JAN. 1 2014 (The Conway Bulletin) — Uzbekistan’s Central Bank cut its key interest rate to 10% from 12% to try and combat falling inflation, media reported. Uzbekistan’s interest rate had been 12% since January 2011. Analysts expect official inflation in Uzbekistan to fall in 2014 to around 6% from 7% in 2013.
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(News report from Issue No. 166, published on Jan. 8 2014)
NOV. 12 2013 (The Conway Bulletin) — Armenia’s Central Bank lowered its interest rate to 8% from 8.5% after data showed that inflation had dropped. Annualised inflation dropped to 7.1% in October from 8.2% in September, still well above the Central Bank’s target range between 2.5% and 5.5%.
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(News report from Issue No. 160, published on Nov. 13 2013)
SEPT. 2 2013 (The Conway Bulletin) — Inflation in Armenia continues to rise, bucking the Central Bank’s prediction it would fall after a 0.5% interest rate rise last month, media reported. For the year to the end of August, inflation in Armenia measured 9.3%, up from 8.5% in July. Last month, the Central Bank raised interest rates to 8.5%.
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(News report from Issue No. 151, published on Sept. 11 2013)
JULY 10 2013 (The Conway Bulletin) — Sighting lower-than-expected inflation, the Tajik Central Bank cut its key interest rate to a record low of 6.1%. It had previously cut rates to 6.5% in August 2012. Inflation across Central Asia and the South Caucasus has generally slowed, although the World Bank has said food price rises may reverse this.
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(News report from Issue No. 143, published on July 15 2013)
JUNE 19 2013 (The Conway Bulletin) — Georgia’s Central Bank cut its key interest rate to 4% from 4.25% to try to stem falling consumer prices. This is the fourth interest rate cut by Georgia’s central bank this year. Falling consumer prices in Georgia illustrate the economic problems facing the wider region.
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(News report from Issue No. 140, published on June 24 2013)
MAY 8 2013 (The Conway Bulletin) — Georgia’s Central Bank cut its benchmark interest rate to 4.25% from 4.5%, the third cut this year, because of falling price data, media reported. In January, Georgia’s interest rate had been set at 5.25%. Data shows steady consumer price deflation since then, however, although the government still targets annual inflation of 3%.
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(News report from Issue No. 135, published on May 20 2013)
APRIL 2 2013 (The Conway Bulletin) — Kazakhstan’s Central Bank kept interest rates at a record low of 5.5% due to continued sluggish inflation data. It last cut interest rates in August 2012. The Kazakh economy grew by 5% last year, disappointing policy-makers who want higher growth.
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(News report from Issue No. 130, published on April 5 2013)
AUG. 8 2012 (The Conway Bulletin) – Bucking a trend, Armenia’s Central Bank kept interest rates unchanged at 8% at its latest meeting.
Although the Central Bank said inflation has slowed to the bottom of its anticipated spectrum, it warned that expected grain price rises posed an inflationary risk. Drought in the major grain growing countries has pushed up prices across the world.
The last time Armenia’s Central Bank cut interest rates was September 2011. While neighbouring Central Banks have cut interest rates in tandem with a slowing global economy, Armenia has maintained a steady course.
Kazakhstan has cut its interest rate four times this year to a record low of 5.5%. Neighbouring Georgia cut its interest rate by 0.25% in April, May and June.
Explaining its thinking, the Armenian Central Bank said inflation measured 2.3% for the 12 months to the end of July. This is just below its inflation target but is a significant jump from the month before and, according to the Central Bank, shows inflationary pressure building.
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(News report from Issue No. 100, published on Aug. 10 2012)
AUG. 2 2012 (The Conway Bulletin) – Kazakhstan, Central Asia’s biggest economy, cut its interest rate to 5.5% to try and stimulate growth. Emerging economies around the world have been fighting stalling inflation with interest rate cuts. This was Kazakhstan’s fourth rate cut in 2012. It comes into effect on Aug. 6.
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(News report from Issue No. 099, published on Aug. 3 2012)
JULY 18 2012 (The Conway Bulletin) – After cutting Georgia’s interest rate by 0.25% in each of the past three months, the Georgian Central Bank kept it unchanged at 5.75% in July because deflation had slowed. Compared to the same a year earlier, Georgian consumer prices fell by 0.2% in June and 3.3% in May.
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(News report from Issue No. 097, published on July 20 2012)
