Emerging market policymakers slashed interest rates in August, taking their lead...
LONDON - Emerging market policymakers slashed interest rates in August, taking their lead from major central banks including the U.S. Federal Reserve and the European Central Bank and joining in efforts to shore up their economies.
The seventh straight month of net rate cuts follows a tightening cycle that ended in early 2019. Then, interest rate hikes by emerging market central banks outstripped or matched cuts for nine straight months as they battled the fallout from a strong dollar, rising inflation and softer currencies.Below is a list of recent emerging market central bank monetary policy changes:JAMAICA - Jamaica’s central bank cut its interest rate by 25 basis points to 0.50% on Aug. 28. http://www.boj.org.
PERU - The central bank cut the benchmark interest rate to 2.5% on Aug. 9 amid growing expectations for an economic slowdown in the world’s No.2 copper producer, but stressed its decision did not necessarily mean the start of an easing cycle. BELARUS - The central bank said on Aug. 7 it was cutting its main interest rate to 9.5% from 10% with effect from Aug. 14 and that the intensity of inflationary processes had slowed in the second quarter.
MOLDOVA - The central bank raised its main interest rate to 7.5% from 7% on July 31 to fight rising inflation caused by wage increases and higher food prices.
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