US$m mn
|
|
- Daniel Smith
- 6 years ago
- Views:
Transcription
1 Jamaica and the Global Financial Crisis
2 Outline Pre-Stand By Jamaica Jamaica Debt Exchange pre-condition to the IMF-SBA Post-Stand By Jamaica Key Issues 2
3 3 PRE-STAND BY JAMAICA
4 Persistent national savings gap / / / / / / / / / US$m mn % Current Account (L.H) Current AC/ GDP (R.H) 4
5 45 40 % Goods & Services Export (% GDP) % Remittances/GDP % FDI (% GDP)
6 Fall in economic activity in the developed world leads to decline in Tourist arrivals J$ ' ,000,000 1,800,000 1,600,000 1,400,000 1,200,000 1,000, , , , , Stopover Cruise and Armed Forces
7 Capital flows decline sharply, resulting in a decline in NIR and sharp depreciation in the exchange rate 100 2, ,000 US$ millions ,500 1, J$ $/$US NIR WASR
8 US: dominant trading partner US$ Millions Canada France Germany Iceland Netherlands Norway Russian United Kingdom United States of America Sum of 2008 Sum of 2009
9 Government sector hit by slower growth in tax revenues in the face of waning demand 300, , , , % o f G D P / / / / / / / / / / 1 0 J $m n % , , / / / / / / / / / /10 Deficit Primary Balance Tax (L.H) Tax/ GDP (R.H)
10 High interest costs reflected high interest rates and high debt. Declining trend in Debt/GDP ratio reversed J $ m n 200, , , , , , , , , , % J$ m n 1,600, ,400, ,200, ,000, , , , , % / / / / / / / / / / / / / / / / / / / /1 0 Interest (L.H) Interest/ Tax Rev (R.H) Total Debt (L.H) Total Debt/ GDP (R.H)
11 Hit to Key Sectors, Mining and Tourism as well as decline in Remittance and credit, results in negative real growth % / / / / / / / / / /10 Real Growth
12 JAMAICA DEBT EXCHANGE Pre-condition to the IMF-SBA 12
13 Objectives Improve maturity profile Reduce Interest Expense by 30% Lower variable rate proportion of debt 13
14 Allocation Rules Exchange shorter dated debt for longer dated debt Fixed rate debt can only be exchanged for fixed rate debt. USD debt can only be exchanged for USD debt 14
15 Debt Post-JDX Domestic Debt Instruments Profile Pre-JDX Post-JDX Simple Average Age of Debt Weighted Average Age of Debt Variable Rate Portion 54% 48% Fixed Rate Portion 34% 38% US$ Portion 12% 11% CPI Indexed 0% 3% Source: Bank of Jamaica 15
16 Challenges Financial Sector Post-JDX Lower interest earning Increasing credit risk (NPL) Appreciation of the Jamaican dollar However, institutions showing resilience Capital adequacy ratios remain sound Remain profitable despite lower earnings No use of Financial Sector Stability Fund 16
17 POST-STAND STAND BY JAMAICA 2 nd Review 17
18 There has been improvement key variables Exports Airport Arrivals US$ millions January February March Emerging US$ millions World Net Remittances Advanced January February March April May June July August September October November December
19 There has been improvement key variables Monthly Infaltion (%) Aug-08 Oct-08 Dec-08 Feb-09 Apr-09 Jun-09 Aug-09 Oct-09 Dec-09 Feb-10 Apr-10 Jun-10 Aug-10 Aug-08 Nov-08 Feb-09 May-09 Aug-09 Nov-09 Feb-10 May Mth Inflation (%) Percent Aug-10 Inflation Interest Rates Per cent Jun-08 Sep-08 Dec-08 Mar-09 Jun-09 Sep-09 Dec-09 Mar-10 Jun day T-Bills 180-day T-Bills Weighted Average Selling Rate Real GDP Growth q1 q2 q3 q4 q1 21-Sep / / $J/$US
20 Jamaica Global Bond EMBI+ Spread have declined since JDX, indicating investor confidence has improved Sep-08 Oct-08 Nov-08 Dec-08 Jan-09 Feb-09 Mar-09 World Apr-09 May-09 Debt Downgrade News Events Lehman Bros. Files for Bankruptcy JA GLOBAL-EMBI SPREAD Jun-09 Jul-09 Emerging Advanced Aug-09 Sep-09 Oct-09 Nov-09 Dec-09 Jan-10 Feb-10 Mar Debt upgrade February 2010 Apr-10 May-10 Jun-10 Jul-10 Aug-10 Sep (1.0) Percentage Points 20
