The Central Reserve Bank of Peru raised its reference rate by 25 basis points to 4.50% for November 2026 amid supply shocks, elevated inflation expectations and robust domestic demand, with annual headline inflation reaching 5.3% in October. The bank stressed that the increase does not necessarily mark the start of successive rate rises.
The National Bank of Romania held its policy rate at 6.50%, lending and deposit facility rates at 7.50% and 5.50%, respectively, and reserve requirement ratios unchanged. Annual inflation rose to 6.94% in October 2026 and is projected to increase slightly further before gradually declining and returning to the target band in the first quarter of 2028.
The National Bank of Serbia raised its key policy rate by 25 basis points to 6% to curb second-round effects from the energy shock, alongside increases in deposit and lending facility rates to 4.75% and 7.25%, respectively. It expects inflation to exceed the upper bound of its 3±1.5% target band in 2027 before returning within the band by year-end.
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.
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Disclaimer: Summaries are created using generative AI and may contain inaccuracies. Please refer to the original source for authoritative information.
The National Bank of Georgia reported that Governor Natia Turnava participated in an IMF–World Bank Spring Meetings roundtable on managing macroeconomic and financial stability risks during regional conflict. She noted that from early 2025 the National Bank of Georgia has adopted a risk management approach to monetary policy, using alternative risk scenarios alongside the central projection to guide decisions, and underscored the importance of prudent policy, strong fundamentals, systematic risk assessment and transparent communication amid elevated uncertainty and supply-side inflation shocks.
The National Bank of Georgia detailed its management of macroeconomic and financial stability risks amid regional conflict and global uncertainty, highlighting a formal shift in its monetary policy process to a risk-management approach. Policy decisions now incorporate risk-scenario analysis alongside the central outlook, supported by systematic risk assessment and transparent communication on how policy would respond to different potential developments.
At an IMF–World Bank Spring Meetings panel, Reserve Bank of Australia Assistant Governor (Economic) Sarah Hunter said more frequent, persistent supply shocks are complicating inflation-targeting and require broader policy toolkits and more nuanced communication. She stressed the central role of inflation expectations and institutional credibility in managing supply shocks and limiting labour-market costs, and highlighted the RBA’s increased use of scenario analysis and wider external engagement to refine its framework in a more shock-prone environment.
The Reserve Bank of Australia published an abridged transcript of Deputy Governor Andrew Hauser’s remarks on how central banks should conduct monetary policy amid more frequent supply shocks and rising geopolitical and economic fragmentation. He outlined a framework centred on diagnosing shocks, using flexibility within inflation targeting while preserving expectations, and clearly communicating monetary policy limits, while stressing challenges in distinguishing supply from demand shocks and the need to focus on medium-term inflation. Hauser also assessed financial stability risks, noting Australia’s resilience but warning that fragmentation and non-bank financial institutions can generate abrupt systemic stress and undermine cross-border crisis-management cooperation.
The Bank of Spain released a video and slides of Governor José Luis Escrivá’s remarks at the Peterson Institute on strengthening monetary policy decision-making and communication under heightened uncertainty. Escrivá highlighted challenges from non-bank financial intermediation and tokenised payment systems, the need to modernise supervision, and argued that under Knightian uncertainty and fat-tailed risks, scenario analysis with explicit tail events and asymmetries is preferable to modal projections, with distinct approaches for internal analysis and external communication.
The National Bank of Georgia said Governor Natia Turnava and Finance Minister Lasha Khutsishvili met IMF Deputy Managing Director Bo Li to discuss Georgia’s economic indicators, fiscal discipline, price stability and the impact of Middle East tensions on global uncertainty and inflation. The bank underscored its priority of accumulating international reserves, now above the 100% adequacy threshold, and outlined its scenario-based monetary policy framework, which the IMF commended for improving communication and transparency.
Bank of Indonesia reported Governor Perry Warjiyo’s meetings with global investors and academic engagements in the United States alongside the 2026 IMF Spring Meetings, where he highlighted Indonesia’s policy framework for macroeconomic stability and external resilience. Discussions focused on an “optimal” mix of interest rate management, foreign exchange intervention and domestic liquidity measures, supported by the government’s commitment to keep the fiscal deficit below 3% of GDP. The central bank said it will strengthen policy communication with global investors and maintain a consistent, responsive policy mix in coordination with the government and other authorities.
