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Interest Rates Report – March 2020

Caproasia Institute | March 2020

Caproasia Institute releases the Interest Rates Report for March 2020.

Data includes 20 central banks, number of meetings in March 2020, central bank rate announcement and changes. Find related reports including key central bank rates, Asia central bank rates, influential central bank rates and interbank rates.



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Interest Rates Report March 2020:

  • Central Bank Rates Changes
  • Top 20 Central Bank Rates
  • Interbank Rates

 

Central Bank Rates in March 2020

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Central Banks Coverage: 20

All 20 Central banks held meetings in March 2020No central bank increased interest rate.  15 central banks decreased interest rate.  5 central banks maintained interest rate.

  • Total number of Central Bank meetings in March 2020: 20
  • Total number of interest rate increase: 0
  • Total number of interest rate decrease: 15
  • Total number of interest rate remain: 5

” 20 central bank meetings, 0 increase, 15 decrease and 5 maintain in March 2020″

 

Rate Decrease in March 2020

S/N Country Central Bank Previous Rate New Rate Change Effective from
1 United States Fed 1.50% – 1.75% 0.00% – 0.25% Decrease 1.50% 15/3/20
2 United Kingdom BOE 0.75% 0.10% Decrease 0.65% 26/3/20
3 India RBI 5.15% 4.40% Decrease 0.75% 27/3/20
4 Brazil BCB 4.25% 3.75% Decrease 0.50% 19/3/20
5 Canada BOC 1.75% 0.25% Decrease 1.50% 27/3/20
6 Australia RBA 0.75% 0.25% Decrease 0.50% 19/3/20
7 New Zealand RBNZ 1.00% 0.25% Decrease 0.75% 16/3/20
8 Korea BOK 1.25% 0.75% Decrease 0.5% 17/3/20
9 Hong Kong SAR HKMA 2.00% 0.86% Decrease 1.14% 16/3/20
10 Taiwan CBC 1.375% 1.125% Decrease 0.25% 19/3/20
11 Indonesia BI 4.75% 4.50% Decrease 0.25% 19/3/20
12 Malaysia BNM 2.75% 2.50% Decrease 0.25% 3/3/20
13 Thailand BOT 1.00% 0.75% Decrease 0.25% 3/3/20
14 Philippines BSP 3.75% 3.25% Decrease 0.5% 20/3/20
15 Vietnam SBV 6.00% 5.00% Decrease 1.00% 17/3/20

Source: Caproasia Institute

 

March 2020 Changes

Of the 20 Central Bank meetings in March 2020, 15 Central Banks decreased interest rate in March 2020.

  • US (Fed) decrease interest rate to 0% – 0.25% range
  • BOE** decrease interest rate to 0.10%
  • India (RBI) decrease interest rate by 0.75% from 5.15% to 4.40%
  • Brazil (BCB) decrease interest rate by 0.55% from 4.25% to 3.75%
  • Canada (BOC) decrease interest rate by 1.50% from 1.75% to 0.25%
  • Australia (RBA) decrease interest rate by 0.50% from 0.75% to 0.25%
  • New Zealand (RBNZ) reduce by interest rate 0.75% from 1% to 0.25%
  • Korea decrease interest rate by 0.50% from 1.25% to 0.75%
  • Hong Kong decrease interest rate by 1.14% from 2.00% to 0.86%
  • Taiwan decrease interest rate by 0.25% from 1.375% to 1.125%
  • Indonesia decrease interest rate by 0.25% from 4.75% to 0.25%
  • Malaysia decrease interest rate by 0.25% from 2.75% to 2.50%
  • Thailand decrease interest rate by 0.25% from 1.00% to 0.25%
  • Philippines decrease interest rate by 0.50% from 3.75% to 3.25%
  • Vietnam decrease interest rate by 1.00% from 6.00% to 5.00%

 

Rate Unchanged in March 2020

S/N Country Central Bank Previous Rate New Rate Change Effective from
1 European Union ECB* 0.00% 0.00% No Change 12/3/20
2 China PBOC 4.05% 4.05% No Change 20/3/20
3 Japan BOJ -0.10% -0.10% No Change 16/3/20
4 Russia CBR 6.00% 6.00% No Change 20/3/20
5 Switzerland SNB -0.75% -0.75% No Change 19/3/20

 

Source: Caproasia Institute

March 2020 Unchanged

Of the 20 Central Bank meetings in March 2020, 5 Central Banks maintained interest rate.

  • ECB* maintain interest rate at 0.00%
  • China (PBOC) maintain interest rate at 4.05%
  • Japan (BOJ) maintain interest rate at -0.10%
  • Russia (CBR) maintain interest rate at 6.00%
  • Switzerland (SNB) maintain interest rate at -0.75%

 


 

Notes

United States Central Bank (Fed) held 2 meetings in March 2020.

  • 3rd of March 2020 – decrease interest rate by 0.5% from 1.50% – 1.75% to 1% – 1.25% range
  • 15th of March 2020 – decrease interest rate by 1% to 0% to 0.25% range

In March 2020, the Fed decrease interest rate by a total of 1.5% from 1.50% – 1.75% range to 0% to 0.25% range.

Bank of England (BOE) held 3 meetings in March 2020.

  • 11th of March 2020 – BOE decrease interest rate by 0.25% from 0.75% to 0.50%.
  • 19th March 2020 – BOE decrease interest rate by 0.40% to 0.10%.
  • 26th March 2020 – BOE maintain interest rate at 0.10%.

In March 2020, BOE decrease interest rate by a total of 0.65% from 0.75% to 0.10%.

