| ALBANIA |
| Jan 28: key rate cut 25 bps to 2.00%, easy monetary conditions to be maintained some quarters ahead to achieve inflation target |
| ANGOLA |
| Feb 13: rate on liquidity absorbtion facility cut 175 bps to 0.0% at extraordinary meeting following government 2015 program |
| Mar 30: basic interest rate raised 25 bps to 9.25% as inflation rises, kwanza depreciates and credit rises |
| ARMENIA |
| Jan. 22: repo rate raised 100 bps to 9.50% to support demand, foster sustainable growth and inflation |
| Feb 10: repo rate raised 100 bps to 10.50% to reduce short-term market rates, stabilize financial markets and ensure inflation objective |
| AUSTRALIA |
| Feb. 3: cash rate cut 25 bps to 2.25% to boost demand, economic growth and inflation |
| May 5: cash rate cut 25 bps to 2.00% to boost household demand but no guidance issued. |
| BELARUS |
| Jan 8: National Bank enacts series of measures to stabilize Belarus ruble and money markets, including raising repo rate 500 bps to 25.00%, overnight deposit rate raised to 20%, reserve requirement on FX cut to 12.50% and then to 10.00% in February in light of lack of ruble funds. Pegging of Belarus ruble to FX basket resumes. |
| BOTSWANA |
| Feb 18: bank rate cut 100 bps to 6.5% as economic outlook and inflation provides scope for easing |
| BRAZIL |
| Jan 21: Selic rate raised 50 bps to 12.25% in unanimous decision, no bias |
| Mar 4: Selic rate raised 50 bps to 12.75% in unanimous decision, no bias |
| Apr 29: Selic rate raised 50 bps to 13.25% in unanimous decision, no bias |
| BULGARIA |
| Dec 30, 2014: January base rate cut by 1 bps to 0.01% |
| CANADA |
| Jan. 21: benchmark target for overnight rates cut 25 bps to 0.75% in response to sharp drop in oil prices that will be negative for growth and inflation |
| CAPE VERDE |
| Feb 13: policy rate cut 25 bps to 3.50%, reserve requirement cut 300 bps to 15.0% to boost growth and fight “scenario of deflation” |
| CHINA |
| Feb 4: reserve requirement for big banks cut 50 bps to 19.50% to free up up to 600 billion yuan held as bank reserves |
| Feb 28: benchmark 1-year lending rate cut 25 bps to 5.35% and 1-year deposit rate cut 25 bps to 2.50% to counter dampening impact on economy from rise in real interest rates from falling inflation |
| Apr 19: reserve requirement for big banks cut 100 bps to 18.50% to counter slowdown in industrial output and retail sales |
| May 10: benchmark 1-year lending rate cut 25 bps to 5.10% and 1-year deposit rate cut 25 bps to 2.25% as economy faces “greater downward pressure” while inflation remains low |
| COSTA RICA |
| Feb 2: policy rate cut 50 bps to 4.75% |
| Mar 19: policy rate cut 25 bps to 4.50% |
| Apr 23: policy rate cut 25 bps to 4.00% |
| DENMARK |
| Jan 19: Lending rate cut 15 bps to 0.05%, deposit rate cut 15 bps to -0.20% following purchase of FX in market |
| Jan. 22: Deposit rate cut 15 bps to -0.35% following purchase of FX in market |
| Jan. 29: deposit rate cut 15 bps to -0.50% following purchase of FX in market |
| Jan. 30: Danish government suspends issuance of domestic and foreign bonds to limit FX inflow |
| Feb. 5: deposit rate cut 25 bps to -0.75% following purchase of FX in market. Danmarks Nationalbank says it has necessary instruments to defend fixed exchange rate |
| DOMINICAN REPUBLIC |
| April 30: Policy rate cut 50 bps |
| March 30: Policy rate cut 50 bps |
| May 3: monetary policy interest rate cut 50 bps to 5.25% as inflation expected to remain below lower bound |
| EGYPT |
| Jan. 15: deposit rate cut 50 bps to 8.75% in surprise move as upside risks from imported inflation are contained due to lower oil and food prices |
| EURO AREA |
