage foreign currency risks in the banking sector.

The Bank of England has reduced the Bank Rate to 3.75% in response to easing inflation and subdued economic growth. The decision reflects a majority vote within the Monetary Policy Committee, indicating a cautious approach to further monetary easing as inflation is expected to trend towards the 2% target in the medium term.

• CPI inflation has decreased to 3.2%, with expectations for further decline towards the 2% target.
• The Monetary Policy Committee voted 5-4 to lower the Bank Rate by 0.25 percentage points, indicating a split in views on the necessity of rate cuts.
• The current economic conditions show evidence of subdued growth and easing pay growth, influencing the decision to adjust the Bank Rate.

The National Bank of Poland has decided to cut the reference interest rate by 0.25 percentage points to 4.00% in response to declining inflation and economic conditions. The Council will continue to monitor economic indicators and adjust policy as necessary to maintain macroeconomic stability and achieve its inflation target.

• The NBP reference rate is now set at 4.00%, with other rates adjusted accordingly.
• Poland's GDP growth for Q3 2025 was 3.8%, driven by increased domestic demand despite a slowdown in wage growth.
• Annual CPI inflation fell to 2.4% in November 2025, indicating a downward trend in inflationary pressures.

The Bank of Korea's recent monetary policy decision indicates a cautious optimism regarding domestic economic growth, supported by recovering consumption and export performance, despite uncertainties in the global trade environment. Inflation is expected to gradually decline towards the target level, although it may remain slightly elevated due to external factors. The overall economic outlook reflects a balance of risks, with a forecasted growth rate of 1.0% for this year and 1.8% for the next.

• Domestic consumption and exports are showing signs of recovery, leading to an upward revision in growth forecasts.
• Inflation rates have risen, influenced by higher prices in certain sectors, but are expected to gradually decline towards the 2% target.
• The economic outlook remains uncertain due to global trade dynamics and developments in key industries like semiconductors.

The Reserve Bank of Australia's Payments System Board has made significant progress in regulatory reforms aimed at enhancing the resilience and efficiency of the financial market infrastructure. Key discussions included the review of merchant card payment costs, the impact of interchange caps, and the upcoming public consultation on regulatory priorities in the payments industry.

• The Board is operationalizing crisis resolution powers for Australian clearing and settlement facilities, with guidance expected to be published in December 2025.
• Stakeholder feedback on merchant card surcharging will inform potential regulatory actions, with conclusions and an implementation timeline anticipated by March 2026.
• Recent amendments to the Payments Systems (Regulation) Act 1998 will lead to a public consultation in mid-2026 addressing various regulatory priorities, including mobile wallets and e-commerce platforms.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.0 percent to support ongoing efforts to reduce inflation while navigating global uncertainties. The committee emphasized the importance of a data-driven approach to future policy decisions, highlighting recent positive trends in inflation and external sector performance.

• The Monetary Policy Rate is retained at 27.0 percent, with adjustments made to the Standing Facility corridor.
• Headline inflation has been decelerating for seven consecutive months, attributed to tight monetary policy and improved economic conditions.
• The committee noted the importance of sustaining current policy to allow previous rate hikes to impact the economy effectively.

The Bank of Korea emphasizes the need for a coordinated approach between macroprudential and monetary policies to address rising household debt and housing prices amid a prolonged economic slowdown. The analysis suggests that solely relying on monetary policy could exacerbate financial stability risks, highlighting the importance of timely macroprudential measures.

• Seoul's housing prices continue to rise despite economic slowdown, driven by supply-demand dynamics and market sentiment.
• Tightening macroprudential policies has been effective in controlling house price growth and mortgage lending without significantly hindering economic growth.
• The timing of macroprudential policy implementation is crucial; it is more effective when applied before accommodative monetary policy.

The Bank of Israel's Monetary Committee has decided to lower the interest rate to 4.25 percent, focusing on price stability and supporting economic activity amid geopolitical uncertainties. The committee will adjust the interest rate path based on inflation trends, economic performance, and fiscal developments.

• Annual inflation has moderated to 2.5 percent, with expectations for a slight increase before stabilizing around the target midpoint.
• Economic activity has rebounded sharply, with GDP growth at 12.4 percent annually, though it remains below long-term trends.
• The labor market is tight, with high job vacancy rates and rising wages, while the shekel has appreciated against major currencies.

The South African Reserve Bank's Monetary Policy Committee has decided to maintain the current interest rate, emphasizing a cautious approach to inflation and economic growth. The committee remains vigilant in monitoring economic indicators and is prepared to adjust policy as necessary to ensure financial stability.

• Interest rates remain unchanged to support economic recovery amidst inflationary pressures.
• The committee highlights the importance of closely monitoring inflation trends and global economic conditions.
• There is a commitment to maintaining financial stability while fostering sustainable economic growth.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amidst a slightly improved global growth outlook, while acknowledging ongoing trade tensions and subdued growth in European economies. The Council anticipates that both internal and external factors will contribute to a gradual pick-up in Hungary's economic growth in the coming year.

• The central bank base rate remains unchanged with a focus on managing inflation risks from international supply chain disruptions.
• Hungary's GDP growth was 0.6% year-on-year in Q3 2025, but stagnated compared to the previous quarter, indicating mixed economic performance.
• Consumer and business confidence improved slightly, but overall sentiment remains low, with labor market conditions easing.

The Central Bank of Turkey's press release highlights the discussions held during the Financial Stability Board's Regional Consultative Group meeting for the Middle East and North Africa, focusing on regional vulnerabilities and the impact of debt sustainability on financial stability. Key topics included the role of non-bank financial intermediaries and the application of artificial intelligence in finance, with an emphasis on ongoing work and future priorities for the group.

• The meeting included officials from various central banks and financial authorities across the Middle East and North Africa.
• Discussions centered on global and regional vulnerabilities, particularly regarding debt sustainability and its implications for financial stability.
• The role of non-bank financial intermediaries and the integration of artificial intelligence in finance were significant topics of conversation.

Banco de México has lowered the target for the overnight interbank interest rate by 25 basis points to 7.50% in response to a deceleration in economic activity and persistent trade tensions. Despite a slight increase in headline inflation, forecasts indicate a convergence towards the target by the third quarter of 2026, though risks remain elevated.

• The overnight interbank interest rate was reduced to 7.50% effective September 26, 2025.
• Global economic activity is slowing, with trade tensions contributing to uncertainty and risks for inflation and economic growth.
• Headline inflation has slightly increased, but expectations for year-end inflation have been revised downwards.

The People's Bank of China (PBOC) has adopted an appropriately accommodative monetary policy to support economic recovery and maintain financial stability amid ongoing pressures. The central bank has focused on ensuring adequate liquidity, improving credit structures, and guiding interest rates downward to foster high-quality development in the economy.

• China's GDP grew by 5.2% year-on-year in the first three quarters of 2025, indicating steady economic development.
• The PBOC utilized a mix of monetary policy tools to maintain adequate liquidity and support the real economy's credit needs.
• Efforts were made to lower overall social financing costs and improve the credit structure, particularly in sectors like consumption and technological innovation.

The People's Bank of China has implemented a series of monetary policy adjustments aimed at stabilizing the economy and supporting key sectors, including agriculture and small enterprises. Key measures include maintaining the Loan Prime Rate (LPR) while adjusting various lending rates and increasing funding for specific initiatives to boost credit availability.

• The LPR for 1-year and 5-year loans remains steady at 3.0% and 3.5%, respectively, indicating a cautious approach to interest rate changes.
• The central bank has increased the quota for agricultural and small enterprise loans by 300 billion yuan to enhance credit support.
• A new committee for macro-prudential and financial stability has been established to explore and expand the central bank's role in these areas.

The Bank of Korea's Monetary Policy Board decided to maintain the Base Rate at 2.50%, reflecting a consensus on the current economic conditions. However, one member advocated for a reduction to 2.25%, indicating some divergence in views on the appropriate monetary policy stance.

• The majority of the Monetary Policy Board members favored keeping the Base Rate unchanged at 2.50%.
• One member proposed lowering the Base Rate to 2.25%, suggesting differing opinions on monetary policy direction.
• The decision reflects careful consideration of both domestic and international economic environments.

The Central Bank of Turkey will hold a briefing on the Inflation Report for the fourth quarter of 2025, led by Governor Fatih Karahan. The event will include a presentation followed by a Q&A session, providing insights into the current inflation outlook and monetary policy considerations.

• The briefing is scheduled for November 7, 2025, at the CBRT’s Istanbul Financial Center.
• Governor Fatih Karahan will present the Inflation Report, followed by a question-and-answer session.
• The event will be available via live webcast in Turkish.

The Central Bank of Russia's discussion highlights a rise in inflationary pressures, driven by temporary factors, while maintaining a tight monetary policy to control excessive demand in the economy. Despite an increase in overall price growth, core inflation has remained stable, indicating a complex economic landscape. The bank's measures aim to stabilize the situation and support economic growth amidst rising prices.

• Inflation accelerated to 6.4% SAAR in Q3 2025, influenced by one-off factors such as seasonal price changes in food and energy.
• Core inflation slightly decreased to 4.3% SAAR, with households' inflation expectations remaining unchanged.
• The unemployment rate fell to 2.1%, while wage growth rates were lower than in the previous year, indicating a mixed economic recovery.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.25%, effective November 7, 2025, in response to slowing global economic activity and persistent inflation risks. Despite a slight decrease in headline inflation, core inflation remains stable, and the central bank acknowledges significant uncertainties and downward risks in the economic outlook.

• The overnight interbank interest rate has been reduced to 7.25% to support economic activity amid global trade tensions.
• Headline inflation decreased slightly, but core inflation remains stable, with forecasts adjusted for both short-term and long-term expectations.
• Risks to inflation remain biased to the upside, influenced by factors such as currency depreciation and geopolitical tensions.

The Central Bank of Brazil's Copom meeting highlighted ongoing economic uncertainty, particularly influenced by external factors such as U.S. economic policy and geopolitical tensions. While domestic economic activity is moderating, inflation remains above target, necessitating a cautious approach in monetary policy.

• External economic conditions remain uncertain, impacting global financial conditions and requiring caution from emerging markets.
• Domestic economic indicators show moderation in growth, but the labor market remains dynamic.
• Inflation rates are above target, with expectations for 2025 and 2026 also exceeding the target, indicating persistent inflationary pressures.

The Monetary Policy Council of the National Bank of Poland has decided to reduce the interest rates by 0.25 percentage points, effective from November 6, 2025. This decision aims to support economic growth amid prevailing economic conditions.

• The reference interest rate is now set at 4.25% annually.
• Other rates adjusted include the lombard rate at 4.75% and the deposit rate at 3.75%.
• The decision reflects a proactive approach to stimulate the economy.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent amidst rising inflation, which has recently picked up due to temporary factors. While domestic economic activity is recovering, uncertainties remain regarding the sustainability of this growth and its impact on inflation.

• Inflation has increased recently, with trimmed mean inflation at 3.0 percent over the year, up from 2.7 percent in the previous quarter.
• Domestic economic activity is recovering, evidenced by a strengthening housing market and ongoing private demand.
• The labor market remains tight, with low rates of underutilization, although employment growth has slowed and the unemployment rate has risen slightly.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4%, reflecting a cautious approach as inflation pressures appear to have peaked. While there is evidence of ongoing disinflation and economic slack, the committee remains vigilant about balancing the risks to the inflation target.

• The committee voted 5-4 to keep the Bank Rate unchanged at 4%, with some members advocating for a reduction.
• CPI inflation is believed to have peaked, with ongoing disinflation supported by moderate wage growth and easing services price inflation.
• The risks surrounding inflation are now more balanced, with weaker demand posing a greater threat to medium-term inflation.

The National Bank of Poland's Monetary Policy Council has decided to reduce the NBP reference rate by 0.25 percentage points to 4.25%, reflecting a decline in inflation and a favorable economic outlook. The Council's future decisions will depend on incoming data regarding inflation and economic activity.

• The NBP reference rate has been cut to 4.25%, with other rates adjusted accordingly.
• Inflation in Poland has decreased to 2.8% in October 2025, influenced by lower food prices.
• The Council's inflation and GDP projections indicate a moderate outlook for the coming years, with inflation expected to stabilize.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 2.25% to support economic recovery amid rising inflation, which is expected to moderate to around 2% by mid-2026. The decision reflects a cautious approach to balancing inflation risks while encouraging household spending and stabilizing the labor market.

• Annual consumer price inflation rose to 3% in the September quarter, but is projected to decrease to around 2% by mid-2026 due to significant spare capacity in the economy.
• The OCR was reduced by 25 basis points to 2.25%, with future adjustments dependent on the evolution of medium-term inflation and economic conditions.
• Economic activity is recovering from a weak mid-2025 period, supported by lower interest rates and a stabilizing labor market, despite global growth expected to slow in 2026.

