📄 Recent Statements

The Bank of Korea announced its monetary policy decision on August 27, 2026, with accompanying opening remarks to the press conference. The publication provides the official policy stance and rationale for the central bank's current monetary policy direction.

• Monetary policy decision announced on August 27, 2026 with formal press conference opening remarks
• Official documents available in both Korean and English formats for transparency
• Part of the Bank of Korea's regular monetary policy decision cycle with detailed policy communications

In July 2026, the Bank of Korea reported an increase in average interest rates for new deposits, while the average interest rate for new loans decreased slightly. The overall trend indicates a tightening in deposit rates amidst a stable loan rate environment.

• Average interest rate on new deposits rose to 3.21%, up 13 basis points from the previous month.
• Average interest rate on new loans fell to 4.27%, down 4 basis points from the previous month.
• Outstanding deposit rates increased to 2.15%, while outstanding loan rates rose to 4.37%.

The Monetary Council of the Magyar Nemzeti Bank has decided to reduce the central bank base rate by 25 basis points, reflecting a more favorable inflation outlook and stable risk premiums on domestic assets. Despite ongoing geopolitical uncertainties, Hungary's economic growth remains steady, with inflation expected to stay below the target for the remainder of the year.

• The central bank base rate has been reduced by 25 basis points, effective from 26 August 2026.
• Hungary's GDP grew by 1.7% in Q2, supported by services and industry, while inflation eased to 1.2%.
• Inflation is projected to remain below the central bank's 3% target for the rest of the year and into 2028 H1.

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 monetary policy as necessary to ensure economic stability.

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

Norges Bank has decided to maintain the policy rate at 4.25% due to slower-than-expected inflation, although inflation remains above target levels. The central bank acknowledges the need for a restrictive monetary policy stance to ensure inflation returns to target while being cautious not to overly restrict economic activity.

• Inflation has slowed to 3.0% in July but remains above the target, indicating the potential need for future rate increases.
• Capacity utilization in the economy is close to normal levels, but recent trends suggest a downward drift.
• The Committee emphasizes the importance of a restrictive monetary policy to manage inflation expectations and prevent persistent high inflation.

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 achieve its objectives.

• The RBI is focused on balancing inflation control with economic recovery efforts.
• Recent data indicates rising inflation concerns, prompting a cautious approach to future policy adjustments.
• The central bank is committed to transparency and effective communication regarding its policy decisions.

The Central Bank of Brazil has reduced the Selic rate to 14.00% per annum in response to a mixed domestic economic outlook and persistent inflation concerns. The committee emphasizes caution due to external uncertainties and elevated inflation risks, while monitoring the impact of fiscal policy on monetary policy and financial assets.

• The Selic rate has been reduced to 14.00% per annum amid a gradual moderation of economic activity.
• Inflation remains above the upper limit of the target, with expectations for 2026 and 2027 still exceeding the target.
• The committee highlights significant inflation risks, both upward and downward, and stresses the importance of monitoring fiscal developments.

The Central Bank of Brazil's recent Copom meeting highlighted ongoing economic uncertainty due to external geopolitical tensions and mixed domestic economic indicators. While inflation remains above target, the committee emphasizes the need for caution and continued monitoring of the labor market and fiscal policy impacts.

• External economic uncertainty persists, influenced by geopolitical conflicts and advanced economies' monetary policies.
• Domestic economic activity is gradually moderating, with inflation still above the target despite recent deceleration.
• The labor market remains strong but shows signs of slowing growth in employment and wage increases.

The Bank of Korea's Monetary Policy Board unanimously decided to raise the Base Rate from 2.50% to 2.75%, reflecting a careful assessment of the domestic and international financial and economic environment. This decision aims to address ongoing inflationary pressures and stabilize the economy until the next meeting.

• The Base Rate was increased to 2.75% from 2.50%.
• The decision was made unanimously by all members of the Monetary Policy Board.
• The adjustment reflects concerns over inflation and economic stability.

The Bank of England has decided to maintain the Bank Rate at 3.75% amid ongoing uncertainty in the economy due to volatile energy prices stemming from conflicts in the Middle East. While inflation has decreased to 2.6%, the Committee remains vigilant about potential upward pressures on inflation and is prepared to adjust policy as necessary to achieve the 2% target sustainably.

• The Monetary Policy Committee voted 6-3 to keep the Bank Rate at 3.75%, with some members advocating for a rate increase.
• CPI inflation has fallen to 2.6%, but is expected to rise later this year due to higher energy prices.
• The Committee acknowledges the risks of second-round effects on inflation but sees signs of underlying disinflation.

The Federal Reserve's minutes from the July 2026 FOMC meeting indicate a cautious approach to monetary policy amid rising oil prices and solid economic data. While market expectations suggest potential rate hikes in the coming months, the Committee remains committed to maintaining price stability and achieving its 2 percent inflation target.

• Inflation compensation has remained stable despite rising oil prices, reflecting confidence in the Fed's commitment to price stability.
• Market expectations indicate a one-in-three chance of a rate hike at the July meeting, with a full pricing of a 25 basis point increase by September.
• The S&P 500 has seen marginal declines, with specific sectors like AI infrastructure experiencing stalled growth.

The Federal Open Market Committee has decided to maintain the target range for the federal funds rate at 3.5% to 3.75% to support its dual mandate, despite ongoing economic uncertainties. The Committee acknowledges elevated inflation levels driven by supply shocks but remains committed to achieving price stability.

• The federal funds rate target range is held steady at 3.5% to 3.75%.
• Economic activity is solid, with strong productivity growth and stable job gains.
• Inflation remains above the 2% target, influenced by supply shocks, particularly in energy sectors.

In June 2026, the Bank of Korea reported an increase in average interest rates for both new deposits and loans, indicating a tightening of monetary conditions. The average interest rate on new deposits rose to 3.08%, while new loans increased to 4.31%, reflecting ongoing adjustments in response to economic conditions.

• The average interest rate on new deposits increased by 15 basis points to 3.08% in June 2026.
• The average interest rate on outstanding deposits rose to 2.07%, up 4 basis points from the previous month.
• The average interest rate on new loans climbed to 4.31%, a rise of 12 basis points from the previous month.

The European Central Bank's Governing Council has decided to keep interest rates unchanged while closely monitoring the ongoing impact of energy price volatility and inflation. The Council remains committed to achieving its 2% inflation target and will adopt a data-dependent approach to future monetary policy decisions.

• Key ECB interest rates remain unchanged at 2.25%, 2.40%, and 2.65%.
• The Governing Council is closely monitoring the inflation outlook and the effects of the energy shock.
• The asset purchase programs are declining predictably, with no reinvestment of principal payments from maturing securities.

At its meeting on July 21, 2026, the Monetary Council of the Magyar Nemzeti Bank decided to reduce the central bank base rate by 25 basis points to 5.75 percent, reflecting a more favorable inflation outlook and ongoing geopolitical uncertainties. The Council noted that inflation is expected to remain below the target of 3 percent for the remainder of the year and into the next, with a return to target anticipated in the first half of 2028.

• The central bank base rate was reduced by 25 basis points to 5.75 percent, with corresponding changes to the O/N deposit and lending rates.
• Inflation declined to 1.7 percent, with core inflation stable at 2.0 percent, indicating a favorable inflation environment.
• Geopolitical tensions and rising global oil and gas prices are influencing investor sentiment and economic outlook.

The Bank of Korea's monetary policy decision on July 16, 2026, emphasizes a cautious approach to interest rates amid ongoing economic uncertainties. The central bank aims to balance inflation control with supporting economic growth.

• The Bank of Korea decided to maintain the current interest rate to support economic stability.
• Inflationary pressures are being monitored closely, with a focus on maintaining price stability.
• Economic growth forecasts remain cautious, reflecting global economic conditions and domestic demand.

The Bank of Canada has decided to maintain the policy rate at 2¼% as the economy shows signs of improvement, with growth projected to resume despite ongoing global uncertainties, particularly related to the Middle East conflict. Inflation is expected to gradually ease from recent highs, although risks remain due to external factors.

• Canada's GDP growth is estimated to be 2½% in the second quarter of 2026, with signs of broadening economic recovery.
• CPI inflation rose to 3.2% in May, primarily driven by higher gasoline prices linked to geopolitical tensions.
• The Bank projects global GDP growth to slow to 2¾% in 2026 but recover to around 3¼% in subsequent 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 response to 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 costs.

• Year-on-year inflation reached 3.5% in May, within the target tolerance band of 3.0±1.5%.
• Food prices have shown a year-on-year decline since November 2025, contributing to a potential disinflationary effect.
• The geopolitical situation, particularly the Middle East conflict, continues to pose risks to global economic stability, prompting 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 rates for new loans experienced a minor decrease. This indicates a mixed trend in the banking sector, reflecting ongoing adjustments in monetary policy and market conditions.

• Average interest rate on new deposits rose to 2.93%, an increase of 1 basis point from the previous month.
• Average interest rate on new loans decreased to 4.19%, down by 1 basis point from the previous month.
• Outstanding amounts of deposits saw an average interest rate of 2.03%, up by 1 basis point, while outstanding loans had a rate of 4.31%, also up by 1 basis point.

The Monetary Council of the Magyar Nemzeti Bank has decided to adjust central bank interest rates in response to recent economic developments, including a decline in inflation and a gradual stabilization of the global economic environment. The council anticipates moderate GDP growth driven by domestic consumption, while external demand may remain subdued.

• The central bank base rate will be adjusted to reflect changes in the economic landscape, with a focus on stabilizing inflation and supporting growth.
• Hungary's GDP is projected to grow by 2.0% in 2026, driven primarily by household consumption, while external demand is expected to be more moderate.
• Inflation rates have decreased, with May figures showing 1.8% for overall inflation and 2.0% for core inflation, attributed to a stronger forint and declining energy prices.

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 stance as necessary to achieve its objectives.

• The RBI is focused on balancing inflation control with economic growth support.
• Recent inflation trends are being closely monitored to inform future policy decisions.
• The central bank remains flexible and ready to adjust its monetary policy as needed.

The Bank of England has decided to maintain the Bank Rate at 3.75% to ensure sustainable economic adjustment amidst ongoing volatility in global energy prices. While inflation has decreased to 2.8%, the committee is cautious about potential second-round effects from higher energy prices and will continue to monitor the situation closely.

• The Bank Rate remains unchanged at 3.75%, with a majority of 7-2 in favor of this decision.
• CPI inflation has fallen to 2.8%, but is expected to rise later in the year due to persistent high energy prices.
• The committee is prepared to adjust policy as necessary to maintain the 2% inflation target in the medium term.

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 for ensuring price stability while supporting economic growth, 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 SNB forecasts average annual inflation of 0.6% for 2026 and 2027, with a slight increase expected in the short term before a decline in early 2027.
• Global economic growth has slowed due to geopolitical tensions and rising energy prices, but the Swiss economy remains resilient.

Norges Bank has decided to maintain the policy rate at 4.25 percent, citing ongoing inflation concerns and the need for a tighter monetary policy to bring inflation down to target. The Committee anticipates that further rate increases may be necessary in upcoming meetings as inflation pressures are stronger than previously expected.

• Inflation remains above target, necessitating a tighter monetary policy stance.
• The Committee is cautious about economic developments and acknowledges uncertainty, particularly regarding commodity prices.
• Wage growth expectations for 2027 have increased slightly, indicating potential ongoing inflationary pressures.

The Federal Reserve's recent minutes indicate that market expectations for the federal funds rate remain stable, with no anticipated changes through mid-2027, although a potential rate cut is expected next year. Inflation expectations have moderated slightly due to geopolitical developments, while equity markets, particularly in technology, have seen significant gains.

• Market participants expect no changes in the federal funds rate until at least mid-2027, with one potential rate cut projected for the second quarter of next year.
• Inflation expectations have been influenced by geopolitical events, leading to a decrease in near-term inflation forecasts while longer-term expectations remain anchored at around 2%.
• The S&P 500 index rose nearly 6% during the intermeeting period, driven largely by optimism in the technology sector and increased earnings expectations.

The Federal Reserve has decided to maintain the target range for the federal funds rate at 3.5% to 3.75% to support its dual mandate, while emphasizing the importance of price stability amidst elevated inflation. Economic activity continues to expand solidly, although uncertainty remains due to external factors such as geopolitical conflicts.

• The federal funds rate target range is maintained at 3.5% to 3.75%.
• Economic activity is solid, with strong productivity growth and capital investment.
• Inflation is above the 2% target, influenced by supply shocks in certain sectors.

The Central Bank of Brazil's latest Copom meeting highlights ongoing economic uncertainty due to geopolitical tensions and rising inflation, which has exceeded target levels. Despite signs of economic acceleration and resilience in the labor market, the committee emphasizes the need for cautious monetary policy to ensure inflation converges to the target.

• External economic conditions remain uncertain, influenced by geopolitical conflicts and their impact on global financial conditions.
• Domestic economic indicators show acceleration, but inflation has risen above the target, with expectations for 2026 and 2027 remaining elevated.
• The committee notes the importance of moderating aggregate demand to achieve inflation targets, while observing mixed signals from economic indicators.

The Central Bank of Brazil's Copom has reduced the Selic rate to 14.25% per annum in response to a complex external environment and rising domestic inflation pressures. Despite signs of economic recovery, inflation expectations remain above target, necessitating a cautious approach to monetary policy.

• The Selic rate has been reduced to 14.25% per annum as part of the Copom's monetary policy strategy.
• Domestic economic indicators show recovery, but inflation has accelerated, exceeding the target range.
• Inflation expectations for 2026 and 2027 remain above the target, indicating persistent inflation risks.

The Bank of Korea's Monetary Policy Board Meeting in May 2026 emphasized the need for a cautious approach to monetary policy amid ongoing economic uncertainties. The board discussed the implications of global economic conditions and domestic inflation trends, suggesting a careful evaluation of future interest rate adjustments.

