Central Banks
Monetary policy decisions, interest rate changes, and central bank communications worldwide.
Monetary Authority of Singapore Holds S$NEER Policy Band Unchanged in July 2025
Singapore's MAS held its exchange-rate policy band steady in July 2025, flagging a slowdown in GDP growth in the second half of the year.
Federal Reserve Holds Rate at 4.25–4.50% in July 2025 with Two Dissents Favouring Immediate Cut
The FOMC voted 9–2 to hold the federal funds rate at 4.25–4.50%, with Governors Bowman and Waller dissenting in favour of a 25 basis-point cut.
Bank of Canada Holds Overnight Rate at 2.75% in July 2025 Amid Sustained Tariff Uncertainty
The Bank of Canada kept its policy rate at 2.75%, citing still-high uncertainty over US tariffs, some resilience in the Canadian economy and ongoing pressures on underlying inflation.
Turkey's Central Bank Resumes Rate Cuts, Lowering Policy Rate to 43.00% in July 2025
The Central Bank of the Republic of Turkey cut its policy rate to 43.00% in July 2025, resuming an easing cycle.
ECB Holds Deposit Rate at 2.00% in July 2025, Pausing After Eight Cuts Since June 2024
The European Central Bank kept its deposit facility rate at 2.00% on 24 July 2025, its first pause after seven consecutive reductions and eight cuts since June 2024.
Central Bank of Nigeria Holds Monetary Policy Rate at 27.50% Amid Sustained Disinflation
Nigeria's central bank held its benchmark rate at 27.50% in July 2025, as headline inflation eased for a third consecutive month to 22.22% in June.
Bank Negara Malaysia Cuts Overnight Policy Rate to 2.75% in First Reduction Since July 2020
Bank Negara Malaysia reduced its overnight policy rate by 25 basis points to 2.75% in July 2025, the first cut in five years, in a pre-emptive move against global trade headwinds.
Reserve Bank of Australia Holds Cash Rate at 3.85%, Surprising Markets Expecting a Third Cut
The Reserve Bank of Australia kept its cash rate at 3.85% in July 2025, defying expectations of a third cut in the easing cycle as a 6-3 board majority chose to wait for more information confirming that inflation remains on track.
National Bank of Poland Cuts Reference Rate by 25 Basis Points to 5.00% in July 2025
The NBP cut its reference rate by 25 basis points to 5.00% in July 2025, citing easing inflationary pressures.
Federal Reserve Chair Powell Signals Wait-and-See Stance at ECB Forum in Sintra
Fed Chair Jerome Powell told the ECB Forum in Sintra that the Federal Reserve will wait for greater tariff clarity before acting, offering no timeline for a rate change.
National Bank of Ethiopia Holds Policy Rate at 15.00% at Third MPC Meeting
Ethiopia's central bank kept its National Bank Rate at 15.00% at its third Monetary Policy Committee meeting since adopting a formal rate framework.
Czech National Bank Holds Two-Week Repo Rate at 3.50% in Unanimous Board Decision
The CNB's Bank Board voted unanimously to keep the two-week repo rate at 3.50% in June 2025, following a cut in May.