Monetary Policy Experience of Pakistan. Dr. Muhammad Nadim Hanif Senior Economist State Bank of Pakistan. Monetary Policy Framework in Pakistan
|
|
- Amice Hill
- 5 years ago
- Views:
Transcription
1 Dr. Muhammad Nadim Hanif Senior Economist State Bank of Pakistan Road Map Monetary Policy Framework in Pakistan Objective of Monetary Policy Monetary Policy Regime --- Targets and Instruments Independence of State Bank of Pakistan Monetary Policy Transparency and Communication What Monetary Policy Can Not Do Challenges to Monetary Policy in Pakistan Sharia h compatible Proposals for Monetary Policy ١
2 Monetary Policy Objectives in Pakistan Price Stability and Growth The State Bank of Pakistan Act 1956 Section 9(A) on Functions and Responsibilities of the Central Board of SBP, states: formulate and monitor monetary and credit policy and; in determining the expansion of liquidity, take into account the Federal government s targets for growth and inflation Monetary Policy Regime in Pakistan Monetary Targeting to an eclectic approach M2 was targeted on the basis of an estimated money demand function taking into account annul economic growth and inflation targets for the year. For targeting inflation M2 had been used as intermediate target and M0 had been used as operational target. SBP has been pursuing the goal of price stability without being prejudice to economic growth. Furthermore the operational target has been transformed from reserve money to the overnight money market repo rate effective from January ٢
3 Monetary Policy Regime in Pakistan Monetary Management With open market operations (OMOs) the movement of overnight money market repo rate is restricted within the corridor of SBP s overnight reverse repo rate (the discount rate) and the SBP s overnight repo rate. Now a day this corridor is of 300 bsp. Monetary policy stance is signaled through change(s) in discount rate; and/or cash reserve requirements; and/or statutory liquid ratio; and/or other measures like those pertaining to terms and availability of subsidized credit for export refinance, agriculture production etc. A prudent combination from the instruments of monetary policy helps SBP maintain the desired price and related availability of money and credit in the economy. Central Bank Independence The Central Board of Director of SBP is authorized to formulate and conduct credit policy by taking into account national macroeconomic targets. Recently SBP has formed a 9 member monetary policy committee (MPC) for the purpose of monetary policy related decision making. SBP enjoys complete freedom to prescribe liquidity ratio for banks and to fix their cash reserves. Central Board of the SBP determines and enforces the limit of credit to be extended by the SBP to the Federal and provincial governments and their other agencies for all purposes. Recent MPS has discussed about some proposed amendment(s) in the SBP Act, 1956 to strengthen the autonomy of the central bank by defining explicit limits on government borrowing from SBP which is in the process of going through important stages of legislation. ٣