The European Central Bank has decided to keep its key interest rates unchanged as inflation remains close to the 2% medium-term target, and the economy continues to grow despite global challenges. The Governing Council emphasizes a data-dependent approach to future rate decisions, highlighting the importance of monitoring inflation dynamics and economic data.

• Key ECB interest rates remain unchanged: deposit facility at 2.00%, main refinancing operations at 2.15%, and marginal lending facility at 2.40%.
• The Governing Council is committed to ensuring inflation stabilizes at the 2% target and will adjust its instruments as necessary.
• The asset purchase programme and pandemic emergency purchase programme portfolios are declining predictably, with no reinvestment of maturing securities.

The Bank of Japan's Policy Board has decided to maintain the uncollateralized overnight call rate at around 0.5 percent, reflecting a majority consensus that the current monetary policy is appropriate. Some members expressed concerns about rising price risks and suggested a higher target, but their proposals were not adopted.

• The uncollateralized overnight call rate will remain at approximately 0.5 percent.
• The decision was made by a 7-2 majority, with dissenting opinions advocating for a higher rate due to perceived inflation risks.
• The Bank of Japan continues to view the current economic conditions as stable, with no immediate changes to the monetary policy framework.

The Federal Reserve's recent meeting minutes indicate a stable economic outlook, with little change in market expectations for future interest rate adjustments. Investors anticipate a gradual reduction in the federal funds rate, reflecting confidence in ongoing economic resilience despite some concerns in credit markets.

• Market participants maintain a stable macroeconomic outlook, with expectations for a 25 basis point rate cut in both October and December meetings.
• Treasury yields remained stable, while inflation compensation measures decreased, attributed to temporary factors.
• Broad equity markets are rising, driven by optimism in technology sectors, particularly artificial intelligence.

The Federal Reserve's FOMC statement indicates a moderate expansion in economic activity, with a recent uptick in inflation and a slight increase in unemployment. In response to rising downside risks to employment, the Committee has decided to lower the federal funds rate target range by 0.25 percentage points to support its dual mandate of maximum employment and price stability.

• Economic activity is expanding at a moderate pace, but job gains have slowed and unemployment has slightly increased.
• Inflation remains elevated, prompting the Committee to lower the federal funds rate target range to 3.75% - 4%.
• The Committee is committed to achieving maximum employment and a 2% inflation target, while remaining vigilant to economic risks.

The Bank of Canada has lowered its policy rate to 2¼% in response to the ongoing economic challenges posed by US trade actions and a slowing domestic economy. While household spending remains robust, the overall economic growth is projected to be weak, with significant uncertainty affecting trade-sensitive sectors.

• Canada's economy contracted by 1.6% in Q2 2025, primarily due to declines in exports and business investment.
• The unemployment rate remains at 7.1%, with job losses concentrated in trade-sensitive sectors and sluggish wage growth.
• CPI inflation was recorded at 2.4% in September, with core inflation measures around 3%, indicating persistent inflationary pressures.

The Bank of Russia has decided to cut the key interest rate by 50 basis points to 16.50% per annum, while maintaining a tight monetary policy to control inflation, which is currently above target. The central bank anticipates that inflation will decline to the target range of 4.0–5.0% in 2026, but acknowledges that inflation expectations remain high and could hinder this process.

• The key interest rate is reduced to 16.50% per annum, but tight monetary conditions will persist to combat inflation.
• Current inflation is above target, with annual inflation expected to be between 6.5–7.0% by the end of 2025.
• The Bank of Russia forecasts a gradual decline in inflation to the target range of 4.0–5.0% in 2026, influenced by various economic factors.

The Bank of Korea's recent monetary policy decision highlights a modest slowdown in global economic growth and a divergence in inflation trends across countries, influenced by U.S. tariff increases. Domestically, while construction investment remains sluggish, consumption recovery and strong export growth, particularly in the semiconductor sector, are expected to support economic growth. Inflation is projected to stabilize around 2%, reflecting subdued demand-side pressures and stable global oil prices.

• Global economic growth is expected to slow modestly, with inflation trajectories diverging due to U.S. tariff impacts.
• Domestic consumption recovery and favorable export growth, especially in semiconductors, are supporting economic growth despite sluggish construction investment.
• Inflation remains stable at around 2%, with both headline and core inflation aligning with previous forecasts.

The Central Bank of Turkey has decided to reduce the policy rate from 40.5% to 39.5%, while also lowering the overnight lending and borrowing rates. Despite this reduction, the bank emphasizes the need to maintain a tight monetary policy stance until price stability is achieved, particularly in light of rising inflation risks, especially in food prices.

• The policy rate has been reduced to 39.5%, with corresponding adjustments to overnight lending and borrowing rates.
• Inflation trends indicate a slowdown in the disinflation process, with heightened risks from food prices affecting inflation expectations.
• The Central Bank will continue to adopt a tight monetary policy to ensure alignment with the 5% medium-term inflation target.

The Swiss National Bank's monetary policy assessment for September 2025 emphasizes the need for continued vigilance in managing inflation while supporting economic growth. The discussion highlights the complexities of the current economic environment and the importance of adapting monetary policy as necessary.

• The SNB remains focused on maintaining price stability amid fluctuating economic conditions.
• Inflationary pressures are being monitored closely, with potential adjustments to policy depending on future economic indicators.
• The central bank emphasizes the importance of communication and transparency in its policy decisions.

The Central Bank of Turkey has announced the issuance of a new version of the TRY 20 banknotes from the E9 series, featuring updated signatures from the Governor and Deputy Governor. The new banknotes will maintain the same dimensions and design as previous versions and will circulate alongside them. This update is primarily administrative and does not alter the currency's fundamental characteristics.

• The new TRY 20 banknotes will feature rearranged signatures of Governor Fatih Karahan and Deputy Governor Prof. Hatice Karahan.
• The design, dimensions, and general features of the new banknotes will remain identical to the previous versions.
• The new banknotes will be issued concurrently with the existing ones, ensuring continuity in circulation.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, reflecting a cautious approach amid ongoing global economic uncertainties and subdued growth prospects. While domestic consumption is expected to drive economic growth in the coming year, challenges such as high inflation risks and duality in lending remain significant concerns.

• Global economic outlook has improved slightly, but trade and geopolitical tensions continue to create uncertainty.
• Inflation risks persist due to rising food prices and fragmented supply chains, despite a slowdown in global inflation.
• The Hungarian economy shows duality, with retail sales expanding slowly while industrial production and construction output decline.

The People's Bank of China participated in the G20 meeting, emphasizing the need for growth-oriented macroeconomic policies to enhance long-term growth potential amid global economic uncertainties. The central bank highlighted the importance of multilateral cooperation and called for reforms in the International Monetary Fund to strengthen the global financial safety net.

• Global economic resilience is noted, but significant downside risks remain due to trade tensions and geopolitical challenges.
• There is a strong call for implementing growth-oriented macroeconomic policies and enhancing multilateral cooperation to address global economic risks.
• The People's Bank of China will maintain a moderately accommodative monetary policy to support high-quality economic development.

📝 On October 15-16, 2025, the G20 held its fourth finance ministers and central bank governors meeting in Washington, USA. The meeting discussed global economic outlook, improving the international financial architecture, financial sector reform, and addressing Africa's development and growth challenges. The Governor of the People's Bank of China, Pan Gongsheng, attended the meeting and spoke, with Deputy Governor Xuan Changneng also participating. Attendees noted the strong resilience of the global economy but acknowledged persistent downside risks due to trade tensions and geopolitical challenges. There was a call for growth-oriented macroeconomic policies to enhance long-term growth potential. Participants supported strengthening multilateral cooperation to address global economic risks and reaffirmed their commitment to resisting protectionism.

The Central Bank of Turkey has initiated an audit process at the Interbank Card Center (BKM) following findings that raised suspicions of criminal activity. A criminal complaint has been filed with the Istanbul Chief Public Prosecutor's Office, and both the CBRT and BKM are closely monitoring the ongoing judicial proceedings related to the matter.

• The audit process was initiated with the approval of the Governor's Office on February 6, 2024.
• Findings from the audit suggested potential criminal offenses, leading to a formal complaint filed in December 2024.
• The CBRT is actively involved in overseeing the judicial proceedings concerning the audit findings.

The Reserve Bank of India's April 2023 Bulletin highlights a resilient Indian economy amidst global uncertainties, with declining inflation rates and positive expectations for growth driven by infrastructure investment and corporate revival. The central bank remains vigilant to ensure inflation remains within target levels as it transitions to a low inflation regime.

• India's aggregate demand is resilient, supported by a rebound in services and fiscal infrastructure investment.
• Headline CPI inflation has decreased from 7.8% in April 2022 to 5.7% in March 2023, with projections of further easing to 5.2% in Q4: 2023-24.
• The RBI is prepared to act pre-emptively to manage inflation, particularly as cyclically sensitive inflation components begin to rise.

The Monetary Authority of Singapore (MAS) has decided to maintain the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, reflecting a stable economic outlook despite some moderation in growth. While global economic conditions remain supportive, MAS anticipates a gradual slowdown in Singapore's GDP growth as trade-related activities normalize.

• The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
• Singapore's GDP growth is projected to moderate, with a forecast of near-trend growth in 2026 as external factors influence the economy.
• Global investments, particularly in AI, are expected to support the domestic manufacturing sector despite potential challenges from trade tensions.

The Central Bank of Turkey (CBRT) and the Central Bank of the United Arab Emirates (CBUAE) have signed three agreements aimed at enhancing financial cooperation and trade relations between Turkey and the UAE. These agreements focus on promoting the use of local currencies in cross-border transactions and improving payment systems to facilitate economic growth and stability in both nations.

• The swap agreement is valued at TRY 198 billion and AED 18 billion, aimed at providing local currency liquidity to financial markets.
• One MoU establishes a framework for using the Turkish lira and UAE Dirham in cross-border transactions to boost trade and investment.
• Another MoU focuses on enhancing cross-border payment transactions and integrating payment systems between Turkey and the UAE.

The Reserve Bank of India has decided to maintain the policy repo rate at 5.50% and continue with a neutral monetary policy stance, reflecting a careful assessment of macroeconomic conditions and risks. Despite strong economic growth driven by private consumption and investment, inflationary pressures and global uncertainties remain key considerations for future policy adjustments.

• The MPC unanimously voted to keep the policy repo rate unchanged at 5.50%.
• India's GDP growth for Q1:2025-26 was robust at 7.8%, supported by strong private consumption and fixed investment.
• Inflation remains a concern in advanced economies, complicating the global economic outlook.

The National Bank of Poland has decided to cut the reference interest rate by 0.25 percentage points to 4.50% in response to an improved inflation outlook and economic conditions. The Council will continue to monitor incoming data on inflation and economic activity to guide future policy decisions.

• The NBP reference rate is now set at 4.50%, with other rates adjusted accordingly.
• Poland's annual CPI inflation remained stable at 2.9% in September 2025, with elevated service price growth.
• The Council's decision reflects a cautious approach to managing inflation and economic risks, including wage growth and external factors.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 2.5% in response to current inflation levels and economic conditions. While inflation is near the upper limit of the target band, the bank expects it to return to the 2% midpoint by mid-2026, supported by spare capacity in the economy.

• Annual CPI inflation is currently around 3.0%, but is expected to converge to the 2% target midpoint in the first half of 2026.
• Economic activity has been weak, influenced by domestic supply constraints and global economic uncertainty, although household consumption is recovering due to lower interest rates.
• The Committee is open to further OCR reductions if necessary to ensure inflation stabilizes near the target.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, noting a slowdown in the decline of underlying inflation and a recovery in domestic economic activity. However, uncertainties regarding both domestic and international economic conditions persist, which could impact future inflation and growth.

• Inflation has decreased significantly since its peak in 2022, with both headline and trimmed mean inflation within the target range of 2-3 percent.
• Domestic economic activity is recovering, driven by an increase in private consumption and a strengthening housing market, although the outlook remains uncertain.
• The labor market is steady with an unchanged unemployment rate of 4.2 percent, but there are concerns about the potential impact of global economic uncertainties on domestic conditions.

The Central Bank of Turkey's press release highlights the discussions held during the OIC-COMCEC Central Banks Forum, focusing on the global economic outlook and the challenges posed by trade fragmentation and geopolitical risks. The forum also emphasized the importance of payment services and cross-border transactions among OIC member countries, alongside reviewing progress in the OIC 2025 Programme of Action.

• The meeting addressed the global economic and financial outlook amid current geopolitical tensions and trade fragmentation.
• Participants shared experiences and best practices related to payment services and cross-border transactions.
• Progress in the OIC 2025 Programme of Action was reviewed, highlighting economic dimensions relevant to member countries.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amidst high geopolitical uncertainty and a slight decline in inflation. Economic activity has shown signs of recovery following military operations, but inflation is expected to remain near the upper bound of the target range in the coming months.

