📄 Recent Statements

The Bank of Korea's monetary policy decision on July 16, 2026, emphasizes a cautious approach amid ongoing economic uncertainties. The central bank aims to balance inflation control with supporting economic growth, indicating a readiness to adjust policy as necessary based on evolving economic conditions.

• The central bank maintains its current interest rate to support economic recovery while monitoring inflation trends.
• There is a focus on ensuring financial stability amidst global economic fluctuations.
• The Bank of Korea signals a flexible policy stance, ready to respond to changes in domestic and international economic environments.

The Bank of Canada has decided to maintain the policy interest rate at 2¼% as the economy shows signs of improvement, with growth resuming and inflation projected to gradually ease. However, uncertainties related to the Middle East conflict and US trade policy continue to pose risks to the economic outlook.

• Canada's GDP growth is estimated at 2½% for the second quarter of 2026, with broader sources of economic growth emerging.
• CPI inflation rose to 3.2% in May, driven primarily by higher gasoline prices due to the Middle East conflict.
• The Bank projects global GDP growth to slow to 2¾% in 2026 but recover to around 3¼% in the following years.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, alongside unchanged deposit and lending facility rates, in light of current inflation trends and international risks. Year-on-year inflation remains within the target range, influenced by global oil prices and domestic measures to stabilize fuel costs.

• Year-on-year inflation was recorded at 3.5% in May, within the target tolerance band of 3.0±1.5%.
• Food prices have shown a year-on-year decline, contributing to a favorable disinflationary effect on overall inflation.
• The geopolitical situation, particularly the Middle East conflict, continues to pose risks that warrant a cautious monetary policy approach.

In May 2026, the Bank of Korea reported a slight increase in average interest rates for new deposits, while the average interest rate for new loans experienced a minor decrease. The overall trend indicates a modest tightening in deposit rates alongside a stable environment for loan rates.

• Average interest rate on new deposits rose to 2.93%, up 1 basis point from the previous month.
• Average interest rate on outstanding deposits increased to 2.03%, also up 1 basis point.
• Average interest rate on new loans decreased to 4.19%, down 1 basis point from the previous month.

The Monetary Council of the Magyar Nemzeti Bank has decided to adjust the central bank interest rates in response to recent economic developments, with a focus on stabilizing inflation and supporting domestic demand. The outlook for Hungary's GDP growth remains positive, driven primarily by household consumption, while inflation rates have decreased significantly due to a stronger forint and lower energy prices.

• The central bank base rate will be adjusted, with the overnight central bank rate set at 1.00 percentage point below the base rate.
• Hungary's GDP is projected to grow by 2.0% in 2026, supported by domestic demand and EU funds, despite slower growth in export markets.
• Inflation has decreased to 1.8%, influenced by a stronger forint and declining prices for food and energy, with household inflation expectations also falling.

The Reserve Bank of India emphasizes its commitment to maintaining price stability while supporting economic growth. The central bank remains vigilant in monitoring inflationary pressures and is prepared to adjust its monetary policy as necessary to ensure economic stability.

• The RBI is focused on balancing inflation control with economic growth support.
• Inflationary pressures are being closely monitored, with potential policy adjustments indicated.
• The central bank aims to ensure liquidity in the financial system to support recovery.

The Swiss National Bank (SNB) acknowledges a recent rise in inflation driven by higher energy prices but maintains that medium-term inflationary pressures remain stable. The SNB's current monetary policy is deemed appropriate to ensure price stability while supporting economic development, with ongoing monitoring for necessary adjustments.

• Inflation increased from 0.1% in February to 0.6% in May, primarily due to rising oil prices.
• The inflation forecast remains stable at 0.6% for 2026 and 2027, with a slight increase expected in the short term before a decline in 2027.
• Global economic growth is slowing due to geopolitical tensions and rising energy prices, but the SNB expects a recovery in the medium term.

Norges Bank has decided to keep the policy rate unchanged at 4.25 percent, citing ongoing uncertainty in economic developments. However, the Committee anticipates that a tighter monetary policy may be necessary in the near future to combat persistently high inflation, which is currently above target.

• Inflation remains elevated and is expected to require a tighter monetary policy to return to target levels.
• The Committee noted stronger-than-expected inflation pressures and indicated a possible rate increase at upcoming meetings.
• Wage growth expectations for 2027 have risen slightly, reflecting concerns about long-term inflation persistence.

The Federal Open Market Committee has decided to keep the federal funds rate target range unchanged at 3.5% to 3.75% to support its dual mandate, while emphasizing the importance of maintaining ample reserves in the banking system. Economic activity is growing steadily, although inflation remains above the 2% target due to supply shocks in certain sectors.

• The federal funds rate target range is maintained at 3.5% to 3.75%.
• Economic activity is expanding solidly, with strong productivity growth and capital investment.
• Inflation is elevated, influenced by supply shocks, particularly in the energy sector.

The Federal Reserve's recent minutes indicate that market participants expect no changes to the federal funds rate in the near term, with a potential rate cut anticipated in mid-2024. Inflation expectations remain stable, and optimism regarding geopolitical developments has influenced market dynamics, particularly in Treasury and equity markets.

• Market participants expect the federal funds rate to remain unchanged until at least 2027, with one rate cut projected for mid-2024.
• Inflation expectations have moderated, with longer-term expectations remaining anchored around the Fed's 2% target.
• The S&P 500 index saw a significant increase, driven by strong earnings in the technology sector and a rise in initial public offerings.

The Banco Central do Brasil's Copom meeting highlighted ongoing economic uncertainty due to geopolitical tensions and their impact on global financial conditions. Domestically, economic activity is showing signs of acceleration, but inflation remains above target, prompting the committee to maintain a cautious monetary policy stance.

• External uncertainties, particularly from geopolitical conflicts, are affecting global financial conditions and require caution from emerging economies.
• Domestic economic indicators show acceleration, but inflation has risen above the target, with expectations for 2026 and 2027 remaining elevated.
• The committee emphasizes the importance of moderating aggregate demand to achieve inflation convergence, while monitoring the labor market closely.

The Minutes of the Monetary Policy Board Meeting from May 2026 indicate that the Bank of Korea is closely monitoring inflationary pressures and economic growth, with discussions centered around potential adjustments to the monetary policy stance. The board emphasizes the importance of maintaining price stability while supporting economic recovery.

• Inflation remains a key concern, with the board discussing the need for vigilance in monitoring price trends.
• Economic growth is showing signs of recovery, but uncertainties persist, particularly in the global economic environment.
• The board is considering the timing and magnitude of any future interest rate adjustments based on evolving economic conditions.

The European Central Bank's Governing Council has decided to raise interest rates by 25 basis points to combat inflation pressures, particularly due to the ongoing war in the Middle East. The Council remains committed to achieving a medium-term inflation target of 2% while navigating economic uncertainties and adjusting its policy based on incoming data.

• Interest rates on the deposit facility, main refinancing operations, and marginal lending facility will increase to 2.25%, 2.40%, and 2.65%, respectively, effective June 17, 2026.
• Headline inflation is projected to average 3.0% in 2026, decreasing to 2.0% by 2028, with upward revisions due to rising energy prices.
• Economic growth forecasts have been downgraded to an average of 0.8% in 2026 and 1.2% in 2027, reflecting the impact of the war on commodity markets and consumer confidence.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, alongside unchanged rates for deposit and lending facilities. This decision reflects the current inflationary pressures driven by rising global oil prices and the bank's expectation that inflation will remain within the target range until later this year, before temporarily exceeding it due to external factors.

• Year-on-year inflation rose to 3.3% in April, influenced by global oil price increases.
• The bank anticipates inflation will exceed the target band temporarily but expects it to decelerate and return within the target by mid-2027.
• The current restrictive monetary policy stance is expected to support the slowdown in inflation over the coming year.

The Bank of Canada has decided to maintain the policy rate at 2.25% in light of ongoing economic challenges, including weak domestic growth and elevated energy prices due to the conflict in the Middle East. The central bank is committed to monitoring inflation and is prepared to adjust its policy as necessary to ensure price stability amidst global uncertainties.

• Canadian GDP declined by 0.1% in the first quarter, with weak business investment and a drop in government spending.
• CPI inflation rose to 2.8% in April, primarily driven by higher energy prices, but core inflation remains around 2%.
• The Bank is focused on maintaining price stability and is ready to respond to evolving economic conditions.

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 achieve its objectives.

• The RBI is focused on controlling inflation to ensure economic stability.
• The central bank is ready to modify its policy stance based on evolving economic conditions.
• Support for growth remains a priority alongside the goal of price stability.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 3.75% as of June 2026, reflecting a cautious approach to current economic conditions. The decision aims to balance inflation control with economic growth considerations.

• The Bank Rate remains unchanged at 3.75%, consistent since December 2025.
• The decision indicates a careful assessment of inflationary pressures and economic growth.
• The MPC continues to monitor economic indicators closely to inform future policy adjustments.

In April 2026, the Bank of Korea reported a slight increase in average interest rates for new deposits, while the rates for new loans remained unchanged. The overall trend indicates a modest tightening in the deposit market, reflecting ongoing adjustments in the monetary policy environment.

• The average interest rate on new deposits rose to 2.92%, an increase of 10 basis points from the previous month.
• The average interest rate on outstanding deposits was 2.02%, up 2 basis points from the previous month.
• The average interest rate on new loans remained stable at 4.20%, while the rate on outstanding loans increased to 4.30%, up 3 basis points.

The Bank of Korea's monetary policy decision emphasizes a cautious approach in response to ongoing economic uncertainties, maintaining the current interest rate to support growth while monitoring inflationary pressures. The central bank aims to balance economic stability and price stability in its future policy decisions.

• The current interest rate remains unchanged as the Bank of Korea assesses economic conditions.
• Inflationary pressures are being closely monitored, with a focus on maintaining price stability.
• The central bank expresses commitment to supporting economic growth amidst global uncertainties.

The Monetary Council of the Magyar Nemzeti Bank decided to maintain the current structure of central bank interest rates, reflecting a cautious approach to the uncertain global economic environment. Despite improved inflation outlooks, geopolitical tensions and high global energy prices pose risks that necessitate careful monetary policy management.

• Hungary's economy grew by 1.7% year-on-year in Q1 2026, driven by household consumption and industrial exports.
• Inflation rates have decreased, with consumer prices rising by 2.1% and core inflation at 2.2%, both lower than previous projections.
• The Council emphasizes the importance of maintaining financial market stability to anchor inflation expectations amid global uncertainties.

The Bank of Korea's Monetary Policy Report for March 2026 emphasizes the need for a cautious approach to monetary policy amid ongoing economic uncertainties and inflationary pressures. The report highlights the importance of maintaining price stability while supporting economic growth.

• The central bank is closely monitoring inflation trends and global economic conditions.
• There is a commitment to adjust monetary policy as necessary to ensure price stability.
• The report suggests a balanced approach to support economic recovery while managing inflation risks.

Norges Bank has raised the policy rate from 4% to 4.25% due to unexpectedly high inflation and wage growth, which have surpassed previous expectations. The decision reflects ongoing uncertainty in the economic outlook, particularly influenced by geopolitical factors affecting oil and gas prices.

• The policy rate increase is a response to inflation running above target for several years.
• The Committee noted substantial uncertainty regarding future economic developments, particularly due to the ongoing war in the Middle East.
• Inflation in Norway has been broadly as projected, with CPI inflation at 3.6% in March.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, citing concerns over inflation and global economic risks. While inflation is currently below target, it is expected to rise moderately due to increasing global oil prices and other external factors.

• The key policy rate, deposit facility, and lending facility rates remain unchanged at 5.75%, 4.5%, and 7.0%, respectively.
• Year-on-year inflation was recorded at 2.8% in March, but a moderate increase is anticipated due to rising global oil prices.
• Current global developments, particularly in the Middle East, pose risks to trade and economic growth in Serbia.

The European Central Bank has decided to maintain its key interest rates unchanged amid rising inflation risks due to increased energy prices from the ongoing conflict in the Middle East. The Governing Council remains committed to achieving a medium-term inflation target of 2% while closely monitoring economic conditions and risks to growth.

• 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 Council acknowledges intensified risks to inflation and growth, influenced by the ongoing war and its impact on energy prices.
• The ECB is prepared to adjust its monetary policy instruments as necessary to ensure inflation stabilizes at the target and to maintain effective monetary policy transmission.

The Federal Reserve's FOMC statement indicates that while economic activity is expanding, job gains remain low and inflation is elevated, partly due to rising global energy prices. The Committee is committed to achieving maximum employment and a long-term inflation target of 2 percent, while maintaining the current federal funds rate range and remaining vigilant to economic risks.

• Economic activity is solid, but job gains are low and unemployment rates have not changed significantly.
• Inflation is high, influenced by global energy price increases, and the Committee aims for a 2 percent inflation target.
• The federal funds rate target range is maintained at 3.5% to 3.75%, with future adjustments contingent on incoming data and economic outlook.

The Federal Reserve's recent minutes indicate that while inflation expectations have risen in the short term due to ongoing geopolitical tensions, longer-term expectations remain stable around the 2 percent target. Market participants anticipate little change in the federal funds rate for the remainder of the year, with potential rate cuts pushed to late 2026 or early 2027.

• Short-term inflation expectations have increased, but long-term expectations are stable near the Fed's 2% target.
• Market participants foresee minimal changes to the federal funds rate this year, with a 30% chance of a rate hike by early 2027.
• Nominal Treasury yields have risen, influenced by expected inflation and a decline in the expected real interest rate.

The Banco Central do Brasil's Copom meeting highlighted ongoing economic uncertainty due to geopolitical tensions and their impact on global financial conditions. Domestically, while economic growth is moderating, inflation continues to exceed targets, necessitating careful monitoring of the labor market and economic indicators.

• External uncertainties, particularly geopolitical tensions, are affecting global financial conditions and require caution from emerging markets.
• Domestic economic activity is moderating as expected, with inflation rates moving further away from targets, indicating potential risks to economic stability.
• The labor market remains resilient, but the committee emphasizes the need for ongoing analysis of both current and structural aspects of employment.

The Bank of Canada has decided to maintain its policy rate at 2¼% amid ongoing global uncertainties, particularly due to the conflict in the Middle East and its impact on energy prices and inflation. The economic outlook for Canada remains stable, with projected GDP growth slightly above potential despite challenges in the labor market and trade uncertainties.

• The global economy is expected to grow by about 3% from 2026 to 2028, with inflation projections revised upward due to rising energy prices.
• Canada's GDP growth is forecasted at 1.2% for 2026, with gradual increases in subsequent years as exports and business investment recover.
• CPI inflation rose to 2.4% in March, primarily driven by higher gasoline prices, while core inflation remains steady just above 2%.