4 Monetary Policy Communication and Transparency SBP issues Monetary Policy Statement (with information pack) on alternate months to announce its monetary policy stance for the upcoming two months. SBP has also started publishing minutes of MPC meeting including the votes (without mentioning names of the voters) to and against the announced monetary policy stance. Furthermore, a detailed analysis of the trends in prices data is regularly made by SBP in its monthly publication Inflation Monitor in addition to release of annual and quarterly reports on the state of economy, quarterly banking system review, annual financial stability report and speeches of the SBP Governor. What Monetary Policy Can Not Do Monetary policy can help control inflation up to the extent role played by money supply and by keeping stability in exchange rate. Any monetary growth surprise (growth in money supply larger than what it should be as per inflation and real income growth targets) will result in next year s inflation surprise (inflation over and above the target). Fiscal deficit and, and its financing mix, has direct implications for monetary management by central bank and inflation in the country. It falls in the domain of government to keep fiscal deficit in check and use least inflationary distribution of financing the deficit. Furthermore, whenever there are supply shocks they need to be managed with timely and proper response from the government. ۴
5 Table xx: Summary of Selected Macro Indicators for Pakistan Economy (Percent) Period Broad Money growth Inflation Real GDP growth 1950s s s s Stock of Government Borrowing as % of M2 Government Borrowing (Flow) as % of M0 1990s s (6.9) 9.8(6.8) 5.5(1.9) (4.5) 9.1(4.2) 4.3(1.9) (5.9) 7.3(5.9) 5.2(2.2) Standard deviation in the parenthesis Table xx: Liquidity Ratios in Pakistan Statutory Liquidity Requirements (SLR) Cash Reserve Requirements (CRR) w.e.f. Rate (as % of TDL) w.e.f. Rate (as % of TDL) 1-Jul Sep Sep May Jul Jul Aug Oct Aug Dec Dec-92 45* 30-Dec Oct-93 35* 5-Jan May Jul-06 7 % of DL & 3 % of TL # 02-Jan Jan-07 7 % of DL & 3 % of TL # 22-Jun Aug-07 7 % of DL & 0% of TL** 19-May Feb-08 8 % of DL & 0% of TL** 12-Jul May-08 9 % of DL & 0% of TL** 22-Jul Oct-08 8 % of DL & 0% of TL** 24-May Oct-08 6 % of DL & 0% of TL** 18-Oct % of DL & 0% of TL** 01-Nov-08 5 % of DL & 0% of TL** *: Including CRR; #: Term deposits of less than 6 month maturities are defined as DL **: Demand liabilities include all deposits of less than one year tenure, while time liabilities include time deposit with tenor 1-year and above only. ۵
6 Figure 1: 36 months Moving Average of Headline inflation 36 months Moving Average of Headline Infla on Discount rate Jul-48 Jul-50 Jul-52 Jul-54 Jul-56 Jul-58 Jul-60 Jul-62 Jul-64 Jul-66 Jul-68 Jul-70 Jul-72 Jul-74 Jul-76 Jul-78 Jul-80 Jul-82 Jul-84 Jul-86 Jul-88 Jul-90 Jul-92 Jul-94 Jul-96 Jul-98 Jul-00 Jul-02 Jul-04 Jul-06 Jul-08 Jul-10 ۶
7 Challenges to Monetary Policy in Pakistan Government Borrowing Monetary Policy Transmission in presence of informal sector Poor Governance and Procyclicality of Monetary Policy Large Banking Spread Credit Concentration Subsidized Credit ٧
8 Sharia h Compatible Proposals for Monetary Policy Linking Policy Rate for Islamic Banks (IB) with expected Nominal GDP growth rate plus/minus cycle stage premium/discount. Creation of Investment Pool in central bank for IB excess liquidity parking and providing IB LOLR facility at this pool s profit rate plus 300bsp ٨
Monetary Policy in India
Monetary Policy in India Deepak Mohanty Executive Director Reserve Bank of India September 16, 2013 1 I. Objective(s) An Outline II. III. IV. Policy Framework Operating Procedure Outcome V. Conclusion
More informationPresentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya
Presentation to Chief Executive Officers of Commercial and Microfinance Banks Dr. Patrick Njoroge Governor, Central Bank of Kenya August 6, 2015 Outline 1. The Information basis for the MPC meeting 2.