• The interest rate remains unchanged at 4.5 percent due to geopolitical uncertainty and inflation concerns.
• Inflation has slightly decreased to 2.9 percent, but is projected to remain volatile and may exceed the target range soon.
• Economic activity is recovering post-military operations, with a tight labor market and significant construction activity.

The Swiss National Bank (SNB) maintains a cautious stance on monetary policy, indicating that inflationary pressures remain stable and within the range consistent with price stability. While there has been a slight increase in inflation, the SNB expects subdued economic growth due to external factors such as US tariffs, and will adjust its policy as necessary to ensure price stability.

• Inflation rose slightly from -0.1% in May to 0.2% in August, primarily due to higher costs in tourism and imported goods.
• The SNB forecasts average annual inflation of 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027, assuming a policy rate of 0%.
• Global economic growth is expected to remain subdued, influenced by US tariffs and high uncertainty, with a GDP growth forecast of 1% to 1.5% for Switzerland in 2025.

The Central Bank of Russia's recent discussion highlights a decline in inflationary pressures, with current price growth decreasing to 4.1% in August 2025 from 8.4% in July. Despite ongoing challenges, the monetary policy remains focused on curbing price growth while considering the impact of one-off factors on inflation dynamics.

• Current inflation rate decreased to 4.1% in August 2025, down from 8.4% in July 2025.
• GDP growth slowed to 1.1% YoY in Q2 2025, with the unemployment rate remaining low at 2.2%.
• One-off factors, including changes in housing tariffs and seasonal price fluctuations in food and tourism, significantly influenced inflation trends.

The Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) by 50 basis points to 27.00% in response to sustained disinflation and to support economic recovery efforts. The decision reflects improvements in macroeconomic stability, including output growth and stable exchange rates, while also addressing the issue of excess liquidity in the banking system.

• The Monetary Policy Rate (MPR) has been reduced from 27.50% to 27.00%.
• The Standing Facilities corridor has been adjusted to +250/-250 basis points to enhance interbank market efficiency.
• A 75% Cash Reserve Ratio (CRR) has been introduced on non-TSA public sector deposits to manage liquidity.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amidst ongoing global economic uncertainties and subdued domestic growth. While household consumption has driven GDP growth, overall economic performance is expected to remain slow, with a projected GDP increase of 0.6% for 2025, lower than previous forecasts.

• The central bank interest rates remain unchanged, with the base rate set at minus 1.00 percentage points and collateralised rates at plus 1.00 percentage points.
• Ongoing trade tensions and high inflation risks continue to affect the global economy, particularly impacting Hungary's growth outlook.
• A slow economic recovery is anticipated, driven by strong household consumption and improving external economic conditions, with GDP expected to grow by 0.6% in 2025.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at around 0.5 percent while initiating the sale of its exchange-traded funds (ETFs) and real estate investment trusts (J-REITs) to avoid destabilizing financial markets. The Japanese economy is showing moderate recovery, although it faces challenges such as weak exports and corporate profits due to external trade policies.

• The Bank of Japan will keep the overnight call rate around 0.5 percent.
• The sale of ETFs and J-REITs will be conducted to prevent destabilizing effects on financial markets.
• Japan's economy is recovering moderately, but there are signs of weakness in exports and corporate profits.

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for September 2025 emphasizes a cautious approach to monetary policy, balancing the need for economic growth with inflation control. The committee highlights ongoing inflationary pressures and the importance of maintaining financial stability in the current economic climate.

• Inflation remains a significant concern, prompting the MPC to consider adjustments to interest rates.
• The committee acknowledges the challenges posed by global economic conditions and their impact on domestic growth.
• Financial stability is prioritized, with a focus on macroprudential measures to mitigate risks.

The Federal Reserve's recent minutes indicate a cautious outlook on the labor market, with expectations for a 25 basis point cut in the federal funds rate at the upcoming meeting due to weaker-than-expected employment data. Market participants anticipate multiple rate cuts by year-end as downside risks to employment have increased, while inflation expectations remain stable.

• Near-term expectations for the federal funds rate have decreased, with nearly all respondents expecting a 25 basis point cut at the next meeting.
• Market-based measures suggest a consensus for at least two rate cuts by the end of the year, with some anticipating three.
• Despite weaker employment reports, equity prices are near record highs, reflecting strong earnings in certain sectors.

The Federal Reserve has decided to lower the target range for the federal funds rate by 0.25 percentage points to support maximum employment and manage elevated inflation risks. The Committee remains vigilant regarding economic uncertainties and is prepared to adjust monetary policy as necessary based on incoming data and evolving risks.

• Economic growth has moderated, with slowing job gains and a slight increase in the unemployment rate, though it remains low.
• Inflation is elevated, prompting the Committee to lower the federal funds rate target range to 4 to 4.25 percent.
• The Committee emphasizes its commitment to achieving maximum employment and a long-term inflation rate of 2 percent.

The Central Bank of Brazil's recent publication highlights ongoing economic uncertainty, particularly due to external factors such as U.S. economic policy and geopolitical tensions. While domestic economic activity is moderating, inflation remains above target, necessitating a cautious approach from the Copom in its monetary policy decisions.

• External economic conditions are uncertain, impacting global financial conditions and requiring caution from emerging markets.
• Domestic economic indicators show moderated growth, but the labor market remains dynamic.
• Inflation rates continue to exceed targets, with expectations for 2025 and 2026 remaining above the target levels.

The Bank of Canada has lowered its policy rate to 2½% in response to signs of slowing global economic growth and domestic economic challenges, including a decline in GDP and rising unemployment. The decision aims to balance risks amid ongoing trade uncertainties and their impact on inflation and economic activity.

• Canada's GDP declined by approximately 1½% in the second quarter, primarily due to tariffs and trade uncertainty.
• The unemployment rate has risen to 7.1%, with job losses concentrated in trade-sensitive sectors.
• Core inflation measures remain elevated around 3%, but the momentum has slowed, prompting the rate cut.

The Bank of Korea's Monetary Policy Board decided to maintain the Base Rate at 2.50%, considering the current domestic and international economic conditions. However, there was a dissenting opinion advocating for a reduction to 2.25%. This reflects ongoing discussions about the appropriate monetary policy response amidst varying economic signals.

• The Base Rate remains unchanged at 2.50% following the August 2025 meeting.
• One board member proposed a reduction to 2.25%, indicating differing views on monetary policy direction.
• The decision reflects careful consideration of both domestic and international economic environments.

The Central Bank of Turkey has announced a paper contest for university students, inviting submissions on topics related to central banking and monetary policy. The contest aims to engage students in discussions about important economic issues, with a submission deadline of January 30, 2026.

• The contest topics include central banks and digital currencies, price stability's effects on social welfare, and the evolution of the CBRT’s monetary policy tools.
• The application deadline for the contest is set for January 30, 2026.
• Further details can be found in the Application Guide for the contest.

The Bank of Russia has decided to cut the key interest rate by 100 basis points to 17.00% per annum in response to ongoing economic conditions, while maintaining a tight monetary stance to control inflation. Despite a decrease in core inflation, inflation expectations remain high, and the central bank will continue to monitor these factors closely to ensure inflation returns to the target level by 2026.

• The key interest rate has been reduced to 17.00% per annum, reflecting a shift in monetary policy.
• Current inflation remains above 4%, with annual inflation recorded at 8.2% as of early September 2025.
• Lending growth has accelerated, indicating a recovery in consumer activity, although inflation expectations remain elevated.

The European Central Bank has decided to maintain its key interest rates unchanged, with inflation currently aligned with its medium-term target of 2%. The Governing Council emphasizes a data-dependent approach to future monetary policy decisions, aiming to ensure inflation stability while supporting economic growth.

• Inflation is projected to average 2.1% in 2025, with a medium-term target of 2%.
• Economic growth is expected to be 1.2% in 2025, slightly revised up from previous projections.
• The ECB will not pre-commit to a specific interest rate path, focusing instead on incoming economic data.

The Bank of Korea has decided to further cut the base rate from 2.75% to 2.5% to support economic growth amid stable inflation around the target level of 2%. While economic growth shows signs of recovery, the outlook remains uncertain, necessitating continued monitoring of the housing market and household debt levels.

• The base rate has been cut to 2.5% to address downside risks to economic growth.
• Inflation remains stable near the target of 2%, with projections indicating it will stay around this level.
• Economic growth is showing modest improvement, primarily driven by consumption, but uncertainty persists.

The Central Bank of Turkey's Monetary Policy Committee meeting highlighted a moderate improvement in the global growth outlook despite ongoing uncertainties in global trade policies. The committee noted a significant decline in Turkish lira deposit rates and commercial loan rates, indicating expectations of a policy rate cut, while also implementing macroprudential measures to enhance monetary transmission.

• Global growth is projected to improve by 1.9% in 2025 and 2.3% in 2026, despite high uncertainties in trade policies.
• Turkish lira deposit rates fell to 50.1%, influenced by expectations of a policy rate cut.
• A series of macroprudential amendments were introduced to support the monetary transmission mechanism.

The Central Bank of Turkey (CBRT) has issued a call for participation in the Digital Turkish Lira Project, inviting banks and financial institutions to collaborate on innovative projects that enhance the digital currency ecosystem. This initiative aims to foster public-private partnerships and develop new use cases for the digital Turkish lira as part of the ongoing second phase of the project.

• The CBRT emphasizes the importance of digital money in the financial technologies ecosystem.
• The call for participation is aimed at enriching the second phase of the Digital Turkish Lira Project with innovative projects.
• Successful applicants will have the opportunity to conduct joint tests in a sandbox environment.

The Monetary Policy Council of the National Bank of Poland has decided to lower interest rates by 0.25 percentage points, aiming to stimulate economic activity amid current economic conditions. The new reference rate is set at 4.75% annually, effective from September 4, 2025.

• Interest rates were decreased by 0.25 percentage points across various categories.
• The new reference rate is now 4.75%, with the lombard rate at 5.25% and the deposit rate at 4.25%.
• The decision reflects the Council's response to economic challenges and aims to support growth.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4% to support the 2% inflation target while managing growth and employment. Despite a recent increase in inflation, the Committee remains focused on addressing persistent inflationary pressures and is prepared to adjust monetary policy as necessary based on evolving economic conditions.

• The MPC voted 7-2 to keep the Bank Rate at 4%, with two members advocating for a reduction to 3.75%.
• There has been significant disinflation over the past two and a half years, but risks of persistent inflation remain, particularly related to wage growth.
• UK GDP growth is subdued, and the Committee acknowledges ongoing domestic and geopolitical risks affecting economic activity.

The National Bank of Poland has decided to cut the reference interest rate by 0.25 percentage points to 4.75% in response to recent inflation trends and economic growth indicators. The Council emphasizes that future decisions will depend on incoming data regarding inflation and economic activity, while also highlighting risks related to fiscal policy and external factors.

• The NBP reference rate is reduced to 4.75%, with other interest rates adjusted accordingly.
• Poland's GDP growth accelerated to 3.4% year-on-year in Q2 2025, driven by increased consumption.
• Annual CPI inflation decreased to 2.8% in August 2025, indicating a need for interest rate adjustments.

The Reserve Bank of Australia's Payments System Board has emphasized the need for improved operational resilience and governance within the Australian Securities Exchange (ASX) following a significant batch failure incident. The Board is advocating for urgent regulatory steps to enhance the resilience of critical financial market infrastructure, particularly in light of increasing complexities and risks in the payments system.

• The Board is concerned about ASX's limited progress in addressing operational resilience and risk management issues since the CHESS batch failure incident.
• There is a growing emphasis on the need for strong project governance and testing strategies for international financial market infrastructures to ensure safety and resilience.
• The Board is focusing on system-wide resilience in the payments system, highlighting the importance of addressing interdependencies and vulnerabilities.

The Bank of Korea indicates a cautious outlook for the domestic and global economy, forecasting modest growth driven by improved consumption and exports, particularly in semiconductors. Inflation remains stable, with projections suggesting it will hover around 2%, despite some pressures from agricultural prices.

• Global economic growth is expected to slow, influenced by ongoing trade negotiations and tariff impacts.
• Domestic growth is forecasted at 0.9% for this year, slightly above previous estimates, with a 1.6% growth expected next year.
• Inflation remains stable at 2.1%, with projections for consumer price inflation to be around 2% for the year.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, citing ongoing global economic uncertainties and a modest improvement in the growth outlook. While inflation risks remain elevated due to tariffs and rising food prices, the Hungarian economy is expected to see stronger growth supported by rising real wages and government tax reductions in the coming year.