In March 2026, the Bank of Korea reported a slight decrease in average interest rates for both new deposits and loans, indicating a continued easing of monetary conditions. The average interest rate on new deposits fell to 2.82%, while the rate for new loans decreased to 4.20%.

• Average interest rate on new deposits decreased by 1 basis point to 2.82%.
• Average interest rate on outstanding deposits remained at 2.00%.
• Average interest rate on new loans decreased by 6 basis points to 4.20%.

The Magyar Nemzeti Bank's Monetary Council has decided to maintain the current structure of central bank interest rates amid ongoing geopolitical tensions and mixed economic indicators. While inflation is expected to rise due to high energy prices, a stronger forint is helping to moderate price increases, with a cautious approach to monetary policy being emphasized.

• Inflation rose to 1.8% in March 2026, driven by higher fuel prices, while core inflation decreased to 1.9%.
• The forint has appreciated recently, contributing to a moderation in inflation rates despite ongoing high energy prices.
• The central bank is adopting a stability-oriented approach to monetary policy, closely monitoring the inflation outlook amid geopolitical uncertainties.

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 achieve its objectives.

• The RBI is focused on controlling inflation to ensure economic stability.
• The central bank is ready to modify its policy stance based on evolving economic conditions.
• Support for growth remains a priority alongside the goal of price stability.

The People's Bank of China has issued a notification to adjust the overseas loan policies for banking institutions, aiming to enhance support for cross-border financing and facilitate the international operations of enterprises. Key changes include raising the overseas loan balance limits and optimizing management requirements for indirect loans, reflecting a responsive approach to the evolving needs of banks and businesses in the international market.

• The overseas loan balance limit has been increased significantly, with differentiated leverage ratios set for various banks to accommodate their operational needs.
• The notification allows domestic banks to provide indirect loans to overseas enterprises through foreign banks, adhering to local regulations.
• The adjustments aim to better support foreign banks and export-import banks in meeting the reasonable financing demands of overseas enterprises.

📝 The background of the issuance of the Notice on Adjustments to the Overseas Loan Business of Banking Financial Institutions is to effectively leverage cross-border financial services for the development of the real economy, supporting and regulating banks in conducting overseas loan business. The adjustments include increasing the overseas loan balance limits and optimizing indirect loan management requirements.

The Bank of Korea has decided to maintain its current monetary policy stance, emphasizing the need for continued vigilance in the face of global economic uncertainties and inflationary pressures. The central bank aims to support economic recovery while ensuring price stability.

• The Bank of Korea has opted to keep interest rates unchanged to balance economic growth and inflation risks.
• The central bank highlighted ongoing global economic uncertainties that could impact domestic conditions.
• Inflation remains a key concern, and the Bank is committed to monitoring price trends closely.

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 international risks affecting inflation. The decision reflects ongoing efforts to stabilize prices amid rising global oil prices and geopolitical tensions, while also implementing measures to mitigate external shocks.

• The key policy rate remains unchanged at 5.75%, with deposit and lending facility rates at 4.5% and 7.0%, respectively.
• Year-on-year inflation was recorded at 2.5% in February, below the target midpoint, with food prices experiencing a decline due to government measures.
• Rising global oil prices, influenced by geopolitical tensions, pose risks to domestic inflation and economic stability.

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 achieve its objectives.

• The RBI is focused on controlling inflation to ensure economic stability.
• The central bank is ready to modify its policy stance based on evolving economic conditions.
• Support for growth remains a priority alongside the goal of price stability.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.00 percent amid rising geopolitical uncertainty and increasing inflation driven by global energy prices. The committee emphasizes its commitment to price stability, economic activity support, and market stability while monitoring various economic indicators.

• Geopolitical tensions have increased, affecting economic activity and leading to a 20% decline in credit card purchases at the start of the military operation.
• Inflation has risen, primarily due to higher global energy prices, with the annual inflation rate now at 2.0%.
• The labor market remains tight, with wage growth in the business sector reaching 4.7% recently.

In February 2026, the Bank of Korea reported a slight increase in average interest rates for both new deposits and loans, indicating a gradual tightening of monetary conditions. The average interest rate on new deposits rose to 2.83%, while the rate on new loans increased to 4.26%.

• The average interest rate on new deposits increased by 5 basis points to 2.83%.
• The average interest rate on outstanding deposits remained unchanged at 2.01%.
• The average interest rate on new loans rose by 2 basis points to 4.26%, while outstanding loans increased to 4.27%.

Norges Bank has decided to keep the policy rate unchanged at 4% but indicates that an increase may be necessary in the near future due to persistent inflation pressures. The Committee highlights the uncertainty surrounding inflation forecasts, particularly influenced by external factors such as the war in the Middle East and rising energy prices.

• Inflation has remained above the target of 2% for several years, with expectations of higher inflation ahead.
• Wage growth is projected to be higher, which may restrain disinflation efforts.
• The Committee emphasizes the need for a tighter monetary policy stance to return inflation to target.

The Magyar Nemzeti Bank's Monetary Council has decided to maintain its central bank interest rates amid rising geopolitical tensions and increased global inflation risks, particularly due to the Iranian conflict affecting energy prices. Despite a modest GDP growth forecast for Hungary, household consumption is expected to drive economic expansion in 2026, supported by rising real wages and government measures.

• The central bank base rate remains unchanged, with adjustments to overnight rates reflecting current economic conditions.
• Geopolitical tensions have negatively impacted global economic outlooks, contributing to rising inflation risks.
• Hungary's GDP is projected to grow by 1.7% in 2026, primarily driven by household consumption despite challenges in exports.

The People's Bank of China has introduced a new notification to unify and enhance the management of domestic enterprises' overseas lending, aiming to better support the financing needs of businesses going abroad. This policy establishes a stable and predictable environment for cross-border financing while incorporating macro-prudential management to mitigate risks associated with capital flows.

• The new policy standardizes the management of both RMB and foreign currency overseas lending by domestic enterprises, reducing financing and management costs.
• It links the overseas lending limit to the owner's equity of enterprises, promoting the use of RMB for cross-border transactions.
• The policy includes measures for risk prevention, requiring banks and enterprises to adhere to strict reporting and management protocols.

The European Central Bank has decided to maintain its key interest rates unchanged while aiming to stabilize inflation at the 2% target amid increased uncertainty due to the ongoing conflict in the Middle East. The war is expected to raise energy prices, impacting inflation and economic growth projections in the medium term.

• Inflation is projected to average 2.6% in 2026, with upward revisions primarily due to higher energy prices resulting from the conflict.
• Economic growth forecasts have been downgraded, with an average of 0.9% expected in 2026, reflecting global impacts from the war.
• The Governing Council emphasizes a data-dependent approach to navigate uncertainties and will assess the situation on a meeting-by-meeting basis.

The Swiss National Bank (SNB) has raised its short-term inflation forecast due to rising energy prices, while maintaining a stable medium-term inflation outlook. The central bank emphasizes its commitment to ensuring price stability and will adjust its monetary policy as necessary in response to changing economic conditions. Overall, the economic outlook remains uncertain, particularly due to geopolitical tensions affecting energy prices.

• Short-term inflation forecast has increased due to rising energy prices, with average annual inflation projected at 0.5% for 2026 and 0.6% for 2028.
• The SNB expects subdued growth in the short term, with GDP growth projected at around 1% for 2026 and 1.5% for 2027.
• The global economic outlook is uncertain, particularly due to risks associated with the situation in the Middle East, which could impact inflation and economic growth.

The Federal Reserve's FOMC statement indicates that while economic activity is expanding, job gains are low and inflation remains elevated. The Committee is committed to achieving maximum employment and a 2% inflation target, maintaining the current federal funds rate while remaining vigilant to economic risks and data changes.

• Economic activity is solid, but job gains are low and unemployment rates have not changed significantly.
• Inflation is elevated, and the Committee aims for a long-term inflation rate of 2%.
• The federal funds rate target range is maintained at 3.5% to 3.75%, with future adjustments contingent on incoming economic data.

The Federal Reserve's minutes from the March 2026 FOMC meeting indicate a cautious outlook amid rising inflation expectations and geopolitical tensions affecting energy prices. While market participants have adjusted their expectations for future rate cuts, the overall sentiment leans towards maintaining current rates in the near term due to uncertainties in the macroeconomic environment.

• Concerns over AI disruptions and Middle East conflict have influenced market expectations and asset prices.
• Near-term inflation projections have increased, with a significant rise in crude oil prices impacting the economic outlook.
• Market expectations for federal funds rate cuts have been pushed back, with a higher probability of rate hikes emerging for early next year.

The Central Bank of Brazil's recent meeting highlighted increased external uncertainties due to geopolitical tensions, which necessitate caution among emerging economies. Domestically, while inflation has shown some signs of easing, it remains above target, and the economic activity is moderating, indicating a need for continued monitoring and potential adjustments in policy.

• Geopolitical tensions have heightened external uncertainties, impacting global financial conditions.
• Domestic economic activity is slowing, with inflation remaining above target despite some easing.
• The labor market remains resilient, but the committee emphasizes the need for careful analysis of employment trends and their impact on inflation.

The Bank of Canada has decided to maintain the policy interest rate at 2.25% amid heightened global economic uncertainty due to the ongoing conflict in the Middle East, which has led to increased volatility in energy prices and financial markets. Despite a modest growth outlook, recent data indicate weaker economic activity and rising risks to growth.

• Global energy prices have surged due to the conflict in the Middle East, contributing to near-term inflationary pressures.
• Canada's GDP contracted by 0.6% in the fourth quarter of 2025, with domestic demand growing but overall economic activity showing signs of weakness.
• CPI inflation has eased to 1.8%, but rising global energy prices are expected to push total inflation higher in the coming months.

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

• The Base Rate will remain unchanged at 2.50%.
• The decision was made considering overall domestic and global economic conditions.
• All members of the Monetary Policy Board agreed on this course of action.

The National Bank of Serbia has decided to maintain its key policy rate at 5.75% in light of current and expected inflation trends, as well as domestic and international economic factors. The central bank anticipates that inflation will remain within the target range despite potential upward pressures from wage growth and external geopolitical tensions.

• Year-on-year inflation has slowed to 2.4% in January, with food prices declining due to regulatory measures.
• The central bank expects inflation to stay within the 3±1.5% target range until the end of 2026, supported by cautious monetary policy and legislative measures.
• Geopolitical tensions and rising global commodity prices pose risks to domestic inflation and economic stability, necessitating a careful approach to monetary policy.

The Bank of England's Monetary Policy Committee is set to publish its summary and meeting minutes on March 19, 2026, detailing recent decisions and future policy directions. The committee's recent actions, including a reduction in the Bank Rate to 3.75%, reflect ongoing adjustments to address economic conditions.

• The Bank Rate was reduced to 3.75% in December 2025 as part of the committee's monetary policy strategy.
• The upcoming publication will provide insights into the committee's discussions and rationale behind recent policy decisions.
• The committee is focused on balancing economic growth and inflation control in its policy framework.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, reflecting a cautious outlook on economic growth amid global uncertainties. While inflation is gradually moderating, the Council anticipates that domestic consumption will support growth in the coming quarters despite challenges in reducing public debt.

• Hungary's GDP grew by 0.7% in Q4 2025, with an overall annual growth of 0.4%.
• Inflation and core inflation fell to 2.1% and 2.7% respectively in January 2026, indicating improving underlying inflation dynamics.
• The labour market remains tight, but there is a gradual easing, with low unemployment historically.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4 percent amid ongoing geopolitical uncertainty and a stable inflation rate of 1.8 percent. The committee emphasizes its commitment to price stability, economic activity support, and market stability while remaining vigilant to inflationary risks stemming from geopolitical developments and supply constraints.

• The interest rate remains unchanged at 4 percent as inflation moderates to 1.8 percent.
• Geopolitical tensions, particularly regarding Iran, have slightly increased Israel's risk premium.
• The labor market is tight with a high ratio of job vacancies to unemployed individuals.

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 achieve its objectives.

• The RBI is focused on controlling inflation to ensure economic stability.
• The central bank is ready to modify its policy stance based on evolving economic conditions.
• Support for growth remains a priority alongside the goal of price stability.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, along with unchanged deposit and lending facility rates, in response to current and anticipated inflation trends. The bank expects inflation to remain within the target tolerance band until the end of 2026, supported by cautious monetary policy and improvements in the agricultural sector.

• The key policy rate is held steady at 5.75%, with deposit and lending rates unchanged.
• Inflation is projected to stay within the 3±1.5% target band, aided by cautious monetary policy and legislative measures.
• Global uncertainty and geopolitical tensions are influencing the bank's cautious approach to monetary policy.

The People's Bank of China (PBOC) has implemented several monetary policy adjustments aimed at supporting economic growth, particularly in the agricultural and small business sectors. Key measures include lowering interest rates on loans and increasing lending quotas to encourage financial institutions to provide more credit to these areas.

• The PBOC raised the macro-prudential adjustment parameter for cross-border financing from 1.5 to 1.75.
• The one-year and five-year Loan Prime Rates (LPR) remain unchanged at 3.1% and 3.6%, respectively.
• The PBOC has merged agricultural and small business re-loan programs to enhance credit support for these sectors.

The People's Bank of China has authorized the Bank of China London Branch to serve as the RMB clearing bank in the UK, as part of its cooperation with the Bank of England. This decision aims to enhance the facilitation of RMB transactions and strengthen financial ties between China and the UK.

• The Bank of China London Branch is designated as the RMB clearing bank in the UK.
• This move is part of a broader cooperation agreement between the People's Bank of China and the Bank of England.
• The decision is expected to improve the efficiency of RMB transactions in the UK market.

📝 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 RMB clearing bank in the UK. January 29, 2026.

The People's Bank of China, along with several 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 continuation of strict prohibitions against virtual currency activities, which are deemed illegal, and aims to enhance regulatory measures in response to emerging risks in the financial landscape.

• The notice reiterates that virtual currencies do not hold the same legal status as fiat currencies and all related activities are strictly prohibited in China.
• New regulations have been introduced to address the risks of tokenization of real-world assets, which are also subject to strict oversight and prohibition unless authorized by relevant authorities.
• The policy aims to enhance collaboration among various government departments to effectively monitor and mitigate risks associated with virtual currencies and asset tokenization.

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 achieve its objectives.

• The RBI is focused on controlling inflation to ensure economic stability.
• The central bank is ready to modify its policy stance based on evolving economic conditions.
• Support for growth remains a priority alongside the goal of price stability.