More informationUnderstanding Monetary Policy and Financial Markets
Understanding Monetary Policy and Financial Markets Mahmood ul Hasan Khan Additional Director Economic Policy Review Department State Bank of Pakistan Monetary Policy: Concepts, Framework and Experience
More informationDevelopment of Economy and Financial Markets of Kazakhstan
Development of Economy and Financial Markets of Kazakhstan National Bank of Kazakhstan Macroeconomic development GDP, real growth, % 116 112 18 14 1 113,5 11,7 216,7223,8226,5 19,8 19,8 19,3 19,619,7 199,
More information6.1 Government of Pakistan Treasury Bills
6.1 Government of Pakistan Treasury Bills PERIODS (Million Rupees) 3 Months Treasury Bills 6 Months Treasury Bills Discount Discount Outstanding Discount Issue Allowed Discharged Paid Balance Issue Allowed
More informationMonetary Policy in Pakistan: The Role of Foreign Exchange and Credit Markets
Monetary Policy in Pakistan: The Role of Foreign Exchange and Credit Markets Ehsan Choudhri Distinguished Research Professor Carleton University ehsan.choudhri@carleton.ca and Hamza Ali Malik Director,
More information3rd Bi-Monthly Monetary Policy Review, Kotak Mutual Fund Update as on 9 th August
3rd Bi-Monthly Monetary Policy Review, 2016-17 Kotak Mutual Fund Update as on 9 th August 2016 1 Monetary Measures: Key Rates Measures CRR Unchanged at 4.00% Reverse Repo rate Unchanged at 6.00% (affixed
More informationXML Publisher Balance Sheet Vision Operations (USA) Feb-02
Page:1 Apr-01 May-01 Jun-01 Jul-01 ASSETS Current Assets Cash and Short Term Investments 15,862,304 51,998,607 9,198,226 Accounts Receivable - Net of Allowance 2,560,786
More informationMonetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience
Monetary Policy, Financial Regulation and Procyclicality of the Financial System - The Indian Experience Mohua Roy Monetary Policy Department Reserve Bank of India Outline of the Presentation Monetary
More informationCommercial Banking. Sector Overview
Commercial Banking Sector Overview June 2017 Banking Snapshot Key Figures Deposit Share Dec16 Dec15 Scheduled Banks 34 100% 100% Commercial Banks 30 99.4% 99.6% Domestic Banks 26 98.2% 98.5% Local Private
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: December 20, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident
More informationLeading Economic Indicator Nebraska
Jan 12 Feb 12 Mar 12 Apr 12 May 12 Jun 12 Jul 12 Nebraska Monthly Economic Indicators: February 17, 2012 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric
More informationFigure 1: Change in LEI-N August 2018
Nebraska Monthly Economic Indicators: September 26, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic
More informationFigure 5.1: 6-month Yields Auction cut-off Repo rate percent Sep-03
5 Money Market Third Quarterly Report for FY4 After the reversal of the December 23 upsurge in short-term rates, the market entered a period of relative stability. While it continued to expect a modest
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 Real GDP 450000 425000 400000 375000 350000 325000 300000 275000 250000 225000 200000 REAL GDP (2001
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: January 17, 2014 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Graduate Research
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: June 21, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident
More informationMonetary Policy Information Compendium
Monetary Policy Information Compendium November 26 Consolidated by Statistics & DWH Department STATE BANK OF PAKISTAN Tables and Graphs Real Sector Growth... Saving and Investment Inflation.. 4 External
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: July 24, 2015 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: July 29, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1
More informationInflation in IRAN Overview & Forecast
Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 Inflation in IRAN Overview & Forecast Q4-2015 No4 Research, Planning and Budgeting Division Economic Research Unit Feb. 2016 All
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 DECEMBER 2013 Monetary Policy Statement, December, 2013 1 2 Monetary Policy Statement, December, 2013
More informationCentral Bank of Seychelles
Central Bank of Seychelles Monetary Policy Decision Q3 2017 Media Presentation June 27, 2017 Evolution of Monetary Policy Pre-reform period Prior to the reforms in 2008, Seychelles implemented various
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: June 17, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1
More informationMonetary Policy. Confidence in the kina exchange rate and management of the economy; A foundation for stable fiscal operations of the Government;
Bank of Papua New Guinea PRESENTATION - ON THE MARCH 2012 MONETARY POLICY STATEMENT BY MR. LOI M. BAKANI - GOVERNOR BANK OF PAPUA NEW GUINEA TUESDAY 3 RD APRIL 2012 LAE INTERNATIONAL HOTEL, LAE Monetary
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: August 19, 2016 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Leading Economic Indicator...1
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 Real GDP 450,000 425,000 400,000 375,000 350,000 325,000 300,000 275,000 250,000 225,000 200,000 REAL
More informationMexico s Economic Policy under External Constraints. Manuel Sánchez, Member of the Board
Manuel Sánchez, Member of the Board Adam Smith Seminar, Schloss Spiez, Switzerland, June 27, 2012 Contents 1 Monetary Policy and Capital Inflows 2 Implications of European Uncertainty 3 Economic Developments
More informationFINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016
FINANCIAL MANAGEMENT STRATEGY REPORT ON OUTCOMES FOR THE YEAR ENDED MARCH 31, 2016 Manitoba Finance General Inquiries: Room 109, Legislative Building Winnipeg, Manitoba R3C 0V8 Phone: 204-945-5343 Fax:
More informationDownload Press Briefing Speech - Governor Brian Wynter. Download Quarterly Monetary Policy Report July to September 2017.