21 All Quantitative Performance Criteria (PC) met Program Monitoring: Quantitative Performance Criteria (PC) under Jamaica's SBA (in J$ billions) Fiscal targets 1. Primary balance of the central administration (floor) Overall balance of public entities (floor) Cumulative net increase in central government direct debt (ceiling) Cumulative net increase in central government guaranteed debt (ceiling) Central government accumulation of domestic expenditure arrears (ceiling) Central government accumulation of tax refund arrears (ceiling) Consolidated government accumulation of external arrears (ceiling) 0.0 Monetary targets 8. Cumulative change in net international reserves (floor) Cummulative change in net domestic assets (ceiling) 31.3 SBA PC 2nd Review Status end Jun-10 21
22 Structural Benchmarks Fiscal Reforms Central Treasury Management System Fiscal Responsibility Framework Public sector rationalization plan Tax incentives Tax and customs administration Divestment of public enterprises
23 Structural Benchmarks Financial Sector Reforms Unlawful Financial Organizations Risk Weighting on forex GOJ bonds Amendments to BOJ Act Capital Requirements for Securities Dealers
24 24 KEY ISSUES
25 But there are risks to the outlook Global economy is expected to continue growing 4.8 percent in 2010 and 4.2 percent in But downside risks have risen sharply Recent turbulence reflecting concerns about fiscal sustainability and policy responses 25
26 Risks to the outlook Given... Limited scope for fiscal stimulus If private demand fails to pick up Could lead to A worsening unemployment situation Feedback on bank balance sheets 26
27 Other risks to the outlook Natural disaster (impact of recent rains) Volatility in commodity (oil) prices Inadequate buy-in Social Tensions 27
28 Stakeholders: Stay the course, build for the long haul Government Improve Tax administration Improve Debt Management operations (middle office) Public sector rationalization Central Treasury Management System Implement Fiscal Responsibility Framework Regulators (BOJ and FSC) Stable exchange rate, Low inflation and cost of credit Contingency planning/crisis preparedness Establish Central Securities Depository to improve market efficiency Effective supervision Adequate capital and liquidity buffers Private Sector Foster productivity growth; increase competitiveness Advocacy (push for reforms) Build confidence 28
29 29 Thank you
Poland 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 informationLAO ECONOMIC MONITOR APRIL 2017
LAO ECONOMIC MONITOR APRIL 2017 May-June 2017 1. Recent Economic Developments and Outlook 2. Health Sector Financing in Lao PDR 1. Recent Economic Developments Contents 1. Key findings 2. Growth and inflation
More informationDoing Business with Jamaica: Strategies to Win in 2015 IADB and ConnectAmericas Webinar. Jamaica s Economic Outlook
Doing Business with Jamaica: Strategies to Win in 2015 IADB and ConnectAmericas Webinar Jamaica s Economic Outlook Jason W. Morris, CFA, JP Vice President, Scotia Investments Jamaica Limited April 08,
More informationZambia s Economic Outlook
Zambia s Economic Outlook F R A N C I S C H I P I M O D I R E C T O R E C O N O M I C S B A N K O F Z A M B I A Z A M B I A I N V E S T M E N T C O N F E R E N C E N O V E M B E R 4, 2 0 1 5 L O N D O
More informationThree-speed recovery. GDP growth. Percent Emerging and developing economies. World
Three-speed recovery GDP growth Percent 1 8 6 4 2-2 -4-6 198 1985 199 1995 2 25 21 215 Source: IMF WEO; Milken Institute. Emerging and developing economies Advanced economies World Output is still below
More informationQuarterly Economic Outlook: Quarter on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War
Foregin Direct Investment (Billion USD) China U.S. Asia World Quarterly Economic Outlook: Quarter 3 2018 on 25 September 2018 Strong Economic Expansions amidst Uncertainty of Trade War Thai Economy: Thai