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

• 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 emphasizes a flexible, data-driven approach to monetary policy, without committing to a specific interest rate path.
• The ECB is prepared to adjust its instruments to ensure price stability and smooth monetary policy transmission, particularly in light of ongoing global trade and geopolitical uncertainties.

The People's Bank of China held a meeting to review the credit market's performance in 2025 and outline strategies for 2026, emphasizing the importance of financial support for key sectors and risk management. The bank aims to enhance its financial services and align monetary policy with fiscal measures to foster economic growth and stability.

• The meeting highlighted the positive outcomes of the financial initiatives undertaken in 2025, particularly in reducing debt risks and supporting high-quality economic development.
• For 2026, the bank will focus on improving financial services for strategic sectors, including technology, green finance, and small and micro enterprises.
• The People's Bank of China plans to strengthen the coordination between monetary and fiscal policies while enhancing the mechanisms for structural monetary policy tools.

The Reserve Bank of Australia has decided to raise the cash rate target by 25 basis points to 3.85% 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 tight labor market conditions.

• The cash rate target has been increased to 3.85% in response to rising inflation and capacity pressures.
• Private demand has strengthened significantly, contributing to increased inflationary pressures and tighter labor market conditions.
• The Board acknowledges uncertainties in the economic outlook but emphasizes the need for a proactive monetary policy approach.

The Bank of England's Monetary Policy Committee is set to discuss and publish its latest policy decisions and minutes on February 5, 2026, following a recent reduction of the Bank Rate to 3.75% in December 2025. This meeting aims to assess the current economic conditions and guide future monetary policy actions.

• The Bank Rate was reduced to 3.75% in December 2025, indicating a shift towards more accommodative monetary policy.
• The upcoming meeting will provide insights into the Committee's assessment of economic conditions and inflation expectations.
• The publication will include minutes that detail the discussions and rationale behind the monetary policy decisions.

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 highlights ongoing dialogue between Chinese monetary authorities and international financial leaders.
• Key topics included the current global economic landscape and its implications for China.
• Discussions also focused on the macroeconomic policies of China and their impact on trade relations with the U.S.

The Federal Reserve's FOMC statement indicates that economic activity is growing steadily, with low job gains and a stabilizing unemployment rate, while inflation remains elevated. The Committee is committed to achieving maximum employment and a 2 percent inflation rate, maintaining the current federal funds rate target range as they assess incoming data and risks to their dual mandate.

• Economic activity is expanding at a solid pace, but job gains are low and unemployment is stabilizing.
• Inflation remains elevated, prompting the Committee to maintain the federal funds rate target range at 3.5% to 3.75%.
• The Committee is prepared to adjust monetary policy as necessary based on economic data and risks to their goals.

The Federal Open Market Committee (FOMC) conducted its annual organizational meeting, confirming the election of new members and officers for the upcoming term. The Committee also approved the necessary authorizations for open market operations, reflecting a commitment to maintaining effective monetary policy implementation.

• New members and alternates of the FOMC were elected for a term beginning January 27, 2026.
• Jerome H. Powell was unanimously selected to continue as Chair of the Committee.
• The FOMC approved minor changes to the Continuing Directive for Domestic Open Market Operations to align with recent policy directions.

The People's Bank of China convened a meeting to outline the key tasks for monetary, gold, and security work in 2026, emphasizing the importance of political leadership and the implementation of reforms. The meeting highlighted the achievements of 2025 and set a framework for enhancing cash supply and security management while ensuring compliance with regulatory standards.

• The meeting focused on reinforcing the management of RMB issuance and circulation, while enhancing internal and external reform management.
• Significant progress was noted in cash supply management and the overall cash circulation environment in 2025.
• For 2026, the bank aims to strengthen political leadership, optimize cash services, and deepen comprehensive governance reforms.

The Central Bank of Brazil's Copom meeting highlights ongoing economic uncertainty, particularly influenced by external factors such as U.S. economic policy and geopolitical tensions. While domestic economic activity shows signs of moderation, inflation remains above target, necessitating careful monitoring and a cautious approach to monetary policy.

• External economic conditions remain uncertain, impacting global financial stability and requiring caution from emerging markets.
• Domestic economic indicators show moderated growth, with inflation still above target levels, prompting the need for continued vigilance.
• The labor market remains resilient, but the committee emphasizes the importance of analyzing both current and structural dimensions of employment.

The Bank of Canada has decided to maintain its policy rate at 2¼%, emphasizing a cautious approach amid ongoing economic uncertainties, particularly related to US trade policies. While the Canadian economy shows signs of modest growth, inflation is expected to remain close to the target of 2%, with the Bank prepared to adjust its stance if necessary.

• The Canadian economy is projected to grow modestly at 1.1% in 2026 and 1.5% in 2027, with uncertainties stemming from US trade restrictions.
• CPI inflation rose to 2.4% in December, but core inflation measures have eased, indicating a potential stabilization around the Bank's 2% target.
• The Bank remains vigilant regarding economic risks and is prepared to adjust monetary policy if the economic outlook changes.

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

• The meeting focused on the successful implementation of anti-money laundering measures in 2025 and the need for ongoing improvements.
• Key priorities for 2026 include rigorous enforcement of the revised Anti-Money Laundering Law and enhancing the capabilities of financial institutions.
• The importance of international cooperation and the ongoing fifth round of international assessments were emphasized as critical components of the strategy.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates amid ongoing global economic uncertainties and moderating inflation. While Hungary's economy shows signs of growth supported by rising real wages and government measures, challenges remain in reducing public debt and managing inflation expectations.

• Global inflation is slowly moderating, with the euro area nearing the European Central Bank's target.
• Hungary's economy is experiencing duality, with retail sales growing while industrial production declines.
• Inflation and core inflation in Hungary fell to 3.3% and 3.8% respectively in December 2025, influenced by lower fuel and processed food prices.

The People's Bank of China held a macro-prudential work meeting to review 2025's achievements and outline priorities for 2026, emphasizing the need for a comprehensive macro-prudential management system and the internationalization of the Renminbi. The meeting underscored the importance of enhancing financial stability and supporting the real economy through improved cross-border Renminbi usage and financial services.

• The PBOC aims to strengthen its macro-prudential management framework and enhance its governance mechanisms.
• There is a focus on promoting the internationalization of the Renminbi and optimizing cross-border usage arrangements.
• The central bank plans to expand its macro-prudential policy coverage and improve tools to manage systemic financial risks.

Norges Bank has decided to keep the policy rate unchanged at 4 percent, citing ongoing concerns about inflation remaining above the target level. While the economic outlook is uncertain, the bank indicates that further rate cuts may occur later in the year if conditions evolve as anticipated.

• Inflation is still above the 2 percent target, prompting a cautious approach to monetary policy.
• The Committee emphasizes the need for a restrictive monetary policy to prevent inflation from remaining elevated for too long.
• Future adjustments to the policy rate will depend on economic developments, including labor market conditions and business costs.

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 until at least March 2026, supported by measures to stabilize prices and stimulate economic 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 stabilize around the NBS target midpoint of 3% until March 2026, aided by regulatory measures and improved agricultural output.
• The NBS emphasizes the need for caution in monetary policy due to ongoing geopolitical tensions and their potential impact on the economy.

The Bank of Israel's Monetary Committee has decided to lower the interest rate to 4 percent in response to a moderated inflation environment, with annual inflation currently at 2.4 percent. The decision reflects ongoing economic expansion and a strengthening shekel, while also considering potential risks to inflation from geopolitical developments and fiscal changes.

• The Consumer Price Index declined by 0.5 percent in November, contributing to an annual inflation rate of 2.4 percent.
• The shekel has strengthened against major currencies, indicating improved market stability.
• Economic activity is expanding, with a slight easing in labor supply constraints and a decline in wage growth.

The Central Bank of Russia's discussion highlighted a recent decline in inflation rates, with expectations for year-end inflation to fall below the previously forecasted range. Participants noted volatility in price growth, driven by fluctuations in specific commodity prices, and agreed that monetary policy adjustments may be necessary to address evolving economic conditions.

• Current inflation rates decreased to 4.6% year-on-year in October-November 2025, down from 6.6% in Q3 2025.
• Inflation expectations among businesses and the public have risen, despite a general decline in year-end inflation forecasts.
• Economic growth accelerated in Q4 2025, with improvements in business climate indicators and nominal wage growth.

The Central Bank of Russia's publication focuses on the monitoring of monetary policy and banking conditions, emphasizing the importance of statistical data in assessing economic trends. It highlights the ongoing analysis of credit conditions and inflation expectations as part of its monetary policy framework.

• The publication includes data on banking credit conditions and demand for loans from major Russian banks.
• It features macroeconomic surveys and balance of payments statistics to inform monetary policy decisions.
• The Central Bank is actively monitoring inflation expectations and liquidity in the banking sector.

The Bank of Japan has decided to adjust its guideline for money market operations, aiming to maintain the uncollateralized overnight call rate at around 0.75 percent. This decision reflects a moderate recovery in Japan's economy, with expectations of continued wage increases and rising inflation.

• The uncollateralized overnight call rate will be encouraged to stay at approximately 0.75 percent.
• The interest rate for the complementary deposit facility will also be set at 0.75 percent, while the basic loan rate will be 1.0 percent.
• Japan's economy shows moderate recovery, with tight labor market conditions and high corporate profits.

The Reserve Bank of India has unanimously decided to reduce the policy repo rate to 5.25% while maintaining a neutral monetary policy stance. This decision reflects a detailed assessment of macroeconomic conditions, including strong domestic growth and evolving global economic dynamics.

• The policy repo rate has been reduced to 5.25%, with the standing deposit facility rate adjusted to 5.00%.
• India's GDP growth reached a six-quarter high of 8.2% in Q2:2025-26, driven by strong domestic demand.
• 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, signaling a cautious approach to monetary policy as the economy shows signs of balanced growth. While inflation expectations have increased, the central bank aims to maintain tight monetary conditions to ensure inflation returns to target levels in the coming years.

• The key rate was cut to 16.00% per annum, reflecting a response to current economic conditions.
• Inflation expectations have risen, which could hinder the sustainable reduction of inflation.
• The Bank of Russia forecasts annual inflation to decline to 4.0–5.0% in 2026, with underlying inflation reaching 4% in the second half of 2026.

The European Central Bank has decided to maintain its key interest rates unchanged, reaffirming its commitment to stabilizing inflation at the 2% target in the medium term. Economic growth projections have been revised upwards, indicating stronger domestic demand, while inflation expectations have been adjusted slightly higher for the coming years.

• 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.
• Inflation is projected to average 2.1% in 2025, with a gradual decline expected in subsequent years, stabilizing at the 2% target by 2028.
• Economic growth forecasts have been revised upwards to 1.4% for 2025 and 2027, driven by 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 support economic activity amid declining growth expectations.
• Headline inflation increased slightly to 3.80%, with core inflation rising to 4.43%, indicating persistent inflationary pressures.
• Economic activity in Mexico is expected to remain weak, with significant downward risks from uncertainty and trade tensions.

Norges Bank has decided to maintain the policy rate at 4 percent, indicating that while inflation remains above target, a cautious approach to rate cuts is warranted. The central bank acknowledges the uncertain economic outlook and emphasizes the need for a restrictive monetary policy to manage inflation effectively.

• The policy rate remains unchanged at 4 percent, with potential for gradual cuts in the coming year.
• Inflation is still above target, and the krone's depreciation may further impact inflation expectations.
• The Committee sees a little more spare capacity in the economy than previously projected but emphasizes the need to avoid excessive economic restraint.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid ongoing global economic challenges and moderate inflation trends. While household consumption is expected to support economic growth, the central bank acknowledges risks from geopolitical tensions and subdued investment performance.

• The central bank base rate remains unchanged, with adjustments to overnight rates reflecting current economic conditions.
• Hungary's economy is projected to grow by 0.5% in 2025, with stronger growth anticipated in subsequent years driven by rising real wages and government measures.
• Inflation has decreased to 3.8%, supported by lower global commodity prices and a stronger forint, although household inflation expectations remain stagnant.

The Central Bank of Turkey's Monetary Policy Committee meeting highlighted a cautious outlook for the global economy, with persistent inflation risks and a fragile growth forecast. The bank is adjusting its monetary policy tools, including changes to reserve requirements, to navigate these challenges while maintaining financial stability.

• Global economic uncertainty remains high, but growth forecasts have shown moderate improvement.
• Turkish lira deposit rates have decreased significantly, while commercial loan rates have increased, indicating mixed trends in monetary conditions.
• The Central Bank is simplifying reserve requirement regulations to better manage foreign exchange liabilities.

The Swiss National Bank (SNB) reports that inflation has been slightly lower than expected in recent months, 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.

• Inflation decreased from 0.2% in August to 0.0% in November, influenced by lower prices in the hotel industry, rents, and clothing.
• The SNB forecasts average annual inflation of 0.2% for 2025, 0.3% for 2026, and 0.6% for 2027, assuming a policy rate of 0%.
• Global economic growth has been stronger than expected, but risks remain due to US tariffs and trade policy uncertainties.

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 various domestic and international factors. The bank anticipates inflation will remain within the target range until at least March 2026, supported by measures to stabilize prices and stimulate lending. However, caution is advised due to ongoing global uncertainties and geopolitical tensions.

• The key policy rate remains unchanged at 5.75%, with deposit and lending facility rates also held steady.
• Inflation is expected to trend around the target midpoint of 3±1.5% until March 2026, aided by regulatory measures and improved agricultural conditions.
• The NBS supports economic growth through stable exchange rates and favorable credit conditions, resulting in significant lending growth.

The Federal Reserve's minutes indicate a resilient economic outlook, with market participants expecting a 25 basis point reduction in the federal funds rate at the upcoming meeting. Despite some volatility in equity prices and tightening money market conditions, inflation expectations remain stable, suggesting a cautious approach to future rate cuts.

• Market participants expect a 25 basis point reduction in the federal funds rate at the December FOMC meeting, with two additional cuts anticipated next year.
• Treasury yields rose slightly, while inflation compensation measures decreased, particularly for shorter maturities, influenced by lower energy prices.
• Equity prices showed volatility but remained stable overall, with significant impacts from economic data and developments in artificial intelligence.

The Federal Reserve has decided to lower the target range for the federal funds rate by 1/4 percentage point to support maximum employment and manage elevated inflation risks. The Committee remains vigilant about the economic outlook and is prepared to adjust monetary policy as necessary based on incoming data and evolving risks.

