Central banks set monetary policy around eight times a year

African central banks reported setting monetary policy less frequently than peers

Central bank policy-makers tend to meet less than once a month to decide on the setting of their main policy tools – at least in more routine times.

The frequency of meetings can change, depending on economic conditions, with unscheduled, emergency meetings often convened at times of stress. For example, as the Covid-19 pandemic worsened in March 2020, the Federal Open Market Committee met five times, unveiling rate cuts, quantitative easing and several other unconventional measures.

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