More informationManaging Global Shocks: The Case of Indonesia
Managing Global Shocks: The Case of Indonesia Dr. Hartadi A. Sarwono Deputy Governor IIF Asian Regional Economic Forum Singapore, March 5, 2009 Outline 2 1. Crisis highlights 2. Macroconomic Condition
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 informationMacroeconomic and Financial Development: Mongolia
Macroeconomic and Financial Development: Mongolia WORKSHOPS ON SUPPORTING ASIA PACIFIC LLDCs AND BHUTAN IN MOBILIZING RESOURCES FOR THE SDGs 14 December 201 Current state of macroeconomic and financial
More informationFinancial results presentation Full year 2013
Financial results presentation Full year 2013 1 Contents Presentation of Speakers 2013 Operating Environment & Banking Industry CAL Bank Performance Highlights Income Statement Balance Sheet Share Price
More informationRegional Economic Outlook
Regional Economic Outlook Caucasus and Central Asia Azim Sadikov International Monetary Fund Resident Representative November 6, 2013 Outline Global Outlook CCA: Recent Developments, Outlook, and Risks
More informationB-GUIDE: Economic Outlook
Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy
More informationCENTRAL BANK OF SEYCHELLES
CENTRAL BANK OF SEYCHELLES MONTHLY REVIEW April 20122 1.0 Key Economic Developments The month of April witnessed further inflationary pressures as prices continued to rise especially following the review
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 informationAPPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS
APPENDIX: A SNAPSHOT OF INDONESIAN ECONOMIC INDICATORS Appendix Figure : Quarterly and annual GDP growth (percent growth) Appendix Figure : Contributions to GDP expenditures (quarter-on-quarter, seasonally
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 informationShanghai Market Turning the Corner
Shanghai Market Turning the Corner C. H. Kwan Senior Fellow, Nomura Institute of Capital Markets Research When the Lehman Shock hit major global stock markets in mid-september 2008, the Shanghai Composite
More informationA Global Economic and Market Outlook
A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05
More informationThe Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 2009
The Global Economic Crisis: Asia and the role of China Elliott School of International Affairs, George Washington University March 31, 29 Anoop Singh Asia and Pacific Department IMF 1 Five key questions
More informationVOLUME 21 - NO. 12 DECEMBER 2011
VOLUME 21 - NO. 12 DECEMBER 2011 CONTENTS Pages Figures 1-6 1 Monetary Aggregates 2 Commercial Banks Assets and Liabilities 2 Commercial Banks Deposits and Loans 2 Interest Rates (Selected) 3 Securities
More informationGlobal Economic Prospects: Navigating strong currents
Global Economic Prospects: Navigating strong currents Andrew Burns World Bank January 18, 2011 http://www.worldbank.org/globaloutlook Main messages Most developing countries have passed with flying colors
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 informationRegional Economic Outlook. May 2015
Regional Economic Outlook Caucasus and Central Asia May 215 Outline Global Environment CCA Outlook, Risks, and Policies 2 Global growth remains moderate and uneven World U.S. Euro Area Emerging markets
More informationGlobal Economic Prospects
Global Economic Prospects Back from the Brink? Andrew Burns World Bank Prospects Group April 12, 212 1 Amid some signs of improvement, global recovery remains fragile First quarter of 212 has been generally
More informationChina Economic Outlook 2013
China Economic Outlook 2 Key Developments in Brief - Mild recovery of GDP growth: +8 8.5% - Construction and consumption as main drivers - Inflationary pressure to increase: +3% - Tight labor market and