• Economic activity is expanding at a moderate pace, but job gains have slowed and the unemployment rate has increased.
• Inflation remains elevated, prompting the Committee to lower the federal funds rate target range.
• The Committee is committed to achieving maximum employment and a 2% inflation rate over the long term.

The Central Bank of Brazil's Copom meeting highlights ongoing economic uncertainties influenced by external factors, particularly from the United States, while domestic growth is moderating as inflation remains above target. The committee emphasizes the importance of aggregate demand moderation for achieving inflation targets and is closely monitoring the labor market dynamics.

• 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 and expectations for future inflation remaining elevated.
• The committee is focused on the balance between supply and demand in the economy, noting the importance of moderating aggregate demand to align inflation with targets.

The Bank of Canada has decided to maintain its policy rate at 2¼% as it assesses the current economic conditions and inflation trends. While Canada's economy has shown resilience with a surprising growth rate, uncertainty remains high due to global trade dynamics and domestic challenges.

• Canada's GDP grew by 2.6% in Q3, driven by trade volatility, but final domestic demand was flat.
• CPI inflation slowed to 2.2%, with core inflation measures remaining between 2½% and 3%.
• The Bank expects ongoing economic slack to help maintain inflation near the 2% target despite potential short-term fluctuations.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, citing a recent uptick in inflation that may be influenced by temporary factors. While economic activity is recovering and private demand is strengthening, the Board remains cautious about the persistence of inflationary pressures and will closely monitor evolving data.

• Inflation has recently increased, but some of this rise may be temporary and requires further assessment.
• Economic growth is recovering, with strong private demand and easing financial conditions.
• Labour market conditions are tight, but the unemployment rate has gradually risen, indicating mixed signals.

The Reserve Bank of India has reduced the policy repo rate by 25 basis points to 5.25% in response to rapid disinflation and robust economic growth. The central bank maintains a neutral stance while implementing measures to inject liquidity into the financial system, aiming to support ongoing economic progress.

• Inflation has dropped to a historic low of 0.3% in October 2025, significantly below the target threshold.
• Real GDP growth accelerated to 8.2% in Q2, driven by strong consumer spending and GST rate rationalization.
• The Monetary Policy Committee unanimously decided to lower the policy repo rate and continue with a neutral stance.

The Central Bank of Turkey has launched a new 'Center of Payments' website to provide comprehensive and updated information on its payment systems and initiatives, including the Digital Turkish Lira and Open Banking. This platform aims to enhance transparency and accessibility regarding the bank's payment-related activities.

• The new website will feature information on various payment systems, including the FAST System and Digital Turkish Lira.
• It aims to improve public access to the Central Bank's payment-related initiatives and services.
• The website is currently available in Turkish only.

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 4.00%. This decision aims to support economic growth amid current economic conditions.

• Interest rates were reduced by 0.25 percentage points.
• The new reference rate is set at 4.00%, with the lombard rate at 4.50% and the deposit rate at 3.50%.
• The changes will take effect on 4 December 2025.

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, reflecting a tightening of macroprudential measures.

• The zero percent reserve requirement for certain foreign currency liabilities will end as scheduled.
• New FX reserve requirement ratios will take effect on January 16, 2026.
• The adjustments aim to enhance the stability of the financial system amidst changing economic conditions.

The Bank of England's Monetary Policy Committee has decided to reduce the Bank Rate to 3.75% in response to easing inflation and subdued economic growth. This decision reflects a balancing act to ensure inflation returns to the 2% target sustainably while monitoring the evolving economic landscape.

• The Bank Rate was reduced by 0.25 percentage points to 3.75%, with a majority vote of 5-4.
• CPI inflation has decreased to 3.2%, with expectations of a further decline towards the target in the near term.
• The committee noted that the risks of persistent inflation have lessened, but weaker demand remains a concern for medium-term inflation.

The National Bank of Poland's Monetary Policy Council has decided to cut the NBP reference rate by 0.25 percentage points to 4.00% in response to declining inflation and economic conditions. The Council will continue to monitor inflation and economic activity to guide future policy decisions.

• The NBP reference rate has been reduced to 4.00%, with other interest rates adjusted accordingly.
• Poland's GDP growth for Q3 2025 was 3.8%, supported by increased domestic demand, despite a slowdown in wage growth and employment.
• Inflation has decreased to 2.4% in November 2025, prompting the rate cut as the Council aims to maintain macroeconomic stability.

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 payments system. Key discussions included the review of merchant card payment costs, the impact of interchange caps, and the upcoming public consultation on regulatory priorities in mid-2026.

• The Board is finalizing guidance on crisis resolution powers, expected to be published in December 2025.
• Stakeholder feedback indicates that proposed interchange reductions may not benefit merchants without further regulatory action.
• A public consultation on regulatory priorities will take place in mid-2026, focusing on various payment industry innovations and issues.

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 ensuring economic stability. The committee noted a continued decline in inflation rates and emphasized the importance of sustaining this progress amidst global uncertainties.

• The Monetary Policy Rate is retained at 27.0 percent, with adjustments to the corridor.
• Headline inflation has been decelerating for seven consecutive months, attributed to tight monetary policy and stable exchange rates.
• The committee highlighted the positive impact of previous policy measures and the need for continued vigilance in managing inflation.

The Bank of Israel's Monetary Committee has decided to lower the interest rate to 4.25 percent, emphasizing a focus on price stability, economic activity, and market stability. The interest rate trajectory will be adjusted based on inflation trends, economic performance, and geopolitical uncertainties.

• Annual inflation has moderated to 2.5 percent, with expectations of a slight increase by year-end before stabilizing.
• Economic activity saw a significant recovery in Q3, with GDP growth at 12.4 percent annually, although 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 (MPC) statement for November 2025 emphasizes the need to maintain a cautious approach to monetary policy in light of ongoing economic uncertainties. The committee highlights its commitment to achieving price stability while supporting economic growth.

• The MPC has decided to keep the policy interest rate unchanged to balance inflation control and economic support.
• Inflation expectations remain elevated, necessitating close monitoring of price movements.
• The committee acknowledges the impact of global economic conditions on domestic growth prospects.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid 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 support a gradual economic recovery in Hungary, driven by strong consumption and improving export performance.

• The central bank's interest rates will remain unchanged, with the base rate set at a level that reflects ongoing economic uncertainties.
• Hungary's GDP growth was 0.6% year-on-year in Q3 2025, indicating stagnation compared to the previous quarter.
• Consumer and business confidence improved slightly, but sentiment indices remain low, highlighting ongoing economic challenges.

The Central Bank of Turkey's press release highlights the recent meeting of the Financial Stability Board's Regional Consultative Group for the Middle East and North Africa, where officials discussed regional financial vulnerabilities and the implications of debt sustainability. The meeting also focused on the role of non-bank financial intermediaries and the integration of artificial intelligence in finance.

• The meeting involved representatives from various countries and international financial institutions, emphasizing regional cooperation.
• Key topics included global and regional financial vulnerabilities, debt sustainability, and the role of non-bank financial intermediaries.
• Artificial intelligence's impact on finance was a significant discussion point, indicating a forward-looking approach to financial stability.

Banco de México has decided to lower the overnight interbank interest rate by 25 basis points to 7.50%, reflecting concerns over sluggish economic activity and global trade tensions. While headline inflation has slightly increased, forecasts indicate it will converge to the target by the third quarter of 2026, albeit with upward risks remaining.

• The target for the overnight interbank interest rate has been reduced to 7.50% effective September 26, 2025.
• Global economic activity is slowing, with trade tensions impacting both the U.S. and Mexican economies.
• Headline inflation increased slightly to 3.74%, but expectations for year-end inflation have been revised downwards.

The Central Bank of Turkey will hold a briefing on the Inflation Report for the fourth quarter of 2025, emphasizing the importance of transparency and communication regarding monetary policy. Governor Fatih Karahan will present the report and engage in a Q&A session to address public and market concerns.

• The briefing is scheduled for November 7, 2025, at the CBRT’s Istanbul Financial Center.
• Governor Fatih Karahan will present key findings from the Inflation Report 2025-IV.
• A live webcast of the briefing will be available in Turkish, indicating a focus on local engagement.

The Bank of Russia's recent discussion highlights a rise in inflationary pressures, driven by temporary factors such as seasonal price changes in food and energy. Despite these pressures, the central bank maintains a tight monetary policy to stabilize the economy and curb excessive demand.

• Inflation accelerated to 6.4% SAAR in Q3 2025, while core inflation slightly decreased to 4.3% SAAR.
• The economy is experiencing moderate growth, with a decline in the Business Climate Index and a low unemployment rate of 2.1%.
• Temporary factors, including rising petroleum prices and increased housing tariffs, are contributing to inflation, prompting the government to implement measures to stabilize the market.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.25% due to a deceleration in economic activity and persistent trade tensions. While headline inflation has decreased slightly, core inflation remains stable, and risks to inflation forecasts are still tilted to the upside.

• The overnight interbank interest rate is reduced to 7.25% effective November 7, 2025.
• Global economic activity is slowing down, with significant risks from trade tensions and geopolitical turmoil.
• Headline inflation has decreased to 3.63%, while core inflation remains stable at 4.24%.

The Central Bank of Brazil's latest Copom meeting highlights 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 monetary policy approach.

• 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 is above target, with expectations for 2025 and 2026 remaining elevated at 4.5% and 4.2%, respectively.

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 4.25%. This decision 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 4.25%, with corresponding adjustments to other rates.
• 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 amid rising inflation, which has recently increased due to temporary factors. While domestic economic activity is recovering, uncertainties remain regarding the sustainability of this growth and its impact on inflation and the labor market.

• Inflation has risen to 3.2 percent annually, influenced by the end of electricity rebates, but some increases are considered temporary.
• Domestic economic activity is improving, with signs of strengthening in the housing market and ongoing private demand.
• The labor market remains tight despite a slight increase in the unemployment rate to 4.5 percent, with high job vacancies and challenges in sourcing labor.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4%, reflecting a balance of risks around achieving the 2% inflation target sustainably. While CPI inflation is believed to have peaked, ongoing disinflationary trends and economic slack are influencing the outlook for future monetary policy adjustments.

• The Monetary Policy Committee voted 5-4 to keep the Bank Rate at 4%, with some members advocating for a reduction.
• CPI inflation is considered to have peaked, with progress on underlying disinflation supported by a restrictive monetary policy stance.
• The risks to inflation are becoming more balanced, with concerns about persistent inflation diminishing and weaker demand becoming more apparent.

The National Bank of Poland's Monetary Policy Council has decided to cut the reference rate by 0.25 percentage points to 4.25% in response to declining inflation and favorable economic conditions. The Council's future decisions will be influenced by incoming data on inflation and economic activity.

• The NBP reference rate was cut to 4.25%, with other interest rates adjusted accordingly.
• Inflation in Poland has decreased to 2.8% in October 2025, influenced by lower food prices.
• The economic outlook remains positive, with growth in retail sales and industrial output, although wage growth is slowing.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 2.25% in response to weak economic activity and rising inflation, which is expected to moderate. The decision aims to stimulate household spending and support the economic recovery while balancing risks associated with inflation and global economic conditions.

• Annual consumer price inflation rose to 3% in the September quarter but is projected to decline to around 2% by mid-2026 due to spare capacity in the economy.
• The economic recovery has been slow, but lower interest rates are expected to encourage household spending and stabilize the labor market.
• Future OCR adjustments will depend on the evolving outlook for medium-term inflation and economic performance.

The European Central Bank has decided to maintain its key interest rates unchanged as inflation remains close to the 2% target, while the economy continues to grow despite global challenges. The Governing Council emphasizes a data-dependent approach to future monetary policy decisions, remaining flexible in response to economic conditions and risks.

• 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 its instruments as necessary to maintain monetary policy transmission.
• The asset purchase programmes are declining at a predictable pace, with no reinvestment of principal payments from maturing securities.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at around 0.5 percent, reflecting a cautious approach to monetary policy amid shifting economic conditions. This decision was supported by a majority of the Policy Board, despite dissenting opinions advocating for a higher rate due to rising price risks.

• The Bank of Japan's Policy Board voted 7-2 to keep the overnight call rate at approximately 0.5 percent.
• Dissenting members argued for a higher rate, suggesting that the price stability target has been largely achieved and risks are skewed to the upside.
• The decision indicates a continued commitment to accommodative monetary policy in the face of evolving economic dynamics.

The Bank of Canada has lowered its policy rate to 2¼% in response to the economic impacts of US trade actions, which have created significant uncertainty and dampened growth prospects. The central bank projects a gradual recovery in the Canadian economy, with GDP growth expected to be weak in the near term but improving over the next few years as consumer and government spending support the economy.

• The global economy is projected to slow down, with Canadian GDP growth expected at 1.2% in 2025 and 1.1% in 2026.
• Canada's economy contracted by 1.6% in the second quarter, primarily due to weak exports and business investment amid heightened uncertainty.
• CPI inflation was recorded at 2.4% in September, slightly above expectations, with core inflation measures remaining around 3%.

The Bank of Russia has reduced the key interest rate by 50 basis points to 16.50% per annum, while maintaining a tight monetary policy stance to combat persistent inflation. Despite a slight easing in the economy's growth trajectory, inflation expectations remain high, necessitating continued vigilance in monetary conditions.

• The key rate has been cut to 16.50% to support economic growth while addressing inflation concerns.
• Inflation is projected to decline to 4.0–5.0% in 2026, but current inflationary pressures are expected to rise temporarily due to various factors.
• The economy is showing signs of returning to balanced growth, but lending growth has accelerated and inflation expectations remain elevated.

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 maintaining a tight monetary policy stance to ensure price stability and manage inflation expectations, particularly in light of recent inflationary pressures in food prices.

• The policy rate has been reduced to 39.5%, with corresponding adjustments to the overnight lending and borrowing rates.
• Inflation trends indicate a slowdown in the disinflation process, necessitating a continued tight monetary policy stance.
• The Central Bank will adjust policy rates based on inflation expectations and will tighten if there are significant deviations from interim targets.

The Swiss National Bank's monetary policy assessment for September 2025 indicates a cautious approach to managing inflation while supporting economic stability. The central bank emphasizes the importance of monitoring economic indicators closely to adjust policy as necessary.

• The SNB aims to maintain price stability and support economic growth amidst fluctuating inflation rates.
• Future monetary policy decisions will be based on ongoing assessments of economic conditions and inflation forecasts.
• The central bank will enhance communication regarding policy decisions through regular summaries published on its website.

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. These new banknotes will maintain the same physical characteristics and designs as the previous versions and will circulate alongside them.