Download Quarterly Monetary Policy Report July to September 2017 Download Press Briefing Speech - Governor Brian Wynter QUARTERLY MONETARY POLICY PRESS BRIEFING Jamaica s foreign exchange market has entered
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued pursuant to section 4B of the Central Bank of Kenya Act, Cap 491 REAL GDP (2009 PRICES) KSHS MILLION USABLE FOREIGN EXCHANGE RESERVES (USD MILLION)
More informationSustaining Resilience, Expanding Opportunities for Inclusive Growth
1 Sustaining Resilience, Expanding Opportunities for Inclusive Growth Deputy Governor Diwa C. Guinigundo Bangko Sentral ng Pilipinas Source: Google images 2 PH emerges as growth leader in the ASEAN pack
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 REAL GDP (2001 PRICES) KSHS MILLION FOREIGN EXCHANGE RESERVES (USD MILLION) 450,000 6,000 Real GDP 425,000
More informationTransparency in the U.S. Repo Market
Transparency in the U.S. Repo Market Antoine Martin Federal Reserve Bank of New York October 11, 2013 The views expressed in this presentation are my own and may not represent the views of the Federal
More informationMonetary policy operating procedures: the Peruvian case
Monetary policy operating procedures: the Peruvian case Marylin Choy Chong 1. Background (i) Reforms At the end of 1990 Peru initiated a financial reform process as part of a broad set of structural reforms
More informationSpheria Australian Smaller Companies Fund
29-Jun-18 $ 2.7686 $ 2.7603 $ 2.7520 28-Jun-18 $ 2.7764 $ 2.7681 $ 2.7598 27-Jun-18 $ 2.7804 $ 2.7721 $ 2.7638 26-Jun-18 $ 2.7857 $ 2.7774 $ 2.7690 25-Jun-18 $ 2.7931 $ 2.7848 $ 2.7764 22-Jun-18 $ 2.7771
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: September 20, 2017 Prepared by the UNL College of Business Administration, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident
More informationBANK OF UGANDA STATE OF THE UGANDAN ECONOMY DURING 2008/09. Research Function
BANK OF UGANDA STATE OF THE UGANDAN ECONOMY DURING 2008/09 Research Function Prepared for the meeting of the Board of Directors of the Bank of Uganda 0 Introduction This brief report reviews developments
More informationThe Market Expectations System: An Important Tool for Policy Support and Forecasting
The Market Expectations System: An Important Tool for Policy Support and Forecasting Renato Jansson Rosek October 2013 I. Historical Background II. Main Features of the System III. Reports IV. Use in Policy
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: August 15, 2014 Prepared by the UNL College of Business Administration, Department of Economics Authors: Dr. Eric Thompson, Dr. William Walstad Graduate Research Assistants:
More informationPakistan Export Trends and Structure and Issues of Competitiveness. Dr. Shamshad Akhtar Governor, State Bank of Pakistan
Pakistan Export Trends and Structure and Issues of Competitiveness Dr. Shamshad Akhtar Governor, State Bank of Pakistan Macroeconomic Stability is there to Stay Pakistan compares favorably with peer-group
More informationPoland s Economic Prospects
Poland s Economic Prospects Unicredit Conference Warsaw, June 8, 11 Mark Allen Senior IMF Resident Representative for Central and Eastern Europe Recovery is driven by domestic demand Contributions to Real
More informationRBI's Monetary Policy Q : Review