More informationSurvey of Businesses Inflation Expectations. December 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Survey of Businesses Inflation Expectations December 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses
More information2016 Economic Outlook for Ireland & Eurozone IFP Launch
2016 Economic Outlook for Ireland & Eurozone IFP Launch December 3 rd 2015 Jim Power Global Background US & UK growing at reasonable pace Euro Zone growing well below potential Emerging markets in some
More informationMongolia Selected Macroeconomic Indicators September 19, 2013
Mongolia Selected Macroeconomic Indicators September 19, 13 For further information, please contact: SSelenge@imf.org Jan-8 May-8 Sep-8 Jan-9 May-9 Sep-9 Jan-1 May-1 Sep-1 May-11 Sep-11 May-1 Sep-1 May-13
More informationVOLUME 21 - NO. 11 NOVEMBER 2011
VOLUME 21 - NO. 11 NOVEMBER 2011 CONTENTS Pages Figures 1-6 1 Monetary Aggregates 2 Commercial Banks Assets and Liabilities 2 Commercial Banks Deposits and Loans 2 Interest Rates (Selected) 3 Securities
More informationThe Korean Economy: Resilience amid Turbulence
The Korean Economy: Resilience amid Turbulence Dr. Il SaKong Special Economic Advisor Adviser to the President Republic of Korea November 17, 17, 2008 November 17, 2008 1. Recent Macroeconomic Developments
More informationGlobal Outlook and Policy Challenges. Olivier Blanchard Economic Counsellor Research Department
Global Outlook and Policy Challenges Olivier Blanchard Economic Counsellor Research Department February, 29 Global Outlook Has Deteriorated, but Modest Turnaround Anticipated with Policy Stimulus 1 WEO
More informationAugust 8, 2006 Authorized for Public Release 148 of 158. Appendix 1: Materials used by Mr. Kos
August 8, 6 Authorized for Public Release 148 of 158 Appendix 1: Materials used by Mr. Kos Class II -- Restricted FR Page 1 of 4 Realized Volatility of MSCI Equity Indices 35 25 15 5 22 August 8, 6 Authorized
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 informationPRELIMINARY IMPACT OF GLOBAL CRISIS IN INDONESIA
PRELIMINARY IMPACT OF GLOBAL CRISIS IN INDONESIA 1 Preliminary Impacts Up to January 2009, some economic indicators still showed strong results while others started to reflect impact at early stage GDP
More informationThe Cyprus Economy: from Recovery to Sustainable Growth. Vincenzo Guzzo Resident Representative in Cyprus
The Economy: from Recovery to Sustainable Growth Vincenzo Guzzo Resident Representative in Growth momentum remains strong 18 : Real GDP ( billion) 1 Deviation from Pre-Crisis Level and Trend (Percent)
More informationKENANGA INVESTMENT CORPORATION LTD
Yield LKR Mn Economic Indicators: LKR/USD 14.54 (.46% WoW) AWPR: 7.15% (1.56% WoW) AWDR: (.17% MoM) ASPI: 7,96 (.14% WoW) S&P SL2: 3,82 (.55% WoW) 1 11.5% 1 1.5% 1 9.5% 9.% 8.5% 7.5% 6.5% Government Securities
More informationFinancial Statements
SCOTIA ASSET MANAGEMENT LIMITED SCOTIA PREMIUM MONEY MARKET FUND SCOTIA PREMIUM FIXED INCOME FUND and SCOTIA PREMIUM GROWTH FUND Financial Statements As at the year ended October 31, 2012 TABLE OF CONTENTS
More informationSeptember 20, 2006 Authorized for Public Release 119 of 132. Appendix 1: Materials used by Mr. Kos
September 2, 26 Authorized for Public Release 119 of 132 Appendix 1: Materials used by Mr. Kos September 2, 26 Authorized for Public Release 12 of 132 Class II Restricted FR 6. 5.75 5.5 5.25 5..75.5.25
More informationChallenges to the single monetary policy and the ECB s response. Benoît Cœuré Member of the Executive Board European Central Bank
Challenges to the single monetary policy and the ECB s response Benoît Cœuré Member of the Executive Board European Central Bank Institut d études politiques, Paris 2 September 212 1 Prime conduit of monetary
