monetary policy committee – DIGIT INFO

Bank of England Hikes Repo Rate by 75bps — UK’s 30-Year Fixed Mortgage Rate Jumps to 7%

DIGIT — Thu, 03 Nov 2022 17:30:59 +0000

On Nov. 3, 2022, the Bank of England followed the U.S. Federal Reserve by codifying the eighth consecutive benchmark bank rate hike by 75 basis points (bps). The increase brings the United Kingdom’s main lending rate to 3%, after a majority of the Monetary Policy Committee (MPC) members voted in favor of the 75bps increase. […]

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Kenyan Central Bank Raises Key Rate by 75 Basis Points

DIGIT — Sun, 02 Oct 2022 07:00:54 +0000

The monetary policy committee of the Kenyan central bank recently revealed it increased the central bank rate by 75 basis points from 7.5% to 8.25%. Justifying its decision to act, the committee cites growing inflationary pressures and increased global risks, as well as their likely impact on the domestic economy. Growing Inflationary Pressures Following its […]

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Nigerian Central Bank Hikes Key Interest Rate Just Days After Naira Plunges to New Low

DIGIT — Wed, 28 Sep 2022 20:30:05 +0000

Following the latest meeting of the monetary policy committee, the Central Bank of Nigeria says it has hiked the monetary policy rate to 15.5%. By increasing the key interest rate by 150 basis points, the central bank hopes to “narrow the negative real interest rate gap and rein in inflation.” The rate increase came just […]

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Nigerian Lenders Frustrating CBDC’s Adoption — Central Bank Governor

DIGIT — Thu, 21 Jul 2022 08:30:38 +0000

Apathetic Nigerian lenders are frustrating the e-naira’s adoption because they are worried this could deprive them of a key revenue source, Godwin Emefiele, the Central Bank of Nigeria (CBN) governor, has said. Emefiele said the central bank is working on a channel that would enable Nigerians without bank accounts to open e-naira wallets. E-Naira Undercuts […]

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Zimbabwe to Hike Benchmark Rate to 200%, Central Bank Minted Gold Coins to Act as Store of Value

DIGIT — Tue, 28 Jun 2022 08:30:07 +0000

After seeing the country’s inflation rise to 191.6% in June, Zimbabwean monetary authorities said they have resolved to increase the benchmark interest rate to 200% per annum. In addition, the central bank said it will introduce gold coins which will act as an instrument that will “enable investors to store value.” Discouraging Speculative Borrowing Monetary […]

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India’s Monetary Policy Committee Member: Total Crypto Ban Is Difficult to Implement, Crypto Assets Should Be Regulated

DIGIT — Wed, 05 Jan 2022 04:30:47 +0000

A renowned economist who is a member of India’s Monetary Policy Committee says that a total cryptocurrency ban is difficult to implement and “would only increase illegal activities and participation in the darknet.” She believes that crypto assets should be regulated. Monetary Policy Committee Member Says a Complete Crypto Ban Is Difficult to Implement Ashima […]

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Central Bank of Nigeria Governor Decries the Use of Parallel Exchange Rate as Citizens Switch to Crypto

DIGIT — Fri, 04 Dec 2020 03:19:45 +0000

The governor of the Central Bank of Nigeria (CBN) Godwin Emefiele says the embrace of the parallel market exchange rate by some professionals in that country is unfair and unfortunate. The CBN governor says the parallel foreign exchange market only accounts for a share of the market that does not exceed 5%. He also adds […]

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