• The central bank base rate remains unchanged, with ongoing geopolitical tensions creating an uncertain economic environment.
• The Hungarian economy showed minimal growth in Q2 2025, with GDP rising by only 0.1% year-on-year, influenced by stable household consumption but declining investments.
• Inflation risks are heightened due to tariffs and global food price increases, despite a slight decrease in energy prices.

The Central Bank of Turkey has announced the termination of account openings and renewals for FX-protected deposits (KKM), signaling a shift in its monetary policy framework. This decision abolishes the total target for transitioning KKM accounts to Turkish Lira (TRY) and revises regulations regarding reserve requirement remuneration and commission practices.

• Termination of FX-protected deposit account openings and renewals.
• Abolition of the total target for KKM accounts' transition to TRY.
• Revisions to regulations on reserve requirement remuneration and commission practices.

The Federal Open Market Committee (FOMC) has unanimously approved updates to its Statement on Longer-Run Goals and Monetary Policy Strategy, reinforcing its commitment to achieving maximum employment and stable prices. These updates aim to enhance the transparency and effectiveness of monetary policy based on lessons learned from recent economic conditions.

• The updated framework emphasizes the FOMC's commitment to its dual mandate of maximum employment and stable prices.
• This is the first major review since 2019-20, reflecting changes in the economic landscape over the past five years.
• The updates are designed to improve the transparency, accountability, and effectiveness of the Federal Reserve's monetary policy.

The Reserve Bank of India has decided to maintain the policy repo rate at 5.50% to achieve its medium-term inflation target of 4% while supporting economic growth. The decision reflects a careful assessment of the current macroeconomic environment, including domestic growth resilience and global challenges.

• The MPC voted to keep the policy repo rate unchanged at 5.50%, with the aim of controlling inflation and supporting growth.
• Domestic growth is supported by strong private consumption and government capital expenditure, despite subdued industrial sector performance.
• Global economic conditions remain challenging, with muted growth and varying inflation trends in advanced economies.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amidst ongoing geopolitical uncertainty and a recovering economy following military operations. Inflation remains slightly above the target range, and while economic activity is showing signs of recovery, the overall risk premium remains elevated compared to pre-crisis levels.

• Economic activity is recovering after a decline due to military operations, but geopolitical uncertainty persists.
• Inflation has decreased to 3.1 percent, slightly above the target range, with expectations for it to converge back within the range in the coming months.
• The shekel has depreciated against major currencies, and home prices are declining, indicating a moderation in the housing market.

The Central Bank of Turkey will hold a briefing on the Inflation Report for the third quarter of 2025, led by Governor Fatih Karahan. The event aims to provide insights into the current inflation outlook and engage with the public through a Q&A session.

• The briefing is scheduled for August 14, 2025, at the CBRT’s Istanbul Financial Center.
• Governor Fatih Karahan will present the Inflation Report and discuss key economic indicators.
• A live webcast will be available for the Turkish-language briefing, allowing broader public access.

The Reserve Bank of Australia has decided to lower the cash rate target by 25 basis points to 3.60% as inflation continues to moderate. Despite uncertainties in the global economy, domestic demand is gradually recovering, and underlying inflation is expected to stabilize within the target range.

• The cash rate target has been reduced to 3.60% to support economic recovery.
• Inflation has decreased significantly, with trimmed mean inflation at 2.7% and headline inflation at 2.1%.
• Domestic private demand is recovering, but uncertainties remain regarding global economic conditions and their impact on local inflation and consumption.

Banco de México has decided to lower the overnight interbank interest rate by 25 basis points to 7.75% in response to ongoing economic uncertainty and trade tensions. While the economy showed some growth in the second quarter of 2025, inflation forecasts indicate potential upward risks, particularly from external factors.

• The target for the overnight interbank interest rate is reduced to 7.75%, effective August 8, 2025.
• Headline inflation decreased significantly, while core inflation showed a slight increase, with expectations for both remaining above target.
• Global economic growth is expected to decelerate due to trade tensions and geopolitical issues, impacting Mexico's economy.

The Reserve Bank of India maintains its policy repo rate at 5.50% while adopting a neutral stance, reflecting a careful balance between supporting economic growth and managing inflationary pressures. The bank acknowledges the positive domestic economic conditions and the need for continued monetary policy transmission amidst global uncertainties.

• The Monetary Policy Committee unanimously decided to keep the policy repo rate unchanged at 5.50%.
• Headline inflation is lower than previously projected, primarily due to volatile food prices, while core inflation remains steady around 4%.
• The RBI emphasizes a supportive economic environment with robust growth prospects, despite ongoing global trade challenges.

The Central Bank of Russia indicates that inflationary pressures are easing more rapidly than previously anticipated, with current price growth approaching 4% in Q2 2025. The discussion highlighted the impact of tight monetary policy on price dynamics, particularly for non-food goods, while noting the ongoing heterogeneity in inflation across different sectors and regions.

• Inflation rate decreased to an average of 4.8% SAAR in Q2 2025, down from 8.2% in Q1 2025.
• Core inflation also fell to 4.5% SAAR in Q2 2025, reflecting easing inflationary pressures.
• The unemployment rate remained low at 2.2%, while financial performance of businesses declined by 11.2% year on year.

The Bank of England's Monetary Policy Committee has decided to reduce the Bank Rate to 4% in response to substantial disinflation and to support the return of inflation to its 2% target. The decision reflects a cautious approach to monetary policy, aiming to balance growth and employment while remaining vigilant about potential inflationary pressures.

• The MPC voted 5-4 to lower the Bank Rate by 0.25 percentage points to 4%.
• CPI inflation is forecast to peak at 4.0% in September before gradually returning to the 2% target.
• The Committee remains cautious about potential upward pressures on wages and prices despite recent disinflation.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 3% in response to subdued economic activity and declining inflation pressures. The bank anticipates that inflation will return to the 2% target midpoint by mid-2026, but acknowledges both upside and downside risks to the economic outlook.

• The OCR was decreased by 25 basis points to 3% due to economic recovery stalling and declining inflation pressures.
• Headline inflation is expected to converge to the 2% target midpoint by mid-2026, despite recent increases in food and administered prices.
• There is potential for further OCR reductions if medium-term inflation pressures continue to ease.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at approximately 0.5 percent, signaling its commitment to a stable monetary policy. This decision reflects the Bank's ongoing assessment of economic conditions and inflation expectations.

• The uncollateralized overnight call rate will remain at around 0.5 percent.
• The decision was made during the Monetary Policy Meeting held on July 30-31, 2025.
• The Bank continues to monitor economic activity and price trends closely.

The Federal Reserve's recent minutes indicate that participants are nearing the finalization of revisions to their monetary policy strategy, reflecting lessons learned since the last review in 2020. The outlook for the economy remains stable, with expectations for potential rate cuts in the latter half of the year remaining unchanged.

• Participants are close to finalizing changes to the consensus statement on monetary policy strategy.
• Financial markets show stability, with little change in policy rate expectations and a resilient economic outlook.
• Expectations indicate one to two 25 basis point rate cuts by the end of the year.

The Federal Reserve's FOMC statement indicates a moderation in economic growth while maintaining a focus on achieving maximum employment and a 2% inflation target. The Committee has decided to keep the federal funds rate unchanged at 4-1/4 to 4-1/2 percent, remaining vigilant to economic risks and prepared to adjust policy as necessary.

• Economic growth has moderated in the first half of the year, though the unemployment rate remains low.
• Inflation is still elevated, prompting the Committee to maintain the current federal funds rate target range.
• The Committee is committed to monitoring economic data and adjusting monetary policy to achieve its dual mandate of maximum employment and stable inflation.

The Central Bank of Brazil's recent Copom meeting highlighted a challenging inflation outlook amid increased external uncertainties, particularly due to U.S. economic policies. The committee emphasized the need for caution in monetary policy to manage inflation expectations, which remain above target for 2025 and 2026.

• External economic conditions are increasingly adverse and uncertain, particularly influenced by U.S. trade and fiscal policies.
• Domestic economic activity is moderating, but the labor market remains dynamic, indicating mixed sectoral performance.
• Inflation rates and expectations are above target, necessitating a cautious monetary policy stance to ensure convergence to inflation goals.

The Bank of Canada has decided to maintain its policy rate at 2¾% amidst ongoing uncertainties in US trade policy and its impact on the Canadian economy. The latest Monetary Policy Report highlights various scenarios for economic growth and inflation, reflecting the complexities introduced by current tariff situations.

• The Canadian economy is showing resilience despite disruptions from US tariffs, with GDP expected to grow by about 1% in the second half of 2025.
• CPI inflation has slightly increased to 1.9%, indicating some pass-through effects from tariffs on consumer prices.
• The unemployment rate has gradually risen to 6.9%, with economic slack increasing since January, particularly in sectors affected by trade.

The publication discusses the significant implications of Korea's super-aging population on its monetary policy environment, emphasizing the need for adaptive strategies to address the challenges posed by demographic shifts. It highlights the potential for slower economic growth and increased pressure on public finances, which could influence future monetary policy decisions.

• Korea's super-aging population is expected to lead to slower economic growth and increased demand for social welfare programs.
• The central bank may need to adjust its monetary policy framework to accommodate the changing economic landscape driven by demographic shifts.
• Challenges include managing inflation and ensuring sustainable economic stability amidst an aging workforce.

The Central Bank of Turkey has launched the Data Research Center (VERIM) to promote data-driven research by providing secure access to micro-level data for researchers. This initiative aims to support scientific research aligned with the bank's research agenda, particularly in areas such as monetary policy and financial stability.

• VERIM will facilitate access to high-quality data for researchers, enhancing the quality of data-driven analysis in policymaking.
• The center encourages collaboration with public institutions, academic institutions, and international organizations.
• Data access will be strictly controlled through dedicated facilities and secure protocols to ensure data integrity.

The Bank of Russia has decided to cut the key interest rate by 200 basis points to 18.00% per annum, as inflationary pressures are declining faster than expected and domestic demand growth is slowing. The central bank aims to maintain tight monetary conditions to ensure inflation returns to its target by 2026.

• Current inflationary pressures are decreasing, with annual inflation at 9.2% as of July 21, 2025.
• The Bank of Russia forecasts an average key rate of 18.8–19.6% in 2025 and 12.0–13.0% in 2026, indicating a prolonged period of tight monetary policy.
• Despite the rate cut, inflation expectations remain elevated, which could hinder a more sustainable slowdown in inflation.

The European Central Bank has decided to maintain its key interest rates unchanged as inflation remains at the 2% target, reflecting a resilient economy despite global uncertainties. The Governing Council will continue to assess economic data and inflation risks on a meeting-by-meeting basis to ensure price stability in the medium term.

• Key ECB interest rates remain unchanged at 2.00%, 2.15%, and 2.40% for the deposit facility, main refinancing operations, and marginal lending facility respectively.
• The Governing Council is committed to ensuring inflation stabilizes at the 2% target and will adjust monetary policy instruments as needed.
• The asset purchase programmes are declining predictably, with no reinvestment of principal payments from maturing securities.

The Central Bank of Turkey has decided to reduce the policy rate from 46% to 43%, indicating a cautious approach to monetary easing while maintaining a tight stance to support disinflation. The Committee will continue to monitor inflation trends and adjust policy as necessary to achieve the medium-term inflation target of 5%.

• The policy rate was reduced from 46% to 43%, alongside adjustments to overnight lending and borrowing rates.
• Inflation trends are being closely monitored, with a focus on the disinflation process and potential risks from geopolitical developments.
• The Central Bank emphasizes the importance of fiscal policy coordination and the use of all monetary policy tools to achieve price stability.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% to support ongoing disinflation efforts and manage inflationary pressures. This decision reflects a cautious approach amid recent declines in headline inflation, while acknowledging persistent underlying price pressures and global uncertainties.

• The Monetary Policy Rate is retained at 27.50%, with other policy parameters held constant.
• Headline inflation has declined for three consecutive months, primarily due to lower energy prices, but food inflation has increased.
• The banking system remains stable, supported by ongoing recapitalization efforts, with eight banks meeting requirements.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid ongoing global economic uncertainties and inflationary pressures. While inflation has shown signs of slight acceleration, the Council anticipates that both internal and external factors will support economic growth in the coming year.

• The central bank base rate remains unchanged, with ongoing geopolitical tensions influencing economic conditions.
• Inflation risks are present due to tariff impacts and rising global food prices, despite a decrease in energy price volatility.
• The Hungarian economy is currently stagnating, but signs of recovery are expected in the second half of the year supported by stable consumption and external demand.

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for July 2025 emphasizes the need for a cautious approach to monetary policy amid ongoing economic uncertainties. The committee highlights the importance of balancing inflation control with supporting economic growth as it navigates complex domestic and global challenges.

• The MPC has decided to maintain the current interest rate to support economic recovery while monitoring inflation trends.
• Global economic conditions and domestic factors are influencing the committee's outlook, necessitating a flexible policy approach.
• Inflation remains a key concern, with the committee committed to ensuring it stays within the target range.