• The board highlighted the importance of monitoring global economic developments and their potential impact on domestic inflation.
• Concerns were raised about the persistence of inflationary pressures, necessitating a balanced approach to interest rate policy.
• The members agreed on the necessity of maintaining flexibility in policy decisions to respond to changing economic conditions.

The European Central Bank has raised its key interest rates by 25 basis points to combat rising inflation, which is projected to average 3.0% in 2026. The decision reflects concerns over inflationary pressures stemming from the ongoing conflict in the Middle East and aims to stabilize inflation at the 2% target in the medium term.

• The ECB raised its key interest rates by 25 basis points, effective June 17, 2026.
• Inflation is projected to average 3.0% in 2026, with a gradual decline to 2.0% by 2028.
• Economic growth forecasts have been revised downwards due to 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 deposit and lending facility rates, in response to current inflation trends and international risks. While inflation is expected to remain within the target range until September, it may temporarily exceed the upper limit later this year due to rising global oil prices and other commodity costs.

• Year-on-year inflation rose to 3.3% in April, primarily driven by increased global oil prices.
• The central bank anticipates inflation will exceed the target band temporarily towards the end of the year but will return to within the target range by mid-2027.
• The monetary policy stance remains restrictive to combat inflation, with expectations of easing cost-push pressures in the future.

The Bank of Canada has decided to maintain the policy interest rate at 2.25% amid ongoing global uncertainties, including elevated energy prices and trade policy risks from the US. While Canadian economic activity has shown signs of weakness, inflation is expected to hover around 3% before gradually easing towards the target of 2%. The Bank remains vigilant and ready to adjust its policy as necessary to ensure price stability.

• Canadian GDP declined by 0.1% in the first quarter, with consumer spending growing but government spending unexpectedly falling.
• CPI inflation rose to 2.8% in April, driven by higher energy prices, but core inflation measures have decreased to around 2%.
• The Bank is monitoring the impact of the ongoing Middle East conflict and elevated oil prices on inflation and economic activity.

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

• The RBI is focused on controlling inflation while fostering economic recovery.
• Recent economic indicators suggest a need for vigilance regarding price stability.
• The central bank may consider adjusting interest rates based on evolving economic conditions.

In April 2026, the Bank of Korea reported a slight increase in average interest rates for new deposits, which rose to 2.92%, while the rates for new loans remained stable at 4.20%. The overall trend indicates a modest tightening in the deposit market, reflecting ongoing adjustments in the monetary policy landscape.

• Average interest rate on new deposits increased by 10 basis points to 2.92% in April 2026.
• Average interest rate on outstanding deposits rose to 2.02%, up 2 basis points from the previous month.
• Average interest rate on new loans remained unchanged at 4.20%, while outstanding loans saw a slight increase to 4.30%, up 3 basis points.

The Bank of Korea's monetary policy decision on May 28, 2026, emphasizes a cautious approach to interest rates amid ongoing economic uncertainties. The central bank aims to balance inflation control with supporting economic growth, reflecting a careful assessment of domestic and global economic conditions.

• The Bank of Korea maintains its current interest rate, signaling a wait-and-see approach to assess economic developments.
• Inflation remains a key concern, but the central bank is also focused on fostering economic recovery.
• Global economic conditions and domestic demand will continue to influence future monetary policy decisions.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid improving inflation outlook and ongoing geopolitical tensions. While the economic growth in Hungary shows positive signs, the Council emphasizes a cautious approach to monetary policy to ensure financial market stability.

• Hungary's economy grew by 1.7% year-on-year in Q1 2026, driven by household consumption and industrial exports.
• Inflation rates have moderated, with consumer prices rising by 2.1% and core inflation at 2.2%, both below previous projections.
• The Council highlights the importance of maintaining stability in domestic financial markets, especially in the foreign exchange market, to anchor inflation expectations.

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. The central bank highlights the importance of maintaining price stability while supporting economic growth.

• The Bank of Korea is committed to monitoring inflation trends closely and adjusting policies as necessary to ensure price stability.
• Economic growth projections remain moderate, with potential risks stemming from both domestic and global factors.
• The central bank indicates a readiness to respond to changing economic conditions, balancing the need for growth with inflation control.

Norges Bank has raised the policy rate from 4% to 4.25% due to persistently high inflation and stronger-than-expected wage growth. The decision reflects ongoing uncertainties in the economic outlook, particularly related to external price pressures and geopolitical tensions in the Middle East.

• The policy rate increase is a response to inflation consistently exceeding targets and unexpected wage growth.
• Ongoing geopolitical tensions, particularly the war in the Middle East, contribute to uncertainty in the economic outlook and inflation pressures.
• The Norwegian krone has appreciated, which may help mitigate imported price inflation.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, keeping both the deposit and lending facility rates unchanged. This decision reflects the Board's assessment of current and expected inflation trends, particularly in light of rising global oil prices and their potential impact on domestic inflation and economic growth.

• Year-on-year inflation was recorded at 2.8% in March, below the target midpoint, but is expected to rise moderately due to global oil price increases.
• The Board anticipates that the inflation rise will be temporary, with a peak expected towards the end of this year and early next year.
• Current global developments, including the situation in the Middle East, pose risks to economic growth and inflation due to potential impacts on shipping prices and energy costs.

The European Central Bank has decided to maintain its key interest rates unchanged amid rising inflation risks and economic uncertainty due to the ongoing war 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.

• Key ECB interest rates remain unchanged at 2.00%, 2.15%, and 2.40%.
• Inflation risks have intensified due to increased energy prices stemming from geopolitical tensions.
• The Governing Council emphasizes a data-dependent approach for future monetary policy decisions.

The Bank of England has decided to maintain the Bank Rate at 3.75% in light of ongoing uncertainties in global energy prices due to the conflict in the Middle East. The Monetary Policy Committee is closely monitoring economic developments and is prepared to adjust policy as necessary to achieve the 2% inflation target sustainably.

• CPI inflation has risen to 3.3%, with expectations of further increases due to higher energy prices.
• The Committee acknowledges risks of second-round effects on inflation but notes a loosening labor market may help contain inflationary pressures.
• Financial conditions have tightened since the onset of the conflict, which is expected to contribute to reducing inflation over time.

The Federal Reserve's recent 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 has decided to maintain the federal funds rate target range at 3.5% to 3.75% and will closely monitor incoming data to assess future adjustments in policy to achieve its dual mandate of maximum employment and stable inflation at 2%.

• Economic activity is expanding, but job gains are low and unemployment remains stable.
• Inflation is elevated, influenced by global energy price increases.
• The federal funds rate target range is maintained at 3.5% to 3.75%, with a commitment to adjust as necessary based on economic data.

The Federal Reserve's recent minutes indicate that while inflation expectations have risen in the near term, longer-term expectations remain stable around the 2% target. Market participants anticipate minimal changes to the federal funds rate this year, with potential rate cuts expected later in 2026 and early 2027.

• The conflict in the Middle East has influenced asset prices, with equity markets recovering and Treasury yields rising.
• Near-term inflation expectations have increased, but long-term expectations are anchored near the Fed's 2% inflation goal.
• Market expectations suggest little change in the federal funds rate this year, with a 30% chance of a rate hike by early 2027.

The Central Bank of Brazil's recent publication highlights ongoing economic uncertainties, particularly due to geopolitical tensions and their impact on global financial conditions. Despite a moderation in domestic economic growth, inflationary pressures remain elevated, necessitating a cautious approach in monetary policy.

• External uncertainties, particularly from geopolitical conflicts, are affecting global financial conditions and require caution from emerging markets.
• Domestic economic growth is moderating, but the labor market shows resilience, with low unemployment rates and rising real wages.
• Inflation has accelerated beyond targets, with expectations for 2026 and 2027 remaining above the target rate.

The Central Bank of Brazil's Copom has reduced the Selic rate to 14.50% per annum amid ongoing global uncertainties, particularly related to geopolitical conflicts in the Middle East. The domestic economic indicators show a moderation in growth, while inflation expectations remain above target, necessitating a cautious approach to monetary policy.

• The Selic rate has been reduced to 14.50% per annum.
• Inflation expectations for 2026 and 2027 remain above the target, at 4.9% and 4.0%, respectively.
• The committee highlights elevated risks to inflation due to geopolitical tensions and their potential impact on global supply chains and commodity prices.

The Bank of Canada has decided to maintain its policy rate at 2¼% amidst ongoing global uncertainties, particularly due to the conflict in the Middle East and its impact on energy prices and inflation. While the Canadian economy is projected to grow modestly, inflation expectations have been revised upward due to rising energy costs.

• The global economy is expected to grow by approximately 3% over the next few years, with inflation projections increasing due to higher energy prices.
• Canada's GDP growth is forecasted at 1.2% for 2026, with gradual improvement expected in subsequent years as exports and business investment recover.
• The unemployment rate remains stable between 6½% and 7%, reflecting weak job growth and the impact of US tariffs on certain sectors.

The Magyar Nemzeti Bank's Monetary Council decided to maintain the current structure of central bank interest rates amid rising inflation and geopolitical tensions impacting the economic outlook. The Council emphasizes a stability-oriented approach to monetary policy while closely monitoring inflation dynamics and the exchange rate.

• 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 price increases despite high energy costs.
• The central bank is adopting a cautious, stability-oriented monetary policy in light of global economic uncertainties.

The Reserve Bank of India emphasizes its commitment to maintaining monetary stability while addressing inflationary pressures. The central bank is focused on ensuring adequate liquidity in the economy to support growth and recovery.

• The RBI is closely monitoring inflation trends and is prepared to adjust policy measures as necessary.
• There is a strong emphasis on maintaining liquidity to support economic growth amid ongoing challenges.
• The central bank remains vigilant against potential risks to financial stability.

The People's Bank of China has issued a notification to adjust and optimize regulations regarding overseas loan operations by banks, aimed at enhancing support for enterprises operating abroad. Key changes include raising the overseas loan balance limits and improving indirect loan management requirements to better accommodate the financing needs of foreign enterprises.

• The overseas loan balance limit has been increased significantly, with specific adjustments for different types of banks.
• The leverage ratios for domestic and foreign banks have been raised to provide more room for business operations.
• The notification emphasizes compliance with legal regulations and risk management in overseas lending practices.

📝 The background for the issuance of the Notification on Adjusting Matters Related to Overseas Loan Business of Banking Financial Institutions is to enhance cross-border financial services supporting the real economy and to regulate banks' overseas lending activities. The Notification aims to optimize existing policies in response to banks' concerns regarding loan limits and management.

The National Bank of Serbia has decided to keep the key policy rate unchanged at 5.75% in response to current and expected inflation trends and external risks. The decision reflects ongoing efforts to maintain price stability amid rising global oil prices and geopolitical tensions that could impact the domestic economy.

• Year-on-year inflation was recorded at 2.5% in February, remaining below the target midpoint.
• The government has implemented measures to control petroleum product prices, including banning exports and reducing excise duties.
• The NBS is committed to a cautious monetary policy to preserve price stability and mitigate external shocks.

The Reserve Bank of India emphasizes its commitment to maintaining monetary stability while addressing inflationary pressures. The central bank is focused on ensuring adequate liquidity in the economy to support growth and recovery.

• The RBI is closely monitoring inflation trends and is prepared to adjust policy measures as necessary.
• There is a strong emphasis on maintaining liquidity to support economic growth amid ongoing challenges.
• The central bank remains vigilant against potential risks to financial stability.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.00 percent amid rising geopolitical uncertainties and an increase in inflation driven by higher global energy prices. The committee emphasizes its commitment to price stability and will adjust the interest rate based on inflation trends, economic activity, and geopolitical developments.

• The interest rate remains unchanged at 4.00 percent as of March 30, 2026.
• Geopolitical tensions have increased, impacting economic activity, with a notable decline in consumer spending at the onset of military operations.
• Inflation has risen, particularly due to higher global energy prices, with the Consumer Price Index showing a slight increase.

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

• Inflation has remained above the target of 2% for several years, with expectations for higher inflation ahead.
• The Committee emphasizes the need for a tighter monetary policy stance to control inflation and prevent it from becoming entrenched.
• Recent volatility in energy markets and higher wage growth are contributing to the complexity of inflation assessments.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain its current interest rate structure amid heightened geopolitical tensions affecting global economic growth and inflation. Despite a modest GDP growth forecast for Hungary, rising energy prices and subdued industrial production pose challenges to the economy.

• The central bank base rate remains unchanged, with a focus on managing inflation risks due to rising global energy prices.
• Hungary's GDP is projected to grow by 1.7% in 2026, primarily driven by household consumption despite geopolitical uncertainties.
• Inflation has decreased to 1.4% in February 2026, supported by lower global food prices and a stronger forint.

The People's Bank of China has issued a new directive to unify and enhance the management of cross-border lending by domestic enterprises, aiming to create a stable policy environment that meets the financing needs of businesses going abroad. This policy emphasizes a macro-prudential framework and encourages the use of the Chinese yuan for international transactions.

• The new policy standardizes the management of both RMB and foreign currency cross-border lending for domestic enterprises, reducing financing and management costs.
• It links the maximum allowable cross-border lending to the owner's equity of enterprises, with an adjustment of the macro-prudential adjustment coefficient from 0.5 to 0.6 to better support outbound financing.
• The policy includes risk prevention measures, requiring banks and enterprises to adhere to strict reporting and monitoring obligations.

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

• Inflation is projected to average 2.6% in 2026, with upward revisions due to higher energy prices caused by the conflict.
• Economic growth forecasts have been downgraded to 0.9% for 2026, reflecting global impacts from the war.
• The ECB is committed to a data-dependent approach, closely monitoring the situation and adjusting policy as necessary.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 3.75% in light of rising global energy prices due to ongoing conflict in the Middle East, which is expected to impact inflation in the near term. The Committee remains vigilant regarding potential domestic inflationary pressures and is prepared to adjust policy as necessary to achieve the 2% inflation target sustainably.