Reserve Bank of Australia (RBA) held 2 meetings in March 2020.

  • 3rd March 2020 – RBA reduce interest rate by 0.25% from 0.75% to 0.50%.
  • 19th March 2020 – RBA reduce interest rate by 0.25% from 0.50% to 0.25%.

Bank of Canada (BOC) held 3 meetings in March 2020.

  • 4th March 2020 – BOC decrease interest by 0.50% from 1.75% to 1.25%.
  • 16th March 2020 – BOC decrease interest rate by 0.50% from 1.25% to 0.75%.
  • 27th March 2020 – BOC decrease interest rate by 0.50% from 0.75% to 0.25%.

^ Hong Kong SAR (HKMA) held 2 meetings in March 2020:

  • 4th March – decrease interest rate by 0.5% from 2% to 1.5%
  • 16th March – decrease interest rate by 0.64% from 1.5% to 0.86%

^^ Thailand (BOT) held 2 meetings in March 2020:

  • 23rd March – decrease interest rate by 0.25% from 1% to 0.75%
  • 25th March – maintain interest rate at 0.75%

 

List of 20 Central Bank Rates

S/N Country Central Bank Previous Rate New Rate Change Effective from
1 United States Fed 1.50% – 1.75% 0% – 0.25% Decrease 1.50% 15/3/20
2 European Union ECB* 0.00% 0.00% No Change 12/3/20
3 China PBOC 4.05% 4.05% No Change 20/3/20
4 Japan BOJ -0.10% -0.10% No Change 16/3/20
5 United Kingdom BOE 0.75% 0.10% Decrease 0.65% 26/3/20
6 India RBI 5.15% 4.40% Decrease 0.75% 27/3/20
7 Brazil BCB 4.25% 3.75% Decrease 0.50% 19/3/20
8 Canada BOC 1.75% 0.25% Decrease 1.50% 27/3/20
9 Russia CBR 6.25% 6.00% No Change 20/3/20
10 Australia RBA 0.75% 0.25% Decrease 0.50% 19/3/20
11 New Zealand RBNZ 1.00% 0.25% Decrease 0.75% 16/3/20
12 Switzerland SNB -0.75% -0.75% No Change 19/3/20
13 Korea BOK 1.25% 0.75% No Change 17/3/20
14 Hong Kong SAR HKMA 2.00% 0.86% Decrease 1.14% 16/3/20
15 Taiwan CBC 1.375% 1.125% Decrease 1.14% 19/3/20
16 Indonesia BI 4.75% 4.75% Decrease 0.25% 19/3/20
17 Malaysia BNM 2.75% 2.50% Decrease 0.25% 3/3/20
18 Thailand BOT 1.00% 0.75% Decrease 0.25% 3/3/20
19 Philippines BSP 3.75% 3.25% Decrease 0.50% 20/3/20
20 Vietnam SBV 6.00% 5.00% Decrease 1.00% 17/3/20

 

Source: Caproasia Institute

*ECB – Main refinancing operations: 0%, Marginal lending facility: 0.25%, Deposit facility: – 0.50%

 

3 Month Interbank Rates – March 2020

Currency Interbank Rates Feb March MOM
USD LIBOR 1.4628% 1.4505% -0.0122%
EUR EURIBOR -0.4240% -0.3630% 0.0610%
GBP GBP LIBOR 0.6728% 0.5955% -0.0773%
JPY JPY LIBOR -0.0760% -0.0488% 0.0272%
CHF CHF LIBOR -0.7352% -0.6654% 0.0698%
SGD SIBOR 1.6891% 1.0194% -0.6697%
HKD HIBOR 1.8884% 1.9348% 0.0464%
AED EIBOR 1.8850% 1.7262% -0.1588%

 

Source: Caproasia Institute

Updated: 4th April 2020

 

March 2020 Reports:
February 2020 Reports:

 

List of 20 Central Banks

  1. Fed – Federal Reserve (United States)
  2. ECB – European Central Bank* (European Union)
  3. PBOC – People’s Bank of China (China)
  4. BOJ – Bank of Japan (Japan)
  5. BOE – Bank of England (United Kingdom**)
  6. RBI – Reserve Bank of India (India)
  7. BCB – Banco Central do Brasil (Brazil)
  8. BOC – Bank of Canada (Canada)
  9. CBR – Central Bank of Russia (Russia)
  10. RBA – Reserve Bank of Australia^ (Australia)
  11. RBNZ – Reserve Bank of New Zealand
  12. SNB – Swiss National Bank
  13. BOK – Bank of Korea
  14. HKMA – Hong Kong Monetary Authority
  15. CBC – Central Bank of China, Taiwan
  16. BI – Bank Indonesia
  17. BNM – Bank Negara Malaysia
  18. BOT – Bank of Thailand
  19. BSP – Bangko Sentral ng Pilipinas
  20. SBV- State Bank of Vietnam

Data Source: Caproasia Institute

Notes

* The European Central Bank represents 19 European nations using Euro (€) as official currency.  The 19 nations are Germany, Spain, France, Italy, Netherlands, Belgium, Estonia, Ireland, Greece, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Austria, Portugal, Slovenia, Slovakia and Finland.  The European Union GDP and Population includes only the 19 European nations that are members of European Central Bank.

European Union (EU) comprises of 28 nations.  The 28 nations are Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom.

On 29th March 2017, the UK notified the European Council of its intention to leave the EU by triggering of Article 50 of the Lisbon Treaty.  The United Kingdom currently remains a full member of the EU.

** United Kingdom comprises of 4 countries: England, Scotland, Wales and Northern Ireland.



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