The State Bank of Vietnam and the International Monetary Fund (IMF) discussed macro-financial conditions, policy priorities, and external risks, including geopolitical factors and energy price volatility. The IMF commended Vietnam's growth, inflation control, and monetary policy, while both parties agreed on enhancing forecasting capacity and refining monetary policy plans. The IMF will continue to support Vietnam in developing its policy framework and strengthening operational capacity.
Senior Deputy Governor Carolyn Rogers outlined the Bank of Canada's approach to renewing its monetary policy framework, maintaining the 2% consumer price index inflation target despite a more variable inflation environment. Key considerations include structural forces like global trade volatility, demographic shifts, and AI impacts, alongside lessons from recent inflation surges. The Bank will publish the framework review's conclusions and supporting research later in 2026.
Federal Reserve Board Governor Stephen I. Miran advocated reducing the Federal Reserve’s balance sheet without reverting to a scarce-reserves framework. He highlighted benefits like reducing market distortions and better separating monetary from fiscal policy, suggesting a reduction of USD 1 trillion to USD 2 trillion. Miran noted that balance-sheet reduction could be contractionary and affect the federal funds rate path, with implementation potentially taking several years.
ECB President Christine Lagarde detailed the ECB's strategy to tackle the energy shock from the war in Iran, stressing a flexible policy approach based on the shock's nature rather than fixed rate paths. She noted that while energy shock pass-through is historically rare in the euro area, vigilance is needed due to potential global oil supply disruptions and inflationary pressures. ECB staff have released scenarios showing varying inflation impacts, with the ECB ready to adjust policy as needed based on evolving evidence.
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo highlighted Kosovo's coordinated policy mix for stability in a euroised economy at an international conference. He emphasized a proactive macroprudential framework, targeted fiscal measures, and strong regulation to counter external shocks. The banking sector is stable, well-capitalized, and supported by a European Central Bank liquidity line, with ongoing efforts to enhance crisis preparedness.
The Central Reserve Bank of Peru raised its reference rate by 25 basis points to 4.50% for November 2026 amid supply shocks, elevated inflation expectations and robust domestic demand, with annual headline inflation reaching 5.3% in October. The bank stressed that the increase does not necessarily mark the start of successive rate rises.
The National Bank of Romania held its policy rate at 6.50%, lending and deposit facility rates at 7.50% and 5.50%, respectively, and reserve requirement ratios unchanged. Annual inflation rose to 6.94% in October 2026 and is projected to increase slightly further before gradually declining and returning to the target band in the first quarter of 2028.
The National Bank of Serbia raised its key policy rate by 25 basis points to 6% to curb second-round effects from the energy shock, alongside increases in deposit and lending facility rates to 4.75% and 7.25%, respectively. It expects inflation to exceed the upper bound of its 3±1.5% target band in 2027 before returning within the band by year-end.
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.
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.
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.
The National Bank of Moldova raised its base rate by 200 basis points to 11%, citing intensifying inflationary pressures, robust domestic demand and an upwardly revised inflation outlook. Annual inflation reached 8.6% in September and is expected to return within the 5% target’s ±1.5 percentage point tolerance band in the third quarter of 2027.
The Bank of England’s Monetary Policy Committee raised Bank Rate by 25 basis points to 4% in November 2026 in an eight-to-one vote, citing higher energy prices and stronger-than-expected activity. Consumer price index inflation was projected to reach around 5% in the second quarter of 2027, with the committee warning of increased risks of second-round effects.
Access Regxplora on the go with our new iOS app.
Disclaimer: Summaries are created using generative AI and may contain inaccuracies. Please refer to the original source for authoritative information.
The National Bank of Georgia reported that Governor Natia Turnava participated in an IMF–World Bank Spring Meetings roundtable on managing macroeconomic and financial stability risks during regional conflict. She noted that from early 2025 the National Bank of Georgia has adopted a risk management approach to monetary policy, using alternative risk scenarios alongside the central projection to guide decisions, and underscored the importance of prudent policy, strong fundamentals, systematic risk assessment and transparent communication amid elevated uncertainty and supply-side inflation shocks.
The National Bank of Georgia detailed its management of macroeconomic and financial stability risks amid regional conflict and global uncertainty, highlighting a formal shift in its monetary policy process to a risk-management approach. Policy decisions now incorporate risk-scenario analysis alongside the central outlook, supported by systematic risk assessment and transparent communication on how policy would respond to different potential developments.
