Interest rate cuts by emerging market central banks outstripped rate hikes for a...
LONDON - Interest rate cuts by emerging market central banks outstripped rate hikes for a fourth straight month in May, taking their cue from the dovish turn of major central banks as fears over the health of the global economy and trade tensions take their toll.
The fourth month of net rate cuts follows a tightening cycle that ended in early 2019 during which interest rate hikes by emerging market central banks outstripped or matched cuts for nine straight months to battle the fallout from a strong dollar, rising inflation and softer currencies.Below is a list of recent emerging market central bank monetary policy changes:
JAMAICA - Jamaica's central bank cut its interest rate by 50 basis points to 0.75% on May 19 - the third cut since the start of the year.THE PHILIPPINES - The central bank cut its benchmark interest rate on May 9 by 25 basis points to 4.50%, on expectations inflation will ease after the economy grew at its slowest pace in four years in the first quarter.
AZERBAIJAN - The central bank cut its refinancing rate by 25 basis points to 8.75% on April 26, citing an improved macroeconomic situation and higher global oil prices. INDIA - The central bank cut the interest rate as expected by 25 basis points on April 4, a move to lift the economy a week before voting began in a marathon election that will decide whether Prime Minister Narendra Modi gets a second term. Inflation remains subdued, though falling farm incomes and record high unemployment have seen economic growth slide to 6.6% in December - its slowest in five quarters.
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