• The new TRY 20 banknotes will include the signatures of Governor Fatih Karahan and Deputy Governor Prof. Hatice Karahan.
• The physical dimensions and designs of the new banknotes will remain unchanged from previous versions.
• The new banknotes will be issued concurrently with existing banknotes in circulation.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid a mixed economic outlook characterized by subdued growth in Hungary and ongoing global uncertainties. While domestic consumption is expected to improve, challenges remain, particularly in corporate lending and inflationary pressures from international markets.

• The global economic outlook has improved slightly, but trade and geopolitical tensions continue to create uncertainty.
• Domestic economic performance shows duality, with retail sales expanding slowly while industrial production and construction output have declined.
• Household lending is increasing significantly, while corporate lending remains stagnant due to economic conditions.

The Central Bank of Turkey has initiated an audit process at the Interbank Card Center 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 judicial proceedings related to this matter.

• The audit process at the Interbank Card Center was initiated with the approval of the Governor's Office.
• Suspicious findings in the audit report led to a criminal complaint filed by the CBRT.
• The ongoing judicial proceedings are being monitored by both the CBRT and BKM.

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 inflation dynamics. The decision comes amid a resilient global economy and ongoing challenges related to inflation in advanced economies.

• The MPC unanimously voted to keep the policy repo rate unchanged at 5.50%.
• The global economy shows resilience, but inflation remains a concern for central banks.
• India's GDP growth is supported by strong private consumption and fixed investment.

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 global growth. The Singapore economy is expected to continue growing, supported by resilient manufacturing and domestic sectors, although growth may slow in the coming quarters.

• The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
• Singapore's GDP growth has been above trend at 3.9% year-on-year for the first three quarters of 2025, but is projected to moderate going forward.
• Global economic resilience is supported by AI-related investments, although uncertainties remain regarding trade conflicts and tariff implementations.

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 Türkiye 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 strengthening financial cooperation and promoting bilateral trade.
• One memorandum of understanding (MoU) focuses on enhancing the use of the Turkish lira and UAE Dirham for cross-border transactions and developing the foreign exchange market.
• Another MoU aims to streamline cross-border payment transactions and integrate payment systems between Türkiye and the UAE, including the development of central bank digital currencies.

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 the current macroeconomic conditions and inflation outlook. The decision comes amidst resilient economic growth in India and ongoing global uncertainties affecting inflation and financial markets.

• The MPC unanimously voted to keep the policy repo rate unchanged at 5.50%.
• India's GDP growth was strong at 7.8% in Q1:2025-26, driven by private consumption and fixed investment.
• Global economic resilience is noted, but inflation remains a concern in advanced economies.

The National Bank of Poland's Monetary Policy Council has decided to reduce the NBP reference rate by 0.25 percentage points to 4.50% in response to an improved inflation outlook and ongoing economic conditions. The Council emphasized that future decisions will be guided by incoming data on inflation and economic activity, while also highlighting risks related to fiscal policy and external factors.

• The NBP reference rate has been cut to 4.50%, with other interest rates adjusted accordingly.
• Inflation in Poland remains stable at 2.9%, with elevated services price growth contributing to this stability.
• The Council noted risks to low inflation from fiscal policy, consumption demand recovery, and wage growth.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 2.5% in response to current economic conditions, including weak economic activity and inflation pressures. The Committee anticipates that inflation will return to the target midpoint of 2% by mid-2026, while remaining open to further rate reductions if necessary.

• Annual CPI inflation is currently near the top of the target band but is expected to moderate to around 2% by mid-2026 due to spare capacity in the economy.
• Economic activity has been weak, with household consumption recovering partly due to lower interest rates, while investment remains subdued.
• The Committee noted significant risks to the inflation outlook, including cautious behavior from households and businesses, as well as the potential for persistent near-term inflation.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, as inflation is showing signs of stabilization but remains uncertain. While domestic economic activity is recovering, the outlook is clouded by both domestic and international uncertainties that could impact growth and inflation.

• Inflation has decreased significantly since its peak in 2022, but recent data suggests potential increases in the September quarter.
• Private consumption is improving as real household incomes rise, with the housing market showing signs of recovery.
• The labor market remains tight, with steady employment levels but concerns about potential future growth and inflation.

The Central Bank of Turkey hosted the OIC-COMCEC Central Banks Forum, where representatives discussed the global economic outlook and shared best practices in payment services and cross-border transactions. The forum also reviewed progress on the OIC 2025 Programme of Action, emphasizing economic cooperation among member countries.

• The forum addressed the impact of trade fragmentation and geopolitical risks on the global economy.
• Sessions included discussions on payment services and cross-border transactions, highlighting shared experiences among OIC member countries.
• Progress in the OIC 2025 Programme of Action was reviewed, focusing on economic dimensions.

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

• The interest rate remains unchanged at 4.5 percent due to geopolitical tensions and inflation concerns.
• Annual inflation has slightly decreased to 2.9 percent, but is projected to remain volatile and may exceed the target range soon.
• Economic activity has rebounded post-military operations, but the labor market is tight due to mobilization and labor shortages.

The Swiss National Bank (SNB) maintains a cautious monetary policy stance, with inflation remaining stable and projected to stay within the price stability range. The central bank will continue to monitor economic conditions and adjust its policies as necessary, especially in light of global economic uncertainties and rising US tariffs impacting Swiss exports.

• Inflation has slightly increased to 0.2% as of August 2025, primarily due to tourism and imported goods.
• Global economic growth is expected to remain subdued, influenced by US tariffs and high uncertainty.
• The SNB projects GDP growth of 1% to 1.5% for 2025, but anticipates a decline to just under 1% for 2026 due to the impact of tariffs.

The Central Bank of Russia's 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 inflation while considering various economic factors impacting price dynamics.

• Inflation decreased to 4.1% in August 2025, down from 8.4% in July, indicating a reduction in price growth pressures.
• The GDP growth rate slowed to 1.1% YoY in Q2 2025, reflecting a cooling economic environment.
• Unemployment remains low at 2.2%, but wage growth has not kept pace with previous years, suggesting potential economic constraints.

The Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) by 50 basis points to 27.00% to support economic recovery amidst sustained disinflation and improved macroeconomic stability. The adjustments also include changes to the Standing Facilities corridor and the Cash Reserve Ratio (CRR) for commercial banks to enhance liquidity management.

• The MPR was lowered from 27.50% to 27.00% as part of efforts to support economic recovery.
• The Standing Facilities corridor was adjusted to +250/-250 basis points to improve interbank market efficiency.
• A 75% CRR was introduced on non-TSA public sector deposits to manage excess liquidity in the banking system.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates amid ongoing global economic uncertainties and subdued domestic growth. While household consumption remains strong, the overall GDP growth forecast for Hungary has been revised downwards to 0.6 percent for 2025, with expectations of a gradual recovery in the following year.

• The central bank interest rates will remain unchanged, reflecting cautious optimism amid global economic challenges.
• Hungary's GDP growth is projected to be 0.6 percent in 2025, lower than previous forecasts, primarily driven by strong household consumption.
• International trade tensions and high inflation risks continue to impact economic conditions, with expectations of a slow recovery supported by rising real wages and government measures.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at around 0.5 percent while selling its holdings of exchange-traded funds and real estate investment trusts to avoid destabilizing financial markets. The Japanese economy is showing moderate recovery, but there are signs of weakness due to external factors and rising inflation expectations.

• The Bank of Japan will keep the overnight call rate at approximately 0.5 percent.
• The central bank will sell its holdings of ETFs and J-REITs to prevent market destabilization.
• Japan's economy is recovering moderately, but faces challenges from external trade policies and rising inflation.

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for September 2025 emphasizes the need for a cautious approach to monetary policy amidst ongoing inflationary pressures and economic uncertainties. The committee highlights its commitment to maintaining price stability while supporting economic growth.

• Inflation remains a significant concern, necessitating careful monitoring and potential policy adjustments.
• The MPC is committed to balancing the goals of price stability and economic growth.
• Global economic conditions and domestic factors will continue to influence future monetary policy decisions.

The Central Bank of Brazil's Copom meeting highlighted ongoing uncertainties in the external economic environment, particularly due to U.S. economic policies, which necessitate caution for emerging markets. Domestically, while economic growth is moderating, inflation remains above target, prompting the committee to maintain a vigilant policy stance.

• External economic uncertainty, particularly from U.S. policies, is affecting global financial conditions.
• Domestic economic indicators show moderate growth, but the labor market remains dynamic.
• Inflation rates are above target, with expectations for 2025 and 2026 also exceeding the target.

The Bank of Canada has lowered its policy rate to 2½% in response to a slowing economy and reduced inflationary pressures. The decision reflects concerns over trade uncertainties and their impact on economic activity, particularly in export and investment sectors.

• Canada's GDP declined by about 1½% in the second quarter, with significant drops in exports and business investment due to trade uncertainties.
• The unemployment rate has risen to 7.1%, with job losses concentrated in trade-sensitive sectors and overall hiring intentions weakening.
• Core inflation measures are around 3%, but the upward momentum has dissipated, leading the Governing Council to assess a rate cut as appropriate.

The European Central Bank has decided to maintain its key interest rates unchanged as inflation remains close to the 2% target. The economic outlook shows slight revisions in growth projections, with a commitment to a data-dependent approach for future monetary policy decisions.

• 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 medium-term goal of stabilizing at 2%.
• Economic growth is expected to be 1.2% in 2025, with slight adjustments to future projections.

The National Bank of Poland's Monetary Policy Council has decided to reduce interest rates by 0.25 percentage points, setting the new reference rate at 4.75%. This decision reflects a shift towards a more accommodative monetary policy stance aimed at supporting economic growth.

• The NBP interest rates have been decreased, with the reference rate now at 4.75%.
• The new lombard rate is set at 5.25%, and the deposit rate at 4.25%.
• This policy change will take effect on 4 September 2025.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4% to continue addressing inflation while supporting economic growth and employment. Despite recent disinflationary progress, the Committee remains cautious about persistent inflationary pressures and will carefully assess future monetary policy adjustments based on evolving economic conditions.

• The MPC voted 7-2 to keep the Bank Rate at 4%, with two members advocating for a reduction.
• A £70 billion reduction in the stock of UK government bond purchases is planned over the next year.
• CPI inflation was 3.8% in August, expected to rise slightly in September before trending down towards the 2% target.

The National Bank of Poland has decided to reduce the reference interest rate by 0.25 percentage points to 4.75% in response to evolving economic conditions, particularly the recent decline in inflation. The Council emphasizes that future monetary policy decisions will depend on incoming data regarding inflation and economic activity.

• The NBP reference rate has been cut to 4.75%, with other 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 in the Australian financial system, particularly in light of recent incidents affecting critical infrastructure like CHESS. The Board has agreed on further regulatory measures to enhance the resilience of financial market infrastructures and highlighted the importance of addressing interdependencies and risks in the payments system.

• The Board is concerned about ASX's limited progress in operational resilience and risk management following the CHESS batch failure incident.
• Regulatory steps will be taken to ensure that the CHESS Replacement is designed with adequate resilience for critical financial market infrastructure.
• There is a growing focus on system-wide interdependencies and operational risks in the payments system, necessitating ongoing research and enhanced oversight.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid recovering economic activity following a military operation against Iran, despite ongoing geopolitical uncertainty and inflation slightly above the target range. The committee emphasized that future interest rate decisions will depend on inflation trends, financial market stability, and economic performance.

• Economic activity is rebounding after a significant decline due to the military operation against Iran, although geopolitical uncertainty remains high.
• Inflation has decreased to 3.1 percent, slightly above the upper limit of the target range, with expectations of convergence to the target in the coming months.
• The shekel has depreciated against major currencies, and home prices have shown a declining trend.

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 and domestic demand, the outlook for inflation is expected to stabilize within the target range of 2-3%.

• The cash rate target has been reduced to 3.60% to support economic recovery.
• Inflation has decreased significantly since its peak in 2022, with trimmed mean inflation at 2.7% and headline inflation at 2.1%.
• There are ongoing uncertainties regarding global economic conditions and domestic demand, which may impact future growth and inflation.

Banco de México has decided to lower the overnight interbank interest rate by 25 basis points to 7.75% in response to ongoing economic challenges and trade tensions. Despite a slight improvement in economic growth, inflation expectations have been revised upwards, indicating persistent risks to price stability.

• The overnight interbank interest rate is reduced to 7.75% effective August 8, 2025.
• Headline inflation decreased to 3.51%, while core inflation slightly increased to 4.23%.
• Economic growth is projected to decelerate due to trade tensions and geopolitical risks.

The Bank of England's Monetary Policy Committee has decided to reduce the Bank Rate to 4% in response to significant disinflationary trends, while remaining vigilant about potential inflationary pressures. The committee emphasizes a careful approach to future monetary policy adjustments, focusing on achieving the 2% inflation target sustainably.

• The Bank Rate was reduced by 0.25 percentage points to 4% following a 5-4 vote by the MPC.
• CPI inflation is expected to peak at 4.0% in September before gradually returning to the 2% target.
• The MPC is 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. While inflation remains within the target band, the central bank anticipates a return to the 2% midpoint by mid-2026, contingent on the economic recovery and medium-term inflation trends.

• The OCR has been decreased by 25 basis points to 3% due to economic uncertainties and declining inflation.
• Current annual CPI inflation is at 2.7%, with expectations of it reaching 3.0% in the near term, but projected to return to 2% by mid-2026.
• There are both upside and downside risks to the economic outlook, influenced by household and business spending behaviors.

The Bank of Japan is maintaining its monetary policy stance by encouraging the uncollateralized overnight call rate to remain at approximately 0.5 percent. This decision reflects the Bank's commitment to support economic activity and price stability in the current economic environment.

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

The Banco Central do Brasil's Copom meeting highlighted a challenging external environment, marked by uncertainty in U.S. economic policies and their impact on global financial conditions. Domestically, while economic growth is moderating, inflation remains above target, necessitating a cautious monetary policy stance.

• The external economic environment is increasingly adverse due to U.S. trade and fiscal policies, affecting global financial conditions.
• Domestic economic indicators show moderated growth, but the labor market remains dynamic.
• Inflation rates are above target, with expectations for 2025 and 2026 remaining elevated at 5.1% and 4.4%, respectively.

The Bank of Canada has decided to maintain its policy rate at 2¾% amid ongoing uncertainties in US trade policy and its impact on the Canadian economy. The July Monetary Policy Report presents various scenarios regarding GDP growth and inflation, highlighting the resilience of the global economy despite trade disruptions.

