Interest rate moves by central banks across a group of 37 developing economies showed a net fourteen rate cuts last month - the largest number since policy makers ramped up measures to kickstart economic growth in the wake of the financial crisis.
EGYPT - Egypt's central bank cut the overnight deposit rate by 150 basis points to 14.25% on Aug. 22, its first cut since February, after July inflation figures came in significantly below expectations. MOZAMBIQUE - The central bank cut its benchmark interest rate by 50 basis points on Aug. 14 to 12.75%.MAURITIUS - The central bank on Aug. 9 cut the repo rate by 0.15 basis points to 3.35%. [nS8N24B004]
INDIA - The Reserve Bank of India lowered its benchmark interest rates for a fourth straight meeting on Aug. 7 with a slightly bigger than expected cut, underscoring its worries about India's near-five year low pace of economic growth. HONG KONG - The Hong Kong Monetary Authority cut its base rate charged through the overnight discount window by 25 basis points to 2.5% on Aug. 1, its first cut since late 2008, in line with the U.S. Federal Reserve's move. Hong Kong's monetary policy moves in lock-step with the Fed as its dollar is pegged at a tight range of 7.75-7.85 per dollar.
TURKEY - The central bank slashed its key interest rate by a bigger-than-expected 425 basis points to 19.75% on July 25 to spur a recession-hit economy, its first step away from the emergency stance adopted during last year's currency crisis. PAKISTAN - Policymakers hiked the main interest rate by 100 basis points on July 16 to 13.25%, citing increased inflationary pressures and a likely near-term rise in prices from higher utility costs.
SRI LANKA - The central bank cut its key interest rates by 50 basis points on May 31, as widely expected, to support its faltering economy as overall business and consumer confidence slumped following deadly bomb attacks.KYRGYZSTAN - Policymakers in the Central Asian nation cut the benchmark rate to 4.25% from 4.50% on May 28, citing slowing inflation.ZAMBIA - The central bank in Lusaka raised the benchmark lending rate to 10.25% from 9.