Adopting a new monetary policy framework by shifting from
monetary targeting to interest rate targeting and introducing an
interest rate corridor considering the interbank call money rate as
the operating target of monetary policy.
2. Taking the decision to increase the policy rates, i.e., repo rate
by 50 bps, the reverse repo rate by 25 bps, the special repo
adjusted downward to 8.50 percent.
3. Removing the lending rate cap and replacing it with a
competitive and market-based reference rate along with a margin
4. Moving towards a market-driven unified and single exchange
rate regime to ensure stability in the foreign exchange market,
improve the BoP conditions, and protect FX reserves.
Adopting a new monetary policy framework by shifting from
monetary targeting to interest rate targeting and introducing an
interest rate corridor considering the interbank call money rate as
the operating target of monetary policy.
2. Taking the decision to increase the policy rates, i.e., repo rate
by 50 bps, the reverse repo rate by 25 bps, the special repo
adjusted downward to 8.50 percent.
3. Removing the lending rate cap and replacing it with a
competitive and market-based reference rate along with a margin
4. Moving towards a market-driven unified and single exchange
rate regime to ensure stability in the foreign exchange market,
improve the BoP conditions, and protect FX reserves.
Adopting a new monetary policy framework by shifting from
monetary targeting to interest rate targeting and introducing an
interest rate corridor considering the interbank call money rate as
the operating target of monetary policy.
2. Taking the decision to increase the policy rates, i.e., repo rate
by 50 bps, the reverse repo rate by 25 bps, the special repo
adjusted downward to 8.50 percent.
3. Removing the lending rate cap and replacing it with a
competitive and market-based reference rate along with a margin
4. Moving towards a market-driven unified and single exchange
rate regime to ensure stability in the foreign exchange market,
improve the BoP conditions, and protect FX reserves.
Adopting a new monetary policy framework by shifting from
monetary targeting to interest rate targeting and introducing an
interest rate corridor considering the interbank call money rate as
the operating target of monetary policy.
2. Taking the decision to increase the policy rates, i.e., repo rate
by 50 bps, the reverse repo rate by 25 bps, the special repo
adjusted downward to 8.50 percent.
3. Removing the lending rate cap and replacing it with a
competitive and market-based reference rate along with a margin
4. Moving towards a market-driven unified and single exchange
rate regime to ensure stability in the foreign exchange market,
improve the BoP conditions, and protect FX reserves.
The document discusses several topics related to business and finance outlooks:
1) Major central banks are gradually shifting monetary policy towards normalization as economies strengthen.
2) Financial regulatory reforms in advanced economies and China are being implemented.
3) China is also reforming how it manages its financial system and economy to address high debt levels and vulnerabilities.
4) Infrastructure investment needs globally are large, and China's Belt and Road Initiative aims to help meet these needs through connectivity and cooperation projects."
This document summarizes the World Bank's January 2023 Global Economic Prospects report. It outlines that global growth is expected to sharply downturn in 2023 due to persistent inflation, monetary tightening, and other risks. Most countries have seen downgrades to their 2023 growth forecasts since June. It also discusses the challenges facing developing economies, including weaker investment growth, higher volatility in small states, and growing debt levels. The report emphasizes the need for global cooperation on macroeconomic stability and policies to boost investment, strengthen resilience, and improve growth prospects.
Monetary policy is the policy adopted by the authority of a nation to control either the interest rate payable for very short term borrowings or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency for every financial year based on the quarter, the new policy is made and executed for the growth of the economy. The RBI carries out the monetary policy through open market tasks, bank rate strategy, reserve system, credit control strategy, moral influence and through numerous different instruments.
The document discusses the policy challenges facing Asian economies from global liquidity infusion. It summarizes the magnitude and impact of capital flows into the Philippines, including the BSP's policy responses. While an early unwinding of quantitative easing could cause volatility, the Philippine economy has shown resilience due to strong growth, prudent policies, and adequate buffers. Overall, the economy has managed risks from capital flows well and has policy flexibility to navigate potential turbulence.