• The Canadian economy is experiencing disruptions due to US tariffs, leading to a projected GDP decline of about 1.5% in Q2 2025, but a gradual recovery is expected in the second half of the year.
• CPI inflation in Canada increased slightly to 1.9% in June, indicating some pass-through effects from tariffs on consumer prices.
• The report outlines three scenarios for future growth: a current tariff scenario with modest growth, a de-escalation scenario with faster recovery, and an escalation scenario predicting continued contraction.

The European Central Bank has decided to maintain its key interest rates unchanged as inflation remains at the 2% target, with domestic price pressures easing. The Governing Council emphasizes a data-dependent approach to future monetary policy decisions, reflecting ongoing economic uncertainties, particularly related to trade disputes.

• 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 its instruments as necessary to maintain effective monetary policy transmission.
• The asset purchase programme (APP) and pandemic emergency purchase programme (PEPP) portfolios are declining predictably, with no reinvestment of principal payments from maturing securities.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% to sustain disinflation and manage inflationary pressures. This decision reflects ongoing assessments of economic conditions and the need to ensure the stability of the financial system amidst global uncertainties.

• The Monetary Policy Rate (MPR) remains unchanged at 27.50%, with an asymmetric corridor of +500/-100 basis points.
• Headline inflation has decreased to 22.22% in June 2025, but food inflation has risen, indicating persistent underlying price pressures.
• The banking system remains stable, supported by ongoing recapitalization efforts, with eight banks meeting the recapitalization requirements.

The South African Reserve Bank's Monetary Policy Committee has decided to maintain the current interest rates to support economic recovery while monitoring inflationary pressures. The committee emphasizes the importance of balancing growth and price stability in the current economic climate.

• Interest rates remain unchanged to foster economic recovery.
• The committee is vigilant about inflation trends and potential risks.
• Focus on maintaining a balance between growth and price stability.

The Reserve Bank of Australia has decided to maintain the cash rate target at 3.85 percent, citing a moderation in inflation and the need for further information to confirm that inflation is on track to reach the target sustainably. While domestic demand is recovering, uncertainties in both domestic and global economic conditions persist.

• Inflation has significantly decreased since its peak in 2022, with current rates aligning with the target range.
• The Board is cautious and awaits more data before making further adjustments to the cash rate, despite recent stronger-than-expected inflation indicators.
• Domestic demand is gradually recovering, but uncertainties remain regarding both domestic and international economic developments.

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

• Economic growth was recorded at 3.7 percent in the first quarter, though still 4 percent below the long-term trend.
• Inflation has decreased to 3.1 percent, remaining above the target range, with expectations for convergence to the target in the coming months.
• 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 the interest rates by 0.25 percentage points, setting the reference rate at 5.00%. This decision aims to stimulate economic activity in response to current economic conditions.

• Interest rates were decreased by 0.25 percentage points.
• The new reference rate is set at 5.00%, with the lombard rate at 5.50% and the deposit rate at 4.50%.
• The changes will take effect on 3 July 2025.

The National Bank of Poland's Monetary Policy Council has decided to lower the NBP reference rate by 0.25 percentage points to 5.00% in response to economic conditions. This decision reflects ongoing concerns about inflation and economic growth, with projections indicating a potential decrease in inflation rates over the coming years.

• The NBP reference rate has been cut to 5.00%, with other interest rates adjusted accordingly.
• Poland's inflation rate in June 2025 was reported at 4.1%, with expectations for it to fall within the range of 3.5% to 4.4% for the year.
• GDP growth projections for 2025 remain stable, with a 50% probability of growth between 2.9% and 4.3%.

The Reserve Bank of New Zealand has decided to maintain the Official Cash Rate at 3.25%, anticipating that inflation will remain within the target band despite potential increases in consumer prices. The economic outlook is uncertain, influenced by global policy changes and tariffs, but a recovery is supported by strong export prices and lower interest rates.

• Official Cash Rate held steady at 3.25%, with inflation expected to approach the upper limit of the target band in mid-2025.
• Economic recovery is supported by elevated export prices and recent monetary policy easing, although global economic growth is projected to weaken.
• The Committee may lower the Official Cash Rate further if medium-term inflation pressures continue to ease as expected.

Banco de México has decided to lower the target for 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 shows moderate growth, inflation expectations have increased, prompting a cautious approach to monetary policy amid global trade tensions.

• The overnight interbank interest rate is reduced by 50 basis points to 8.00%, effective June 27, 2025.
• Headline inflation rose from 3.93% in April to 4.51% by mid-June, with upward revisions to inflation forecasts.
• Economic growth is expected to decelerate due to foreign trade tensions and geopolitical risks, despite a moderate expansion in the Mexican economy.

The Swiss National Bank (SNB) has eased its monetary policy in response to decreasing inflationary pressures, signaling its readiness to intervene in the foreign exchange market as needed. The SNB aims to maintain inflation within a stable range while closely monitoring economic conditions, particularly given the uncertainties in the global economy.

• Inflation in Switzerland has declined to -0.1% in May, prompting the SNB to cut interest rates to counteract lower inflationary pressures.
• The SNB forecasts average annual inflation to be 0.2% for 2025, with GDP growth expected to be between 1% and 1.5% for both 2025 and 2026.
• The global economic outlook has worsened due to rising trade tensions, with the SNB anticipating a slowdown in growth and potential risks from international developments.

The Central Bank of Brazil's recent publication highlights the ongoing adverse and uncertain external economic environment, particularly influenced by U.S. economic policies and geopolitical tensions. Domestically, while there is some dynamism in economic activity, inflation remains above target, necessitating a cautious approach moving forward.

• The external economic environment is characterized by uncertainty, particularly due to U.S. fiscal and trade policies.
• Domestic economic indicators show some growth, but inflation remains above target, with expectations for 2025 and 2026 also exceeding the target.
• The Central Bank emphasizes the importance of global financial conditions and the commitment of central banks to achieving inflation targets as crucial for the disinflationary process.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at approximately 0.5 percent while gradually reducing its monthly purchases of Japanese government bonds. Although Japan's economy has shown moderate recovery, challenges such as sluggish underlying inflation and external economic pressures are anticipated to impact future growth.

• The Bank will reduce its monthly outright purchases of Japanese government bonds to about 2 trillion yen by January-March 2027.
• Japan's economy is recovering moderately, but there are signs of weakness, particularly in exports and housing investment.
• Inflation is currently around 3.5 percent, driven by past increases in import prices, but underlying inflation is expected to remain sluggish.

The Bank of Japan's Monetary Policy Meeting minutes from June 16 and 17, 2025, indicate a continued commitment to maintaining accommodative monetary policy to support economic recovery. The Bank is actively managing money market operations and conducting substantial government bond purchases to ensure liquidity in the financial system.

• The uncollateralized overnight call rate remained stable around 0.5 percent during the intermeeting period.
• The Bank conducted monthly Japanese government bond purchases of approximately 4.1 trillion yen as part of its ongoing JGB reduction plan.
• The policy board members expressed a consensus on the need to sustain accommodative monetary policy to bolster economic growth.

The European Central Bank has decided to lower its key interest rates by 25 basis points in response to updated inflation projections and economic conditions. While inflation is currently at the target of 2%, the ECB remains cautious and data-dependent due to uncertainties surrounding trade policies and their potential impact on growth and inflation.

• The deposit facility rate has been lowered by 25 basis points to support economic growth amid revised inflation forecasts.
• Inflation is projected to average 2.0% in 2025, with underlying inflation expected to stabilize around the 2% target in the medium term.
• Real GDP growth is forecasted to be 0.9% in 2025, with risks stemming from trade tensions potentially affecting growth and inflation.

The Reserve Bank of Australia’s Payments System Board meeting focused on enhancing the resilience and efficiency of Australia’s payment systems, particularly in response to recent incidents and regulatory assessments. Key discussions included ASX's response to the CHESS batch failure, regulatory reforms for crisis resolution, and improvements in card payment costs and online payment security.

• ASX's response to the CHESS failure was deemed insufficient, prompting further regulatory scrutiny and a focus on strengthening resources.
• The Board endorsed a public consultation to clarify the RBA's crisis resolution powers for clearing and settlement facilities.
• Progress on the Reserve Bank Information and Transfer System (RITS) improvements is acknowledged, but full implementation is not expected by the next assessment in March 2026.

The Bank of Canada has decided to maintain its policy rate at 2.75% amidst ongoing uncertainties related to US tariffs and mixed economic signals. While Canadian economic growth has exceeded expectations, inflationary pressures are being monitored closely as the effects of tariffs and consumer confidence remain volatile.

• The Canadian economy grew by 2.2% in the first quarter, driven by exports and business investment, 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 observing inflation indicators and consumer expectations regarding tariffs as they assess future monetary policy.

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 ongoing economic conditions and inflationary pressures.

• The reference interest rate remains unchanged at 5.25%.
• The lombard rate is held at 5.75%, while the deposit rate is at 4.75%.
• The council's decision indicates a careful monitoring of economic indicators before making any adjustments.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4.25% to address inflationary pressures while supporting economic growth. Despite a recent increase in consumer price inflation, the Committee remains cautious and vigilant regarding the risks of persistent inflation and the overall economic environment.

• The MPC voted 6-3 to keep the Bank Rate at 4.25%, with three members advocating for a reduction.
• Recent disinflation trends have allowed for a gradual withdrawal of policy restraint, but the Bank Rate remains in restrictive territory.
• Consumer price inflation rose to 3.4% in May, influenced by regulated prices and energy costs, but is expected to stabilize before returning to the 2% target next year.

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. The committee emphasizes the need for market stability and price stability while navigating high domestic and global uncertainties.

• Inflation has risen to 3.6 percent, exceeding the target range, with forecasts indicating it will remain elevated in the coming months.
• GDP growth was recorded at 3.4 percent in the first quarter of 2025, primarily driven by investment and consumption, but still below long-term trends.
• The shekel has appreciated against major currencies, and while the labor market remains tight, there are signs of moderation in job vacancies.

The South African Reserve Bank's Monetary Policy Committee has lowered the policy rate by 25 basis points in response to weaker growth projections and balanced inflation risks. Despite a volatile global economic environment, domestic inflation remains contained, prompting a cautious approach to monetary policy.

• Global economic conditions have been volatile, leading to lower growth projections for South Africa.
• Inflation in South Africa remains below the target range, allowing for a reduction in the policy rate.
• The MPC sees balanced risks to both growth and inflation forecasts, reflecting a cautious outlook.

The Reserve Bank of Australia has decided to lower the cash rate target by 25 basis points to 3.85 percent, reflecting a moderation in inflation. Despite ongoing uncertainties in the global economy and a weaker outlook for growth, domestic demand is showing signs of recovery, although challenges remain in passing on cost increases to final prices.

• The cash rate target has been lowered by 25 basis points to 3.85 percent.
• Annual trimmed mean inflation has fallen to 2.9 percent, the first time below 3 percent since 2021.
• There is increased uncertainty in the global economy, affecting the outlook for 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 key macroeconomic indicators, while also acknowledging ongoing inflationary pressures. The Committee emphasized the importance of continued reforms in the foreign exchange market and encouraged government efforts to enhance food production and foreign exchange earnings.

• The Monetary Policy Rate (MPR) is retained at 27.50%, with an asymmetric corridor of +500/-100 basis points.
• The MPC noted improvements in macroeconomic indicators, including a narrowing gap in the foreign exchange market and easing food inflation.
• Concerns remain regarding inflation driven by high electricity prices and foreign exchange demand pressures.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 8.50% due to weak economic growth and rising inflation risks. The central bank acknowledges significant uncertainties stemming from global trade tensions and geopolitical issues, which may impact both inflation and economic activity.

• The overnight interbank interest rate is reduced to 8.50% effective May 16, 2025.
• Mexico's economy showed weak growth of only 0.2% in the first quarter of 2025, following a contraction in the previous quarter.
• Headline and core inflation stood at 3.93% in April, with upward revisions to short-term inflation forecasts due to increased merchandise inflation.

Norges Bank has decided to maintain the policy rate at 4.5 percent due to ongoing inflation concerns, which remain above the target. While there is uncertainty about future economic developments, the Committee anticipates that the policy rate may be reduced in 2025 if conditions allow.

• Inflation is still above the target of 2 percent, prompting the need for a restrictive monetary policy.
• The Committee acknowledges significant uncertainty regarding future economic developments and trade policies.
• The policy rate has been held at 4.5 percent since December 2023, and new forecasts will be presented in June 2025.

The Banco Central do Brasil's Copom meeting highlighted significant external uncertainties impacting global economic conditions, particularly due to U.S. trade policies, which complicate monetary policy decisions. Domestically, while economic activity remains dynamic, there are signs of moderation in growth, and inflation expectations continue to exceed targets for 2025 and 2026.

• External economic environment is adverse and uncertain, primarily due to U.S. trade policies.
• Domestic economic indicators show dynamism but are beginning to moderate, with inflation remaining above target.
• Inflation expectations for 2025 and 2026 are projected at 5.5% and 4.5%, respectively, indicating ongoing inflationary pressures.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at approximately 0.5 percent to support economic stability and growth. This decision reflects the Bank's ongoing commitment to its accommodative monetary policy framework in light of current economic conditions.

• The uncollateralized overnight call rate is targeted to remain at around 0.5 percent.
• The policy decision was made during a meeting held on April 30 and May 1, 2025.
• The Bank continues to focus on economic stability and growth through its accommodative monetary policy.

The Bank of Japan's recent monetary policy meeting emphasized a cautious approach to adjusting its bond purchasing strategy, reflecting ongoing economic conditions. The central bank plans to continue its support for the economy while gradually reducing its Japanese government bond purchases in line with previously established guidelines.

• The uncollateralized overnight call rate remained stable around 0.5 percent, indicating a steady monetary environment.
• The Bank reduced its monthly Japanese government bond purchases from 4.5 trillion yen to 4.1 trillion yen as part of a pre-determined reduction plan.
• Policy Board members expressed a commitment to maintaining accommodative monetary policy to support economic recovery.

The Bank of England's Monetary Policy Committee has decided to reduce the Bank Rate to 4.25% to support disinflation efforts while maintaining a restrictive stance to manage persistent inflationary pressures. This decision reflects a cautious approach amid ongoing uncertainties in global trade and domestic economic conditions.