• The Bank Rate is held steady at 3.75% amid rising global energy prices.
• The ongoing conflict in the Middle East has led to increased volatility in energy and commodity prices, affecting inflation expectations.
• The MPC is closely monitoring the situation and is ready to act to ensure inflation remains on target.

The Swiss National Bank (SNB) has raised its short-term inflation forecast due to rising energy prices, while medium-term inflationary pressures remain stable. The SNB emphasizes its commitment to maintaining price stability and will adjust its monetary policy as necessary in response to evolving economic conditions.

• Short-term inflation forecast has increased due to higher energy prices, while medium-term forecasts remain stable.
• The SNB expects average annual inflation of 0.5% for 2026 and 2027, and 0.6% for 2028.
• Swiss GDP growth is projected at around 1% for 2026, with uncertainty surrounding the global economic outlook, particularly due to the situation in the Middle East.

The Federal Reserve's FOMC statement indicates that while economic activity is growing steadily, job gains are low and inflation remains elevated. The Committee is maintaining the federal funds rate target range and is committed to achieving maximum employment and a 2 percent inflation rate, while remaining vigilant to economic uncertainties and potential risks.

• Economic activity is expanding, but job gains are low and unemployment rates have not changed significantly.
• Inflation is still somewhat 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 incoming data and evolving economic conditions.

The Federal Reserve's recent minutes indicate that while the macroeconomic outlook remains largely unchanged, there are rising near-term inflation projections and increased uncertainty due to geopolitical tensions. Market expectations for interest rate adjustments have shifted towards a higher trajectory, with a reduced likelihood of rate cuts this year compared to previous forecasts.

• Concerns over AI disruptions and geopolitical conflicts have influenced market expectations and asset prices.
• Near-term inflation projections have increased, although longer-term expectations remain stable.
• Market pricing suggests a higher likelihood of maintaining current interest rates, with a 30% chance of rate hikes early next year.

The Central Bank of Brazil's Copom has reduced the Selic rate to 14.75% per annum in response to increased external uncertainties, particularly due to geopolitical tensions in the Middle East. While domestic economic activity is moderating, inflation remains above target, necessitating a cautious approach to monetary policy.

• The Selic rate has been lowered to 14.75% per annum amid rising global financial volatility.
• Domestic inflation indicators have shown some easing but remain above the target, with expectations for 2026 and 2027 also exceeding the target.
• Geopolitical conflicts have intensified inflation risks, both upward and downward, affecting economic projections.

The Central Bank of Brazil's recent Copom meeting highlighted increased external uncertainties due to geopolitical tensions, which necessitate caution for emerging economies. Domestically, while inflation has shown some signs of easing, it remains above target, and economic activity is moderating, suggesting a careful approach to monetary policy is required.

• Geopolitical tensions have increased uncertainty in external conditions, impacting global financial markets.
• Domestic economic activity is slowing, with GDP growth moderating and inflation expectations remaining above target for 2026 and 2027.
• The labor market remains resilient, with low unemployment rates, but the committee is closely monitoring its dynamics and their impact on inflation.

The Bank of Canada has decided to maintain the policy rate at 2.25% amidst heightened global economic uncertainty due to the ongoing conflict in the Middle East, which has increased volatility in energy prices and financial markets. Despite some domestic economic growth driven by consumer and government spending, recent data indicate a weaker outlook for the Canadian economy, prompting caution in monetary policy.

• Global energy prices have surged due to the Middle East conflict, contributing to near-term inflationary pressures.
• Canada's GDP contracted by 0.6% in the fourth quarter of 2025, with domestic demand remaining strong but exports showing weakness.
• CPI inflation has eased to 1.8%, but the rise in global energy prices is expected to increase total inflation in the coming months.

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 and expected inflation trends. The bank anticipates inflation will remain within the target range due to cautious monetary policy and improved agricultural conditions, despite potential upward pressures from wage growth and international geopolitical tensions.

• Year-on-year inflation has slowed to 2.4% in January, with food prices declining due to regulatory measures.
• Inflation is expected to stay within the 3±1.5% target band until the end of 2026, aided by cautious monetary policy and systemic laws.
• The bank is mindful of international geopolitical tensions and their potential impact on global commodity prices and inflation.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, reflecting a cautious outlook amid global economic uncertainties and moderating inflation. While Hungary's GDP growth remains subdued, factors such as rising real wages and government measures are expected to support consumption and economic recovery in the coming quarters.

• Hungary's GDP grew by 0.7% in Q4 2025, with a full-year growth of 0.4%.
• Inflation and core inflation fell to 2.1% and 2.7% in January 2026, indicating improving underlying inflation dynamics.
• The central bank's interest rates will remain unchanged, reflecting a cautious approach amidst global economic challenges.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4 percent amid geopolitical uncertainties and a stable inflation rate of 1.8 percent. The committee emphasizes its commitment to price stability while monitoring economic activity and geopolitical risks.

• Annual inflation has moderated to 1.8 percent, aligning with previous assessments.
• The shekel has strengthened slightly against the US dollar and euro since the last interest rate decision.
• The labor market remains tight with a high ratio of job vacancies to unemployed individuals.

The Reserve Bank of India emphasizes its commitment to maintaining monetary stability while addressing inflationary pressures. The central bank is focused on ensuring adequate liquidity in the economy to support growth and recovery.

• The RBI is closely monitoring inflation trends and is prepared to adjust policy measures as necessary.
• There is a strong emphasis on maintaining liquidity to support economic growth amid ongoing challenges.
• The central bank remains vigilant against potential risks to financial stability.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75%, citing stable inflation expectations and external economic uncertainties. The Board emphasizes a cautious monetary policy approach to navigate ongoing global volatility and protect price stability.

• Inflation is expected to remain within the target tolerance band of 3±1.5% until the end of 2026, despite some upward pressures from wage growth.
• The NBS is focused on a cautious monetary policy due to heightened global uncertainties, including geopolitical tensions and protectionism.
• Economic growth in Serbia faced challenges, with GDP growth estimated at 2.0% for 2025, impacted by reduced production in key industries.

The People's Bank of China has implemented several monetary policy adjustments aimed at supporting economic growth, particularly for small and micro enterprises, agriculture, and technological innovation. Key measures include lowering interest rates and increasing lending quotas to stimulate credit flow in targeted sectors.

• 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, indicating a stable interest rate environment.
• New initiatives include merging agricultural and small enterprise relending programs to enhance credit support for these sectors.

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

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

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

The People's Bank of China, along with several other regulatory bodies, has issued a notice aimed at further preventing and addressing risks associated with virtual currencies and the tokenization of real-world assets. This initiative emphasizes the continued prohibition of virtual currency-related activities and aims to enhance regulatory measures in response to emerging risks in the financial landscape.

• The notice reiterates the prohibition of virtual currencies and related activities within China, classifying them as illegal financial activities.
• It emphasizes the need for strict regulation of the tokenization of real-world assets and prohibits any unauthorized services related to virtual currencies from foreign entities.
• The publication outlines a coordinated approach among multiple government departments to strengthen risk prevention and management in the financial sector.

The Reserve Bank of India emphasizes its commitment to maintaining monetary stability while addressing inflationary pressures. The central bank is focused on ensuring adequate liquidity in the economy to support growth and recovery.

• The RBI is closely monitoring inflation trends and is prepared to adjust policy measures as necessary.
• There is a strong emphasis on maintaining liquidity to support economic growth amid ongoing challenges.
• The central bank remains vigilant against potential risks to financial stability.

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

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

The Bank of England has decided to maintain the Bank Rate at 3.75% following its February 2026 Monetary Policy Committee meeting. While inflation is currently above the 2% target, it is expected to return to this level by April, influenced by energy prices and subdued economic growth.

• The Monetary Policy Committee voted 5-4 to keep the Bank Rate at 3.75%, with some members advocating for a reduction.
• CPI inflation is projected to decrease to around the 2% target by April 2026, despite current levels being above this target.
• The Bank Rate has been reduced by 150 basis points since August 2024, indicating a shift towards a more accommodative monetary policy.

The People's Bank of China held a meeting to discuss the credit market for 2026, focusing on implementing key economic policies and addressing current financial challenges. The meeting emphasized the importance of enhancing financial services in critical sectors and ensuring the stability of local government financing platforms to support economic growth.

• The meeting highlighted the positive outcomes of the 2025 financial initiatives, particularly in reducing debt risks and improving support for the real economy.
• There is a strong emphasis on aligning financial services with national strategic priorities, including technology, green finance, and support for small and medium enterprises.
• The central bank aims to enhance the mechanisms for its financial initiatives and improve coordination with fiscal policies to boost domestic demand.

📝 On January 30, 2026, the People's Bank of China held the 2026 Credit Market Work Conference. The meeting, guided by Xi Jinping's thoughts on socialism with Chinese characteristics for a new era, aimed to summarize the work of the credit market in 2025, analyze the current situation, and deploy work for 2026.

The Reserve Bank of Australia has decided to raise the cash rate target by 25 basis points to 3.85% due to rising inflation pressures and stronger-than-expected private demand. The Board anticipates that inflation will remain above target for an extended period, prompting this adjustment in monetary policy.

• Inflation has increased significantly in the second half of 2025, prompting a rate hike.
• Private demand has strengthened, driven by household spending and investment, contributing to capacity pressures.
• The labor market remains tight, with low unemployment and strong wage growth, indicating ongoing inflationary pressures.

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 China-U.S. trade relations.

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

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

• Economic activity is expanding at a solid pace, but job gains are low and unemployment is stabilizing.
• Inflation remains elevated, and the Committee aims for a long-term inflation rate of 2 percent.
• 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 Open Market Committee (FOMC) has conducted its annual organizational meeting, confirming the election of its members and officers for the upcoming term. The meeting also included the approval of operational directives for open market transactions, emphasizing a commitment to maintaining effective monetary policy operations.

• The FOMC elected new members and officers, including Jerome Powell as Chair and John C. Williams as Vice Chair.
• The Federal Reserve Bank of New York was designated to execute transactions for the System Open Market Account.
• Minor changes were made to the Continuing Directive for Domestic Open Market Operations to align with recent policy directions.

The People's Bank of China held a meeting to review and plan for the management of currency, gold, and security for 2026, emphasizing the importance of political leadership and the implementation of reforms. The meeting highlighted the achievements of 2025 and outlined priorities for the upcoming year, including optimizing cash supply and enhancing security management.

• The meeting focused on reinforcing the management of RMB circulation and enhancing internal and external reforms.
• Key achievements from 2025 included improved cash supply and effective management across various sectors.
• For 2026, there will be a continued emphasis on political leadership, cash supply optimization, and risk prevention.

The Central Bank of Brazil's Copom meeting highlighted ongoing economic uncertainties, particularly influenced by external factors and geopolitical tensions. While domestic economic activity is moderating as expected, inflation remains above target, necessitating careful monitoring of both domestic and international conditions.

• External economic conditions remain uncertain, impacting global financial situations and requiring caution from emerging markets.
• Domestic economic indicators show a moderation in growth, with inflation still above target and expectations for 2026 and 2027 remaining elevated.
• The labor market shows resilience, but the committee emphasizes the need to analyze both current and structural aspects for better understanding of economic dynamics.

The Central Bank of Brazil's Copom has decided to maintain the Selic interest rate at 15.00% per annum, emphasizing the need for caution in light of external uncertainties and domestic inflationary pressures. The committee acknowledges the resilience in the labor market and the ongoing moderation in economic growth while highlighting elevated inflation expectations beyond the target for 2026 and 2027.

• The Selic rate remains unchanged at 15.00% per annum as part of the strategy to align inflation with the target over the relevant horizon.
• Inflation expectations for 2026 and 2027 are above the target, indicating ongoing concerns about price stability.
• The committee is monitoring geopolitical impacts and domestic fiscal policies, reinforcing a cautious approach to monetary policy amidst high uncertainty.

The Bank of Canada has decided to maintain the policy rate at 2¼%, citing a stable economic outlook despite vulnerabilities from US trade policies and geopolitical risks. While inflation is projected to remain near the 2% target, the Canadian economy is expected to experience modest growth due to structural adjustments and external pressures.

• The Canadian economy faces challenges from US trade restrictions and geopolitical uncertainties, impacting growth projections.
• Inflation has increased to 2.4%, but core inflation measures have eased, indicating a potential stabilization around the 2% target.
• The Bank projects modest GDP growth of 1.1% in 2026 and 1.5% in 2027, with consumer spending and business investment expected to gradually strengthen.

The People's Bank of China convened 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 improving regulatory capabilities and implementing revised anti-money laundering laws.

• Significant progress was made in 2025 regarding anti-money laundering measures, with strengthened regulatory oversight and international cooperation.
• Key priorities for 2026 include enhancing the implementation of the revised Anti-Money Laundering Law and improving the management of beneficial ownership information.
• The meeting emphasized the importance of high-level party leadership in guiding anti-money laundering efforts.

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, particularly in managing public debt and inflation expectations.

• The central bank interest rates remain unchanged, with the base rate set at a level that reflects ongoing economic conditions.
• Global inflation is slowly moderating, but geopolitical tensions and rising energy prices pose risks to economic stability.
• Hungary's real economy shows duality, with retail sales growing while industrial production declines, and inflation has decreased to 3.3% as of December 2025.

The People's Bank of China held a macro-prudential work conference to review 2025's achievements and set priorities for 2026, emphasizing the need to strengthen macro-prudential management and enhance the international use of the Renminbi. The central bank aims to maintain financial stability while supporting trade and investment facilitation through improved cross-border currency policies.