| Jan. 22: Governing council decides to launch expanded asset purchase program in March, with combined monthly purchases of euro-area government and European institutions of 60 billion euros. Programme intended to be carried out until end of September 2016 and until “sustained adjustment in path of inflation.” |
| GEORGIA |
| Feb 11: repo rate raised 50 bps to 4.50%, as predicted by governor, and central bank expects further rate rise to 5.0% by end-2015 |
| May 6: repo rate raised 50 bps to 5.00% and will be raised to 5.50% end-year on risk inflation will exceed target |
| HUNGARY |
| Mar 24: base rate cut 15 bps to 1.95%, “cautious easing” may continue. |
| Apr 21: base rate cut 15 bps to 1.80%, “cautious easing” may continue. |
| INDIA |
| Jan. 14: repo rate cut 25 bps to 7.75% in unscheduled move in response to falling inflation. Further easing based on continuing disinflation |
| Mar 3: repo rate cut 25 bps to 7.50% in another unscheduled move with reserve bank governor describing it as a pre-emptive move in light of softer inflation. Further adjustment to depend on data. |
| INDONESIA |
| Feb 17: BI rate cut 25 bps to 7.50% on confidence that inflation will remain within target corridor |
| IRAN |
| April 18: Annual deposit rate cut 200 bps to 20% on lowered inflation forecast |
| ISRAEL |
| Feb 23: benchmark interest rate cut 15 bps to 0.10% to counter negative impact on economic activity and inflation from recent appreciation of shekel. |
| JAMAICA |
| Apr 16: rate on 30-day certificate of deposit cut by 25 bps to 5.50% as inflation expected to remain low |
| JORDAN |
| Feb 2: discount rate cut 25 bps to 4.00% following rise in foreign reserves and improved inflation outlook |
| KYRGYZSTAN |
| Jan 26: policy rate raised 50 bps to 11.00% to curb inflation pressures from depreciation of som, appropriate measures to be taken to reduce inflation to target |
| MOLDOVA |
| Jan 29: base rate raised 200 bps to 8.50%, reserve requirement raised 200 bps to 16.00% |
| Feb 17: base rate raised 500 bps to 13.50% at extraordinary board meeting in response to leu depreciation |
| Apr 30: reserve requirement raised 200 bps to 20.00% |
| MONGOLIA |
| Jan 16: policy rate raised 100 bps to 13.00% to dampen demand, curb current account deficit and keep inflation low and stable |
| NAMIBIA |
| Feb 18: Repo rate raised 25 bps to 6.25% on continuing concern over high growth in household credit used on “unproductive goods” such as cars and luxury goods |
| PAKISTAN |
| Jan. 24: policy rate cut 100 bps to 8.50% due to improving economy, declining inflation, rising FX reserves and contained fiscal deficit. Inflation forecast revised down |
| Mar 21: policy rate cut 50 bps to 8.00% due to trend of falling inflation |
| PERU |
| Jan. 15: policy rate cut 25 bps to 3.25% on continued weak growth but says this doesn’t imply successive rate cuts |
| Jan. 27: reserve requitement for domestic currency cut 50 bps to 8.50% |
| Feb 26: reserve requirement for domestic currency cut 50 bps to 8.00% |
| Mar 30: reserve requirement for domestic currency cut 50 bps 7.50% |
| Apr 27: reserve requirement for domestic currency cut 50 bps to 7.50% |
| POLAND |
| Mar 4: policy reference rate cut 50 bps to 1.50% in expected move to avoid prolonged period of deflation. Central bank lowers inflation forecasts but says it has now ended its easing cycle. |
| ROMANIA |
| Jan. 7: policy rate cut 25 bps to 2.50%, rate corridor narrowed 25 bps 2.25 pct points as inflation forecast to remain below lower bound of target range |
| Feb. 4: policy rate cut 25 bps to 2.25%, rate corridor narriwed 25 bps to 2.00 pct points as inflation forecast lowered |
