By Karin Strohecker and Ritvik Carvalho
LONDON, Dec 9 (Reuters) - Emerging-market central banks
cautiously revisited interest rate cuts last month following a
hiatus in October, resuming an easing cycle that started in 2019
and had exceeded the cuts during the 2008 financial crisis and
the 2010 euro crisis.
Central banks across a group of 37 developing economies
delivered two net interest rate cuts in November after standing
pat in October. A net four cuts in September had marked the 20th
straight month of interest rate cuts, Reuters calculations
showed.
Policy makers in Indonesia and the Philippines both
unexpectedly reduced interest rates in November in a bid to
reignite their economies, still reeling from the economic
fallout of the coronavirus pandemic. Turkey's central bank ramped up its key interest rate by 475
basis points to 15% last month to shore up its battered currency
and fend off inflation pressures.
At the peak of the last easing cycle in March, 27 of the 37
central banks cut interest rates, trying to protect their
economies as the fallout from the coronavirus pandemic rippled
through markets around the world.
For an interactive version of the graphic, click here https://tmsnrt.rs/3jSycdO.
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EM central banks pause rate cutting cycle https://tmsnrt.rs/329LkoX
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