Amol Agrawal amol@stcipd.com +91-22-66202234 RBI's Monetary Policy Q1 2012-13: Review In First Quarter Review of Monetary Policy 2012-13, RBI kept policy rates unchanged. The policy decision is in line
More informationTERMS OF REFERENCE FOR THE INVESTMENT COMMITTEE
I. PURPOSE The purpose of the Investment Committee (the Committee ) is to recommend to the Board the investment policy, including the asset mix policy and the appropriate benchmark for both ICBC and any
More informationMonetary Policy and Transmission Mechanism in Thailand. by Dr. Atchana Waiquamdee Deputy Governor, Bank of Thailand February 2008
Monetary Policy and Transmission Mechanism in Thailand by Dr. Atchana Waiquamdee Deputy Governor, Bank of Thailand February 2008 Presentation Outline 2 Monetary Transmission Mechanism Interest Rates and
More informationMONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER Governor s Presentation to the Media. 16 th May, 2018
1 MONETARY POLICY COMMITTEE STATEMENT FOR FIRST QUARTER 2018 Governor s Presentation to the Media 16 th May, 2018 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary Policy
More information1. Macroeconomic Highlights
1. Macroeconomic Highlights ht Macroeconomic Highlights Resilient growth over the last 2 years, despite the global economic slowdown Banking industry robust with high level of CAR and low NPLN. In 2008
More informationLeading Economic Indicator Nebraska
Nebraska Monthly Economic Indicators: October 24, 2018 Prepared by the UNL College of Business, Bureau of Business Research Author: Dr. Eric Thompson Leading Economic Indicator...1 Coincident Economic
More informationIGI Life. Funds Performance Report January IGI Life Insurance Limited
IGI Life Funds Performance Report January 2019 IGI Life Insurance Limited July 2015 Macro Review and Outlook: Headline inflation at +7.2% above market consensus CPI Inflation On the domestic macroeconomic
More informationMyanmar Economic Monitor May 2018 Growth Amidst Uncertainty. Hans Anand Beck Lead Economist, Myanmar
Myanmar Economic Monitor May 2018 Growth Amidst Uncertainty Hans Anand Beck Lead Economist, Myanmar May 17, 2018 Key Takeaways The economy performed better in 2017/18 amidst uncertainty. A stronger-than-expected
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 16 th November, 2016
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2016 Governor s Presentation to the Media 16 th November, 2016 INTRODUCTION 2 This presentation is structured as follows: 1. Decision of the Monetary
More informationFIXED INCOME UPDATE AUGUST 17
1 FIXED INCOME UPDATE AUGUST 17 Aug-16 Aug-16 Sep-16 Sep-16 Oct-16 Oct-16 Nov-16 Nov-16 Dec-16 Dec-16 Jan-17 Jan-17 Feb-17 Feb-17 Mar-17 Mar-17 Apr-17 Apr-17 May-17 May-17 Jun-17 Jun-17 Jul-17 Jul-17 Aug-17
More information1.2 The purpose of the Finance Committee is to assist the Board in fulfilling its oversight responsibilities related to:
Category: BOARD PROCESS Title: Terms of Reference for the Finance Committee Reference Number: AB-331 Last Approved: February 22, 2018 Last Reviewed: February 22, 2018 1. PURPOSE 1.1 Primary responsibility
More informationThe Future of Mexican Monetary Policy
The Future of Mexican Monetary Policy Mr. Javier Guzmán Calafell, Deputy Governor, Banco de México* XP Securities Mexico Summit Mexico City, 2 March 2017 */ The views expressed herein are strictly personal.