• The PBOC is focusing on building a comprehensive macro-prudential management system and enhancing its monitoring and assessment capabilities.
• There is a strong emphasis on promoting the internationalization of the Renminbi and optimizing its cross-border usage arrangements.
• The central bank plans to innovate and expand its policy tools to preemptively address systemic financial risks and ensure the stability of financial markets.

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

• Inflation is still above the 2 percent target, necessitating a cautious approach to monetary policy.
• The Committee acknowledges the geopolitical situation's impact on economic uncertainty and inflation forecasts.
• Future policy rate adjustments will depend on labor market conditions and inflation trends.

The National Bank of Serbia has decided to maintain the key policy rate at 5.75% in light of current and expected inflation trends, alongside various domestic and international factors. The central bank anticipates inflation will stabilize around its target midpoint until March 2026, supported by measures to curb unfair trade practices and easing cost pressures. However, caution remains necessary due to ongoing geopolitical tensions and their potential impact on economic stability.

• The key policy rate is held steady at 5.75%, with deposit and lending facility rates unchanged.
• Inflation is expected to remain within the target tolerance band of 3±1.5% until the end of 2026, aided by regulatory measures and improved agricultural conditions.
• The central bank emphasizes the need for caution in monetary policy due to global economic instability and geopolitical tensions.

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 committee emphasizes a focus on price stability while supporting economic activity and market stability.

• 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 economic conditions.
• The labor market remains tight, but there are signs of easing supply constraints and a decline in wage growth.

The Bank of Japan has decided to set the guideline for money market operations to encourage the uncollateralized overnight call rate to remain at around 0.75 percent, reflecting a moderate recovery in Japan's economy. The bank anticipates steady wage increases and a continued rise in underlying CPI inflation, indicating a stable economic environment.

• The uncollateralized overnight call rate is set to remain at around 0.75 percent.
• The interest rate for the complementary deposit facility will also be 0.75 percent, while the basic loan rate will be 1.0 percent.
• Japan's economy shows moderate recovery, with tight labor market conditions and expected corporate profit stability.

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 careful assessment of macroeconomic conditions and aims to support economic growth amidst ongoing uncertainties in both domestic and global environments.

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

The Bank of Russia has decided to reduce the key interest rate by 50 basis points to 16.00% per annum as the economy shows signs of returning to balanced growth. While inflation expectations have increased, the central bank maintains a tight monetary policy to ensure inflation returns to its target range in the coming years.

• The key rate has been cut to 16.00% per annum, reflecting a cautious approach to support economic growth while managing inflation.
• Inflation expectations have risen, which could hinder a sustainable decrease in inflation, despite current price growth showing signs of slowing.
• The Bank of Russia forecasts annual inflation to decline to 4.0–5.0% in 2026, with tight monetary conditions expected to persist for an extended period.

The Central Bank of Russia's discussion highlighted a recent decline in inflation rates, with expectations for year-end inflation to be below 6%, which is lower than previous forecasts. Participants noted volatility in price growth, particularly influenced by seasonal factors and government measures to stabilize the market.

• Inflation rates decreased from 6.6% in Q3 2025 to 4.6% in October-November 2025, with core inflation averaging 4.3%.
• Economic growth accelerated in Q4 2025, with improved business climate indicators and slight increases in unemployment.
• Price volatility was noted, particularly in food and fuel sectors, with expectations of year-end inflation below 6%, contrary to earlier forecasts of 6.5-7.0%.

The European Central Bank has decided to maintain its key interest rates unchanged while projecting inflation to stabilize at its 2% target in the medium term. Economic growth forecasts have been revised upward, reflecting stronger domestic demand, but the Council remains committed to a data-dependent approach in 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.
• Inflation projections indicate an average of 2.1% in 2025, with a gradual decline expected in subsequent years, stabilizing at 2.0% by 2028.
• Economic growth forecasts have been revised up to 1.4% for 2025 and 2027, driven by stronger domestic demand.

The Bank of England has reduced the Bank Rate to 3.75% in response to easing inflation and subdued economic growth. The decision reflects a balancing act to ensure inflation returns to the 2% target sustainably, while acknowledging the risks associated with weaker demand.

• The Bank Rate was reduced by 0.25 percentage points to 3.75% following a 5-4 vote by the Monetary Policy Committee.
• CPI inflation has decreased to 3.2%, and is expected to trend down towards the 2% target more quickly.
• The committee noted that the restrictiveness of monetary policy has decreased, but future easing will depend on inflation outlook.

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 inflationary pressures. Despite a slight downward revision in headline inflation expectations for the end of 2025, core inflation remains resilient, prompting a cautious outlook for the Mexican economy amid ongoing trade tensions and geopolitical risks.

• The overnight interbank interest rate is lowered to 7.00% to stimulate economic activity.
• Global economic growth is expected to decline further, impacting both the U.S. and Mexican economies.
• Headline inflation increased slightly, with core inflation showing resistance to decline, leading to upward adjustments in inflation forecasts.

Norges Bank has decided to maintain the policy rate at 4 percent, reflecting ongoing concerns about inflation and economic stability. While the outlook remains uncertain, the bank anticipates potential rate cuts in the coming year if economic conditions evolve as projected.

• Inflation remains above target, with underlying inflation close to 3 percent.
• The bank emphasizes the need for a restrictive monetary policy to control inflation, despite some signs of increased economic capacity.
• The policy rate forecast suggests 1-2 rate cuts next year, with a gradual decline towards slightly above 3 percent by the end of 2028.

The Monetary Council of the Magyar Nemzeti Bank has decided to maintain the current structure of central bank interest rates, reflecting a cautious approach amid ongoing global economic uncertainties and moderating inflation. While Hungary's economic growth is projected to improve in the coming years, challenges such as weak investment and public debt remain significant concerns.

• The central bank base rate remains unchanged, with the overnight collateralized rate adjusted to reflect market conditions.
• Global economic growth is slightly improving, but risks from geopolitical tensions and subdued performance in Germany persist.
• Inflation in Hungary has decreased to 3.8%, supported by falling global commodity prices and a stronger forint.

The Central Bank of Turkey's recent Monetary Policy Committee meeting highlighted ongoing global economic uncertainties and the fragile outlook for growth, while also noting a decline in Turkish lira deposit rates. The bank is implementing changes to reserve requirements to stabilize financial conditions amidst these challenges.

• Global trade policy uncertainty remains elevated, impacting growth forecasts, with a projected increase of 2.0% in 2025 and 2.3% in 2026.
• Turkish lira deposit rates have decreased, while commercial loan rates have risen, indicating mixed trends in monetary conditions.
• The CBRT is simplifying reserve requirements, terminating a zero percent ratio for certain FX liabilities, effective January 2026.

The Swiss National Bank (SNB) indicates that while inflation has slightly decreased recently, it remains stable in the medium term, supporting price stability and economic development. The SNB will continue to monitor economic conditions and adjust its monetary policy as needed to maintain this stability.

• Inflation has dropped from 0.2% in August to 0.0% in November, primarily due to lower prices in the hotel industry, rents, and clothing.
• The medium-term inflation forecast remains largely unchanged, with average annual inflation projected at 0.2% for 2025, 0.3% for 2026, and 0.6% for 2027.
• Global economic growth has been stronger than expected, but risks remain, particularly related to US tariffs and trade policy uncertainty.

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

• Inflation has decreased to 2.9% and 2.8% year-on-year in September and October, respectively, with expectations to remain around the target midpoint until March 2026.
• The NBS is focused on supporting economic growth while maintaining relative exchange rate stability and favorable credit conditions, resulting in a 13.1% year-on-year growth in lending activity.
• The central bank remains cautious due to a complex international environment characterized by geopolitical tensions and rising protectionism, which could impact Serbia's production and exports.

The Bank of Canada has decided to maintain its policy rate at 2¼% as it assesses the economic landscape, which shows resilience amid global uncertainties. While inflation remains close to the target of 2%, the Bank is prepared to adjust its stance if economic conditions change significantly.

• Canada's economy grew by 2.6% in Q3, driven by trade volatility, but domestic demand remains flat.
• CPI inflation has slowed to 2.2%, with core inflation measures between 2½% and 3%.
• The Bank is focused on maintaining price stability and is ready to respond to changes in the economic outlook.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, citing recent inflationary pressures as a concern while acknowledging that some increases may be temporary. Economic activity is recovering, driven by stronger private demand, but uncertainties remain regarding the persistence of inflation and the overall economic outlook.

• Inflation has decreased significantly since its peak in 2022 but has shown recent signs of picking up, necessitating close monitoring.
• Economic growth is recovering, supported by increased consumption and investment, although the unemployment rate has gradually risen.
• The Board remains cautious due to uncertainties in both domestic and global economic conditions, particularly regarding inflation and capacity pressures.

The Reserve Bank of India has reduced the policy repo rate by 25 basis points to 5.25% in response to rapid disinflation and strong economic growth. The central bank maintains a neutral stance while aiming to support the economy and enhance liquidity through government securities purchases.

• Inflation has dropped to unprecedented low levels, with an average of 1.7% in Q2:2025-26 and further down to 0.3% in October 2025.
• Real GDP growth accelerated to 8.2% in Q2, driven by strong consumer spending and adjustments to GST rates.
• The MPC unanimously decided to lower the policy repo rate, while also planning to inject liquidity through OMO purchases and a USD/INR swap.

The Central Bank of Turkey has launched a new 'Center of Payments' website to provide comprehensive 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 CBRT's efforts in the payments sector.

• The Center of Payments website will feature information on various payment systems and innovations.
• Key topics covered include the FAST System, Digital Turkish Lira, TR QR Code, and Open Banking.
• The website is currently available in Turkish only.

The National Bank of Poland has decided to cut the reference interest rate by 0.25 percentage points to 4.00% in response to declining inflation and a slowdown in wage growth. The Council emphasizes that future decisions will be contingent on incoming data regarding inflation and economic activity, while remaining committed to ensuring macroeconomic stability.

• The NBP reference rate has been reduced to 4.00%, with other interest rates adjusted accordingly.
• Poland's GDP growth for Q3 2025 was reported at 3.8%, driven by domestic demand, despite a slowdown in wage growth and employment.
• Annual CPI inflation in November 2025 decreased to 2.4%, indicating a downward trend in inflation expectations.

The Central Bank of Turkey has announced that the temporary 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 the macroprudential framework.

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

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

• The Board is operationalizing crisis resolution powers for Australian clearing and settlement facilities, with guidance expected to be published in December 2025.
• Stakeholder feedback on merchant card surcharging was considered, with a focus on the potential need for regulatory intervention to ensure benefits are passed to merchants.
• A public consultation on regulatory priorities will take place in mid-2026, addressing various payment industry issues including mobile wallets and buy-now-pay-later providers.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 2.25% to support economic recovery amidst weak activity and rising inflation. While inflation is currently at 3%, it is expected to moderate to around 2% by mid-2026 due to significant spare capacity in the economy.

• The OCR was reduced by 25 basis points to 2.25% to stimulate economic activity.
• Annual consumer price inflation has risen to 3%, but is projected to decline to approximately 2% by mid-2026.
• Economic activity is showing signs of recovery, aided by lower interest rates and a stabilizing labor market.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.0% to support ongoing efforts to reduce inflation while navigating global uncertainties. The decision reflects a commitment to a data-driven approach in assessing economic conditions and ensuring stability.

• The Monetary Policy Rate (MPR) remains unchanged at 27.0%, with adjustments made to the Standing Facility corridor.
• Headline inflation has shown a consistent decline for seven months, driven by monetary tightening and improved supply conditions.
• The Committee emphasizes the importance of sustaining current policies to allow previous rate hikes to impact the economy effectively.

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 adapt based on inflation trends, economic performance, and geopolitical factors.

• Annual inflation has moderated to 2.5 percent, with projections indicating a potential increase by year-end followed by stabilization around the target midpoint.
• Economic activity saw a significant recovery in the third quarter, with GDP growth at an annual rate of 12.4 percent, although it remains below long-term trends.
• The labor market is tight, with a high ratio of job vacancies to unemployed individuals and rising wage growth.

The South African Reserve Bank's Monetary Policy Committee (MPC) has decided to maintain the current interest rates in light of ongoing economic challenges and inflationary pressures. The committee emphasizes the need for a cautious approach to ensure financial stability while supporting economic growth.

• Interest rates remain unchanged as the MPC assesses the economic outlook and inflation trends.
• The committee highlights the importance of balancing inflation control with economic growth support.
• Ongoing global economic uncertainties and domestic challenges are influencing the policy stance.

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 and geopolitical tensions that contribute to economic uncertainty. The Council anticipates a gradual pickup in growth driven by strong domestic consumption and improving external conditions, despite subdued performance in certain sectors.

• The central bank base rate remains unchanged, reflecting cautious optimism in the face of global economic uncertainties.
• Hungary's GDP growth is modest, with a year-on-year increase of 0.6% in Q3 2025, but stagnation compared to the previous quarter.
• Consumer and business confidence has improved, yet remains low, with persistent low unemployment rates.

The Central Bank of Turkey's press release highlights a meeting of the Financial Stability Board's Regional Consultative Group for the Middle East and North Africa, focusing on regional financial vulnerabilities and the implications of debt sustainability. Participants discussed the evolving role of non-bank financial intermediaries and the integration of artificial intelligence in finance, alongside the FSB's priorities for the upcoming year.

• The meeting included officials from various central banks and financial authorities across the Middle East and North Africa.
• Key topics included global and regional financial vulnerabilities, debt sustainability, and the role of non-bank financial intermediaries.
• The group shared insights on the FSB's ongoing initiatives and set priorities for 2026.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.50%, effective September 26, 2025, in response to slowing global economic activity and ongoing trade tensions. While inflation expectations have been revised downwards, risks remain, particularly regarding geopolitical tensions and core inflation persistence.

