Low enough? Emerging central banks deliver more rate cuts to push growth

Emerging market policymakers extended the interest rate cut cycle further in November, taking their lead from major central banks and joining in efforts to shore up their economies.

Interest rate moves by central banks across a group of 37 developing economies showed a net 8 cuts last month after a net 9 cuts in October.

November marks the 10th straight month of net cuts - the longest easing cycle for emerging market central banks since 2013.

Below is a list of recent emerging market central bank monetary policy changes:

TAJIKISTAN - The central bank cut its refinancing rate to 12.25% from 13.25% on Dec. 2, saying inflation in the Central Asian nation was likely to remain in line with its forecasts.

KENYA - The central bank cut its benchmark lending rate by 50 basis points to 8.5%, its first reduction in more than a year on Nov. 25, saying tightening fiscal policy had provided room to ease in an effort to coax an economy operating below its potential.

CHINA - China's central bank lowered as widely expected its lending benchmark rate on Nov. 20, to reduce company funding costs and shore up an economy hurt by slowing demand and U.S. trade tariffs.

ZAMBIA - Policy makers raised the country's benchmark lending rate by 125 basis points to 11.5% on Nov. 20, citing rising consumer price inflation and the need to restore macroeconomic stability.

MEXICO - For the third meeting in a row, Mexico's central bank voted on Nov. 14 to cut borrowing costs, lowering its key interest rate by 25 basis points to 7.50% and flagging that the economic growth outlook had likely worsened in recent months.

EGYPT - The central bank cut its key interest rates on Nov. 14 at its third consecutive policy meeting since August, after inflation fell to its lowest in nearly 14 years and central banks continued to ease monetary policy globally. The overnight deposit and lending rates were cut by 100 basis (bps) points to 12.25% and 13.25% respectively.

PERU - The central bank said on Nov. 7 it trimmed its benchmark interest rate to 2.25% from 2.5% previously, its second cut this year.

SERBIA - The central bank cut its benchmark interest rate by 25 basis points to 2.25% on Nov. 6 to bolster growth and lending, as the country's currency remains strong and the inflation rate holds below the target.

BELARUS - The central bank said on Nov. 6 it was cutting its main interest rate to 9.0% from 9.5% with effect from Nov. 20 and that the intensity of inflationary processes had continued to slow down in the third quarter.

THAILAND - Policy makers cut the benchmark interest rate for a second time this year on Nov. 6, stepping up efforts to bolster its economy as exports will likely take a bigger hit from the Sino-U.S. trade war.

COSTA RICA - The central bank cut the key policy rate by 50bps to 3.25% on Oct 30. https://bit.ly/36yNe38

HONG KONG - The Hong Kong Monetary Authority (HKMA) lowered its base rate charged through the overnight discount window by 25 basis points to 2% on Oct. 30, hours after the U.S. Federal Reserve delivered a cut of the same size.

SAUDI ARABIA/ UNITED ARAB EMIRATES / BAHRAIN / KUWAIT - Kuwait's central bank cut its benchmark interest rate on Oct. 30, joining the Federal Reserve-led monetary easing cycle with its Gulf peers for the first time since July. Saudi Arabia, United Arab Emirates and Bahrain, whose currencies are pegged to the U.S. dollar, also cut rates.

BRAZIL - The central bank cut its benchmark interest rate to a new all-time low of 5.00% on Oct. 30 as expected, but signalled that further easing may be less aggressive than it has been in recent months, despite inflation running well below target.

RUSSIA - The central bank carried out its biggest interest rate cut in two years on Oct. 25, trimming the key rate to 6.50% from 7%, and hinted it could slash the rate again in coming months because of slowing inflation.

UKRAINE - Ukraine's central bank on Oct. 24 lowered its main interest rate for the fourth time this year to 15.5% from 16.5%, a steeper than expected cut, saying price pressures were easing more rapidly while economic growth was picking up.

INDONESIA - The central bank stepped up efforts to boost Southeast Asia's largest economy on Oct. 24 by cutting its benchmark interest rate to 5.00% - its fourth cut in as many months, while saying growth in the third quarter may be slower than expected.

CHILE - The central bank slashed its benchmark interest rate on Oct. 23 to 1.75% from 2%, its third major rate cut since June, as protests over economic inequality rocked the South American nation.