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 Real GDP 1600 1400 1200 1000 800 600 400 200 0 REAL GDP 2001 PRICES KSHS BILLION FOREIGN EXCHANGE RESERVES
More informationMonetary Policy Theory Monetary Policy Analysis Monetary Policy Implementation. Monetary Policy. Bilgin Bari
Theory Analysis Implementation Theory Analysis Implementation AD-AS analysis is a powerful tool for studying short-run fluctuations in the macroeconomy. We can analyze how aggregate output and inflation
More informationCommercial Banking. Sector Overview
Commercial Banking Sector Overview June 2018 Banking Snapshot Key Figures Deposit Share Dec17 Dec16 Scheduled Banks 34 100% 100% Commercial Banks 30 99.4% 99.4% Domestic Banks 25 98.1% 98.2% Local Private
More informationChallenges of financial globalisation and dollarisation for monetary policy: the case of Peru
Challenges of financial globalisation and dollarisation for monetary policy: the case of Peru Julio Velarde During the last decade, the financial system of Peru has become more integrated with the global
More informationMONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER Governor s Presentation to the Media. 22 nd November, 2017
1 MONETARY POLICY COMMITTEE STATEMENT FOR THIRD QUARTER 2017 Governor s Presentation to the Media 22 nd November, 2017 INTRODUCTION 2 The presentation is structured as follows: 1. Decision of the Monetary
More informationMonetary policy of the ECB, its concepts and tools
Monetary policy of the ECB, its concepts and tools Frankfurt am Main, 20 September 2011 Markus A. Schmidt Directorate Monetary Policy 1 Disclaimer The views expressed are those of the presenter and should
More informationMonetary Policy Statement
CENTRAL BANK OF KENYA Monetary Policy Statement Issued under the Central Bank of Kenya Act, Cap 491 1600 1400 REAL GDP 2001 PRICES KSHS BILLION FOREIGN EXCHANGE RESERVES US $ MILLION 4000 3500 Real GDP
More informationQuarterly Report April June 2017 August 30th, 2017
Quarterly Report April June August th, Outline 1 Monetary Policy and Inflation External Conditions Evolution of the Mexican Economy Forecasts and Final Remarks Quarterly Report April - June 1 Conduction
More informationMonetary Policy Information Compendium
Monetary Policy Information Compendium July 28 Consolidated by Statistics & DWH Department STATE BANK OF PAKISTAN Monetary Policy Information Compendium July 28 Tables and Graphs Real Sector Growth...
More informationGOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO INFORMATION MEMORANDUM
GOVERNMENT OF THE REPUBLIC OF TRINIDAD AND TOBAGO INFORMATION MEMORANDUM TT$3,399.8 MILLION where SERIES 1 : TT$1,399.8 Million 6.60% Fixed Rate Bonds due 2027 and SERIES 2 : TT$1,000.0 Million 6.70% Fixed
More informationIGI Life. Funds Performance Report December IGI Life Insurance Limited
IGI Life Funds Performance Report December 2018 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: CPI for the month of Dec-18 up by 6.16%YoY: CPI Inflation For the month
More informationMarket and Economic Charts. Retail Fund Management Team Investec Asset Management
Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation
More informationPresentation at the CIMC National Development Forum. Update on Current Monetary Conditions and Future Prospects. by Mr. Loi M.
Presentation at the CIMC National Development Forum Update on Current Monetary Conditions and Future Prospects by Mr. Loi M. Bakani Governor ~ 1 st July 2015 Holiday Inn Hotel, Port Moresby Outline of
More informationAsianBondsOnline WEEKLY DEBT HIGHLIGHTS
AsianBondsOnline WEEKLY 9 January 7 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Consumer price inflation in Indonesia eased to.% year-on-year (y-o-y) in December from.6% y-o-y
More informationRussian Federation. Recent Economic Developments and Challenges. October 2015 IMF MOSCOW OFFICE
Russian Federation Recent Economic Developments and Challenges IMF MOSCOW OFFICE October 215 1 Outline Shocks affecting Russia s economy Policy Reaction: Monetary and Fiscal Policy Responses Current economic
More informationAsia Bond Monitor November 2015
1 February 16 asianbondsonline.adb.org Key Developments in Asian Local Currency Markets Bangko Sentral ng Pilipinas (BSP) decided on 11 February to keep unchanged the overnight borrowing rate at.% and
More informationMONTHLY ECONOMIC INDICATORS
MONTHLY ECONOMIC INDICATORS SEPTEMBER 0 Table of Contents 1. INFLATION... 2 2. MONEY, CREDIT AND INTEREST RATES... 6 3. REAL SECTOR INDICATORS... 9 4. BALANCE OF PAYMENTS AND EXTERNAL SECTOR INDICATORS...