• The overnight interbank interest rate is reduced to 7.50% to stimulate economic activity amid global deceleration.
• Headline inflation increased slightly, but expectations for year-end 2025 have been revised downwards.
• Risks to inflation remain, with upward pressures from currency depreciation and geopolitical conflicts, but the overall bias is less pronounced than in previous years.

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

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

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4%, reflecting a cautious approach to balancing inflation risks. While inflation is believed to have peaked, the committee acknowledges the need for further evidence on disinflation trends before considering any rate reductions.

• The Committee voted 5-4 to keep the Bank Rate at 4%, with some members advocating for a reduction to 3.75%.
• CPI inflation is seen to have peaked, with ongoing disinflation supported by subdued economic growth and slack in the labor market.
• The risks surrounding the inflation target are now more balanced, with less concern about persistent inflation and more focus on weaker demand.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.25% in response to a deceleration in economic activity and persistent trade tensions. While headline inflation has decreased slightly, core inflation remains stable, and the overall balance of risks to inflation is still tilted to the upside, albeit less pronounced than before.

• The overnight interbank interest rate is reduced to 7.25% effective November 7, 2025.
• Global economic activity is expected to slow down, with significant risks stemming from trade tensions and geopolitical issues.
• Headline inflation has decreased slightly, but core inflation remains stable, with forecasts adjusted for short-term expectations.

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 a favorable economic outlook. The Council will continue to monitor incoming data to guide future policy decisions.

• The NBP reference rate has been reduced to 4.25%, with other rates adjusted accordingly.
• Inflation in Poland has decreased to 2.8%, influenced by lower food prices, while core inflation remains elevated.
• Economic indicators show positive trends in retail sales and industrial output, although wage growth is slowing.

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 shows signs of recovery, uncertainties regarding inflation and economic outlook persist.

• Inflation has risen to 3.2 percent annually, influenced by the end of electricity rebates and other temporary factors.
• Domestic economic activity is recovering, with ongoing improvements in private demand and a strengthening housing market.
• The unemployment rate has increased slightly to 4.5 percent, but labor market conditions remain tight with high job vacancies.

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

• Key ECB interest rates remain unchanged at 2.00%, 2.15%, and 2.40%.
• The Governing Council is committed to ensuring inflation stabilizes at the 2% target in the medium term.
• The asset purchase programs are declining predictably, and the ECB is prepared to adjust its instruments to maintain monetary policy effectiveness.

The Bank of Japan has decided to maintain its guideline for money market operations, aiming to keep the uncollateralized overnight call rate at around 0.5 percent. This decision reflects a majority consensus among the Policy Board, despite some dissent regarding the need for a higher rate to address rising price risks.

• The Policy Board voted 7-2 to keep the overnight call rate target at around 0.5 percent.
• Dissenting members argued for a higher target of 0.75 percent due to concerns about rising price pressures.
• The decision indicates a continued commitment to accommodative monetary policy amid shifting economic conditions.

The Bank of Canada has lowered its policy rate to 2¼% in response to the economic impact of U.S. trade actions, which have created uncertainty and weakened growth. The Canadian economy is expected to experience slow growth, with GDP projected to rise by 1.2% in 2025 and 1.1% in 2026, while inflation remains slightly above target levels.

• The global economy is projected to slow, with growth declining from 3¼% in 2025 to around 3% in 2026 and 2027.
• Canada's economy contracted by 1.6% in Q2 2025, driven by weak exports and business investment, although household spending remains strong.
• The unemployment rate is steady at 7.1%, with job losses in trade-sensitive sectors and slow wage growth.

The Central Bank of Russia's discussion highlights a rise in inflationary pressures, primarily driven by temporary factors, while maintaining a tight monetary policy to manage excessive demand in the economy. The Bank continues to monitor economic indicators closely, including regional conditions and inflation expectations, to inform its key rate decisions.

• Inflation accelerated to 6.4% SAAR in Q3 2025, influenced by one-off factors such as rising vegetable prices and increased housing tariffs.
• Core inflation slightly decreased to 4.3% SAAR, while companies' price expectations and analysts' forecasts rose.
• The unemployment rate fell to 2.1%, indicating a tight labor market, although economic growth was more moderate compared to previous quarters.

The Bank of Russia has reduced the key interest rate by 50 basis points to 16.50% per annum, signaling a cautious approach to monetary policy amid persistent inflationary pressures. While the economy is gradually returning to balanced growth, inflation expectations remain elevated, necessitating tight monetary conditions to achieve the inflation target.

• The key rate has been cut to 16.50% per annum, but inflation remains above the target level of 4%.
• The Bank of Russia anticipates a prolonged period of tight monetary policy, with an average key rate projected between 13.0% and 15.0% in 2026.
• Current inflationary pressures are expected to temporarily increase due to various factors, including a VAT rise and seasonal price adjustments.

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 maintains a tight monetary policy stance to ensure price stability and address inflation risks, particularly in food prices.

• The policy rate has been reduced to 39.5%, with corresponding adjustments to overnight lending and borrowing rates.
• Inflation trends indicate a slowdown in the disinflation process, with heightened risks from food prices affecting inflation expectations.
• The Central Bank will continue to monitor liquidity conditions and may implement macroprudential measures if necessary.

The Swiss National Bank's monetary policy assessment for September 2025 indicates a cautious approach as it navigates economic uncertainties while maintaining a focus on price stability. The discussion emphasizes the need for careful monitoring of inflationary pressures and global economic developments.

• The SNB remains vigilant regarding inflation trends and potential risks to price stability.
• Economic growth is being closely observed, with particular attention to external factors influencing the Swiss economy.
• The central bank signals readiness to adjust monetary policy as necessary to ensure stability.

The Central Bank of Turkey has announced the issuance of a new version of the TRY 20 banknote from the E9 series, featuring updated signatures from the current Governor and Deputy Governor. This new version will maintain the same physical characteristics and design as the previous banknotes and will circulate alongside them.

• The new TRY 20 banknotes will feature rearranged signatures of Governor Fatih Karahan and Deputy Governor Prof. Hatice Karahan.
• The physical dimensions and design of the new banknotes will remain identical to the previous versions.
• The new banknotes will be introduced into circulation concurrently with existing banknotes.

The Central Bank of Turkey has initiated an audit process at the Interbank Card Center (BKM) following findings that suggest potential 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 BKM was initiated with the approval of the Governor’s Office.
• Findings from the audit raised suspicions of criminal offenses, leading to a formal complaint.
• The CBRT is actively involved in overseeing the ongoing judicial proceedings.

The Monetary Authority of Singapore (MAS) has decided to maintain the current rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band, reflecting a stable economic outlook despite some moderation in growth. The MAS anticipates that while GDP growth will slow, it will remain above trend due to resilient manufacturing and domestic sectors supported by ongoing global investments, particularly in AI.

• The S$NEER policy band remains unchanged, indicating a stable monetary policy stance.
• Singapore's GDP growth is projected to moderate but will still be supported by robust manufacturing and infrastructure investments.
• The economic outlook has improved with reduced uncertainty following recent trade deals, although risks from potential trade conflicts remain.

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%, reflecting an improved inflation outlook. The Council emphasizes that future decisions will depend on incoming data regarding inflation and economic activity.

• The NBP reference rate is now set at 4.50%, with other rates adjusted accordingly.
• Poland's inflation rate remains at 2.9%, with elevated services price growth contributing to inflationary pressures.
• The Council acknowledges 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 weak economic activity and the need to support inflation returning to the target midpoint of 2%. The decision reflects concerns about domestic constraints and global economic uncertainty, with the committee remaining open to further rate reductions if necessary.

• Annual CPI inflation is currently near the top of the target band but is expected to return to the 2% midpoint by mid-2026.
• Economic activity has been weak, influenced by domestic supply constraints and global uncertainties, though household consumption is recovering due to lower interest rates.
• The Committee identified both upside and downside risks to the inflation outlook, indicating a cautious approach to future monetary policy adjustments.

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, facilitating payment systems, and fostering economic growth through increased bilateral trade.

• The swap agreement is valued at TRY 198 billion and AED 18 billion, aimed at providing local currency liquidity for financial markets.
• The first MoU promotes the use of Turkish lira and UAE Dirham for cross-border transactions to enhance trade and investment.
• The second MoU focuses on improving cross-border payment transactions and integrating digital currency platforms between the two countries.

The Reserve Bank of Australia has decided to maintain the cash rate at 3.60 percent, noting a slowdown in the decline of underlying inflation. While domestic economic activity is recovering, uncertainties about future inflation and economic conditions persist, influenced by both domestic and international factors.

• Underlying inflation has decreased significantly since its peak in 2022, but recent data suggests inflation may rise in the short term.
• Private consumption is improving due to rising real household incomes and easing financial conditions, while the housing market shows signs of recovery.
• The labor market remains tight with stable employment levels, but uncertainties regarding future economic activity and inflation persist due to both domestic and global developments.

The Central Bank of Turkey hosted the OIC-COMCEC Central Banks Forum, focusing on the global economic outlook and the challenges posed by trade fragmentation and geopolitical risks. The forum facilitated discussions on payment services, cross-border transactions, and progress in economic initiatives among OIC member countries.

• The meeting was chaired by Governor Fatih Karahan and included senior representatives from OIC member central banks.
• Sessions covered the global economic outlook, payment services, and the evaluation of the OIC 2025 Programme of Action.
• Workshops and panels addressed inflation expectations and dynamics relevant to OIC countries.

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 limit of the target range in the coming months.

• The interest rate remains unchanged at 4.5 percent due to geopolitical uncertainty and inflation concerns.
• Annual inflation has slightly decreased to 2.9 percent, but is expected to remain volatile and may exceed the target range soon.
• The labor market is tight due to mobilization of reserve soldiers and a shortage of non-Israeli workers, impacting economic activity.

The Swiss National Bank (SNB) maintains a cautious stance on monetary policy, noting that inflationary pressures remain stable and within the range consistent with price stability. The bank anticipates subdued global economic growth and will adjust its policy as necessary to ensure continued price stability in Switzerland.

• Inflation has slightly increased to 0.2%, primarily driven by tourism and imported goods, but remains within the price stability range.
• Global economic growth is expected to be subdued, influenced by US tariffs and high uncertainty, particularly affecting Swiss exports and investment.
• The SNB forecasts GDP growth of 1% to 1.5% for 2025, with a potential slowdown in 2026 due to ongoing trade barriers.

The Central Bank of Nigeria has reduced the Monetary Policy Rate (MPR) by 50 basis points to 27.00% to support economic recovery amid sustained disinflation and improved macroeconomic conditions. The adjustments aim to enhance liquidity management and improve the efficiency of the interbank market.

• Monetary Policy Rate (MPR) reduced to 27.00% to support economic recovery.
• Standing Facilities corridor adjusted to +250/-250 basis points to improve interbank market efficiency.
• 75% Cash Reserve Ratio (CRR) introduced on non-TSA public sector deposits for better liquidity management.

The Bank of Japan has decided to maintain its monetary policy stance by keeping the uncollateralized overnight call rate around 0.5 percent while initiating the sale of certain assets to avoid destabilizing financial markets. The Japanese economy shows moderate recovery, although some weaknesses persist, particularly in exports and corporate profits due to external factors such as tariffs.

• The Bank of Japan voted 7-2 to maintain the overnight call rate at around 0.5 percent.
• The Bank will sell its holdings of ETFs and J-REITs to the market while ensuring financial stability.
• Japan's economy is experiencing moderate recovery, but there are signs of weakness in exports and corporate profits.

The Bank of England's Monetary Policy Committee has decided to maintain the Bank Rate at 4% to ensure inflation returns to the 2% target sustainably while managing ongoing economic risks. The committee acknowledges recent disinflationary progress but remains vigilant against potential inflationary pressures, particularly in wages and prices.

• 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 recorded at 3.8% in August, with expectations of a slight increase in September before trending down towards the 2% target.

The South African Reserve Bank's Monetary Policy Committee (MPC) has decided to maintain the current interest rates, emphasizing the need for continued vigilance in the face of global economic uncertainties and domestic inflation pressures. The committee remains committed to achieving its inflation target while supporting economic growth.

• The MPC has kept the interest rates unchanged to balance inflation control and economic growth.
• Global economic conditions and domestic inflation remain key factors influencing monetary policy decisions.
• The committee highlighted the importance of monitoring inflation expectations and external economic developments.

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

• Canada's GDP declined by about 1½% in the second quarter, primarily due to tariffs and trade uncertainty.
• The unemployment rate has increased to 7.1% as job losses concentrated in trade-sensitive sectors continue.
• CPI inflation remains stable at 1.9%, with core inflation measures around 3%, but underlying inflation is estimated at approximately 2½%.

The Bank of Russia has reduced its key interest rate by 100 basis points to 17.00% per annum, aiming to support economic growth while managing inflation expectations that remain elevated. The central bank emphasizes the need for tight monetary conditions to achieve its inflation target of 4% by 2026, despite recent improvements in lending activity and economic performance.

• The key interest rate has been cut to 17.00% to foster economic growth amidst high inflation expectations.
• Current inflation remains above 4%, with annual inflation at 8.2% as of September 2025, indicating ongoing price pressures.
• The Bank of Russia will continue to monitor inflation dynamics closely and adjust monetary policy as necessary to ensure a return to target inflation levels.

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. The bank continues to implement monetary policy measures to manage price growth, while acknowledging the influence of one-off factors on inflation dynamics.

• Current inflation rate decreased to 4.1% in August 2025, down from 8.4% in July 2025.
• GDP growth slowed to 1.1% YoY in Q2 2025, with a decline in the Business Climate Index.
• Monetary policy remains focused on curbing inflation, despite recent one-off factors affecting price dynamics.

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

• Inflation is projected to average 2.1% in 2025, with a medium-term target of 2%.
• The economy is expected to grow by 1.2% in 2025, revised up from previous estimates.
• The Governing Council will take a data-dependent approach to future interest rate decisions.