• The Bank Rate was reduced by 0.25 percentage points to 4.25%, with a majority vote of 5-4 among committee members.
• CPI inflation has decreased to 2.6%, but is expected to rise to 3.5% in Q3 2025 due to previous energy price increases.
• The MPC remains focused on achieving the 2% inflation target sustainably while considering various scenarios for domestic inflationary pressures.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) by 25 basis points to 3.25% to support economic recovery amidst rising inflation expectations. While inflation remains within the target band, core inflation is declining, and there is spare capacity in the economy, indicating the need for a cautious approach to monetary policy.

• The OCR has been reduced to 3.25% to stimulate economic activity as the New Zealand economy recovers.
• Annual CPI inflation is at 2.5%, with rising inflation expectations, but core inflation is declining.
• Global economic growth is expected to slow due to higher tariffs and increased policy uncertainty, impacting New Zealand's recovery.

The European Central Bank has decided to lower its key interest rates by 25 basis points in response to a favorable disinflation outlook and moderating inflation pressures. The Governing Council emphasizes a data-driven approach to monetary policy, remaining flexible in light of economic uncertainties and aiming to stabilize inflation at its 2% medium-term target.

• The ECB lowered the deposit facility rate, main refinancing operations, and marginal lending facility rates to 2.25%, 2.40%, and 2.65%, respectively.
• Inflation is expected to settle around the 2% target, with both headline and core inflation declining, and services inflation easing significantly.
• The economic outlook has deteriorated due to rising trade tensions, which may impact confidence and financing conditions in the euro area.

The Monetary Authority of Singapore (MAS) has maintained its policy of a modest and gradual appreciation of the Singapore dollar nominal effective exchange rate (S$NEER), while slightly reducing its slope due to a weakening economic outlook. The growth forecast for Singapore's GDP in 2025 has been revised downwards to between 0.0% and 2.0%, reflecting the impact of global trade uncertainties and a slowdown in key trading partners.

• Singapore's economy expanded by 3.8% year-on-year in Q1 2025, but contracted by 0.8% quarter-on-quarter, indicating weakening growth momentum.
• Global trade and GDP growth prospects have dimmed, with escalating trade policy uncertainties and tariffs affecting both importing and exporting countries.
• The MAS expects the external-facing sectors to be particularly impacted by slowing global trade, which may spill over into domestic-oriented sectors.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid ongoing geopolitical tensions and rising inflation expectations. While inflation remains above the target range, it is expected to moderate in the coming months, and the committee aims to stabilize markets and support economic activity.

• Inflation has declined to 3.4 percent but remains above the target range.
• The shekel has depreciated significantly against major currencies, impacting the economy's risk premium.
• The committee's focus is on market stabilization, reducing uncertainty, and achieving price stability.

The Reserve Bank of New Zealand has decided to reduce the Official Cash Rate by 25 basis points to 3.5% in response to a stable inflation outlook and weaker domestic economic activity. The Committee indicated that further reductions may be appropriate as global trade barriers pose risks to economic growth and inflation.

• The Official Cash Rate has been lowered to 3.5% to support economic activity amidst weak household spending and investment.
• Inflation remains near the midpoint of the target range, allowing the Committee flexibility to adjust rates as needed.
• Global trade barriers are creating downside risks for New Zealand's economic outlook, prompting a cautious approach to future monetary policy.

The South African Reserve Bank's Monetary Policy Committee highlights ongoing global economic uncertainty and its impact on domestic growth, which has been revised down to 1.7% for 2025. While inflation remains contained within the target range, there are concerns about potential upward pressures due to external factors.

• Global economic uncertainty is affecting growth forecasts, with South Africa's growth revised down to 1.7% for 2025.
• Inflation in South Africa is currently contained but has shown signs of edging higher, particularly in services.
• The risks to growth are predominantly on the downside, influenced by subdued demand and supply-side issues.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 9.00% in response to downward revisions in global economic growth and increasing uncertainty due to trade tensions. Despite a mixed inflation landscape, the central bank remains committed to the disinflation process, with expectations for inflation to converge to the target by the third quarter of 2026.

• The overnight interbank interest rate is reduced by 50 basis points to 9.00%, effective March 28, 2025.
• Global economic growth prospects have been revised downwards, impacting inflation expectations and increasing risks.
• Headline inflation is currently at 3.67%, with core inflation slightly below historical averages, and forecasts indicate a convergence to the target by Q3 2026.

Norges Bank has decided to maintain the policy rate at 4.5 percent amid ongoing uncertainty about future economic conditions. While inflation remains above target, the Committee believes that a restrictive monetary policy is necessary to control inflation without overly constraining economic growth.

• The policy rate has been held steady at 4.5% since December 2023 to combat high inflation.
• Inflation is currently higher than expected, and a premature rate cut could exacerbate price increases.
• The Committee anticipates a gradual decline in the policy rate to 4% by the end of the year, depending on economic developments.

The Swiss National Bank (SNB) has lowered its policy rate to 0.25% to maintain appropriate monetary conditions amid low inflation and increased downside risks. The SNB will continue to monitor economic developments closely and adjust its policy as needed 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, primarily due to falling electricity prices, with expectations of average annual inflation at 0.4% for 2025.
• Global economic growth is projected to remain moderate, with high uncertainty due to potential trade and geopolitical issues.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4.5% to support the ongoing disinflation process while managing inflationary pressures. Despite some positive GDP growth indicators, the Committee remains cautious due to global uncertainties and moderate domestic price pressures.

• The MPC voted 8-1 to keep the Bank Rate at 4.5%, with one member advocating for a reduction.
• Progress on disinflation has been noted, but inflation is projected to rise to around 3¾% in Q3 2025.
• Global trade policy uncertainties and increased geopolitical risks are affecting the economic outlook.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid moderate economic recovery and rising inflation. The committee aims to stabilize markets and support economic activity while monitoring inflation's convergence to the target range in the second half of the year.

• Annual inflation rose to 3.8 percent, exceeding the target range, partly due to tax increases.
• Economic growth moderated in the fourth quarter of 2024, with supply constraints impacting domestic consumption.
• The shekel appreciated against major currencies, and the risk premium remains elevated compared to prewar levels.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% amid recent positive macroeconomic developments, while acknowledging ongoing inflationary pressures primarily from food prices. The Committee emphasized the importance of collaboration between monetary and fiscal authorities to achieve price stability and sustainable growth.

• The Monetary Policy Rate is retained at 27.50%, with other parameters unchanged.
• Recent improvements in the foreign exchange market and food supply are expected to positively influence price dynamics.
• The Committee highlighted the need for continued collaboration between monetary and fiscal authorities to enhance economic stability.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 9.50% in response to a weakening economy and declining inflation rates. The central bank acknowledges increased global economic risks, particularly from trade tensions and geopolitical issues, while maintaining a cautious outlook on inflation expectations.

• The overnight interbank interest rate is reduced to 9.50%, effective February 7, 2025.
• Headline inflation has decreased to 3.69%, the lowest since early 2021, with core inflation at 3.72%.
• The Mexican economy contracted in the fourth quarter of 2024, leading to a negative outlook for growth.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 3.75% as inflation continues to stabilize within the target range. The decision reflects confidence in the economic outlook, with expectations of recovery in economic activity and manageable inflation pressures over the medium term.

• Annual consumer price inflation is near the midpoint of the target band, with core inflation also declining.
• Economic activity remains subdued, but lower interest rates are expected to stimulate spending and support recovery in employment.
• Global economic uncertainty and geopolitical factors may impact business investment and inflation volatility in the near term.

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for January 2025 emphasizes a commitment to maintaining price stability while addressing ongoing economic challenges. The committee is closely monitoring inflation trends and is prepared to adjust monetary policy as necessary to support economic growth and financial stability.

• The MPC is focused on achieving the inflation target while considering the broader economic context.
• Current inflation rates are being closely monitored, with potential adjustments to interest rates on the table.
• The committee acknowledges the impact of global economic conditions on domestic monetary policy.

Norges Bank has decided to maintain the policy rate at 4.5 percent, indicating a likely reduction in March. The central bank has raised rates significantly since autumn 2021 to combat high inflation, which is now moving closer to target, although uncertainties remain regarding global economic conditions.

• The policy rate has been held steady at 4.5 percent since December 2023.
• Governor Ida Wolden Bache suggests that a rate cut may occur in March.
• Inflation is approaching target levels, but rising business costs pose risks to future inflation.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 10.00%, reflecting a response to ongoing disinflation trends and economic conditions. While the Mexican economy is expected to show some growth, risks to economic activity remain biased to the downside, particularly due to geopolitical tensions and inflationary pressures.

• The overnight interbank interest rate is reduced to 10.00% effective December 20, 2024.
• Headline inflation has decreased to 4.55%, while core inflation continues its downward trend at 3.58%.
• Economic growth is expected to lack dynamism moving into 2025, with risks to growth remaining on the downside.

Norges Bank has decided to maintain the policy rate at 4.5 percent, indicating that while a restrictive monetary policy is still necessary to stabilize inflation, the time for easing is approaching. The Committee anticipates a gradual reduction in the policy rate starting in March 2025, contingent on economic conditions.

• The policy rate remains unchanged at 4.5 percent as of December 2023.
• Inflation has decreased significantly, but business costs are expected to hinder further disinflation.
• The Committee forecasts a gradual reduction in the policy rate starting in Q1 2025, with unemployment projected to rise slightly.

The Swiss National Bank has lowered its policy rate to 0.5% in response to decreasing inflationary pressures, which have fallen below expectations. The bank will continue to monitor economic conditions closely and adjust its policy as necessary to maintain price stability over the medium term.

• Inflation in Switzerland has decreased from 1.1% in August to 0.7% in November, primarily driven by domestic services.
• The new conditional inflation forecast is lower than previously expected, with average annual inflation projected at 1.1% for 2024, 0.3% for 2025, and 0.8% for 2026.
• Global economic growth remains moderate, with increased uncertainty regarding future economic policies in the US and geopolitical tensions affecting global activity.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 25 basis points to 27.50% in response to rising inflationary pressures. The Committee emphasized the need for continued collaboration between monetary and fiscal authorities to achieve price stability and sustainable growth.

• The Monetary Policy Rate has been increased from 27.25% to 27.50% to address persistent inflation.
• The Committee noted the impact of rising food and energy prices on inflation and stressed the importance of improving food production through enhanced security.
• There is a positive outlook for the external sector, with increased current account surplus and capital inflows, but concerns remain over exchange rate pressures.

The South African Reserve Bank's Monetary Policy Committee indicates a cautiously optimistic outlook for economic growth, supported by lower inflation and increased consumer spending. However, global economic challenges and mixed domestic data create uncertainty regarding future growth projections.

• The South African economy is recovering, with growth expected to reach 2% by 2027, bolstered by reforms and increased disposable income.
• Headline inflation has fallen to 2.8%, below the target range, primarily due to a stronger exchange rate and lower oil prices.
• Risks to the growth outlook are balanced, with potential for both underperformance and stronger-than-expected growth due to ongoing structural reforms.

Banco de México has lowered the target for the overnight interbank interest rate by 25 basis points to 10.25% in response to mixed economic signals and inflation trends. While headline inflation has rebounded due to supply shocks, core inflation continues to decline, prompting a cautious outlook on economic growth for 2025.

• The overnight interbank interest rate is reduced to 10.25% effective November 15, 2024.
• Headline inflation rose to 4.76% in October, influenced by supply shocks, while core inflation decreased to 3.80%.
• Economic activity in Mexico showed signs of growth in Q3 2024, but risks to growth remain biased to the downside.

Norges Bank has decided to maintain the policy rate at 4.5 percent, with expectations to keep it unchanged until the end of 2024. The central bank emphasizes the need for a restrictive monetary policy to further reduce inflation, which has declined but remains above target due to various economic pressures.

• The policy rate has been held at 4.5 percent since December 2023, following significant increases to combat inflation.
• Inflation has decreased more rapidly than anticipated, but ongoing issues such as krone depreciation and rising business costs may hinder further disinflation.
• The Committee anticipates a gradual reduction in the policy rate starting in the first quarter of 2025, contingent on future economic developments.

The Reserve Bank of New Zealand has lowered the Official Cash Rate by 50 basis points to 4.25% as inflation returns to the target range. The Monetary Policy Committee expects to further reduce the OCR early next year if economic conditions continue to improve, with inflation pressures easing due to subdued economic activity and lower import prices.

• The Official Cash Rate has been reduced to 4.25% to support economic recovery as inflation approaches the target midpoint.
• Economic activity remains subdued, with output below potential and weak employment growth expected until mid-2025.
• Global economic growth is anticipated to remain sluggish, influencing domestic inflation and economic conditions.

The Monetary Authority of Singapore maintains its policy of gradual appreciation of the Singapore dollar nominal effective exchange rate, reflecting a positive economic outlook supported by strong manufacturing growth and easing global financial conditions. However, uncertainties remain regarding external economic risks and their potential impact on growth and inflation.

• Singapore's economy expanded by 2.1% in Q3 2024, driven by strong manufacturing output, particularly in electronics.
• The MAS expects GDP growth for 2024 to be at the upper end of the 2-3% forecast range, with a closing negative output gap in H2 2024.
• Core inflation has decreased to 2.6% year-on-year, with estimates suggesting it may fall below 2.0% when excluding GST impacts.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 4.75% as inflation is now within the target range and converging towards the midpoint. This decision reflects a need to support economic activity, which has been subdued due to previous restrictive monetary policies and weak consumer spending.

• The OCR has been cut by 50 basis points to 4.75% to maintain low and stable inflation.
• Economic activity in New Zealand is weak, with low productivity growth and subdued business investment and consumer spending.
• Global economic growth is below trend, particularly in the United States and China, impacting New Zealand's economic outlook.

The Swiss National Bank has reduced its policy rate to 1.0% in response to decreasing inflationary pressures, primarily due to the appreciation of the Swiss franc. The bank indicates that further rate cuts may be necessary in the coming quarters to maintain price stability. The updated inflation forecast suggests a significant decline, with average annual inflation projected at 1.2% for 2024.

• The SNB has lowered the policy rate to 1.0% effective 27 September 2024.
• Inflation in Switzerland has decreased to 1.1% in August, down from 1.4% in May, driven by a stronger Swiss franc and lower prices for imported goods.
• The new inflation forecast is significantly lower than previous estimates, with average annual inflation projected at 1.2% for 2024, 0.6% for 2025, and 0.7% for 2026.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 50 basis points to 27.25% in response to persistent inflationary pressures, particularly from rising energy prices. The committee emphasized the need for tighter monetary policy to maintain price stability and manage liquidity in the banking system.

• The Monetary Policy Rate was increased from 26.75% to 27.25%.
• The Cash Reserve Ratio for Deposit Money Banks was raised to 50% and for Merchant Banks to 16%.
• The committee acknowledged a decline in headline inflation but expressed concerns over elevated core inflation driven by energy prices.