More informationThe Mid-Year Review 2017/18
The Mid-Year Review 2017/18 February 2018 a b ISSN 0856-6976 MONETARY POLICY STATEMENT The Mid-Year Review 2017/18 GOVERNOR BANK OF TANZANIA February 2018 c d 6 th February 2018 Hon. Dr. Philip I. Mpango
More informationAnti-crisis State Policy in Russia
1 Anti-crisis State Policy in Russia Vera Kononova Institute for Complex Strategic Studies 1 December 2016 Seminar Outline 1. Anti-crisis Policy Goals The main goals and targets adopted by the Government
More informationAxis Corporate Debt Fund. (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds)
Axis Corporate Debt Fund (An open ended debt scheme predominantly investing in AA+ and above rated corporate bonds) Macro economic indicators are showing signs of stability Indicator Current* Outlook Inflation
More informationCBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
MARCH 17, 2017 Highlights The money market was relatively liquid during the week ending March 15, 2017, largely supported by net redemption of government securities. The average interbank rate declined
More informationReview of Registered Charites Compliance Rates with Annual Reporting Requirements 2016
Review of Registered Charites Compliance Rates with Annual Reporting Requirements 2016 October 2017 The Charities Regulator, in accordance with the provisions of section 14 of the Charities Act 2009, carried
More informationExecutive Summary. July 17, 2015
Executive Summary July 17, 2015 The Revenue Estimating Conference adopted interest rates for use in the state budgeting process. The adopted interest rates take into consideration current benchmark rates
More informationMonetary policy refers to the use of instruments under the control of the central bank to regulate the availability, cost and use of money and credit.
The Changing Dimensions of India s Monetary Policy India s Monetary Policy What is Monetary policy? Monetary policy refers to the use of instruments under the control of the central bank to regulate the
More informationMonetary Policy Implementation and Banking Sector Development in Cambodia
Presentation at Sophia University November 13 th, 2017, Tokyo Monetary Policy Implementation and Banking Sector Development in Cambodia Mr. Duong Sophak, Division Chief and Mr. You Vithyea, Section Chief
More informationRBI's Annual Monetary Policy
Amol Agrawal amol@stcipd.com +91-22-66202234 RBI's Annual Monetary Policy 2012-13 In Annual Monetary Policy 2012-13, RBI surprised markets by easing Repo rate by 50 bps to 8%. The consensus market expectations
More informationMonetary Policy Review Premature end to the easing cycle?
The monetary policy committee (MPC) maintained status quo for the second policy review running, keeping Repo rate at 6.25%, contrary to market expectations of 25bps cut. Consequently, the reverse repo/msf
More informationSURVEY OF PRIMARY DEALERS
SURVEY OF PRIMARY DEALERS This survey is formulated by the Trading Desk at the Federal Reserve Bank of New York to enhance policymakers' understanding of market expectations on a variety of topics related
More informationIGI Life. Funds Performance Report April IGI Life Insurance Limited
IGI Life Funds Performance Report April 2017 IGI Life Insurance Limited FUND MANAGER REPORT July 2015 Macro Review and Outlook: Inflation gains momentum in printing a 4.8%YoY growth CPI Inflation For the
More informationSURVEY OF PRIMARY DEALERS
SURVEY OF PRIMARY DEALERS This survey is formulated by the Trading Desk at the Federal Reserve Bank of New York to enhance policymakers' understanding of market expectations on a variety of topics related
More informationMonetary Policy and Inflation Targeting
MINISTRY OF FINANCE GOVERNMENT OF INDIA Monetary Policy and Inflation Targeting Module 4 Contemporary Themes in India s Economic Development and the Economic Survey. Arvind Subramanian Chief Economic Adviser
More informationKey IRS Interest Rates After PPA