More informationSURVEY OF BUSINESSES INFLATION EXPECTATIONS JULY 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
SURVEY OF BUSINESSES INFLATION EXPECTATIONS JULY 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION Jul-15 Nov-15 Jan-16 Mar-16 Jul-16 Nov-16 Jan-17 Jan-18 Annual point to point
More informationIntroduction to the UK Economy
Introduction to the UK Economy What are the key objectives of macroeconomic policy? Price Stability (CPI Inflation of 2%) Growth of Real GDP (National Output) Falling Unemployment / Raising Employment
More informationRussia: Macro Outlook for 2019
October 2018 Russia: Macro Outlook for 2019 Natalia Orlova Head of Alfa Bank Macro Insights +7 495 795 36 77 norlova@alfabank.ru Egypt Saudi Arabia Brazil S. Africa UAE Iraq China Japan US Mexico UK Russia
More informationInternational Monetary Fund Washington, D.C.
2011 International Monetary Fund February 2011 IMF Country Report No. 11/49 September 16, 2010 September 24, September 16, 2010 2010 August 27, 2010 January 29, 2001 Jamaica: Third Review Under the Stand-By
More informationExport Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building
Export Group Meeting on the Contribution and Effective Use of External Resources for Development, in Particular for Productive Capacity Building 22-24 February 21 Debt Sustainability and the Implications
More informationIndonesia Economic Outlook and Policy Challenges
Indonesia Economic Outlook and Policy Challenges Daniel A. Citrin Asia and Pacific Department, IMF April 3, 28 Global Financial Stability Map: risks have risen; conditions have deteriorated October 27
More informationPortuguese Banking System: latest developments. 2 nd quarter 2018
Portuguese Banking System: latest developments 2 nd quarter 218 Lisbon, 218 www.bportugal.pt Prepared with data available up to 26 th September of 218. Macroeconomic indicators and banking system data
More informationNational Monetary Policy Forum. Chris Loewald, Head: Policy Development and Research 10 April 2016 Pretoria
National Monetary Policy Forum Chris Loewald, Head: Policy Development and Research 1 April 1 Pretoria In the April 17 MPR Executive summary & overview of the policy stance Overview of the world economy
More information> Macro Investment Outlook
> Macro Investment Outlook Dr Shane Oliver Head of Investment Strategy and Chief Economist October 214 The challenge for investors how to find better yield and returns as bank deposit rates stay low 9
More informationAll the BRICs dampening world trade in 2015
Aug Weekly Economic Briefing Emerging Markets All the BRICs dampening world trade in World trade in has been hit by an unexpectedly sharp drag from the very largest emerging economies. The weakness in
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 informationCHINA S RESPONSES TO GLOBAL FINANCIAL CRISIS
CHINA S RESPONSES TO GLOBAL FINANCIAL CRISIS Yiping Huang Seminar at the Crawford School of Economics and Government, ANU, March 1, 29 GLOBAL FINANCIAL CRISIS Three unique factors contributed to the current
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 informationCENTRAL BANK OF SEYCHELLES
CENTRAL BANK OF SEYCHE LLES MONTHLY REVIEW May 2013 1.0 Key Economic Developments As observed in recent months, inflationary pressures continued to ease during May 2013. However, the month also experienced
More information2011 Ringgit Bond Market Outlook
211 Ringgit Bond Market Outlook Wan Murezani Wan Mohamad Head Fixed Income Research 211 Investor Briefing 22 March 211 MALAYSIAN RATING CORPORATION BERHAD Clarity and Integrity www.marc.com.my Disclaimer
More information2015 FUZZY DAY CONFERENCE Facts that are Not Facts. The US dollar Safe Haven Myth and the United States Hedge Fund.