The Bank of Korea has decided to maintain the current Base Rate in light of stable inflation and ongoing uncertainties in economic growth and trade negotiations. Despite a slight improvement in domestic consumption and employment, significant risks remain regarding household debt and construction investment.

• Economic growth is expected to remain low with uncertainties surrounding trade negotiations.
• Inflation is stable, with consumer price inflation at 2.2% but core inflation unchanged at 2.0%.
• The decision to maintain the Base Rate reflects concerns over household debt and rising housing prices.

The Central Bank of Turkey announced the scheduled replacement of the SSL certificate for its website, which will take place on July 11, 2025. Users are advised to verify their access and update their systems with the new certificates to ensure continued secure access to the site.

• The SSL certificate replacement is scheduled for 11 p.m. on July 11, 2025.
• Users should check their access after the replacement and update their systems accordingly.
• This action is part of maintaining secure access to the Central Bank's website.

The Reserve Bank of Australia has decided to maintain the cash rate target at 3.85% as inflation continues to moderate, with recent data suggesting it is on track to reach the target range. However, uncertainties in both domestic and international economic conditions warrant a cautious approach before making further adjustments to monetary policy.

• Inflation has decreased significantly since its peak in 2022, with current rates aligning with the target range.
• The Board is awaiting more information to confirm that inflation is sustainably on track to reach 2.5%.
• Domestic demand is gradually recovering, but uncertainties remain regarding global economic conditions and their impact on local activity.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid moderate economic recovery and persistent inflation above the target range. The committee emphasizes that future interest rate decisions will depend on inflation trends, financial market stability, and overall economic conditions.

• Economic growth was recorded at 3.7 percent in the first quarter, though activity remains below long-term trends.
• Inflation has decreased to 3.1 percent but is still above the target range, indicating ongoing price pressures.
• The shekel has appreciated significantly against major currencies, and Israel's risk premium has declined but remains elevated compared to pre-war levels.

The Monetary Policy Council of the National Bank of Poland has decided to lower interest rates by 0.25 percentage points, setting the reference rate at 5.00%. This move aims to support economic growth amid prevailing economic conditions.

• Interest rates were decreased by 0.25 percentage points across various categories.
• The new reference rate is set at 5.00%, with the lombard rate at 5.50% and the deposit rate at 4.50%.
• The decision reflects a proactive approach to stimulate the economy.

The National Bank of Poland's Monetary Policy Council has decided to reduce the NBP reference rate by 0.25 percentage points to 5.00% in response to economic conditions. This decision reflects a cautious approach to managing inflation and supporting economic growth amid uncertainties in global markets.

• The NBP reference rate was cut to 5.00%, with other interest rates adjusted accordingly.
• Inflation in Poland remains elevated at 4.1% as of June 2025, influenced by rising energy and food prices.
• The GDP growth forecast for 2025 is projected to be between 2.9% and 4.3%, indicating a stable economic outlook despite some slowdown in wage growth.

The Reserve Bank of New Zealand has decided to maintain the Official Cash Rate at 3.25%, citing a balance of inflation pressures and economic recovery dynamics. While inflation is expected to rise towards the upper target band in mid-2025, the overall outlook remains uncertain, with potential for future rate cuts if inflation pressures ease as anticipated.

• The Official Cash Rate remains unchanged at 3.25%.
• Inflation is projected to approach the top of the target band but is expected to return to around 2% by early 2026.
• Global economic growth is anticipated to weaken, influenced by trade protectionism and uncertainty.

Banco de México has decided to lower the overnight interbank interest rate by 50 basis points to 8.00% in response to ongoing economic uncertainties and rising inflation. While the Mexican economy has shown moderate growth, inflation expectations have been revised upwards due to various risks, including geopolitical tensions and foreign trade issues.

• The overnight interbank interest rate is reduced to 8.00% effective June 27, 2025.
• Headline inflation rose to 4.51% and core inflation to 4.20%, with upward revisions to inflation forecasts.
• Economic growth is expected to decelerate due to foreign trade tensions and geopolitical risks.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid ongoing geopolitical tensions and a mixed economic outlook. While inflation risks remain due to external factors, a gradual economic recovery is anticipated in Hungary, supported by strong household consumption.

• The central bank's interest rates will remain unchanged, with the base rate set at a level that reflects current economic conditions.
• Geopolitical conflicts and tariff negotiations continue to create uncertainty in the global economy, impacting investor sentiment and inflation expectations.
• Hungary's economy showed signs of stagnation in early 2025, with a notable decline in investment despite strong household consumption.

The Central Bank of Turkey has implemented changes to its macroprudential framework, adjusting growth targets for TRY deposits and modifying reserve requirements for FX-protected deposits. These measures aim to enhance the stability of the banking sector while promoting the use of the Turkish lira in deposits.

• Growth targets for real-person TRY deposit shares have been increased for banks with a share below 60%.
• The reserve requirement ratio for FX-protected deposit accounts has been raised from 33% to 40%.
• The minimum interest rate for FX-protected deposits has been reduced from 50% to 40% of the policy rate.

The Central Bank of Russia's discussion highlights a gradual easing of inflationary pressures, with core inflation approaching 4% in April 2025. However, concerns remain regarding the sustainability of this trend due to significant price variability across different sectors and regions.

• Current inflation rate in April 2025 is 6.2%, down from 8.2% in Q1 2025, with core inflation at 4.4%.
• Economic growth has slowed, with GDP growth dropping to 1.4% YoY in Q1 2025 compared to 4.5% YoY in Q4 2024.
• There is uncertainty about the sustainability of disinflation, as price growth remains heterogeneous across components and regions.

The Central Bank of Turkey's Monetary Policy Committee meeting highlighted ongoing global economic uncertainties, particularly related to trade policies and geopolitical risks, which are expected to influence inflation and monetary policy decisions. The Turkish lira's interest rates have risen significantly, reflecting the central bank's efforts to maintain monetary stability amidst these challenges.

• Global growth is projected to improve moderately, but uncertainties regarding trade policies and geopolitical risks remain high.
• Turkish lira deposit and loan rates have increased significantly following a rise in the policy rate, indicating tighter monetary conditions.
• The central bank is implementing macroprudential measures to strengthen the monetary transmission mechanism and support the transition to the Turkish lira.

The Swiss National Bank (SNB) has eased its monetary policy in response to decreasing inflationary pressures, which have fallen to -0.1%. The bank remains vigilant and ready to adjust its policy as needed to maintain price stability in the medium term.

• Inflation in Switzerland has decreased from 0.3% in February to -0.1% in May, primarily due to lower prices in tourism and oil products.
• The SNB forecasts average annual inflation of 0.2% for 2025, 0.5% for 2026, and 0.7% for 2027, assuming a policy rate of 0% throughout the forecast period.
• Global economic growth is expected to weaken, with increased trade tensions contributing to uncertainty in the outlook.

The Federal Reserve's recent discussions emphasize the importance of assessing risks and uncertainties in shaping monetary policy strategies and communications. Participants highlighted the need for robust policy frameworks that can adapt to various economic conditions while enhancing transparency and public understanding of the Committee's decisions.

• The Committee is reviewing its monetary policy framework to better incorporate risks and uncertainties into decision-making.
• Effective communication about economic risks is crucial for public understanding and the overall effectiveness of monetary policy.
• Participants are considering enhancements to communication tools, including potential changes to the Summary of Economic Projections.

The Federal Reserve's FOMC statement indicates that while economic activity continues to grow and the labor market remains strong, inflation is still elevated. The Committee has decided to maintain the federal funds rate target range at 4-1/4 to 4-1/2 percent, emphasizing a cautious approach to any future adjustments based on incoming data and risks to its dual mandate of maximum employment and stable inflation.

• Economic activity is expanding solidly, with low unemployment and solid labor market conditions.
• Inflation remains elevated, prompting the Committee to maintain the current federal funds rate target range.
• The Committee is committed to achieving maximum employment and a 2 percent inflation rate over the long term.

The Central Bank of Brazil's recent publication highlights a challenging external economic environment, particularly due to uncertainties in U.S. economic policies and geopolitical tensions. Domestically, while economic activity shows some dynamism, inflation remains above target, necessitating cautious monetary policy considerations moving forward.

• The external economic environment is adverse and uncertain, influenced by U.S. trade and fiscal policies.
• Domestic economic indicators show some growth but with moderating trends, and inflation expectations remain above target for 2025 and 2026.
• Geopolitical tensions, particularly in the Middle East, add further uncertainty to the economic outlook, impacting investment and consumption decisions.

The Bank of Japan's Monetary Policy Meeting minutes from June 16-17, 2025, indicate a continued commitment to maintaining accommodative monetary policy, with ongoing Japanese government bond purchases and a stable overnight call rate. The central bank aims to support economic recovery while monitoring financial market developments closely.

• The uncollateralized overnight call rate remained stable at around 0.5 percent during the intermeeting period.
• The Bank of Japan continued its Japanese government bond purchases at a rate of approximately 4.1 trillion yen per month.
• The policy board members expressed a consensus on the need to maintain accommodative monetary conditions to foster economic growth.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at around 0.5 percent while gradually reducing its monthly purchases of Japanese government bonds. The economic outlook indicates moderate recovery with some weaknesses, and inflation is expected to rise gradually despite current pressures from rising import and food prices.

• The Bank will reduce its monthly outright purchases of Japanese government bonds to about 2 trillion yen by early 2027, cutting by 400 billion yen each quarter until early 2026.
• Japan's economy is recovering moderately, supported by improving corporate profits and private consumption, despite some weaknesses in exports and housing investment.
• Inflation is currently around 3.5 percent, driven by wage increases and rising import prices, but underlying inflation is expected to be sluggish before gradually increasing as economic growth resumes.

The Reserve Bank of India has decided to reduce the policy repo rate by 50 basis points to 5.50% in response to a significant softening of inflation and the need for a cautious monetary policy amid global economic uncertainties. The Indian economy is characterized by strong fundamentals, providing a buffer against global challenges and presenting opportunities for growth.

• The MPC has lowered the policy repo rate to 5.50% due to a notable decrease in inflation and a challenging growth-inflation trade-off.
• Global economic conditions remain fragile, with downward revisions in growth and trade projections by multilateral agencies.
• The Indian economy is viewed as strong and stable, supported by robust balance sheets across key sectors and opportunities driven by demographics, digitalization, and domestic demand.

The Bank of Russia has decided to cut the key interest rate by 100 basis points to 20.00% per annum as inflationary pressures continue to decline. However, the central bank emphasizes that monetary policy will remain tight for an extended period to ensure inflation returns to the target of 4.0% by 2026.

• Current inflationary pressures are decreasing, with annual inflation slowing to 9.8% as of June 2, 2025.
• The Bank of Russia will maintain tight monetary conditions to achieve its inflation target, indicating a long-term commitment to a restrictive policy.
• Inflation expectations among households have slightly increased, which could hinder a sustainable reduction in inflation.

The European Central Bank has decided to lower its key interest rates by 25 basis points to support the economy amid updated inflation projections. While inflation is expected to stabilize around the 2% target, uncertainties related to trade policies could impact growth and inflation dynamics.

• The deposit facility rate has been lowered by 25 basis points based on the updated inflation outlook.
• Inflation is projected to average 2.0% in 2025, with underlying inflation measures indicating stability around the 2% target.
• Real GDP growth is expected to average 0.9% in 2025, with government investment supporting medium-term growth despite trade policy uncertainties.

The Reserve Bank of Australia's Payments System Board has addressed critical issues regarding the resilience and regulation of Australia's financial market infrastructure, particularly following the CHESS incident. The Board is pushing for improved contingency planning and is set to engage in public consultations to enhance the safety and efficiency of the payments system.

• The ASX's response to the RBA's assessment of CHESS was deemed insufficient, prompting further regulatory exploration.
• The Board is initiating public consultations on crisis resolution powers for clearing and settlement facilities.
• Progress on the RITS system's safety and resilience is acknowledged, but full improvements may not be realized by the next assessment in March 2026.

The Bank of Canada has decided to maintain its policy rate at 2¾% amid ongoing uncertainty regarding US tariffs and mixed economic signals. While Canadian economic growth has shown resilience, inflationary pressures remain a concern as households and businesses anticipate higher prices due to tariffs.

• The Canadian economy grew by 2.2% in the first quarter, slightly above expectations, but is expected to weaken in the second quarter.
• CPI inflation eased to 1.7% in April, influenced by the removal of the federal consumer carbon tax, but core inflation measures have increased.
• The Bank is closely monitoring inflation indicators and the potential impacts of US tariffs on the Canadian economy.

The Bank of Korea's working paper examines how demographic changes, particularly rising life expectancy and declining fertility rates, influence real interest rate dynamics in the country. The findings indicate that these demographic trends are significant factors in the long-term decline of real interest rates, which has implications for macroeconomic policy and fiscal planning.