Riding the Tide: Navigating Through a Rising Interest Rate Environmenticiciprumf
We highlight our view on the rise in interest rates and the measures we have taken in our debt scheme portfolios to sail through the volatility in the fixed-income market. Check out the PDF to know more.
Welltower is a leading healthcare real estate company that owns and operates senior housing communities, post-acute care facilities, and outpatient medical properties. In the document, Welltower provides updates on its portfolio and financial position. Specifically, it discusses a decline in occupancy rates at its senior housing properties, recent property sales totaling $400 million, enhanced near-term liquidity of $4.3 billion, and debt reduction of $740 million since July 2020. Welltower also reviews its balanced debt maturity schedule and diverse access to capital to fund future growth.
This document provides an overview of central banks and monetary policy. It discusses central bank balance sheets and how they control money supply through tools like open market operations, reserve requirements, and interest rates. It also explains how monetary policy aims to achieve economic goals by stimulating weak economies and curbing inflation. Global factors and the tradeoff between inflation and unemployment must also be considered.
The document discusses several topics related to business and finance outlooks:
1) Major central banks are gradually shifting monetary policy towards normalization as economies strengthen.
2) Financial regulatory reforms in advanced economies and China are being implemented.
3) China is also reforming how it manages its financial system and economy to address high debt levels and vulnerabilities.
4) Infrastructure investment needs globally are large, and China's Belt and Road Initiative aims to help meet these needs through connectivity and cooperation projects."
This document summarizes the World Bank's January 2023 Global Economic Prospects report. It outlines that global growth is expected to sharply downturn in 2023 due to persistent inflation, monetary tightening, and other risks. Most countries have seen downgrades to their 2023 growth forecasts since June. It also discusses the challenges facing developing economies, including weaker investment growth, higher volatility in small states, and growing debt levels. The report emphasizes the need for global cooperation on macroeconomic stability and policies to boost investment, strengthen resilience, and improve growth prospects.
Monetary policy is the policy adopted by the authority of a nation to control either the interest rate payable for very short term borrowings or the money supply, often as an attempt to reduce inflation or the interest rate, to ensure price stability and general trust of the value and stability of the nation's currency for every financial year based on the quarter, the new policy is made and executed for the growth of the economy. The RBI carries out the monetary policy through open market tasks, bank rate strategy, reserve system, credit control strategy, moral influence and through numerous different instruments.
The document discusses the policy challenges facing Asian economies from global liquidity infusion. It summarizes the magnitude and impact of capital flows into the Philippines, including the BSP's policy responses. While an early unwinding of quantitative easing could cause volatility, the Philippine economy has shown resilience due to strong growth, prudent policies, and adequate buffers. Overall, the economy has managed risks from capital flows well and has policy flexibility to navigate potential turbulence.
Riding the Tide: Navigating Through a Rising Interest Rate Environmenticiciprumf
We highlight our view on the rise in interest rates and the measures we have taken in our debt scheme portfolios to sail through the volatility in the fixed-income market. Check out the PDF to know more.
Welltower is a leading healthcare real estate company that owns and operates senior housing communities, post-acute care facilities, and outpatient medical properties. In the document, Welltower provides updates on its portfolio and financial position. Specifically, it discusses a decline in occupancy rates at its senior housing properties, recent property sales totaling $400 million, enhanced near-term liquidity of $4.3 billion, and debt reduction of $740 million since July 2020. Welltower also reviews its balanced debt maturity schedule and diverse access to capital to fund future growth.
This document provides an overview of central banks and monetary policy. It discusses central bank balance sheets and how they control money supply through tools like open market operations, reserve requirements, and interest rates. It also explains how monetary policy aims to achieve economic goals by stimulating weak economies and curbing inflation. Global factors and the tradeoff between inflation and unemployment must also be considered.
Salient features of monetary policy of Nepal Manoj Subedi
The document summarizes Nepal's monetary policy for 2075/76. Some key points of the monetary policy include reducing the cash reserve ratio for commercial banks to 4% from 6%, broadening the money supply growth target to 18%, lowering interest rate spreads to 4.5%, and measures aimed at increasing lending to agriculture and tourism. The policy is intended to support fiscal targets of 8% economic growth while maintaining inflation below 6.5%. Challenges include potential inflationary pressure from expansionary policy and focusing lending on productive sectors.