2015 FUZZY DAY CONFERENCE Facts that are Not Facts The US dollar Safe Haven Myth and the United States Hedge Fund Alessio de Longis 1 The Role of Currency in Institutional Portfolios, edited by Momtchil
More informationProspects and Challenges for the Global Economy and the MENA Region
Prospects and Challenges for the Global Economy and the MENA Region Ministry of Finance Cairo October 25, 2011 Andreas Bauer Division i i Chief, t International Monetary Fund Key points: The global outlook
More informationMacro outlook March 2019
Macro outlook 219 March 219 Asia: Brace, brace Asia has started to loose some steam of late PMI manufacturing orders (3 mma) 54 53 52 51 5 49 48 47 46 Dec-11 Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16
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 information2017 FIRST QUARTER ECONOMIC REVIEW
2017 FIRST QUARTER ECONOMIC REVIEW MAY 2017 0 P a g e Overview The performance of the economy in the first quarter of 2017 was on a positive trajectory with annual growth projected to be about 3.9 % from
More informationMongolia Selected Macroeconomic Indicators December 18, 2013
Mongolia Selected Macroeconomic Indicators December 18, 213 For further information, please contact: SSelenge@imf.org 2 2 27 28 29 21 211 212 213 212 213 Q1 Q2 Q3 Oct. Nov. First 11 months Total US$-value
More informationMonetary 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 informationMonetary Policy under Fed Normalization and Other Challenges
Javier Guzmán Calafell, Deputy Governor, Banco de México* Santander Latin America Day London, June 28 th, 2018 */ The opinions and views expressed in this document are the sole responsibility of the author
More informationNorth Atlantic Performance Trends
North Atlantic Performance Trends Presented To: ICAO NAT EFFG 30 Paris, France Presented By: David Chin, Thea Graham Prepared By: Tony Choi, Matthew Russell FAA - Air Traffic Organization Date: May 18,
More informationExecutive Board meeting. 14 December 2011
Executive Board meeting December EU measures ECB Key policy rate has been reduced to. percent Measures: Liquidity operation with a maturity of months Reserve requirements reduced from to per cent Reduced
More informationAbenomics: From Stimulus to Sustainable Growth. Jerry Schiff Deputy Director Asia and Pacific Department International Monetary Fund
Abenomics: From Stimulus to Sustainable Growth Jerry Schiff Deputy Director Asia and Pacific Department International Monetary Fund Abenomics: from where to where? What is the right benchmark? Recovery,
More informationGlobal Economic Prospects: Update Global Recovery in Transition
Global Economic Prospects: Update Global Recovery in Transition April 2015 M. Ayhan Kose 1 Global Prospects: Three Questions 1. How have global economic conditions changed since December? Broadly as expected;
More informationThe Exit Lane From the Road to Ruin
The Exit Lane From the Road to Ruin Avery Shenfeld Managing Director, Strategy and Economics March 29 Economics & Strategy US Economy in Sharp Recession 6 q/q % chg, s.a.a.r. Real GDP Forecast 4 2-2 -4-6
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 informationInflation targeting. Governor Svein Gjedrem Gausdal 31 January Mainland GPD and consumer prices Percentage change on previous year
Inflation targeting Governor Svein Gjedrem Gausdal January SG Gausdal.. Mainland GPD and consumer prices Percentage change on previous year Mainland GDP Consumer prices 99 99 99 99 99 99 99 997 998 999
More informationSURVEY OF BUSINESSES INFLATION EXPECTATIONS JULY 2017 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