Key IRS Interest After PPA (updated upon release of figures in IRS Notice usually by the end of the first full business week of the month) Below are Tables I, II, and III showing official interest rates
More informationCENTRAL BANK OF OMAN. Mid-Year Review of the Omani Economy 2010
CENTRAL BANK OF OMAN Mid-Year Review of the Omani Economy 2010 December 2010 CENTRAL BANK OF OMAN Mid-Year Review of the Omani Economy 2010 Economic Research and Statistics Department CONTENTS Page Foreword
More informationEffective Investment Policy and Strategies
Agenda for Today Effective Policy and Strategies For Today s Economic Environment Objectives and Goals Decisions Policy Permissible s Strategy Implementation Case Studies 2 Objectives & Goals Making Informed
More informationTurkey s Experience with Macroprudential Policy
Turkey s Experience with Macroprudential Policy Hakan Kara* Central Bank of Turkey Macroprudential Policy: Effectiveness and Implementation Challenges CBRT-IMF-BIS Joint Conference October 26-27, 2015
More informationCBK Weekly Statistical Bulletin of Key Monetary and Financial Indicators
JANUARY 13, 2017 Highlights The money market was relatively tight during the week ending January 11, 2017. The average interbank rate was stable at 7.54 percent in the week ending January 11, 2017 compared
More informationMacroeconomic Risks for Farmer Cooperatives
Macroeconomic Risks for Farmer Cooperatives KFSA Directors & Management Meeting Hutchinson, KS November 21 st, 2011 Brian C. Briggeman Associate Professor and Director of the Arthur Capper Cooperative
More informationRBI s Monetary Policy Q : Expectations
RBI s Monetary Policy Q2 2012-13: Expectations RBI s Monetary Policy for Second Quarter 2012-13 is scheduled to be announced on 30-Oct- 12. The market expectations are once again divided over rate cut
More informationEarnings, Revenues, & Valuation: S&P 500/400/600
Earnings, Revenues, & Valuation: S&P 500/400/600 May 17, Dr. Edward Yardeni 516-972-7683 eyardeni@ Joe Abbott 732-497-5306 jabbott@ Please visit our sites at www. blog. thinking outside the box Table Of
More informationBNM Maintains OPR at 3.25%, Hawkish About Economic Outlook
7 March 2018 ECONOMIC REVIEW March 2018 BNM MPC BNM Maintains OPR at 3.25%, Hawkish About Economic Outlook Overnight Policy Rate maintained at 3.25%. In line with our expectation, overnight policy rate,
More informationHKU announces 2015 Q4 HK Macroeconomic Forecast
Press Release HKU announces 2015 Q4 HK Macroeconomic Forecast October 6, 2015 1 Overview The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University of Hong
More informationRECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO OCTOBER 2003
OCTOBER 23 RECENT EVOLUTION AND OUTLOOK OF THE MEXICAN ECONOMY BANCO DE MÉXICO 2 RECENT DEVELOPMENTS OUTLOOK MEDIUM-TERM CHALLENGES 3 RECENT DEVELOPMENTS In tandem with the global economic cycle, the Mexican
More informationHKU Announced 2014 Q3 HK Macroeconomic Forecast
Press Release July 3, 2014 HKU Announced 2014 Q3 HK Macroeconomic Forecast Hong Kong Economic Outlook The APEC Studies Programme of the Hong Kong Institute of Economics and Business Strategy at the University
More informationThe new liquidity measurement model developed by the Hungarian Central Bank during the financial crisis
The new liquidity measurement model developed by the Júlia Király Deputy Governor 29 November 212 Content Liquidity and measurement prior to the crisis New measures and new data collection during the crisis
More informationFinancial & Business Highlights For the Year Ended June 30, 2017
Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146
More informationMONETARY POLICY STATEMENT
June 2016 a b ISSN 0856-6976 MONETARY POLICY STATEMENT 2016/17 GOVERNOR BANK OF TANZANIA June 2016 c d 7 th June 2016 Hon. Dr. Philip I. Mpango (MP), Minister for Finance and Planning, Dar es Salaam, TANZANIA.
More information