The South African Reserve Bank's Monetary Policy Committee has decided to maintain the current interest rate, citing a need to support economic recovery while monitoring inflationary pressures. The committee emphasizes a cautious approach to ensure financial stability amidst global economic uncertainties.

• The interest rate remains unchanged to support ongoing economic recovery.
• Inflationary pressures are being closely monitored, with a focus on maintaining price stability.
• The committee acknowledges global economic uncertainties that could impact domestic conditions.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) by 25 basis points to 5.25% as inflation trends back towards the target range of 1 to 3 percent. This decision reflects a tempered monetary restraint in response to declining inflation and economic growth, with future adjustments depending on sustained low inflation expectations.

• The OCR has been lowered to 5.25% to ease monetary policy restraint as inflation aligns with the target.
• Inflation expectations and pricing behavior are stabilizing, supporting the decision to reduce the OCR.
• Global economic growth remains below trend, particularly in advanced economies, influencing the monetary policy outlook.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 50 basis points to 26.75% in response to persistent inflationary pressures, particularly from food and energy costs. The Committee remains committed to price stability and is optimistic that recent fiscal measures will help moderate inflation in the near term.

• The Monetary Policy Rate was increased to 26.75% to combat rising inflation.
• The Committee noted the impact of food inflation and the need for collaboration with fiscal authorities to address supply issues.
• A 150-day duty-free import window for certain food commodities was introduced to help stabilize domestic food prices.

The South African Reserve Bank's Monetary Policy Committee indicates that while global inflation is easing, it remains above target levels in many economies, necessitating sustained high interest rates. In South Africa, economic growth has been disappointing, with a slight contraction in the first quarter, but inflation expectations have improved slightly, with projections for the year now at 4.9%. The overall outlook suggests a cautious approach to monetary policy as inflation stabilizes.

• Global inflation is easing but remains above target in many economies, leading to elevated interest rates.
• South Africa's economy contracted by 0.1% in Q1, with modest growth expected in Q2 at 0.6%.
• Headline inflation in South Africa is projected to be 4.9% for the year, slightly improved from previous estimates.

The Swiss National Bank has lowered its policy rate to 1.25% to maintain appropriate monetary conditions amid decreasing inflationary pressures. The bank will continue to monitor inflation closely and adjust its policy as necessary to ensure price stability over the medium term.

• The policy rate is reduced to 1.25%, effective from 21 June 2024.
• Inflation in Switzerland rose slightly to 1.4% in May, driven by higher prices in domestic services.
• The SNB's conditional inflation forecast remains within the range of price stability, with average annual inflation projected at 1.3% for 2024.

The South African Reserve Bank's Monetary Policy Committee indicates a cautiously optimistic outlook for inflation, expecting it to stabilize at the target of 4.5% by mid-2025, despite elevated inflation expectations. The committee acknowledges ongoing uncertainties, particularly regarding global inflation trends and domestic economic conditions, while emphasizing the need to re-anchor inflation expectations.

• Inflation is expected to stabilize at the 4.5% target by the second quarter of 2025, an improvement from earlier forecasts.
• The rand has shown volatility, trading between R19.32 and R18.05 against the US dollar since the last MPC meeting.
• High inflation expectations remain a concern, necessitating prompt action to meet the inflation target and restore confidence.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 150 basis points to 26.25% to combat persistent inflation, particularly driven by food prices. The committee emphasized the need for improved security and infrastructure to enhance food production and mitigate inflationary pressures.

• The Monetary Policy Rate has been increased from 24.75% to 26.25% to address inflation concerns.
• Food inflation remains a significant challenge, influenced by transportation costs, infrastructure issues, and security concerns in agricultural areas.
• The banking system is reported to be stable, and recent measures to enhance competition in money transfers are expected to improve remittance flows.

The Monetary Authority of Singapore (MAS) has decided to maintain its current monetary policy stance, keeping the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged. Economic growth is expected to improve throughout 2024, supported by a recovery in manufacturing and financial sectors, while inflation pressures are moderating.

• Singapore's GDP growth is forecasted to be between 1-3% for 2024, with a recovery in manufacturing and financial sectors anticipated.
• MAS Core Inflation averaged 3.4% year-on-year in early 2024, slightly higher than the previous quarter but lower than expected due to various factors including GST increases.
• The S$NEER remains strong in the upper half of the appreciating policy band, indicating a continued focus on currency stability.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 200 basis points to 24.75% to combat rising inflation and stabilize the exchange rate. This decision reflects the Committee's commitment to controlling inflation and improving the purchasing power of Nigerians amidst ongoing economic challenges.

• The Monetary Policy Rate has been increased from 22.75% to 24.75% to address inflationary pressures.
• The Cash Reserve Ratio for Merchant Banks has been adjusted from 10% to 14%, while the ratio for Deposit Money Banks remains at 45%.
• The Committee emphasized the importance of addressing food insecurity to mitigate inflation and called for the full implementation of agricultural policies.

The Riksbank is committed to maintaining low and stable inflation while ensuring the stability and efficiency of Sweden's financial system. It also plays a crucial role in facilitating payment systems and issuing the national currency. The central bank's actions are aimed at fostering economic stability in Sweden.

• The Riksbank's primary goal is to ensure low and stable inflation over time.
• It contributes to the stability and efficiency of the financial system.
• The central bank is responsible for issuing Sweden's banknotes and coins.

Sveriges Riksbank has decided to maintain the policy rate at 4 percent, citing that while inflation has decreased, it remains too high with risks of not stabilizing at the target. The central bank emphasizes the need for a contractionary monetary policy and is prepared to increase rates further if inflation expectations worsen.

• Inflation is still above target, but has shown signs of easing.
• The policy rate will remain unchanged at 4 percent, with a possibility of future increases if inflation deteriorates.
• Economic slowdown is impacting the labor market, and GDP is expected to continue falling.

The Monetary Authority of Singapore (MAS) maintains its policy of a gradual appreciation of the Singapore dollar nominal effective exchange rate, while projecting muted economic growth in the near term due to global economic moderation. However, core inflation is expected to decline further, indicating a more favorable inflation outlook moving into 2024.

• Singapore's GDP growth for 2023 is projected to be in the lower half of the 0.5–1.5% range, with gradual improvement expected in 2024.
• Core inflation has eased to 3.4% year-on-year and is projected to further decline to between 2.5–3.0% by December 2023.
• CPI-All Items inflation is expected to average around 5% for 2023, down from 6.1% the previous year, indicating a moderating inflation trend.

The Riksbank has raised the policy rate by 0.25 percentage points to 4 percent in response to ongoing inflationary pressures, despite a recent decline in inflation rates. The central bank emphasizes the need for continued tightening of monetary policy to ensure inflation stabilizes around the target of 2 percent within a reasonable timeframe.

• Inflation in Sweden is beginning to fall, but pressures remain too high, particularly in service prices and due to a weak krona.
• The policy rate is now at a contractionary level, aimed at dampening economic demand to help bring inflation down.
• The Riksbank's forecast suggests that further rate increases may be necessary to achieve the inflation target.

Sveriges Riksbank acknowledges that while inflation is decreasing, it remains excessively high, necessitating further tightening of monetary policy. The central bank has raised the policy rate by 0.25 percentage points to 3.75% and plans to increase government bond sales to combat inflation effectively.

• Inflation is declining but remains above the target, primarily due to rising service prices and a weaker krona.
• The policy rate has been raised to 3.75%, with expectations for at least one more increase this year.
• The pace of government bond sales will increase from SEK 3.5 billion to SEK 5 billion per month starting in September.

Sveriges Riksbank has raised its policy rate by 0.5 percentage points to 3.5% in response to persistently high inflation, which remains significantly above the target. The central bank anticipates further rate increases in the coming months to stabilize inflation around the target level.

• Inflation is still too high, with underlying inflation exceeding expectations in early 2023.
• The Riksbank has rapidly increased the policy rate from 0% to 3.5% since April 2022 to combat inflation.
• The central bank plans to potentially raise the policy rate by an additional 0.25 percentage points in June or September.

The Monetary Authority of Singapore (MAS) has decided to tighten its monetary policy further to combat persistent inflation, despite an anticipated slowdown in GDP growth. The S$NEER policy band was re-centred to address elevated inflation levels and ensure medium-term price stability.

• MAS has tightened monetary policy for the fifth consecutive time to address ongoing inflation concerns.
• Singapore's GDP growth is projected to slow significantly, with a contraction of 0.7% in Q1 2023.
• Core inflation is expected to remain high in the near term but is anticipated to ease in the latter half of 2023.

The Riksbank has decided to raise its policy rate by 0.5 percentage points to 3.0% in response to persistently high inflation, which has exceeded 10%. The central bank plans to further increase the policy rate in the spring and will accelerate the sale of government bonds to reduce its asset holdings, aiming to stabilize inflation around the target.

• Inflation in Sweden is currently above 10%, necessitating a tighter monetary policy.
• The policy rate has been increased to 3.0%, with expectations for further hikes in the near future.
• The Riksbank will begin selling government bonds in April to expedite the reduction of its asset holdings.

Sveriges Riksbank is raising the policy rate by 0.75 percentage points to 2.5% in response to persistently high inflation, which is currently at 9.3%. The central bank aims to stabilize inflation around the target of 2% and anticipates further rate increases early next year, potentially bringing the rate just below 3%.

• Inflation remains significantly above the target, necessitating a policy rate increase to combat rising prices.
• The Riksbank is concerned about the risk of high inflation becoming entrenched in economic expectations.
• Further rate hikes are expected in early 2023, with a goal to stabilize inflation around 2% by 2024.

The Monetary Authority of Singapore (MAS) has decided to tighten monetary policy further to address persistent inflation pressures, despite a slowing growth outlook. This marks the fourth tightening move since October 2021, as the S$NEER has appreciated and inflation remains elevated due to significant imported inflation and a tight labor market.

• The MAS has re-centred the S$NEER policy band to counteract inflation, with no changes to its slope and width.
• Singapore's economy is expected to grow at a slower pace, with core inflation projected to remain high in the near term.
• Global economic activity is slowing, and while inflation is expected to moderate, it will remain elevated for some time.

Sveriges Riksbank has raised the policy rate by 1 percentage point to 1.75% in response to rising inflation, which is currently at its highest level since 1991. The central bank emphasizes the need for further tightening of monetary policy to bring inflation back to the target of 2% and will continue to adapt its approach as necessary in the coming months.

• Inflation in Sweden reached 9.0% in August, driven by international cost increases and strong domestic economic activity.
• The Riksbank's decision to raise the policy rate is aimed at preventing inflation from becoming entrenched and ensuring it stabilizes around the target.
• The central bank plans to continue raising the policy rate over the next six months as part of its strategy to combat high inflation.

In response to rapidly rising inflation, the Riksbank has decided to increase the policy rate from 0.25% to 0.75% to ensure inflation returns to target levels. The bank anticipates further rate hikes, projecting the policy rate to approach 2% by early next year, alongside a faster reduction of asset holdings.

• Inflation in Sweden is expected to remain above 7% for the remainder of the year, driven by increased costs and demand.
• The Riksbank aims to prevent high inflation from becoming entrenched in price and wage setting by tightening monetary policy.
• The policy rate is projected to rise further, reaching close to 2% by early next year, with a faster reduction of asset holdings planned.

Sveriges Riksbank has raised the repo rate from 0% to 0.25% to combat rising inflation, which has reached its highest level since the 1990s. The central bank plans to gradually increase the rate further and reduce asset purchases to ensure inflation returns to its target of around 2%.

• Inflation in Sweden has surged to 6.1% as of March 2022, driven by increases in energy and food prices.
• The Riksbank anticipates further repo rate hikes throughout the year, with a forecast of slightly below 2% by the end of the forecast period.
• The central bank will reduce the pace of asset purchases to begin decreasing its holdings, signaling a shift in monetary policy.

The Monetary Authority of Singapore (MAS) has slightly increased the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band to address rising inflationary pressures, while maintaining the width and center of the band. The MAS anticipates above-trend economic growth in Singapore, but acknowledges that global inflation and geopolitical tensions pose risks to the economic outlook.

• The MAS has revised its core inflation forecast upward due to increasing domestic and external cost pressures.
• The Singapore economy is expected to grow above potential for a second consecutive year, despite a slowdown in Q1 2022.
• Global inflation is at multi-year highs, influenced by the war in Ukraine and ongoing supply chain disruptions.

The Monetary Authority of Singapore (MAS) has adjusted its monetary policy stance to a gradual appreciation of the Singapore nominal effective exchange rate (S$NEER) in response to rising inflation pressures. This pre-emptive measure aims to ensure price stability amid ongoing economic recovery and external cost pressures.

• The inflation outlook for Singapore has increased due to global demand recovery and supply-side disruptions.
• The MAS has shifted to a gradual appreciation path for the S$NEER policy band to address rising inflation.
• Singapore's GDP growth forecast for 2022 remains at 3-5%, supported by a recovering economy and easing of domestic restrictions.

The Monetary Authority of Singapore (MAS) maintains its current monetary policy stance, keeping the rate of appreciation of the S$NEER policy band at zero percent due to gradual core inflation projections. The Singapore economy is expected to recover steadily, with core inflation anticipated to rise to 1-2% in 2022 as the labor market tightens and imported inflation remains firm.

• The S$NEER policy band remains unchanged, reflecting a cautious approach amid ongoing uncertainties in the global economy.
• Singapore's economy showed signs of recovery in Q3 2021, with a 0.8% quarter-on-quarter growth, returning to pre-pandemic levels.
• Core inflation is projected to rise from below 1% this year to between 1-2% in 2022 as demand strengthens and labor market conditions improve.

The National Bank of Serbia's Executive Board convened on December 12, 2015, to assess inflation trends and macroeconomic conditions before setting the key policy rate. The bank remains committed to its inflation targeting framework, prioritizing price stability as its primary objective.

• The decision was based on a comprehensive analysis of inflation movements and macroeconomic factors.
• Key considerations included economic activity indicators, exchange rate stability, and international economic conditions.
• The National Bank of Serbia aims to maintain price stability through its monetary policy framework.

The National Bank of Serbia's Executive Board convened in November 2015 to assess inflation trends and macroeconomic conditions before setting the key policy rate. The primary focus remains on achieving and maintaining price stability within the framework of inflation targeting.

• Inflation developments and projections were central to the monetary policy decision.
• Economic activity indicators and financial conditions were also analyzed.
• The NBS aims to maintain price stability as its primary objective.