At an IMF–World Bank Spring Meetings panel, Reserve Bank of Australia Assistant Governor (Economic) Sarah Hunter said more frequent, persistent supply shocks are complicating inflation-targeting and require broader policy toolkits and more nuanced communication. She stressed the central role of inflation expectations and institutional credibility in managing supply shocks and limiting labour-market costs, and highlighted the RBA’s increased use of scenario analysis and wider external engagement to refine its framework in a more shock-prone environment.
The Reserve Bank of Australia published an abridged transcript of Deputy Governor Andrew Hauser’s remarks on how central banks should conduct monetary policy amid more frequent supply shocks and rising geopolitical and economic fragmentation. He outlined a framework centred on diagnosing shocks, using flexibility within inflation targeting while preserving expectations, and clearly communicating monetary policy limits, while stressing challenges in distinguishing supply from demand shocks and the need to focus on medium-term inflation. Hauser also assessed financial stability risks, noting Australia’s resilience but warning that fragmentation and non-bank financial institutions can generate abrupt systemic stress and undermine cross-border crisis-management cooperation.
The Bank of Spain released a video and slides of Governor José Luis Escrivá’s remarks at the Peterson Institute on strengthening monetary policy decision-making and communication under heightened uncertainty. Escrivá highlighted challenges from non-bank financial intermediation and tokenised payment systems, the need to modernise supervision, and argued that under Knightian uncertainty and fat-tailed risks, scenario analysis with explicit tail events and asymmetries is preferable to modal projections, with distinct approaches for internal analysis and external communication.
The National Bank of Georgia said Governor Natia Turnava and Finance Minister Lasha Khutsishvili met IMF Deputy Managing Director Bo Li to discuss Georgia’s economic indicators, fiscal discipline, price stability and the impact of Middle East tensions on global uncertainty and inflation. The bank underscored its priority of accumulating international reserves, now above the 100% adequacy threshold, and outlined its scenario-based monetary policy framework, which the IMF commended for improving communication and transparency.
Bank of Indonesia reported Governor Perry Warjiyo’s meetings with global investors and academic engagements in the United States alongside the 2026 IMF Spring Meetings, where he highlighted Indonesia’s policy framework for macroeconomic stability and external resilience. Discussions focused on an “optimal” mix of interest rate management, foreign exchange intervention and domestic liquidity measures, supported by the government’s commitment to keep the fiscal deficit below 3% of GDP. The central bank said it will strengthen policy communication with global investors and maintain a consistent, responsive policy mix in coordination with the government and other authorities.
The State Bank of Vietnam and the International Monetary Fund (IMF) discussed macro-financial conditions, policy priorities, and external risks, including geopolitical factors and energy price volatility. The IMF commended Vietnam's growth, inflation control, and monetary policy, while both parties agreed on enhancing forecasting capacity and refining monetary policy plans. The IMF will continue to support Vietnam in developing its policy framework and strengthening operational capacity.
Senior Deputy Governor Carolyn Rogers outlined the Bank of Canada's approach to renewing its monetary policy framework, maintaining the 2% consumer price index inflation target despite a more variable inflation environment. Key considerations include structural forces like global trade volatility, demographic shifts, and AI impacts, alongside lessons from recent inflation surges. The Bank will publish the framework review's conclusions and supporting research later in 2026.
Federal Reserve Board Governor Stephen I. Miran advocated reducing the Federal Reserve’s balance sheet without reverting to a scarce-reserves framework. He highlighted benefits like reducing market distortions and better separating monetary from fiscal policy, suggesting a reduction of USD 1 trillion to USD 2 trillion. Miran noted that balance-sheet reduction could be contractionary and affect the federal funds rate path, with implementation potentially taking several years.
ECB President Christine Lagarde detailed the ECB's strategy to tackle the energy shock from the war in Iran, stressing a flexible policy approach based on the shock's nature rather than fixed rate paths. She noted that while energy shock pass-through is historically rare in the euro area, vigilance is needed due to potential global oil supply disruptions and inflationary pressures. ECB staff have released scenarios showing varying inflation impacts, with the ECB ready to adjust policy as needed based on evolving evidence.
Governor Ahmet Ismaili of the Central Bank of the Republic of Kosovo highlighted Kosovo's coordinated policy mix for stability in a euroised economy at an international conference. He emphasized a proactive macroprudential framework, targeted fiscal measures, and strong regulation to counter external shocks. The banking sector is stable, well-capitalized, and supported by a European Central Bank liquidity line, with ongoing efforts to enhance crisis preparedness.