GEORGIA - Georgia's central bank raised its key refinancing rate to 8.50% from 7.50% on Oct. 23 amid rising inflation. The central bank had raised the rate twice last month as annual inflation exceeded the 3% target.

SOUTH KOREA - The central bank cut its policy interest rate for the second time in three months on Oct. 16, as expected, to support a slowing economy and address mounting deflationary pressures. The main benchmark rate now stands at 1.25%

UGANDA - The central bank cut its key lending rate by 100 basis points to 9.0% on Oct. 7, saying the reduction would revive economic growth in the eastern African country, a prospective crude oil producer. It is the first time the Bank of Uganda has changed its main rate since October last year.

INDIA - The Reserve Bank of India cut interest rates for a fifth straight meeting on Oct 4, to 5.15%, stepping up efforts to kickstart economic growth languishing at six-year lows.

THE PHILIPPINES - The central bank cut its benchmark interest rate to 4.0% on Sept. 26, its third reduction this year to bolster a slowing economy against the risk of weakening global growth.

PARAGUAY - The central bank cut its policy rate by 25 basis points to 4.00% on Sept. 23. https://www.bcp.gov.py/comunicado-mensual-de-prensa-i15

JORDAN - The central bank said on Sept. 18 it was cutting its benchmark interest rate by 25 basis points to 4.25% in a move to help spur economic growth.

VIETNAM - The central bank said on Sept. 13 it was cutting several interest rates to increase liquidity and support economic growth, which the country hopes will stay near 7% this year.

AZERBAIJAN - The central bank said it had cut its refinancing rate to 8.00% from 8.25% on Sept. 13 and adjusted its rate corridor.

TURKEY - The central bank cut its policy rate by 325 basis points to 16.5% on Sept. 12, delivering its second aggressive policy easing in less than two months as it seeks to boost a recession-hit economy and put last year's currency crisis behind it.

ARMENIA - The central bank cut its key refinancing rate to 5.50% from 5.75% on Sept. 10.

KAZAKHSTAN - Policymakers raised the key interest rate to 9.25% from 9.00% on Sept. 9, citing inflationary pressure from domestic demand boosted by extra spending.

DOMINICAN REPUBLIC - Policymakers cut interest rates by 25 basis points to 4.50% on Aug. 30. https://bit.ly/2lOxRAv

BOTSWANA - The central bank cut the lending rate by 25 basis points to 4.75% on Aug. 29.

JAMAICA - Jamaica's central bank cut its interest rate by 25 basis points to 0.50% on Aug. 28. https://bsmedia.business-standard.comwww.boj.org.jm

MOZAMBIQUE - The central bank cut its benchmark interest rate by 50 basis points on Aug. 14 to 12.75%.

NAMIBIA - Policymakers reduced the lending rate by 25 basis points to 6.5% on Aug. 14.

MAURITIUS - The central bank on Aug. 9 cut the repo rate by 0.15 basis points to 3.35%.

MOLDOVA - The central bank raised its main interest rate to 7.5% from 7% on July 31 to fight rising inflation caused by wage increases and higher food prices.

SOUTH AFRICA - The central bank cut its main lending rate as expected on July 18, but struck a cautious tone that suggested future cuts in borrowing costs were not a foregone conclusion despite benign inflation.

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.

ANGOLA - Angola's central bank cut its benchmark lending rate by 25 basis points to 15.5% on May 24.

MALAYSIA - The central bank on May 7 became the first in Southeast Asia to cut its key interest rate this year, by 25 basis points to 3.0%, moving to support its economy at a time of concern about global growth.

RWANDA - Rwanda's central bank cut its key repo rate by 50 basis points on May 6 to 5.0%.

MALAWI - Malawi's central bank cut its benchmark lending rate by 100 basis points on May 3 to 3.5%.

CZECH REPUBLIC - The Czech National Bank raised interest rates on May 2, using a window of opportunity created by easing economic risks abroad to stem rising domestic inflation by fine-tuning a tightening cycle it had paused at the end of 2018.

NIGERIA - In a surprise move, the central bank cut its benchmark interest rate to 13.5% from 14% on March 26 as part of an attempt to stimulate growth in Africa's biggest economy and signal a "new direction".

TUNISIA - Policymakers in Tunisia raised the key interest rate to 7.75% from 6.75% on Feb. 19 to combat high inflation - the third such hike in the past 12 months.