Raised the Reference interest rate by 25 bps to 6%
Raised the Reference interest rate by 25 bps to 6%
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Bank of Mauritius Raises Key Rate by 25 Basis Points to 5.00%
The Bank of Mauritius’s Monetary Policy Committee unanimously raised the Key Rate by 25 basis points to 5.00% per annum, citing risks of inflation becoming entrenched above target despite downside risks to growth. Headline inflation is projected to exceed the 2–5% target range in 2027, while real gross domestic product growth is forecast at 3.0% in 2026.
[ Raise ]
Bank of Uganda Holds Central Bank Rate at 12%
The Bank of Uganda held its Central Bank Rate at 12% for November 2026, judging financial conditions sufficiently tight despite a higher inflation outlook and weakening growth. It widened the rate’s band to ±3 from ±2 percentage points and raised the rediscount and bank rates to 16% and 17%, respectively.
[ Maintain ]
Central Bank of Mexico Cuts Policy Rate by 25 Basis Points to 6.25%
The Central Bank of Mexico’s Governing Board voted by majority for a one-time 25-basis-point cut in its overnight interbank interest rate target to 6.25%, effective November 6, 2026, citing continued disinflation and economic slack. It signalled an extended hold at this level to support inflation convergence to its 3% target, still expected in the fourth quarter of 2027.
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Monetary policy framework & strategy
3 updates in the past 7 daysPeople's Bank of China sets 2025 priorities including possible reserve requirement and rate cuts and new structural tools for technology and consumption
The People's Bank of China (PBOC) outlined its 2025 agenda, maintaining a "moderately loose" monetary policy with potential reserve requirement and interest-rate cuts. The PBOC aims to keep liquidity ample, align financial growth with economic targets, and enhance policy transparency while stabilizing the renminbi exchange rate. Priorities include using structural monetary tools to support technology, green, and inclusive finance, expanding macroprudential functions, and advancing financial market reforms.
European Central Bank sets out case for agile monetary policy and clearer reaction-function guidance amid rising geopolitical uncertainty
ECB President Christine Lagarde, at the "ECB and Its Watchers" conference, emphasized adapting the monetary policy framework to geopolitical volatility while maintaining a 2% inflation target. She highlighted policy agility anchored by clear communication amid unpredictable shocks and potential inflation persistence. Lagarde stressed the limitations of detailed rate-path guidance, advocating for "framework guidance" based on scenario analysis and ECB decision inputs.
Central Bank of the Philippines clarifies gold trading as part of reserve management as gross international reserves rise to USD 106.3 billion
The Central Bank of the Philippines (BSP) detailed its management of the country's gross international reserves (GIR), which rose to USD 106.3 billion, emphasizing their role in supporting the peso's stability and meeting foreign-currency demands. The BSP explained its strategy of holding gold as a hedge against market fluctuations, acknowledging the asset's volatility and costs. Gold transactions maintain an optimal reserve level, with proceeds from sales reinvested into the GIR.
State Bank of Vietnam outlines 2025 monetary priorities with around 16% credit growth guidance and targeted lending packages
The State Bank of Vietnam's 2025 priorities include a 16% credit growth target, managing interest and exchange rates, and controlling inflation at 4.5% to 5%. Key initiatives are a VND 100 trillion fisheries credit package, a VND 120 trillion housing support package, diversifying payment services, and strengthening non-performing loan resolution. The Prime Minister emphasized proactive monetary policy, coordination with fiscal measures, and directed credit to priority sectors, focusing on reducing lending rates and supporting young homebuyers and social housing.
Sweden's Riksbank Deputy Governor Jansson says stronger inflation-target credibility could allow less forceful rate moves
Riksbank Deputy Governor Per Jansson discussed Sweden's inflation-targeting framework, suggesting it could allow slightly larger and longer short-term deviations from the 2% target if credibility is maintained. He emphasized the importance of anchored wage formation, stable price-setting behavior, and supportive fiscal policy. Jansson noted a recent policy rate cut to 2.25% and highlighted the Riksbank's readiness to adjust policy amid uncertainties.
Central Bank of Russia approves updated list of RUONIA panel banks
The Central Bank of Russia has updated the list of RUONIA panel banks in accordance with the selection procedure effective since August 2021. The revised panel will be used for RUONIA calculation and publication on 11 February for the 10 February 2025 rate.
Bank of Indonesia launches Economic Report on Indonesia 2024 setting out 2025 policy direction and Blueprint 2030 priorities
The Bank of Indonesia's Economic Report on Indonesia 2024 outlines 2025 policy directions, emphasizing stability and growth through monetary policy and macroprudential measures. It includes the Money Market and Foreign Exchange Market Development Blueprint 2030 and the Indonesia Payment System Blueprint 2030 to enhance market deepening and digital transformation. Governor Perry Warjiyo highlighted initiatives like the Macroprudential Liquidity Incentive, MSME development, and digitalization of government transactions.
Central Bank of Argentina vice president presents Stage 3 economic programme and conditions for lifting exchange controls
Argentina's Central Bank Vice President, Vladimir Werning, detailed "Stage 3" of the economic programme at the BBVA Latin America Conference, emphasizing internal stability and external flexibility. Priorities include exiting exchange controls, implementing "monetary competition," and maintaining positive real interest rates. The presentation highlighted fiscal, monetary, and exchange rate policies that have shifted inflation dynamics and supported economic growth, with reserves aligning with targets despite fewer IMF disbursements.
Bank of Canada publishes review of pandemic-era exceptional measures and tightens communication expectations for future asset purchases and forward guidance
The Bank of Canada reviewed its COVID-19 pandemic monetary policy actions, highlighting their economic support and lessons for future crises. An independent evaluation by experts was released alongside the review. The Bank's Governing Council emphasized clear communication and exit strategies for future large-scale asset purchases and extraordinary forward guidance, maintaining a high threshold for using such tools.
People's Bank of China sets 2025 agenda with a moderately accommodative stance and scope for reserve requirement and rate cuts
The People's Bank of China outlined its 2025 priorities, focusing on a "moderately accommodative" monetary policy, financial reform, and renminbi internationalisation. Key measures include potential reserve requirement and interest rate cuts, aligning social financing growth with economic objectives, and enhancing macroprudential frameworks. The agenda also emphasizes financial stability, market risk monitoring, and support for technology and consumption.