| Mar 31: policy rate cut 25 bps to 2.00%, rate corridor narrowed 25 bps to 1.75 pct points as data shows inflation will rise but remain below lower bound of target range |
| May 6: policy rate cut 25 bps to 1.75%, rate corridor narrowed 25 bps to 1.50 pct points, reserve requirement on leu cut 200 bps to 8.00% after inflation forecast cut |
| RUSSIA |
| Jan 30: key rate cut 200 bps to 15.00% to avert “sizable decline in economic activity” |
| Mar 13: policy rate cut 100 bps to 14.00% and central bank says ready to continue ctting as inflation risks abate |
| Apr 30: key rate cut 150 bps to 12.50% and central bank says ready to cut further as inflationary risks continue to weaken |
| SERBIA |
| Mar 12: policy rate cut by 50 bps to 7.50%, further changes depend on how commodity prices and international risks affect inflation |
| Apr 9: key policy rate cut 50 bps to 7.00% to curb disinflationary pressures from low demand |
| SIERRA LEONE |
| Mar 23: monetary policy rate cut 50 bps to 9.50% to stimulate growth to promote growth against twin shocks of Ebola and fall in commodity prices, particularly iron iron |
| SINGAPORE |
| Jan. 28: Slope of Singapore dollar’s appreciation band reduced in an unschedule move due to a lower inflation forecast. |
| SOUTH KOREA |
| Mar 11: base rate cut 25 bps to 1.75%, a surprise to most analysts, as economic growth and inflation will be below forecasts |
| SRI LANKA |
| Apr 15: main policy rates cut by 50 bps in surprise move, relaxed monetary policy stance will be pursued in coming months to boot growth while inflation remains in single digits |
| SWEDEN |
| Feb 12: repo rate cut 10 bps to -0.10%, starts quantitative easing by buying 10 bln Swedish crowsn of 1-5 yr gov. bonds to ensure inflation returns to target. Central bank says prepared to make policy more expansive |
| Mar 18: repo rate cut 15 bps to -0.25%, raises target for purchasing government bonds to 30 billion crowns in unscheduled move to ensure rise in crown doesn’t reverse trend of rising inflation |
| Apr 29: repo rate maintained at -0.25% but target for purchasing government bonds raised by 40-50 billion crowns to 80-90 billion to ensure deflation doesn’t return and consumer prices continue to rise. Riksbank said prepared to make policy even more expansionary if necessary |
| SWITZERLAND |
| Jan 15: Upper limit on Swiss franc exchange rate against euro of 1.20 abolished and 3-month Libor rate cut 50 bps to minus 0.75% in surprise move that shocks financial markets |
| THAILAND |
| Mar 11: policy rate cut 25 bps to 1.75% to support economic recovery and shore up confidence. Decision comes as a surprise to most economists as bank’s MPC votes 4-3 to cut |
| Apr 29: policy rate cut 25 bps to 1.50% to support economic recovery and anchor inflation expectations |
| TRINIDAD & TOBAGO |
| Jan 30: repo rate raised 25 bps to 3.50% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates |
| Mar 27: repo rate raised 25 bps to 3.75% due to the potential for higher inflation, positive growth outlook and expected rise in U.S. rates |
| TURKEY |
| Jan. 20: one-week repo rate cut 50 bps to 7.75% in response to lower inflation, future decisions conditional on improved inflation outlook |
| Feb 24: one-week repo rate cut 25 bps to 7.50%, with future decisions depending on inflation outlook |
| UGANDA |
| Apr 8: central bank rate raised by 100 bps to 12.00% to forestall rise in core inflation over bank’s target |
| UKRAINE |
| Feb 5: discount rate raised 550 bps to 19.50% to defend hryvnia and curb inflation. Daily auctions for FX scrapped |
| Mar 3: discount rate raised 1050 bps to 30.00% to defend hryvnia exchange rate, reduce money market tensions and curb inflation |
| UZBEKISTAN |
| Jan. 5: repo rate cut 100 bps to 9.00% to boost growth |