• The study utilizes an open-economy life-cycle model to analyze the impact of demographic changes on real interest rates in Korea.
• Rising life expectancy and declining fertility rates are identified as key demographic forces affecting real interest rates, with varying impacts over time.
• The paper explains Korea's historically higher real interest rates compared to advanced economies and the observed downward trend since the 1990s.

The Monetary Policy Council of the National Bank of Poland has decided to maintain the current interest rates, keeping the reference rate at 5.25%. This decision reflects a cautious approach to monetary policy amid ongoing economic conditions.

• The reference interest rate remains unchanged at 5.25%.
• Other rates, including the lombard and deposit rates, are also held steady.
• The decision indicates a neutral stance as the Council assesses economic developments.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4.25% to manage inflation and support economic stability. Despite signs of disinflation and a weakening labor market, the Committee remains cautious about inflationary pressures and global uncertainties.

• The MPC voted 6-3 to keep the Bank Rate at 4.25%, with some members advocating for a reduction.
• Recent inflation has risen to 3.4%, influenced by regulated prices and energy costs, but is expected to stabilize before returning to the 2% target next year.
• The Committee acknowledges ongoing global uncertainties and will continue to monitor inflation risks closely.

The National Bank of Poland has decided to maintain its interest rates unchanged, with the reference rate set at 5.25%. This decision is based on current economic conditions, including stable inflation rates and positive GDP growth, while also acknowledging uncertainties related to global economic activity and inflation. The Council emphasizes that future decisions will depend on incoming data regarding inflation and economic performance.

• The NBP interest rates remain unchanged, with the reference rate at 5.25%.
• Poland's GDP grew by 3.2% year-on-year in Q1 2025, supported by domestic demand.
• Annual CPI inflation in May 2025 was recorded at 4.1%, slightly down from April, influenced by declining fuel prices.

The Reserve Bank of India’s Monetary Policy Committee has decided to reduce the policy repo rate by 50 basis points to 5.50% to support economic growth while aiming for a medium-term inflation target of 4%. This decision reflects a careful assessment of the current macroeconomic conditions and aims to bolster consumer confidence and investment activity amidst global uncertainties.

• The policy repo rate has been reduced by 50 basis points to 5.50%, with adjustments to other rates accordingly.
• Global economic outlook remains uncertain, impacting growth projections, but domestic economic activity shows positive momentum.
• Real GDP growth for Q4:2024-25 was reported at 7.4%, indicating a strong recovery from the previous quarter.

The Bank of Korea has decided to maintain its current monetary policy stance amid a slowing global economy and domestic economic challenges, including sluggish demand and declining exports. Inflation remains stable, with projections indicating a consistent CPI inflation rate around 2%, despite uncertainties stemming from external factors such as trade negotiations and geopolitical risks.

• The domestic economy is expected to grow at a rate of 0.8% this year, significantly lower than previous forecasts.
• Inflation is stable at 2.1% for both headline and core CPI, with expectations for inflation to remain around 2% moving forward.
• The outlook for economic growth and inflation is subject to significant uncertainty due to external trade negotiations and fiscal policies.

The Central Bank of Turkey has announced that payment transactions through Papara Elektronik Para A.Ş. will temporarily be subject to daily limits as part of a coordinated effort with relevant institutions. This measure aims to ensure the safe and efficient operation of payment and electronic money institutions in accordance with existing regulations.

• Payment transactions through Papara will have temporary daily limits.
• User funds at payment and electronic money institutions are secured in safeguarding accounts at banks.
• The Central Bank of Turkey oversees and supervises these institutions to ensure their effective operation.

The Monetary Council of the Magyar Nemzeti Bank has decided to adjust the central bank interest rates in response to evolving economic conditions, with a focus on managing inflation risks amid global uncertainties. The outlook for the Hungarian economy suggests potential growth driven by domestic consumption and industrial investments, despite challenges from rising tariffs and international trade dynamics.

• The central bank base rate will be adjusted, reflecting changes in global economic conditions and inflation expectations.
• While the U.S. faces decreased recession risks due to favorable trade agreements, the EU's expenditure programs may stimulate growth despite slowing international trade.
• Hungary's economy stagnated in Q1, but growth is anticipated as real wages rise and industrial investments commence production.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid ongoing economic recovery and elevated inflation levels. Despite a moderate growth in GDP and a tightening labor market, inflation remains above the target range, prompting a cautious approach to monetary policy amidst global uncertainties.

• Inflation has risen to 3.6 percent, exceeding the target range, with projections indicating it will remain elevated in the coming months.
• GDP grew by 3.4 percent annually in Q1 2025, driven by investment and consumption, but still falls short of its long-term trend.
• The shekel has appreciated against major currencies, and while the labor market remains tight, there are signs of moderation in job vacancies.

The Central Bank of Turkey has adjusted the reserve requirement ratios for Turkish lira-denominated funds obtained from repo transactions abroad, increasing the rates based on maturity periods. This move aims to enhance the macroprudential framework and manage financial stability effectively. The new ratios are set at 18% for maturities up to one month and 14% for maturities up to three months.

• The reserve requirement ratio for Turkish lira-denominated funds from repo transactions abroad has been differentiated based on maturity.
• New reserve requirement ratios are set at 18% for maturities up to one month and 14% for maturities up to three months.
• This adjustment is part of the Central Bank's efforts to strengthen the macroprudential framework and ensure financial stability.

The Central Bank of Turkey will hold a briefing on the Inflation Report for the second half of 2025, led by Governor Fatih Karahan. The event will include a presentation followed by a Q&A session, emphasizing the bank's commitment to transparency and communication regarding inflationary trends.

• The briefing is scheduled for May 22, 2025, at the CBRT’s Istanbul Financial Center.
• Governor Fatih Karahan will present key findings from the Inflation Report 2025-II.
• A live webcast of the briefing will be available in Turkish.

The South African Reserve Bank's Monetary Policy Committee has decided to lower the policy rate by 25 basis points in response to a weaker economic outlook and balanced inflation risks. Despite global economic volatility and disappointing local growth indicators, inflation remains below target, prompting a revision of growth and inflation forecasts.

• Global economic conditions have deteriorated, leading to lowered growth projections for South Africa.
• Inflation in South Africa is currently below 3%, with core inflation at the bottom of the target range.
• The policy rate has been reduced by 25 basis points to support the economy amid balanced risks to growth and inflation.

The Reserve Bank of Australia has decided to lower the cash rate target by 25 basis points to 3.85% as inflation continues to moderate. While inflation has decreased significantly since its peak in 2022, uncertainties in both domestic and global economic conditions pose challenges for future growth and inflation forecasts.

• The cash rate target has been reduced to 3.85% to support economic activity as inflation moderates.
• Annual trimmed mean inflation is now at 2.9%, below 3% for the first time since 2021, indicating easing inflationary pressures.
• There is increased uncertainty in the global economy, which may adversely affect growth and inflation in Australia.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% amid improvements in macroeconomic indicators and ongoing reforms in the foreign exchange market. While there are positive signs regarding food inflation and local production, the Committee remains cautious about underlying inflationary pressures and external economic challenges.

• The Monetary Policy Rate is retained at 27.50%, with an asymmetric corridor of +500/-100 basis points.
• Improvements in macroeconomic indicators, including food inflation moderation and foreign exchange market stability, are acknowledged.
• Concerns persist regarding inflationary pressures from high electricity prices and foreign exchange demand, alongside a decline in crude oil prices.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 8.50% due to a weaker economic outlook and persistent inflation risks. The decision reflects concerns over global trade tensions and their impact on both domestic and international economic conditions.

• The target overnight interbank interest rate is reduced to 8.50%, effective May 16, 2025.
• Mexico's economic growth showed weakness with a low quarterly growth rate of 0.2% in Q1 2025.
• Headline and core inflation were both at 3.93% in April, with upward revisions to short-term inflation forecasts due to merchandise inflation.

The Central Bank of Russia's recent discussion highlights a deceleration in inflationary pressures, with core inflation dropping to 8.9% in Q1 2025. Despite this easing, inflation remains high, and the bank is closely monitoring economic activity and price expectations as it considers future monetary policy adjustments.

• Inflation rates have decreased from 12.9% in Q4 2024 to 8.3% in Q1 2025, with core inflation also declining significantly.
• Economic activity growth has slowed, and while unemployment remains low at 2.3%, wage growth has decelerated.
• Price changes are uneven across different sectors, with non-food prices responding more quickly to monetary policy than food and service prices.

The Central Bank of Turkey announced a conference focused on monetary policy in emerging markets, held in Istanbul, to foster research and analyze past experiences. The conference addressed key issues such as monetary policy transmission, international economic shocks, and the effects of global uncertainties on emerging economies' monetary policies.

• The conference aimed to enhance understanding of monetary policy challenges in emerging markets.
• Topics discussed included inflation expectations, exchange rate dynamics, and financial regulation.
• The event provided a platform for assessing the impact of global uncertainties on monetary policy practices.

Norges Bank has decided to maintain the policy rate at 4.5 percent due to ongoing inflation concerns, which remains above the target level. The Committee anticipates a potential reduction in the policy rate in 2025, contingent on future economic developments and the need to balance inflation control with economic growth.

• The policy rate is held steady at 4.5 percent as inflation is still above the 2 percent target.
• The Committee emphasizes the need for a restrictive monetary policy to manage inflation effectively.
• There is increased uncertainty regarding future economic developments, particularly due to trade barriers and global growth outlook.

The Federal Reserve's recent discussions emphasize a strong commitment to maintaining a 2 percent inflation target while considering the implications of recent inflation trends and labor market conditions. Participants highlighted the importance of anchored long-term inflation expectations in achieving price stability and promoting maximum employment. The committee is evaluating different inflation-targeting strategies to navigate the current economic landscape effectively.

• The Fed reaffirms its commitment to a 2 percent longer-run inflation objective.
• Anchored longer-term inflation expectations are crucial for achieving price stability and supporting maximum employment.
• Participants discussed the pros and cons of flexible average inflation targeting versus flexible inflation targeting.

The Federal Reserve's FOMC statement indicates that while economic activity continues to grow, inflation remains elevated and uncertainty about the economic outlook has increased. The Committee has decided to maintain the federal funds rate target range at 4-1/4 to 4-1/2 percent, emphasizing their commitment to achieving maximum employment and a 2 percent inflation rate over the long term.

• Economic activity is expanding solidly, but inflation is still somewhat elevated.
• The unemployment rate is stable, and labor market conditions are strong.
• The Committee is closely monitoring risks to its dual mandate of maximum employment and stable inflation.

The Central Bank of Brazil's recent publication highlights a challenging economic environment, marked by external uncertainties and a moderation in domestic growth. Inflation remains above target, prompting the need for cautious monetary policy as global conditions continue to evolve unpredictably.

• External economic conditions are adverse and uncertain, particularly due to U.S. trade policies and their global implications.
• Domestic economic indicators show dynamism but are beginning to moderate, with inflation expectations for 2025 and 2026 remaining above the target.
• The committee acknowledges significant risks to inflation and growth, necessitating careful monitoring and potential adjustments to monetary policy.

The Bank of Korea's Monetary Policy Board decided to maintain the Base Rate at 2.75% due to considerations of the domestic and international economic environment. However, there was a dissenting opinion advocating for a reduction to 2.50%. This reflects ongoing debates about the appropriate monetary policy stance in light of current economic conditions.

• The Base Rate remains unchanged at 2.75% following the April 2025 meeting.
• One board member proposed a cut to 2.50%, indicating differing views on monetary policy direction.
• The decision was influenced by assessments of both domestic and international economic factors.

The Central Bank of Turkey has implemented several changes to its macroprudential framework aimed at enhancing the transition to the Turkish lira. Key measures include raising reserve requirement ratios for foreign exchange deposits and introducing a monthly target for increasing the share of Turkish lira deposits among legal entities.

• Reserve requirement ratios for foreign exchange deposits increased by 200 basis points across all maturities.
• A new monthly target of 0.3 points for the Turkish lira deposit share of legal persons has been set for banks with a share below 60%.
• The remuneration rate for required reserves on Turkish lira deposits has been raised to 86% of the CBRT’s weighted average funding cost.

The Bank of Japan's Monetary Policy Meeting minutes from April 30 and May 1, 2025, indicate a continued commitment to accommodative monetary policy, with adjustments to Japanese government bond purchases reflecting ongoing economic conditions. The central bank aims to support economic recovery while monitoring inflation and financial market stability.

• The Bank reduced its monthly purchases of Japanese government bonds from 4.5 trillion yen to 4.1 trillion yen as part of a planned reduction.
• The uncollateralized overnight call rate remained stable around 0.5 percent, indicating a steady monetary policy environment.
• The central bank is focused on balancing economic recovery with inflation monitoring and financial market stability.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at approximately 0.5 percent to support economic stability. This policy reflects the central bank's ongoing commitment to fostering a conducive environment for economic growth and price stability.