The National Bank of Poland has decided to cut the reference interest rate by 0.25 percentage points to 4.75% in response to evolving economic conditions, including a slight decline in inflation. The Council will continue to monitor inflation and economic activity to guide future policy decisions.

• The NBP reference rate is now set at 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 emphasizes the need for enhanced resilience and governance in Australia's financial market infrastructure, particularly following the CHESS batch failure incident. The Board has identified significant concerns regarding ASX's operational resilience and risk management, urging urgent improvements to ensure the stability of the financial system.

• The Board discussed regulatory responses to the CHESS batch failure, highlighting the need for improved governance and risk culture at ASX.
• Limited progress has been made by ASX in addressing fundamental concerns related to operational resilience over the past year.
• The Board endorsed ongoing research into system-wide resilience, focusing on interdependencies and risks in the payments system.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amidst ongoing geopolitical uncertainty and a recovering economy following military operations. While inflation remains slightly above the target range, indicators suggest a positive trend in economic activity.

• Economic activity is recovering after a decline due to military operations, with GDP contracting by 3.5% in the second quarter.
• Inflation has decreased to 3.1%, slightly above the upper bound of the target range, with expectations for it to converge within the target range in the coming months.
• The shekel has depreciated against major currencies, and the interest rate path will depend on inflation convergence, financial market stability, and economic activity.

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 annual CPI inflation remains within the target band, the bank anticipates that inflation will return to the midpoint of 2% by mid-2026, contingent on the economic recovery and inflation trends.

• The OCR was decreased by 25 basis points to 3% due to economic recovery stalling and declining domestic inflation pressures.
• Annual CPI inflation is currently at 2.7% and is expected to reach 3.0% in the September quarter, influenced by rising food and administered prices.
• There are both upside and downside risks to the economic outlook, with cautious consumer behavior potentially dampening growth.

The Reserve Bank of Australia has decided to lower the cash rate target by 25 basis points to 3.60 percent, reflecting a moderation in inflation and a gradual recovery in private demand. Despite uncertainties in both domestic and international economic conditions, forecasts suggest that underlying inflation will continue to stabilize within the target range.

• The cash rate target has been lowered to 3.60 percent as inflation continues to moderate.
• Domestic private demand is gradually recovering, with real household incomes increasing, although uncertainties remain regarding economic activity.
• The unemployment rate has risen slightly, but labour market conditions remain tight, with ongoing challenges in passing on cost increases to final prices.

The Bank of England's Monetary Policy Committee has decided to reduce the Bank Rate to 4% in response to substantial disinflation and to support the goal of achieving a sustainable 2% inflation target. The decision reflects a cautious approach to monetary policy, with ongoing vigilance regarding inflationary pressures and economic growth.

• The Bank Rate was reduced by 0.25 percentage points to 4% following a 5-4 vote by the Monetary Policy Committee.
• CPI inflation is forecasted to peak at 4.0% in September before gradually returning to the 2% target, though there are concerns about persistent inflationary pressures.
• The UK economy shows signs of subdued growth and emerging slack in the labor market, with ongoing geopolitical and domestic risks.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 7.75%, effective August 8, 2025, in response to ongoing economic uncertainties and trade tensions. While global economic growth has shown slight improvement, risks remain that could impact inflation and economic activity in Mexico.

• The overnight interbank interest rate is reduced to 7.75% to support economic activity amidst trade tensions.
• Headline inflation has decreased to 3.51%, but core inflation expectations have been revised slightly upwards.
• Economic growth in Mexico is showing signs of improvement, but significant downward risks persist due to global uncertainties.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at approximately 0.5 percent, signaling its commitment to support economic stability. This decision reflects the bank's ongoing assessment of economic activity and price trends.

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

The Bank of Canada has decided to maintain its policy rate at 2¾% amid ongoing uncertainties in US trade policies that are affecting the Canadian economy. The latest Monetary Policy Report outlines various scenarios for economic growth and inflation, highlighting resilience despite trade disruptions.

• The Canadian economy showed resilience despite disruptions from US tariffs, with GDP expected to pick up in the second half of 2025.
• Inflation has slightly increased to 1.9% in June, with tariffs beginning to impact consumer prices.
• The unemployment rate has gradually risen to 6.9%, indicating some economic slack, particularly in trade-affected sectors.

The European Central Bank has decided to maintain its key interest rates unchanged as inflation remains aligned with its 2% medium-term target. The Governing Council emphasizes a data-dependent approach to future monetary policy decisions, reflecting ongoing economic uncertainties, particularly due to global trade disputes.

• Key ECB interest rates remain 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 policy instruments as necessary.
• The asset purchase programmes 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 support ongoing disinflation efforts and manage inflationary pressures. This decision reflects a cautious approach amid global uncertainties and domestic price developments.

• The Monetary Policy Rate is retained at 27.50%, with other policy parameters unchanged.
• Headline inflation has decreased for three consecutive months, but underlying price pressures remain a concern.
• The banking system shows stability, supported by ongoing recapitalization efforts among banks.

The South African Reserve Bank's Monetary Policy Committee (MPC) statement for July 2025 emphasizes the need to maintain a cautious approach to monetary policy amid ongoing inflationary pressures and economic uncertainties. The committee indicates a commitment to adjusting interest rates as necessary to achieve the inflation target while supporting economic growth.

• The MPC has decided to keep the policy interest rate unchanged to balance inflation control and economic growth.
• Inflation remains above the target range, influenced by external factors such as global commodity prices.
• The committee highlights the importance of monitoring economic indicators closely to inform future policy adjustments.

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. The economic outlook is uncertain, with factors such as global policy uncertainty and tariffs likely to slow New Zealand's economic recovery, which may lead to future rate cuts if inflation pressures continue to ease.

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

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 more information to confirm its trajectory. While domestic demand is gradually recovering, uncertainties in both domestic and international economic conditions persist.

• Inflation has moderated significantly since its peak in 2022, with current rates aligning with the target range.
• The Board is cautious about the economic outlook, noting uncertainties from global developments and domestic demand.
• Labour market conditions remain tight, but businesses are facing challenges in passing on cost increases due to weak demand.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid moderate economic recovery and persistent inflation above the target range. The committee highlighted ongoing geopolitical uncertainties and the need for careful monitoring of inflation trends and financial market stability.

• Economic growth was recorded at 3.7 percent in the first quarter, though overall activity remains below long-term trends.
• Inflation has decreased to 3.1 percent, still exceeding the upper limit of the target range, with expectations for it to converge within the target in the coming months.
• The shekel has appreciated significantly against major currencies, and Israel's risk premium has decreased but remains elevated compared to pre-war levels.

The National Bank of Poland's Monetary Policy Council has decided to reduce the NBP reference rate by 0.25 percentage points to 5.00% in response to economic conditions. The Council's assessment indicates a mixed economic outlook, with inflation remaining elevated but projected to decline in the coming months.

• The NBP reference rate was cut to 5.00%, with other interest rates adjusted accordingly.
• CPI inflation in June 2025 was recorded at 4.1%, with expectations for a decline in the coming months.
• GDP growth projections for 2025 indicate a range of 2.9% to 4.3%, reflecting a stable economic outlook despite some uncertainties.

Banco de México has decided to lower the overnight interbank interest rate by 50 basis points to 8.00% in response to economic conditions, including rising inflation and global trade tensions. Despite a moderate expansion in the Mexican economy, significant risks remain, particularly regarding inflation and geopolitical uncertainties.

• The overnight interbank interest rate was lowered to 8.00% effective June 27, 2025.
• Headline inflation rose from 3.93% to 4.51% between April and mid-June, prompting upward revisions in inflation forecasts.
• The Mexican economy is experiencing moderate growth, but significant economic slack and trade tensions pose downward risks.

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

• The MPC voted 6-3 to keep the Bank Rate at 4.25%, with some members advocating for a reduction.
• Inflation has risen to 3.4%, influenced by regulated prices and energy costs, but is expected to stabilize before returning to the 2% target next year.
• The UK economy shows signs of weakness, with a loosening labor market and moderating pay growth, prompting careful monitoring of inflation risks.

The Swiss National Bank (SNB) has decided to ease monetary policy in response to decreasing inflationary pressures, while remaining prepared to intervene in the foreign exchange market as necessary. The updated inflation forecast indicates a slight decline, but remains within the range consistent with price stability over the medium term.

• Inflation has decreased from 0.3% in February to -0.1% in May, primarily due to lower prices in tourism and oil products.
• The SNB anticipates GDP growth of 1% to 1.5% for both 2025 and 2026, with a slight rise in unemployment expected.
• The global economic outlook has deteriorated due to increasing trade tensions, contributing to uncertainty in the economic forecast.

The Bank of Japan aims to maintain the uncollateralized overnight call rate at around 0.5 percent while gradually reducing its monthly purchases of Japanese government bonds. Although Japan's economy is recovering moderately, there are signs of weakness, particularly in exports and consumer sentiment, leading to expectations of a gradual increase in underlying inflation over time.

• The Bank of Japan will reduce its monthly outright purchases of Japanese government bonds to about 2 trillion yen by early 2027.
• Japan's economic growth is expected to moderate due to external factors, but supportive financial conditions may help stabilize the economy.
• Inflation has been driven by rising import prices and food costs, but underlying inflation is anticipated to remain sluggish in the near term.

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 Japanese government bond purchases as part of its ongoing strategy.

• The uncollateralized overnight call rate remained stable at around 0.5 percent during the intermeeting period.
• The Bank of Japan is purchasing approximately 4.1 trillion yen in Japanese government bonds per month as part of its JGB reduction plan.
• The overall economic outlook remains cautious, with the Bank emphasizing the need for continued monetary support.

The European Central Bank has decided to lower its key interest rates by 25 basis points in response to updated inflation forecasts and economic conditions. The Governing Council remains committed to achieving a sustainable inflation rate of 2% while adopting a cautious, data-driven approach to future monetary policy decisions amid uncertainty.

• Inflation is projected to average 2.0% in 2025, with downward revisions due to lower energy prices and a stronger euro.
• Real GDP growth is expected to average 0.9% in 2025, supported by government investment and a robust labor market despite trade policy uncertainties.
• The Governing Council emphasizes a data-dependent approach to monetary policy, adjusting as necessary based on evolving economic conditions.

The Reserve Bank of Australia's Payments System Board meeting focused on addressing critical issues in the payments infrastructure, including ASX's response to the CHESS batch failure and ongoing regulatory reforms aimed at enhancing the resilience of financial systems. The Board is also preparing to consult on merchant card payment costs and surcharging to promote competition and efficiency in the payments system.

• ASX's response to the CHESS incident was deemed insufficient, prompting further regulatory scrutiny and the need for improved contingency planning.
• The Board is advancing regulatory reforms to enhance crisis resolution capabilities for Australian clearing and settlement facilities.
• A consultation paper on merchant card payment costs and surcharging is expected to be released in July to gather stakeholder feedback.

The Bank of Canada has decided to maintain its policy rate at 2¾%, citing ongoing uncertainty surrounding US tariffs and mixed economic indicators. While Canadian economic growth has shown some resilience, inflationary pressures are being monitored closely due to expectations of rising prices from tariffs.

• US tariffs continue to create uncertainty, affecting trade negotiations and economic conditions.
• Canada's GDP growth in the first quarter was stronger than expected, but the outlook for the second quarter is weaker.
• CPI inflation has eased to 1.7%, but core inflation measures indicate rising pressures, prompting close monitoring by the Bank.

The National Bank of Poland has decided to maintain its interest rates unchanged, with the reference rate set at 5.25%. This decision reflects the current economic conditions, including stable inflation and moderate GDP growth, while the Council emphasizes the importance of monitoring future economic indicators and inflation trends.

• The NBP interest rates remain unchanged: reference rate at 5.25%, lombard rate at 5.75%, deposit rate at 4.75%.
• Poland's GDP grew by 3.2% year-on-year in Q1 2025, supported by domestic demand, although inflation remains elevated at 4.1%.
• The Council will assess future decisions based on incoming data regarding inflation and economic activity, with particular attention to labor market conditions and energy prices.

The Reserve Bank of New Zealand has lowered the Official Cash Rate (OCR) to 3.25% to support economic recovery amid rising inflation expectations. While inflation remains within the target band, the bank acknowledges global economic uncertainties that could impact growth and inflation in the medium term.

• The OCR was reduced by 25 basis points to 3.25% to stimulate economic activity.
• Annual CPI inflation is at 2.5%, with rising inflation expectations but declining core inflation.
• Global economic growth projections have weakened due to increased tariffs and policy uncertainty, which may affect New Zealand's recovery.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amid a recovering economy and rising inflation. Despite economic growth, inflation remains above the target range, prompting a cautious approach to future monetary policy decisions.

• Inflation has risen to 3.6 percent, exceeding the upper limit of the target range, with forecasts indicating it will remain elevated in the coming months.
• GDP growth was recorded at 3.4 percent annually, driven by investment and consumption, but still falls short of 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 subdued inflation. Despite global economic volatility and rising tariffs, the local inflation remains below target, prompting a cautious yet supportive monetary stance.

• Global economic conditions have worsened, leading to a reduction in growth projections for South Africa.
• Inflation in South Africa remains below 3%, allowing for a downward revision of inflation forecasts.
• The MPC decided to cut the policy rate by 25 basis points, reflecting a balanced assessment of growth and inflation risks.

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 and a weaker outlook for growth and employment. Despite some recovery in domestic demand, uncertainties in the global economy and labor market conditions remain significant.

• Inflation has fallen to 2.9 percent, with underlying inflation expected to stabilize around the midpoint of the target range.
• Global economic uncertainties and geopolitical factors are contributing to a weaker outlook for Australia's growth and inflation.
• Domestic demand is recovering, but businesses face challenges in passing on cost increases due to weak demand in some sectors.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% amidst improving macroeconomic indicators, while acknowledging ongoing inflationary pressures. The Committee emphasized the importance of continued reforms to enhance market confidence and urged the government to bolster foreign exchange earnings.

