Rates round-up: South Africa, Philippines and Egypt hike
Emerging markets tighten policy amid unrelenting inflation
South Africa: The South African Reserve Bank voted on May 19 to raise the benchmark interest rate 50 basis points, to 4.75%. Four members of the five-member monetary policy committee (MPC) voted for the hike, while the fifth favoured a 25bp increase.
The decision marks the fourth time the central bank has increased rates since November, and the largest hike since January 2016. Each of the previous three increases was of 25 basis points.
The MPC cited high inflation, a weakening rand and “risks
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More on Monetary policy decisions
Bank of Canada holds rates for sixth consecutive time
Central bank optimistic that rate cuts are ahead and inflation will gradually fall
RBNZ holds rates as economy enters recession
Policy-makers keep policy restrictive to tame inflation despite economic downturn
Philippine central bank holds rate
Central bank stays put after headline inflation rises for two consecutive months
Central Bank of Brazil cuts rate by 50bp
Copom says it expects to do the same at its next meeting in May
Bank of Korea holds rates amid property market concerns
Governor Rhee Chang-yong warns cutting rates too soon could reignite inflation
Caucasus central banks cut rates as inflation falls
Armenia, Azerbaijan and Georgia continue gradual easing, with Armenian inflation at -0.5%
Chile cuts rates for fourth consecutive meeting
Board forecasts inflation will return to 3% target in 2024
Colombian central bank begins cutting rates
Board splits over decision, as inflation remains above 10% while economy slows
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