• The uncollateralized overnight call rate will be targeted around 0.5 percent.
• The policy is designed to support economic activity and ensure price stability.
• The meeting included key officials from the Bank of Japan and the Ministry of Finance.

The Bank of England's Monetary Policy Committee has reduced the Bank Rate to 4.25% in response to significant progress in disinflation and easing inflationary pressures. The decision reflects a careful balance of maintaining restrictive monetary policy while supporting economic growth and employment.

• The MPC voted 5-4 to lower the Bank Rate by 0.25 percentage points, with some members advocating for a more significant cut.
• CPI inflation has decreased to 2.6%, indicating ongoing progress in disinflation despite expected fluctuations due to energy prices.
• Global trade uncertainties and recent tariff impositions have contributed to a weakened outlook for global growth, but the impacts on the UK economy are anticipated to be limited.

The National Bank of Poland's Monetary Policy Council has decided to cut the reference interest rate by 0.5 percentage points to 5.25% in response to lower-than-expected economic growth and declining inflation rates. The Council indicated that future monetary policy decisions will depend on incoming data regarding inflation and economic activity.

• The NBP reference rate was reduced from 5.75% to 5.25%, with other rates adjusted accordingly.
• Annual CPI inflation decreased to 4.2% in April 2025, influenced by lower food and fuel prices.
• Economic activity in Poland showed signs of weakness, with negative growth rates in retail sales and construction.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) by 25 basis points to 3.25% in response to rising inflation expectations and a recovering economy, despite core inflation declining. The committee anticipates that inflation will return to the target midpoint over the medium term, supported by high commodity prices and lower interest rates.

• Annual CPI inflation is at 2.5%, with expectations rising, but core inflation is declining and there is spare capacity in the economy.
• The New Zealand economy is recovering, aided by high commodity prices and recent OCR reductions, despite global economic uncertainties.
• Increased global tariffs and policy uncertainty are projected to slow global economic growth, impacting New Zealand's recovery.

The Central Bank of Turkey (CBRT) is set to hold its 93rd Ordinary General Assembly Meeting on April 30, 2025, which will be accessible via live webcast. This meeting aims to discuss key developments and future directions for the bank's policies.

• The General Assembly Meeting will take place on April 30, 2025.
• Participants can follow the meeting through a live webcast in Turkish.
• Further information about the General Assembly Meetings is available on the CBRT website.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amidst a backdrop of increasing global economic uncertainty and trade policy tensions. While domestic consumption is expected to grow, risks remain regarding inflation and export performance due to potential tariff increases and geopolitical conflicts.

• The central bank base rate remains unchanged, with adjustments to overnight deposit and collateralized loan rates.
• Global economic uncertainties and trade tensions are contributing to a mixed outlook for inflation and economic growth.
• Domestic retail sales have increased, but industrial production and construction activity have declined, indicating a complex economic environment.

The Bank of Russia has decided to maintain the key interest rate at 21.00% per annum to combat persistent inflationary pressures while aiming to return inflation to the target level by 2026. Although inflation is gradually declining, the central bank emphasizes the need for tight monetary policy to ensure sustainable economic growth and manage inflation expectations.

• Current inflationary pressures are high but showing signs of decline, with annual inflation at 10.3% as of April 2025.
• The Bank of Russia plans to keep monetary policy tight for an extended period to achieve its inflation target of 4.0% by 2026.
• Economic activity growth has slowed, indicating that domestic demand is still outpacing supply capabilities.

The Central Bank of the Republic of Türkiye and the National Bank of the Republic of Kazakhstan have established a bilateral currency swap arrangement to facilitate local currency exchanges of up to TRY 28 billion or KZT 423 billion. This three-year arrangement aims to enhance bilateral trade and financial cooperation between the two nations.

• The swap arrangement allows for local currency exchanges of up to TRY 28 billion or KZT 423 billion.
• It is effective for three years and can be extended by mutual agreement.
• The initiative is intended to promote bilateral trade and strengthen collaboration between the two central banks.

The Reserve Bank of India has decided to reduce the policy repo rate by 25 basis points to 6.00% to support economic growth while aiming to achieve a medium-term inflation target of 4%. This decision reflects the evolving macroeconomic conditions, including uncertainties in global trade and inflation trends.

• The policy repo rate has been reduced to 6.00%, with corresponding adjustments to the SDF and MSF rates.
• Real GDP growth is projected at 6.5% for 2025-26, supported by demand from rural areas and a revival in urban consumption.
• CPI headline inflation has decreased significantly, with food inflation dropping to a 21-month low of 3.8% in February 2025.

The European Central Bank has decided to lower its key interest rates by 25 basis points in response to a favorable inflation outlook and the need to support economic growth amid rising trade tensions. The Governing Council remains committed to achieving a sustainable inflation rate of 2% and will adopt a data-dependent approach to future monetary policy decisions.

• The deposit facility rate will be lowered to 2.25%, with the main refinancing operations and marginal lending facility rates also reduced.
• Inflation is on a disinflation path, with both headline and core inflation declining, and underlying inflation expected to stabilize around the 2% target.
• The ECB is prepared to adjust its monetary policy tools as necessary to ensure effective transmission and stability in the face of economic uncertainties.

The Bank of Korea's recent monetary policy decision highlights concerns over global economic growth risks and domestic economic slowdown due to trade uncertainties. While inflation remains stable, the GDP growth outlook has been revised downward, reflecting ongoing challenges in both domestic demand and exports.

• Global economic conditions are facing heightened risks due to escalating trade tensions and uncertainties in U.S. tariff policies.
• Domestic economic growth is weaker than expected, with a notable slowdown in both domestic demand and exports.
• Inflation remains stable, with consumer price inflation recorded at 2.1%, and core inflation at 1.9%, consistent with previous forecasts.

The Central Bank of Turkey's Monetary Policy Committee meeting highlighted increasing global economic uncertainties and a downward revision of growth projections, particularly affecting Turkey's trade partners. In response to rising inflation expectations and deteriorating global demand, the bank is maintaining a cautious approach to monetary policy, reflected in rising interest rates and a tightening of credit conditions.

• Global growth projections have been revised downwards due to protectionist trade policies and geopolitical risks, impacting Turkey's economic outlook.
• Inflation expectations have increased slightly in advanced economies, leading to a cautious stance on rate cuts by central banks.
• Turkish lira deposit and commercial loan rates have risen significantly, indicating tightening monetary conditions.

The Bank of Canada has decided to maintain its policy rate at 2.75% amid rising uncertainty due to shifts in US trade policy, which have negatively impacted economic growth and inflation expectations. The central bank highlights two potential scenarios for the Canadian economy, one with limited tariff impacts and another with a protracted trade war leading to recession and higher inflation.

• The US trade policy shift has increased uncertainty, affecting Canadian economic growth and inflation expectations.
• Two scenarios are presented: one with limited tariffs leading to temporary economic weakness and another with a trade war causing recession and inflation above 3%.
• Canadian economic indicators show a slowdown in consumption, investment, and employment, alongside rising inflation at 2.3%.

The Monetary Authority of Singapore (MAS) has maintained a modest and gradual appreciation path for the Singapore dollar nominal effective exchange rate (S$NEER) while slightly reducing its slope, amid a backdrop of weakening economic activity among key trading partners. The outlook for Singapore's GDP growth in 2025 has been revised downwards to a range of 0.0–2.0%, reflecting concerns over global trade uncertainties and tightening financial conditions.

• Singapore's economy expanded by 3.8% year-on-year in Q1 2025, but contracted by 0.8% quarter-on-quarter, indicating a slowdown in growth momentum.
• Global trade and GDP growth prospects have dimmed due to escalating trade policy uncertainties and tariffs imposed by the US, affecting both importing and exporting countries.
• The MAS expects the aggregate output level to remain below the economy's potential due to the impact of slowing global trade and heightened policy uncertainty.

The Reserve Bank of India has decided to reduce the policy repo rate by 25 basis points to 6.00% in response to a challenging global economic environment and improving domestic inflation outlook. While food inflation has declined, the central bank remains cautious about potential risks from global uncertainties and aims to align headline inflation with its target of 4% over the next year.

• The Monetary Policy Committee (MPC) unanimously voted to lower the policy repo rate to 6.00% due to a favorable inflation outlook and global economic challenges.
• Food inflation has significantly decreased, contributing to a more favorable inflation projection.
• Despite improvements in growth, it remains below desired levels, necessitating careful monitoring of global economic conditions.

The Monetary Council of the Magyar Nemzeti Bank has assessed the current global economic uncertainties and reaffirmed its commitment to a tight monetary policy to achieve sustainable inflation targets. Despite improvements in Hungary's economic fundamentals, risks of higher inflation and potential growth setbacks have been identified, necessitating a focus on price stability and financial market stability.

• Increased uncertainty in the global economy has led to widespread investor risk aversion, with both recessionary and inflationary risks emerging.
• Hungary's banking sector remains stable with strong capital positions and ample liquidity, despite potential risks from global trade policy changes.
• The Monetary Council emphasizes the importance of maintaining a tight monetary policy stance to support price stability and economic growth.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid ongoing geopolitical tensions and a recovering economy. While inflation remains above the target range, it is expected to moderate in the coming months, prompting a cautious approach to monetary policy.

• The interest rate remains unchanged at 4.5 percent as the committee aims to stabilize markets and support economic activity.
• Inflation has decreased to 3.4 percent but is still above the target range, with expectations of further moderation.
• The shekel has depreciated significantly against major currencies, and Israel's risk premium has increased due to geopolitical developments.

The Reserve Bank of India has decided to reduce the policy repo rate by 25 basis points to 6.00% to support economic growth while aiming to achieve a medium-term inflation target of 4%. This decision reflects the MPC's assessment of the evolving macroeconomic situation, including uncertainties in the global economic outlook.

• The policy repo rate has been reduced to 6.00%, with adjustments to other related rates.
• The MPC's decision aims to balance inflation control with the need to support economic growth.
• Global economic uncertainties, including trade tariffs, are impacting growth and inflation projections.

The Central Bank of Russia's discussion highlights a moderation in inflationary pressures, with current price growth averaging 9.1% in early 2025, down from 12.0% in late 2024. The easing of inflation is attributed to a slowdown in domestic demand and a stronger ruble, although inflation remains high, particularly in the services sector due to tight labor market conditions.

• Inflation has decreased from 12.0% in Q4 2024 to 9.1% in early 2025, with core inflation also showing a decline.
• Domestic demand and a stronger ruble are key factors influencing the recent slowdown in price growth.
• Non-food prices are more sensitive to monetary conditions, while service prices continue to rise due to high demand and labor costs.

The Reserve Bank of Australia (RBA) has released a summary of stakeholder feedback regarding the future system for monetary policy implementation, which informed recent changes to its open market operations. The consultation aimed to gather insights on various topics, including the configuration of full allotment repo and its impact on financial markets. The RBA expresses appreciation for the engagement of stakeholders and emphasizes ongoing collaboration in refining the monetary policy system.

• The RBA received eleven written responses from stakeholders, primarily banks, regarding the future design of monetary policy implementation.
• Feedback focused on the configuration of full allotment repo in open market operations and its potential effects on the Australian financial markets.
• The RBA plans to continue engaging with stakeholders to refine the monetary policy implementation system based on the feedback received.

The National Bank of Poland's Monetary Policy Council has decided to maintain the current interest rates, keeping the reference rate at 5.75%. This decision reflects a cautious approach in response to ongoing economic conditions.

• The reference interest rate remains unchanged at 5.75%.
• Other key rates, including the lombard and deposit rates, are also held steady.
• The decision indicates a careful stance amid current economic uncertainties.

The Reserve Bank of Australia has decided to maintain the cash rate target at 4.10% as underlying inflation shows signs of moderation. While there are positive indicators of domestic demand recovery, uncertainties regarding the economic outlook and inflation persist, prompting a cautious approach to future monetary policy adjustments.

• The cash rate target remains unchanged at 4.10%, with underlying inflation easing since its peak in 2022.
• Private domestic demand is recovering, but businesses face challenges in passing on cost increases due to weak demand in some sectors.
• Labour market conditions are tight, with low rates of labour underutilisation, yet wage pressures have eased slightly.

The National Bank of Poland's Monetary Policy Council has decided to maintain interest rates unchanged, citing a mixed economic outlook with lower-than-expected growth in Poland and ongoing inflationary pressures primarily driven by energy prices. Despite a slight decline in inflation, the Council anticipates that inflation will remain above the target in the coming months due to various factors, including regulated price increases.