SURVEY OF BUSINESSES INFLATION EXPECTATIONS JULY 217 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses
More informationCentral Bank of Seychelles MONTHLY REVIEW
Central Bank of Seychelles MONTHLY REVIEW August 214 1. Key Economic Developments The month under review saw a further decline in inflationary pressures, with the year-on-year and 12- month average rates
More informationMongolia Selected Macroeconomic Indicators January 24, 2014
Mongolia Selected Macroeconomic Indicators January 2, 21 For further information, please contact: SSelenge@imf.org 2 2 27 2 29 21 211 212 213 213 Q1 Q2 Q3 Oct. Nov. Dec. Q Total US$-value 1,3 1,97 2,3
More informationKEY ECONOMIC INDICATORS PREFACE
PREFACE This June issue of the Monthly Statistical Bulletin contains updates on the monetary aggregates for May, and other available macroeconomic data. We thank all those who have contributed to the information
More informationKENANGA INVESTMENT CORPORATION LTD
Yield LKR Mn Economic Indicators: LKR/USD 138.78 (1.69% WoW) AWPR: 6.86% (.73% WoW) AWDR: 6.1% (.17% MoM) ASPI: 7,153 (.86% WoW) S&P SL2: 3,914 (1.11% WoW) 12.% 11.5% 11.% 1.5% 1.% 9.5% 9.% 8.5% 7.5% 7.%
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 informationTURKEY: RECENT DEVELOPMENTS January March 2018
TURKEY: RECENT DEVELOPMENTS January March 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationMongolia Monthly Economic Brief
Mongolia Monthly Economic Brief June 21 Mongolia s economic growth in Q1 21, slowed to.% (y/y), down from % in the previous quarter. Investment sharply contracted by 1.% from the same quarter a year ago,
More informationSoutheast Asia s Dynamic Economies. Presented by: Manuel Galatas General Manager, BBVA Asia Madrid, 26 April 2011
Southeast Asia s Dynamic Economies Presented by: Manuel Galatas General Manager, BBVA Asia Madrid, 26 April 211 Outline 1 Overview of ASEAN economies 2 Southeast Asian Economies the ASEAN-5 Political landscape
More informationEurozone Economic Watch. May 2018
Eurozone Economic Watch May 2018 BBVA Research - Eurozone Economic Watch / 2 Eurozone: more moderate growth with higher uncertainty The eurozone GDP growth slowed in more than expected. Beyond temporary
More informationTURKEY: RECENT DEVELOPMENTS January June 2018
TURKEY: RECENT DEVELOPMENTS January June 218 3 81 4 698 961 7 34 7 96 9 66 8 98 1 931 1 6 11 2 11 88 11 19 1 883 1 97 12 48 12 112 Per capita GDP tripled while nominal GDP quadrupled in last 1 years 237
More informationThe Economic & Financial Outlook
The Economic & Financial Outlook James Marple Director & Senior Economist TD Economics May 3, 2018 Global Economies Break Pattern Of Serial Disappointment 4.0 World GDP, Year/Year % Change 3.9 3.8 3.7
More informationSurvey of Businesses Inflation Expectations. August 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Survey of Businesses Inflation Expectations August 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION Jul-15 Nov-15 Jan-16 Mar-16 Jul-16 Nov-16 Jan-17 Apr-17 Aug-17 Dec-17 Jan-18
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: A Key Driver for Long Term Macroeconomic Stability
Monetary Policy: A Key Driver for Long Term Macroeconomic Stability Julio Velarde Governor Central Bank of Peru March 2016 Agenda 1. Peru s growth is based on strong fundamentals 2. Recent economic developments
More informationWorld Bank Thailand Economic Monitor November Press Launch November 4, 2009
World Bank Thailand Economic Monitor November 2009 Press Launch November 4, 2009 overview The Thai economy is rebounding from a rocky first half of 2009, but the medium-term outlook is uncertain. The Thai
