Interest rates
Draghi says no backstop after OMTs; praises Spanish progress
ECB president Mario Draghi discusses OMTs, and the success of reforms in Spain and Portugal as ECB holds rates at 0.75%
Reserve Bank of Australia unexpectedly cuts rates
Board of Australian central bank lowers benchmark interest rate following weaker growth outlook as inflation falls further below target rate
Emerging markets in the dark over credit inflows, says Chilean governor
Rodrigo Vergara says the standard inflation-targeting framework may be unable to mitigate credit inflows; says there is uncertainty over alternatives
Kenyan report reveals battle to reduce inflation
Financial stability report released by the Central Bank of Kenya paints negative picture of growth; details monetary policy’s dramatic reaction to high inflation
Nigeria builds buffers to brace against uncertainty
Bank of Nigeria minutes show commitment to increase external reserves buffer; inflation expected to be lower than forecast
BoJ’s Yamaguchi fears asset purchase backlash
Bank of Japan deputy governor says asset purchases may be misinterpreted as fiscal monetisation; could impact market’s confidence and interest rate levels
BoE minutes reveal unanimous decisions
Minutes show members of the BoE Monetary Policy Committee in agreement over QE and interest rate; says weak demand and high inflation were key considerations in decision
Fed paper examines Chinese response to rate shocks
Federal Reserve study explores the response of the People’s Bank of China to foreign interest rate shocks; says liberalisation of foreign currency policies could reduce central bank’s costs
Australia’s Debelle discusses effect of rate cuts
Assistant governor explains Australian banks’ increased funding costs; says the cash rate has been effective in adjusting lending rates
Colombian governor warns of low-rate risks
José Darío Uribe says low interest rates pose medium-term risks to emerging markets; advises that unsustainable credit growth should be hedged
UK MPC member discusses QE exit strategy
David Miles says BoE will increase interest rates before selling government bonds; strategy will provide margin for error when monetary policy is tightened
BoE keeps monetary policy steady
Bank of England holds interest rate and leaves QE programme at previous level; asset purchases expected to be complete in two months’ time
Central Bank of Iceland minutes show rate-hold hesitancy
Minutes of the monetary policy committee’s August meeting detail dispute over interest rate; members discuss impact of currency depreciation
Italian paper studies impact of euro break-up fears
Bank of Italy working paper investigates interest rate movements away from macroeconomic fundamentals; suggests euro break-up fears may be an influence
Kenya central bank slashes rates as others hold ahead of ECB decision
Positive developments in economy lead Kenyan central bank to make large rate cut as central banks in Australia, Canada, Israel, Thailand and Poland all keep rates on hold ahead of ECB decision
Fed paper evaluates asset purchase programmes
A Federal Reserve working paper says the central bank’s asset purchase programmes have lowered Treasury yields; uses market expectations to help judge impact
Central Bank of Myanmar embraces radical overhaul
Central bank close to securing operational independence and staffing needed to manage monetary policy and foreign exchange; aggressive banking, payments and capital markets reform on its agenda
Central Bank of Chile minutes reveal rate consensus
Minutes of the August monetary policy meeting show unanimity behind decision to leave interest rate unchanged; members discuss keeping the rate level for 'some time'
RBA holds rate as global growth softens
Stable inflation, close to target domestic growth and 'subdued' international economic picture lead Reserve Bank of Australia board to leave benchmark rate at 3.5%
Central Bank of Brazil cuts rates as uncertainty persists
Monetary policy committee votes unanimously for 50-basis-point rate cut; further reductions remain a possibility
BIS research analyses unconventional policies
Bank for International Settlements study examines unconventional policies employed during recession periods; compares the effects with other monetary tools
National Bank of Hungary cuts rates despite high inflation
Central bank cuts policy rate amid worsening growth figures and weak outlook; however, inflation expected to remain above 3% target “over a sustained period”
IMF paper studies impact of US interest rates on sub-Saharan Africa
Working paper assesses degree to which exchange rates in sub-Saharan Africa respond to changes in US interest rates; finds movements depend on openness of capital account
RBI minutes show disagreement over policy direction
Minutes of the Reserve Bank of India’s July meeting reveal divergent views on monetary policy; however members agree government is best placed to address weak growth and high inflation