• The NBP interest rates remain unchanged: reference rate at 5.75%, lombard rate at 6.25%, deposit rate at 5.25%.
• Poland's economic activity growth in Q1 2025 was lower than expected, with negative annual growth rates in retail sales and industrial output.
• CPI inflation in Q1 2025 was 4.9%, lower than expected, but is projected to remain above the NBP target due to energy price increases and other administered prices.

The Reserve Bank of New Zealand has decided to lower the Official Cash Rate by 25 basis points to 3.5% in response to ongoing economic conditions. While inflation remains within the target range, the Committee acknowledges downside risks to economic activity and inflation due to global trade barriers and weak domestic spending.

• The Official Cash Rate has been reduced to 3.5% to support economic growth amidst weak household spending and residential investment.
• Annual consumer price inflation is near the midpoint of the 1-3% target band, allowing for further monetary policy flexibility.
• Global trade barriers pose risks to New Zealand's economic outlook, influencing future monetary policy decisions.

The South African Reserve Bank's Monetary Policy Committee highlights ongoing global economic uncertainty and the need for careful monitoring of inflation and growth forecasts. While inflation remains contained within the target range, the growth outlook has been revised downward due to subdued demand and supply-side challenges.

• Global economic uncertainty is high, with trade tensions and geopolitical shifts impacting growth forecasts.
• South Africa's growth for 2024 is projected at 0.6%, with a slight downward revision for 2025 to 1.7% due to demand and supply issues.
• Inflation in South Africa is currently within the target range but has increased slightly, with a forecast of 3.6% this year and 4.5% next year.

Banco de México has decided to lower the overnight interbank interest rate by 50 basis points to 9.00% due to revised downward prospects for global economic growth and persistent inflation risks. Despite a slight improvement in inflation expectations, uncertainties from trade tensions and geopolitical issues continue to pose challenges to the economy.

• The overnight interbank interest rate was lowered to 9.00%, effective March 28, 2025.
• Headline inflation is at 3.67%, with core inflation slightly lower at 3.56%, indicating mixed inflationary pressures.
• Global economic risks, including trade tensions and geopolitical turmoil, have increased, impacting Mexico's economic outlook.

Norges Bank has decided to maintain the policy rate at 4.5 percent due to ongoing inflation concerns and economic uncertainty. The Committee anticipates that the policy rate may be reduced in 2025, but emphasizes the need for a restrictive monetary policy to ensure inflation returns to target levels without prematurely lowering rates.

• The policy rate remains unchanged at 4.5% as inflation is higher than expected.
• A gradual decline in the policy rate to 4% is forecasted by the end of the year, depending on economic developments.
• The Committee warns against premature rate cuts that could exacerbate inflation, while also recognizing the risks of overly tight monetary policy.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amidst ongoing geopolitical tensions and uncertain economic conditions. While inflationary pressures remain a concern, the Hungarian economy is showing signs of recovery, driven by rising consumption and government tax cuts.

• Global economic uncertainty persists due to geopolitical conflicts and trade tensions, impacting inflation rates.
• The Hungarian economy is recovering, with increased retail sales and strong real wage growth, despite a slight rise in unemployment.
• Future growth is expected to be driven by consumption, supported by tax cuts and industrial investments coming online in 2025 and 2026.

The Bank of Russia has decided to maintain the key interest rate at 21.00% per annum to address persistent inflationary pressures, despite a decrease in overall inflation. The central bank emphasizes the need for tight monetary conditions to achieve its inflation target of 4.0% by 2026, while remaining vigilant about inflation expectations and economic activity.

• Current inflationary pressures remain high, particularly underlying inflation, despite a decrease in overall inflation rates.
• The Bank of Russia anticipates that maintaining tight monetary conditions is essential for returning inflation to the target level by 2026.
• Lending growth is subdued, and households are showing a high propensity to save, which may support the disinflation process.

The Central Bank of Turkey (CBRT) has announced the issuance of liquidity bills with maturities of up to 91 days, starting from March 24, 2025. This move aims to manage liquidity in the financial system effectively.

• Liquidity bills will have maturities of up to 91 days.
• Auctions for these bills will commence on March 24, 2025.
• Details regarding the issuance will be provided through data vendors.

The Swiss National Bank has lowered the policy rate to 0.25% to maintain appropriate monetary conditions amid low inflation and increased downside risks. The central bank will continue to monitor economic developments closely and adjust its policy as necessary to ensure inflation remains stable over the medium term.

• The policy rate is reduced to 0.25%, effective from 21 March 2025.
• Inflation has decreased to 0.3% in February, driven by lower electricity prices, with a forecast of 0.4% for 2025.
• Global economic growth is expected to remain moderate, with heightened uncertainty due to geopolitical factors.

The Federal Reserve's recent discussions emphasize the complexities of measuring maximum employment and the importance of various labor market indicators in achieving their dual mandate of maximum employment and price stability. Participants acknowledged the need for a flexible approach to monetary policy that adapts to changing economic conditions while considering the public's interpretation of their strategies.

• The FOMC is reviewing its monetary policy framework with a focus on labor market dynamics and maximum employment.
• Participants support the idea that maximum employment is not directly measurable and can change over time due to nonmonetary factors.
• There is a consensus on the importance of monitoring a wide range of labor market indicators to assess maximum employment.

The Federal Reserve's FOMC statement indicates that economic activity is expanding steadily, with stable unemployment and elevated inflation. The Committee has decided to maintain the federal funds rate target range at 4.25% to 4.50%, while closely monitoring economic data and risks to its dual mandate of maximum employment and stable inflation.

• Economic activity is expanding at a solid pace, with low unemployment and elevated inflation.
• The federal funds rate target range is maintained at 4.25% to 4.50%, with a cautious approach to future adjustments.
• The pace of decline in securities holdings will slow, with a reduction in the monthly redemption cap for Treasury securities.

The Bank of Japan's Monetary Policy Meeting minutes from March 18 and 19, 2025, indicate that the central bank continues to maintain its accommodative monetary policy stance, with ongoing purchases of Japanese government bonds and a focus on stabilizing the financial markets. The uncollateralized overnight call rate remains around 0.5 percent, reflecting the Bank's commitment to supporting economic recovery.

• The Bank of Japan is conducting monthly purchases of approximately 4.5 trillion yen in Japanese government bonds as part of its monetary easing strategy.
• The uncollateralized overnight call rate has stabilized in the range of 0.476 to 0.485 percent, indicating a consistent approach to monetary policy.
• The Bank has ceased purchases of commercial paper and corporate bonds, aligning with previous policy decisions.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at around 0.5 percent, reflecting a moderate recovery in the economy and improving corporate profits. While inflation is expected to rise gradually, uncertainties remain regarding economic activity and prices due to various external and domestic factors.

• Japan's economy is recovering moderately, with improvements in employment and private consumption despite some weaknesses.
• The consumer price index (CPI) is experiencing a year-on-year increase of 3.0-3.5%, driven by rising service prices and wage increases.
• Underlying CPI inflation is projected to increase gradually, supported by a tightening labor market and rising inflation expectations.

The Central Bank of Brazil's recent COPOM meeting highlighted ongoing challenges in both domestic and international economic environments, particularly regarding inflation and growth moderation. The committee remains cautious, noting that while economic activity shows some dynamism, inflation expectations have risen above target levels, necessitating careful monitoring and potential adjustments in monetary policy.

• The external economic environment is challenging, influenced by uncertainties in U.S. trade policy and its global effects.
• Domestic economic indicators show some dynamism but also suggest a moderation in growth, with inflation remaining above target.
• Inflation expectations for 2025 and 2026 have significantly increased, now at 5.7% and 4.5%, respectively.

The Copom meeting focused on analyzing the current economic conditions and future outlook for Brazil and the international economy, emphasizing the importance of adhering to the inflation target established by the National Monetary Council. The discussions reflect a commitment to maintaining stability in monetary policy amidst evolving economic challenges.

• The Copom assessed recent economic performance and future prospects for Brazil and the global economy.
• The primary objective remains to achieve the inflation target set by the National Monetary Council.
• Discussions included the implications of current economic trends on monetary policy decisions.

The Central Bank of Turkey has suspended the operating licenses of Pay Fix, Aypara, and İninal due to regulatory violations under Law No. 6493. This action reflects the bank's commitment to ensuring the safe and efficient operation of payment and electronic money institutions in the country.

• The CBRT imposed administrative and financial measures on Pay Fix prior to the suspension of its operating licenses.
• All operating licenses for Pay Fix, Aypara, and İninal were suspended following investigations into their compliance with regulatory standards.
• The CBRT emphasizes its role in overseeing payment and electronic money institutions to maintain operational integrity.

The Bank of Korea has decided to cut the base rate from 3.50% to 2.75% in response to stable inflation and slowing economic growth. The central bank will monitor domestic and global economic conditions to determine future monetary policy adjustments.

• Consumer price inflation is stabilizing around the target level of 2% after previously falling into the 1% range.
• Economic growth is projected to slow to around 1.5% due to sluggish consumption and weaker export growth.
• Household loan growth is slowing, and the exchange rate has risen sharply, necessitating caution regarding household debt and exchange rate volatility.

The Bank of Canada has reduced its policy rate by 25 basis points to 2.75% in response to slowing economic activity and rising inflationary pressures due to heightened trade tensions with the United States. Despite a solid economic performance at the beginning of 2025, uncertainty in the economic outlook has prompted this decision to support growth and stabilize inflation.

• The Canadian economy showed strong growth of 2.6% in Q4 2024, but is expected to slow due to trade tensions.
• Inflation is close to the 2% target, but is projected to rise to about 2.5% in March as temporary tax breaks end.
• Consumer confidence and business investment are declining amid uncertainty from US tariffs, impacting the job market.

The European Central Bank has decided to lower its key interest rates by 25 basis points in response to an updated assessment of the inflation outlook and the dynamics of underlying inflation. The Governing Council aims to ensure that inflation stabilizes sustainably at its 2% medium-term target while adopting a data-dependent approach to future monetary policy decisions.

• The ECB lowered its three key interest rates by 25 basis points to support economic growth and ease borrowing costs.
• Headline inflation is projected to average 2.3% in 2025, with underlying inflation expected to settle around the 2% target.
• Economic growth projections have been downgraded to 0.9% for 2025, reflecting challenges such as low exports and investment uncertainty.

The Reserve Bank of Australia's Payments System Board has addressed significant operational risks in the Australian payments infrastructure, particularly following the CHESS batch failure incident. The Board is committed to regulatory interventions to ensure the Australian Securities Exchange (ASX) prioritizes addressing these risks and is also focused on enhancing the future state of account-to-account payments while promoting transparency in pricing.

• The CHESS batch failure incident on December 20, 2024, has raised serious concerns about the operational reliability of critical financial infrastructure, prompting the RBA to consider regulatory actions.
• The planned decommissioning of the Bulk Electronic Clearing System (BECS) by 2030 poses risks for essential payments, leading the Board to endorse recommendations for a strategic vision and stakeholder engagement.
• The Board is advocating for greater pricing transparency in account-to-account payment services to mitigate potential user challenges during the transition away from BECS.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4.5% in March 2025, reflecting a cautious approach to managing inflation while supporting economic growth. Despite recent progress in disinflation, the Committee remains vigilant regarding potential inflationary pressures amid global uncertainties and domestic economic conditions.

• The MPC voted 8-1 to keep the Bank Rate at 4.5%, with one member advocating for a reduction to 4.25%.
• CPI inflation rose to 3.0% in January 2025, slightly above expectations, with projections indicating it may reach around 3¾% in Q3 2025.
• The Committee noted ongoing global trade uncertainties and their potential impact on the UK economy, alongside signs of weakness in growth and employment intentions.

The National Bank of Poland has decided to maintain its interest rates unchanged, with the reference rate set at 5.75%. The Council's assessment indicates that while inflation remains elevated, economic growth in Poland has shown signs of acceleration, leading to a cautious outlook amid global uncertainties.

• Interest rates remain unchanged: reference rate at 5.75%, lombard rate at 6.25%, and deposit rate at 5.25%.
• Poland's GDP growth accelerated to 3.2% year-on-year in Q4 2024, driven by increased domestic demand.
• Inflation in January 2025 rose to 5.3%, significantly above the NBP target, primarily due to rising energy prices and elevated core inflation.

The Central Bank of Russia's discussion highlights persistent inflationary pressures, with core inflation rising significantly and economic growth driven by strong consumer and investment demand. Despite recent signs of slowing price growth, the bank remains cautious, indicating that it is too early to declare a reversal in the inflation trend.

• Core inflation rose to 12.1% SAAR in Q4 2024, up from 7.6% in Q3 2024, indicating heightened inflationary pressures.
• Economic growth was robust at 4.1% in 2024, fueled by strong consumer and investment demand, but inflation expectations among households remain high.
• The depreciation of the ruble and indexation of prices contributed to rising inflation, although recent data suggests a slowdown in price growth.