More informationRegional Economic Issues in CESEE
Regional Economic Issues in CESEE JVI Lecture, Vienna, February 8, 2017 Bas B. Bakker Senior Regional Resident Representative for Central and Eastern Europe Outlook for CESEE 2 Within CESEE dichotomy:
More informationWeekly Macroeconomic Review
16/10/2012 Weekly Macroeconomic Review Expectations derived from the capital market Our forecast Inflation in the coming months Inflation through September 2013 CPI (average annual rate) Inflation through
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 informationFigure 1. Nepal: Recent Fiscal Developments
Jul/Aug Aug/Sept Sept/Oct Oct/Nov Nov/Dec Dec/Jan Jan/Feb Feb/Mar Mar/Apr Apr/May May/Jun Jun/Jul Figure 1. : Recent Fiscal Developments Strong revenue growth combined with subdued capital spending kept
More informationSovereign Risks and Financial Spillovers
Sovereign Risks and Financial Spillovers International Monetary Fund October 21 Roadmap What is the Outlook for Global Financial Stability? Sovereign Risks and Financial Fragilities Sovereign and Banking
More informationSurvey of Businesses Inflation Expectations. September 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION
Survey of Businesses Inflation Expectations September 2018 RESEARCH SERVICES DEPARTMENT RESEARCH AND ECONOMIC PROGRAMMING DIVISION The Statistical Institute of Jamaica (STATIN) undertakes surveys of businesses
More informationHUD NSP-1 Reporting Apr 2010 Grantee Report - New Mexico State Program
HUD NSP-1 Reporting Apr 2010 Grantee Report - State Program State Program NSP-1 Grant Amount is $19,600,000 $9,355,381 (47.7%) has been committed $4,010,874 (20.5%) has been expended Grant Number HUD Region
More informationInvestor Briefing & Q Performance. April 2016
Investor Briefing & Q1 2016 Performance April 2016 Presentation Outline 1. Macro-economic overview 2. Governance & leadership structure 3. Regional expansion and diversification 4. Digital bank 5. SME
More informationGlobal growth weakening as some risks materialise
OECD INTERIM ECONOMIC OUTLOOK Global growth weakening as some risks materialise 6 March 2019 Laurence Boone OECD Chief Economist http://www.oecd.org/eco/outlook/economic-outlook/ ECOSCOPE blog: oecdecoscope.wordpress.com
More informationINFLATION REPORT May 2010
INFLATION REPORT May 2010 Research Services Department Bank of Jamaica 16 November 2010 CONTENTS A. NOTE: May 2010 i B. APPENDIX: TABLE 1A: Jamaica Headline Inflation Rates 1 TABLE 1B: CPI without Food
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 informationMonthly Economic and Financial Developments April 2006
Release Date: 30 May Monthly Economic and Financial Developments April In an effort to provide the public with more frequent information on its economic surveillance activities, the Central Bank has decided
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 informationKENANGA INVESTMENT CORPORATION LTD
Yield LKR Mn Economic Indicators: LKR/USD 141.19 (.46% WoW) AWPR: 7.4% (.56% WoW) AWDR: (.17% MoM) ASPI: 7,16 (.7% WoW) S&P SL2: 3,841 (1.18% WoW) 1 11.5% 11.% 1.5% 1 9.5% 9.% 8.5% 7.5% 7.% 6.5% Government
More informationEconomic outlook. Address by Central Bank Governor Svein Gjedrem to invited foreign embassy representatives. Norges Bank 18 March 2004
Economic outlook Address by Central Bank Governor Svein Gjedrem to invited foreign embassy representatives Norges Bank 1 March SG Diplomat 1.. Long-term interest rates Per cent 15 1 9 Norway US Germany
More information