• The Monetary Policy Rate is retained at 27.50%, with an asymmetric corridor of +500/-100 basis points.
• Improvements in macroeconomic indicators, such as narrowing exchange rate gaps and easing food inflation, were noted.
• The Committee expressed concerns about inflationary pressures from high electricity prices and foreign exchange demand.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 8.50% in response to weakening economic growth and rising inflation risks. The central bank acknowledges significant uncertainties in the global economy, particularly due to trade tensions and geopolitical issues, which could impact inflation and economic activity in Mexico.

• The overnight interbank interest rate is decreased to 8.50% effective May 16, 2025.
• Mexico's economy showed weak growth of only 0.2% in the first quarter of 2025, with significant downward risks due to global uncertainties.
• Headline and core inflation were reported at 3.93% in April, with short-term inflation forecasts revised upwards due to increased merchandise inflation.

Norges Bank has decided to maintain the policy rate at 4.5 percent, citing ongoing inflation concerns that remain above the target level. While the Committee acknowledges uncertainty in future economic developments, it anticipates a potential reduction in the policy rate in 2025 if inflation trends improve.

• The policy rate remains unchanged at 4.5 percent as inflation is still above the target of 2 percent.
• The Committee emphasizes the need for a restrictive monetary policy to control inflation and prevent premature rate cuts.
• Economic uncertainty is heightened due to trade barriers and varying global growth outlooks, which could influence future interest rate decisions.

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

• The NBP reference rate was reduced from 5.75% to 5.25%.
• Annual CPI inflation decreased to 4.2% in April 2025, down from 4.9% in March 2025.
• Economic activity in Poland showed signs of slowing, with negative growth in retail sales and construction.

The Bank of Japan has decided to maintain the uncollateralized overnight call rate at approximately 0.5 percent, signaling a commitment to support economic stability. This decision reflects the Bank's ongoing assessment of economic conditions and price stability in Japan.

• The uncollateralized overnight call rate will remain at around 0.5 percent.
• The decision was made during the monetary policy meeting held on April 30 and May 1, 2025.
• The Bank of Japan continues to monitor economic activity and price trends closely.

The Bank of Japan's Monetary Policy Meeting minutes indicate a cautious approach to monetary policy, with a slight reduction in Japanese government bond purchases reflecting ongoing adjustments to economic conditions. The uncollateralized overnight call rate remains stable, suggesting a commitment to maintaining accommodative monetary conditions while monitoring market developments.

• The Bank of Japan reduced its monthly Japanese government bond purchases from 4.5 trillion yen to 4.1 trillion yen as part of a planned adjustment.
• The uncollateralized overnight call rate has remained stable around 0.5 percent, indicating a consistent monetary policy stance.
• The policy board continues to assess economic and financial developments closely, signaling a readiness to adapt if necessary.

The Monetary Authority of Singapore (MAS) has maintained a policy of gradual appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) while slightly reducing its slope, in light of weakening economic activity among key trading partners and escalating trade policy uncertainty. The outlook for Singapore's GDP growth has been revised downward, with expectations of growth slowing to between 0.0% and 2.0% in 2025, reflecting the impact of global trade dynamics and domestic economic conditions.

• The S$NEER policy band remains on a modest appreciation path, but the slope has been slightly reduced.
• Singapore's GDP growth is projected to slow significantly to 0.0-2.0% in 2025, down from 4.4% the previous year.
• Weakening economic activity and trade uncertainties among major economies are contributing to a slowdown in Singapore's external-facing sectors.

The Reserve Bank of New Zealand has decided to reduce the Official Cash Rate by 25 basis points to 3.5% in response to economic conditions, including weak household spending and residential investment. While inflation remains near the target midpoint, the outlook for global economic activity is weakened by increased trade barriers, prompting the Committee to maintain flexibility for further rate reductions as necessary.

• The Official Cash Rate has been lowered to 3.5% to support economic growth amid weak domestic spending.
• Inflation is currently stable near the midpoint of the target band, allowing for potential further reductions in the OCR.
• Increased global trade barriers present downside risks to New Zealand's economic activity and inflation outlook.

The Bank of Israel's Monetary Committee has decided to maintain the interest rate at 4.5 percent amidst ongoing geopolitical tensions and a recovering economy. While inflation remains above the target range, it is expected to moderate in the coming months, and the focus remains on stabilizing markets and supporting economic activity.

• The interest rate is held steady at 4.5 percent due to geopolitical developments and market stability concerns.
• Inflation has decreased to 3.4 percent but remains above the target range, with expectations for further moderation.
• The shekel has depreciated significantly against major currencies, contributing to increased economic uncertainty.

The National Bank of Poland has decided to maintain its interest rates unchanged, indicating a cautious approach amid mixed economic signals both domestically and internationally. While inflation remains above the target, recent data suggests a potential decrease in inflationary pressures in the coming months.

• The NBP reference rate remains at 5.75%, with other rates also unchanged.
• Poland's economic growth in Q1 2025 was lower than expected, with negative growth in retail sales and industrial output.
• Inflation in Q1 2025 was recorded at 4.9%, primarily driven by increased energy prices, although core inflation may remain elevated.

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 subdued demand and supply-side fragilities affecting the overall economic outlook.

• Global economic uncertainty is rising due to trade tensions and geopolitical shifts, impacting growth forecasts.
• South Africa's growth forecast for 2025 has been revised down to 1.7%, reflecting weaker demand and supply-side issues.
• Inflation is currently contained within the target range, but there are signs of upward pressure, particularly in services.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 9.00% due to revised downward prospects for global economic growth and ongoing trade tensions. Despite a mixed inflation outlook, the disinflation process is considered to be on track, although significant risks remain.

• The overnight interbank interest rate is reduced to 9.00% effective March 28, 2025.
• Headline inflation is at 3.67% and core inflation at 3.56%, with expectations for inflation to converge to the target by Q3 2026.
• Global economic risks, including trade tensions and geopolitical turmoil, are increasing and could impact inflation and economic activity.

Norges Bank has decided to maintain the policy rate at 4.5 percent due to ongoing inflation concerns, which remain higher than expected. The Committee anticipates that the policy rate may be reduced in 2025, but emphasizes the need for a cautious approach to avoid exacerbating inflation.

• The policy rate has been held steady at 4.5% since December 2023 to combat high inflation.
• Inflation remains above target, and while it has decreased from its peak, there are concerns about rising business costs.
• The Committee acknowledges significant uncertainty in economic forecasts, influencing future policy rate adjustments.

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

• Inflation decreased from 0.7% in November to 0.3% in February, primarily due to falling electricity prices.
• The SNB forecasts average annual inflation at 0.4% for 2025 and 0.8% for 2026 and 2027, assuming the policy rate remains at 0.25%.
• Global economic growth is expected to remain moderate, with high uncertainty due to potential trade and geopolitical issues.

The National Bank of Poland has decided to maintain its interest rates unchanged, with the reference rate set at 5.75%. The decision comes amid rising inflation driven by increased energy prices and elevated core inflation, while GDP growth shows signs of acceleration. The Council acknowledges uncertainties in the global economic outlook and domestic inflation projections.

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

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, which is currently above the target range. The committee emphasizes the importance of stabilizing markets and supporting economic activity while monitoring inflation trends.

• Economic activity is recovering moderately, with GDP growth at 1 percent for 2024.
• Annual inflation has risen to 3.8 percent, exceeding the target range, but is expected to return to the target range in the second half of the year.
• The labor market remains tight, and home prices increased by 7.3 percent in 2024.

The Central Bank of Nigeria's Monetary Policy Committee has decided to maintain the Monetary Policy Rate at 27.50% amidst positive macroeconomic developments, while acknowledging ongoing inflationary pressures, particularly 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 an asymmetric corridor of +500/-100 basis points.
• The Cash Reserve Ratio remains at 50% for Deposit Money Banks and 16% for Merchant Banks.
• Recent improvements in the foreign exchange market are noted, contributing to exchange rate stability.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 3.75% as inflation stabilizes near the midpoint of its target range. This decision reflects confidence in the economy's ability to maintain inflation within the target band, despite ongoing global uncertainties.

• Annual consumer price inflation is near the midpoint of the 1-3% target range, with core inflation continuing to decline.
• Economic activity remains subdued, but lower interest rates are expected to stimulate spending and support recovery in 2025.
• Global economic growth is projected to remain weak, influenced by geopolitical factors and trade uncertainties.

Banco de México has decided to lower the target for the overnight interbank interest rate by 50 basis points to 9.50%, reflecting ongoing disinflation and a challenging economic environment. Despite a contraction in the Mexican economy and a slowdown in employment, inflation rates have decreased, prompting this adjustment in monetary policy.

• 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, while core inflation is at 3.72%.
• Economic growth risks are biased to the downside, with a contraction in the Mexican economy noted in Q4 2024.

The National Bank of Poland has decided to maintain its interest rates unchanged amid ongoing economic uncertainties and elevated inflation levels. The Council anticipates that inflation will remain above the target in the coming quarters, driven by rising energy prices and wage pressures, but expects a gradual return to the target in the medium term.

• The NBP interest rates remain unchanged: reference rate at 5.75%, lombard rate at 6.25%, deposit rate at 5.25%.
• Poland's GDP grew by 2.9% in 2024, with low unemployment and high wage growth contributing to elevated inflation.
• Inflation is expected to stay above the NBP target due to increases in energy prices and administered service prices.

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

• The interest rate remains unchanged, reflecting a balanced approach to current economic conditions.
• Inflationary pressures continue to be a concern, prompting close monitoring of economic indicators.
• The committee expresses readiness to adjust monetary policy in response to changing economic dynamics.

Norges Bank has decided to maintain the policy rate at 4.5 percent, indicating that while inflation is moving closer to the target, a restrictive monetary policy remains necessary. Governor Ida Wolden Bache suggests that a reduction in the policy rate may occur in March, reflecting an approaching shift in monetary policy as economic conditions evolve.

• The policy rate has been held steady at 4.5 percent since December 2023 after significant increases to combat high inflation.
• Inflation is nearing target levels, but rising business costs pose a risk of renewed inflationary pressures.
• The Committee anticipates that the time to begin easing monetary policy is approaching, with new forecasts to be presented in March.

Banco de México has decided to lower the overnight interbank interest rate by 25 basis points to 10.00%, reflecting a cautious approach amid global economic uncertainties and persistent inflationary pressures. While disinflation is progressing, the central bank acknowledges risks that could impact economic growth and inflation forecasts in the near term.

• The target overnight interbank interest rate is reduced to 10.00%, effective December 20, 2024.
• Headline inflation has decreased, but core inflation remains persistent, leading to revised upward forecasts for services inflation.
• The Mexican economy showed signs of growth in Q3 2024 but is expected to lack dynamism moving forward, with downside risks to economic activity.

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 forecasts a gradual reduction in the policy rate starting in March 2025, contingent on economic conditions and inflation trends.

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

The Swiss National Bank has cut 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.

• The policy rate is reduced to 0.5%, effective from 13 December 2024.
• Inflation in Switzerland has decreased from 1.1% in August to 0.7% in November, driven mainly by domestic services.
• The SNB anticipates GDP growth of around 1% for the current year, with modest growth expected in the services sector.

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. With inflation expectations aligning closely with the target and economic activity remaining subdued, further rate cuts may be anticipated in the near future if conditions continue to evolve positively.

• The Official Cash Rate has been reduced to 4.25% to support economic recovery.
• Annual consumer price inflation is now near the midpoint of the target band of 1 to 3 percent.
• Economic growth is expected to recover in 2025, driven by lower interest rates encouraging investment.

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 persistent inflationary pressures. The decision reflects a commitment to address rising prices and maintain economic stability while acknowledging improvements in the external sector.

• The Monetary Policy Rate was increased from 27.25% to 27.50% to combat rising inflation.
• The Cash Reserve Ratio remains unchanged at 50% for Deposit Money Banks and 16% for Merchant Banks.
• The Committee expressed concerns over ongoing exchange rate pressures despite improvements in the current account surplus.

The South African Reserve Bank's Monetary Policy Committee highlights a challenging global macroeconomic environment, with rising interest rates and inflation pressures. Despite these challenges, South Africa is experiencing a growth recovery, supported by lower inflation and increased disposable income, although risks to growth remain balanced.

• The global economic context has become more challenging, with an appreciating dollar and rising interest rates.
• South Africa's growth recovery is supported by lower inflation, higher disposable income, and pension withdrawals.
• Headline inflation has dipped below the target range, reaching 2.8% in October, indicating some easing in price pressures.

Banco de México has decided to lower the target for the overnight interbank interest rate by 25 basis points to 10.25% in response to mixed economic signals and declining inflation trends. Despite a rebound in headline inflation due to supply shocks, core inflation continues to decrease, prompting a cautious yet accommodative monetary policy stance.

• 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 growth in Mexico is expected to lack dynamism in 2025, with downside risks to growth remaining prevalent.

The Monetary Authority of Singapore (MAS) maintains its policy of gradual appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) while projecting GDP growth for 2024 to be at the upper end of the 2-3% forecast range. The outlook for inflation shows a decrease in core inflation rates, indicating a moderation in consumer price increases.

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

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) to 4.75% as inflation aligns with its target range, indicating a shift towards a more accommodative monetary policy. The decision reflects concerns over subdued economic activity, weak consumer spending, and excess capacity in the economy, while aiming to maintain low and stable inflation.

• The OCR has been cut by 50 basis points to 4.75% to support economic activity and stabilize inflation.
• Annual consumer price inflation is currently within the target range of 1 to 3% and is expected to converge towards the 2% midpoint.
• Weak consumer spending and business investment, along with low productivity growth, are contributing to subdued economic conditions in New Zealand.

The Swiss National Bank has reduced its policy rate to 1.0% in response to decreasing inflationary pressures, primarily driven by the appreciation of the Swiss franc. The bank indicates that further rate cuts may be necessary to maintain price stability in the medium term, as inflation forecasts have been revised downward.

• The SNB has cut its policy rate to 1.0% effective September 27, 2024, due to lower-than-expected inflation.
• Current inflation is at 1.1%, with expectations of average annual inflation at 1.2% for 2024, 0.6% for 2025, and 0.7% for 2026.
• The SNB remains prepared to intervene in the foreign exchange market if necessary.

The Central Bank of Nigeria's Monetary Policy Committee has decided to raise the Monetary Policy Rate by 50 basis points to 27.25% in response to persistent inflationary pressures, particularly from rising energy prices. The committee aims to further tighten monetary policy to achieve 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%.
• Despite a moderation in headline inflation, core inflation remains elevated, driven by energy prices.

The South African Reserve Bank's Monetary Policy Committee has decided to maintain the current interest rate, citing ongoing concerns about inflationary pressures and the need to support economic recovery. The committee emphasizes a cautious approach, balancing the risks to financial stability with the necessity for growth.

• The interest rate remains unchanged to address inflation concerns while supporting economic growth.
• The committee highlights the importance of monitoring external economic conditions and their potential impact on domestic inflation.
• There is a commitment to remain vigilant in assessing risks to financial stability as the economy continues to recover.

The Reserve Bank of New Zealand has reduced the Official Cash Rate (OCR) by 25 basis points to 5.25% as inflation trends 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 the Committee indicating that further easing will depend on sustained low inflation expectations.

• The OCR has been lowered to 5.25% to ease monetary policy restraint.
• Inflation is returning to the target band, with expectations and pricing behavior stabilizing.
• Economic growth remains below trend, and global inflation is declining, although some areas still experience elevated levels.

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 achieving price stability while collaborating with fiscal authorities to address supply challenges affecting food prices.

• The Monetary Policy Rate has been increased to 26.75% from 26.25%.
• The asymmetric corridor around the MPR has been adjusted to +500/-100 basis points.
• The Committee is focused on addressing food inflation and has noted the impact of rising costs and supply chain issues.

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 elevated interest rates. South Africa's economic performance has been disappointing, with modest growth projections and inflation remaining above the target range, though expectations for inflation have slightly improved.

• Global inflation is easing but remains above target in many economies, leading to sustained high interest rates.
• South Africa's economy contracted slightly in the first quarter, with revised growth projections for the second quarter lowered to 0.6%.
• Headline inflation is projected to dip to 4.9% this year, with expectations for stabilization at 4.5% over the medium term.

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

• The SNB's policy rate is reduced to 1.25%, effective from June 21, 2024.
• Inflation in Switzerland has risen slightly to 1.4% in May, driven by higher prices in domestic services.
• The 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 cautious yet optimistic outlook for inflation, projecting stabilization at the 4.5% target by mid-2025, influenced by recent data improvements. Despite elevated inflation expectations, the committee remains committed to achieving its targets and acknowledges the uncertain economic landscape, particularly regarding the rand's volatility and global oil prices.

• Inflation is expected to stabilize at the 4.5% target by the second quarter of 2025, an improvement from earlier forecasts.
• The rand has experienced significant volatility, impacting market expectations and investor sentiment.
• High inflation expectations among businesses and trade unions necessitate prompt action to re-anchor these expectations.

The Central Bank of Nigeria's Monetary Policy Committee has raised the Monetary Policy Rate by 150 basis points to 26.25% in an effort to combat persistent inflation, particularly driven by food prices. The Committee remains focused on achieving price stability while addressing challenges such as transportation costs and security issues affecting food production.

• Monetary Policy Rate increased to 26.25% from 24.75% to tackle inflation.
• Food inflation remains a significant concern, influenced by transportation costs and security challenges.
• The banking system is stable, and recent measures are expected to enhance competition in money transfers.

The Monetary Authority of Singapore (MAS) has maintained its policy of a gradual appreciation of the Singapore dollar nominal effective exchange rate, reflecting a cautious outlook amid global economic uncertainties. While Singapore's economy is projected to recover in 2024, inflationary pressures remain, necessitating careful monitoring of price trends.

• The Singapore economy grew by 0.1% quarter-on-quarter in Q1 2024, a slowdown from the previous quarter's growth of 1.2%.
• GDP growth for 2024 is forecasted to be between 1-3%, with a recovery expected in manufacturing and financial sectors.
• MAS Core Inflation averaged 3.4% year-on-year in early 2024, influenced by GST rate hikes and rising utility costs, but food inflation showed signs of moderation.

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, particularly driven by food prices. The committee emphasizes the importance of addressing food insecurity and maintaining exchange rate stability to restore purchasing power for Nigerians.

• The Monetary Policy Rate was increased from 22.75% to 24.75% to address inflationary pressures.
• The Cash Reserve Ratio for Merchant Banks was raised from 10% to 14%, while the ratio for Deposit Money Banks remains at 45%.
• The committee highlighted the need for effective agricultural policies to improve food supply and called for broader fiscal consolidation.

Sveriges Riksbank's November 2023 Monetary Policy Report indicates that while inflation has decreased, it remains too high, prompting the central bank to maintain the policy rate at 4 percent. The Executive Board is prepared to raise rates further if inflation does not stabilize towards the target of 2 percent.

• Inflation is still above the target, but has shown signs of easing.
• The policy rate remains unchanged at 4 percent, with a contractionary stance maintained.
• The central bank is ready to increase the policy rate if inflationary pressures worsen.

The Monetary Authority of Singapore (MAS) has maintained its policy of a gradual appreciation of the Singapore dollar nominal effective exchange rate, reflecting a cautious outlook amid moderated global economic activity. While Singapore's GDP growth is expected to be at the lower end of the forecast range for 2023, core inflation is projected to ease further in 2024, indicating a stabilizing economic environment.

• Singapore's GDP growth for 2023 is expected to be at the lower half of the 0.5–1.5% forecast range, with gradual improvement anticipated in 2024.
• Core inflation has decreased to 3.4% year-on-year as of August 2023, with projections for further moderation to between 2.5–3.0% by December.
• The MAS expects CPI-All Items inflation to average around 5% for 2023, down from 6.1% the previous year, despite some anticipated increases in the latter months.

The Riksbank has decided to raise the policy rate by 0.25 percentage points to 4 percent in response to persistent inflationary pressures, despite recent declines in inflation. The central bank emphasizes the need for continued monetary tightening to achieve its inflation target of 2 percent within a reasonable timeframe.

• Inflation in Sweden is beginning to fall, but remains too high, particularly due to rising service prices and a weak krona.
• The policy rate increase is part of a necessary contractionary monetary policy to dampen demand and support the return of inflation to target levels.
• Future policy rate adjustments may occur based on new economic data and inflation forecasts, indicating a continued hawkish stance.

Sveriges Riksbank acknowledges that while inflation is decreasing, it remains significantly above the target level, necessitating further tightening of monetary policy. The central bank has raised the policy rate by 0.25 percentage points to 3.75% and plans additional increases to ensure inflation stabilizes around the 2% target.

• Inflation is declining but still too high, particularly affecting households with limited financial margins.
• The policy rate has been increased to 3.75%, with at least one more increase expected this year.
• The pace of government bond sales will increase from SEK 3.5 billion to SEK 5 billion per month starting in September.

The Riksbank has raised its policy rate by 0.5 percentage points to 3.5% in response to persistently high inflation, which is significantly above the target. The bank anticipates further rate increases in the coming months to ensure inflation stabilizes at the target level.

• Inflation remains significantly above the target, necessitating a policy rate increase.
• The policy rate has been raised rapidly since April 2022, reflecting urgent monetary tightening.
• Further rate increases are likely in June or September to combat high underlying inflation.

The Monetary Authority of Singapore (MAS) has tightened its monetary policy for the fifth consecutive time to combat elevated inflation and ensure medium-term price stability, despite a projected slowdown in GDP growth. The MAS has re-centered the Singapore dollar nominal effective exchange rate policy band to address ongoing inflationary pressures while maintaining the existing slope and width of the band.

• Singapore's GDP growth is expected to moderate significantly, with a contraction of 0.7% in Q1 2023.
• MAS Core Inflation is anticipated to remain elevated in the near term but is expected to ease in the latter half of 2023.
• Global economic conditions are resilient, but tighter financial conditions are expected to negatively impact investment and manufacturing.

The Riksbank has raised its policy rate by 0.5 percentage points to 3.0% in response to persistently high inflation, which is currently over 10%. The central bank plans to further increase the policy rate in the spring and will also expedite the reduction of its asset holdings by selling government bonds.

• Inflation in Sweden has risen significantly, prompting the Riksbank to tighten monetary policy.
• The policy rate is now set at 3.0%, with expectations for further increases in the near future.
• The Riksbank will begin selling government bonds in April to reduce its asset holdings more rapidly.

Sveriges Riksbank has raised 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 in the near future to mitigate long-term inflation risks.

• Inflation remains significantly above the target, prompting a policy rate increase to 2.5%.
• The Riksbank is concerned about the risk of high inflation becoming entrenched in economic expectations.
• Further rate hikes are expected early next year, potentially bringing the rate just below 3%.

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 strong wage increases and significant imported inflation.

• The MAS has re-centred the S$NEER policy band to combat rising 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 may moderate, it will remain elevated for some time due to ongoing external pressures.

The Riksbank has raised its policy rate by 1 percentage point to 1.75% in response to high inflation, which is currently at 9.0%, the highest level since 1991. The central bank emphasizes the need for further tightening of monetary policy to bring inflation back to its target of 2% and will continue to adapt its approach as necessary.

• Inflation in Sweden has reached 9.0%, significantly impacting purchasing power and financial planning for households and companies.
• The Riksbank's policy rate has been increased to 1.75%, with expectations for further increases in the next six months.
• The central bank is concerned about the risk of entrenched inflation and is committed to ensuring it stabilizes around the 2% target.

Sveriges Riksbank is raising the policy rate from 0.25% to 0.75% in response to rapidly rising inflation, which is expected to remain above 7% for the remainder of the year. The central bank aims to ensure that inflation returns to target and prevent it from becoming entrenched in price setting and wage formation. Further rate increases are anticipated, with projections suggesting a rate close to 2% by early next year.

• Inflation in Sweden has risen sharply, driven by increased demand and external factors such as the Ukraine conflict and pandemic-related restrictions.
• The Riksbank is tightening monetary policy more aggressively than previously planned to combat high inflation and its potential entrenchment.
• The central bank plans to reduce its asset holdings more quickly in the latter half of the year.

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 level of around 2% by 2024.

• Inflation in Sweden has surged to 6.1% in March 2022, driven by rising energy and food prices.
• The Riksbank forecasts additional repo rate increases this year, with a target of slightly below 2% by the end of the forecast period.
• The central bank will also reduce the pace of asset purchases to begin decreasing its holdings.

The Monetary Authority of Singapore (MAS) has slightly increased the slope of the Singapore dollar nominal effective exchange rate (S$NEER) policy band in response to rising inflationary pressures and a tighter labor market. The MAS expects core inflation to remain elevated in 2022 due to ongoing global cost pressures, while the Singapore economy is projected to grow above trend despite a slowdown in certain sectors.

• The MAS has adjusted the S$NEER policy band to address rising inflation forecasts amid external and domestic cost pressures.
• Singapore's economy is expected to grow above trend for the second consecutive year, although growth may moderate due to geopolitical tensions and supply disruptions.
• Core inflation is anticipated to rise significantly in 2022, influenced by a tight labor market and higher global prices.

Sveriges Riksbank maintains a supportive monetary policy stance by keeping the repo rate at zero percent and planning to purchase bonds to stabilize its portfolio amid rising inflation driven by energy prices. The bank expects inflation to decrease over the year, forecasting a return to around 2 percent by mid-2023, with a potential rate hike anticipated in the second half of 2024.

• Inflation in Sweden is currently high due to rising energy prices, but is expected to fall back to around 2 percent by mid-2023.
• The repo rate will remain at zero percent, with bond purchases of SEK 37 billion planned for the second quarter of 2022.
• The Riksbank's forecast indicates that the repo rate may be raised in the second half of 2024, slightly earlier than previously anticipated.

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 decision reflects concerns over both global and domestic factors contributing to increased inflation, despite ongoing uncertainties in the economic recovery.

• MAS has shifted to a gradual appreciation path for the S$NEER policy band to ensure price stability amid rising inflation.
• Global economic growth is expected to continue at an above-trend pace in 2022, despite potential disruptions from the Omicron variant.
• Singapore's inflation outlook has increased due to recovering global demand and supply-side frictions, with core inflation rising in late 2021.

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 projected gradual increases in core inflation and a recovering economy. The MAS expects core inflation to rise steadily as the economy continues to recover from the pandemic, with growth anticipated to return to potential in 2022.

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

The National Bank of Serbia's Executive Board decided to set the key policy rate during its December 2015 meeting, focusing on inflation trends and macroeconomic factors. The bank aims to maintain price stability within its inflation targeting framework.

• The decision was influenced by inflation developments and economic activity indicators.
• Consideration was given to exchange rate dynamics and foreign exchange reserves.
• The international environment and financial conditions also played a role in the policy decision.

The National Bank of Serbia's Executive Board met in November 2015 to assess inflation trends and macroeconomic conditions before deciding on the key policy rate. The Board emphasized its commitment to maintaining price stability within the inflation targeting framework.

• The decision was based on a thorough analysis of inflation developments and economic activity indicators.
• Consideration was given to the exchange rate, foreign exchange reserves, and the international economic environment.
• The central bank remains focused on achieving and maintaining price stability as its primary objective.