This document is a presentation on monetary policy in Bangladesh by Group 16. It begins with introductions of the group members. The presentation covers topics such as the definition of monetary policy, the tools and transmission mechanisms of monetary policy, impacts of monetary policy on inflation and capital markets, Bangladesh Bank's monetary policy stances and challenges to monetary policy in Bangladesh. The presentation provides an overview of key concepts in monetary policy as well as analysis of monetary policies implemented in Bangladesh.
Fiscal and monetary policy are the two key tools used by governments and central banks to influence macroeconomic outcomes. Fiscal policy uses government spending, taxation, and borrowing to impact aggregate demand. Monetary policy involves controlling money supply and interest rates. Both aim to achieve full employment, price stability, economic growth, and other macroeconomic objectives. Quantitative methods of monetary policy include adjusting bank rate, open market operations, and reserve requirements. Fiscal policy tools are taxation, government spending, public debt, and deficit financing.
The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt. There is no assurance or guarantee that the objectives of the Scheme will be realized.Suitable for those who are looking at investing for a shorter duration product and looking at options better than traditional instruments while maintaining liquidity.
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine cope with challenges from the COVID-19 pandemic by providing budget and balance of payments support. Key priorities of the program include mitigating the economic impact of the crisis, ensuring central bank independence, safeguarding financial stability, and advancing governance reforms. Risks to the program are large due to uncertainty around the severity and length of the global downturn and potential domestic policy slippages. Prior actions taken by Ukraine strengthened anti-corruption legislation and the bank resolution framework.
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption measures. However, risks to the program are large given uncertainty
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption efforts. However, risks to the program are large given uncertainty
Recent developments in international finance managementAboubakr Med
These slides provide insight into the last changes in global financial system after the 2007 recession and the adoption of the Basel III accord, the international standard setting bodies and its functions in terms of monitoring the global financial institutions, it does also afford the late made decision regarding the IMF quotas, deposit insurance, digital deposits and other issues related to clearing and margining the over-the-counter derivatives.
For more details, I have attached some useful sources and references with the slides.
ICICI Prudential Mutual Fund | Impact analysis iciciprumf
Going forward, RBI may have to do a fine balancing act. On one hand, support for growth trajectory is needed due to the second wave and on the other hand, RBI would need to keep an eye on upside risk to inflation.
Quantative Tightening - A Leviathan Awakens - Blake Huber.pdfBlake Huber
Increases in the Fed Funds rate should not be feared by asset markets. Quantitative Tightening ("QT) is little understood, but is the primary force with which investors should be wary.
- The bank reported its 2Q20 earnings results, with net income of $14.1 million. Earnings were impacted by lower interest and fee revenues due to the bank's decision to increase liquidity and decrease loan balances in the current market environment.
- The loan portfolio decreased 16% during the quarter as the bank selectively originated new loans and most borrowers prepaid loans. This resulted in higher cash levels but reduced interest income.
- Credit quality remained strong with no non-performing loans. A loan sale resulted in a $2.7 million reversal of previous credit loss provisions.
The document provides an overview of India's flexible inflation targeting monetary policy framework and recent actions taken by the Reserve Bank of India (RBI). It discusses the evolution of the flexible inflation targeting framework worldwide and its key aspects introduced in India in 2016. It also summarizes the RBI's main monetary policy tools and recent rate hikes in May and June 2022 to withdraw accommodation and curb inflation. Additionally, it briefly reviews other central banks' monetary policy tools and rates amid the current global hiking cycle.
This was an assessment for our course Sessional on Introductory Macroeconomics - Econ 1212. We were group C among 7 groups. We were assigned to summarize the Monetary Policy Statement H2FY24 - Bangladesh Bank and make a slide and assignment on that.
Course Instructors: Fahmida Akter Oni ma'am and MD Mehedi Hasan sir.
we are, 231502 (Proshanto Majumder), 03 (Progga Haque), 06 (Tasnuba Zarin Topa), 14 (Chandra Kishor Roy), 29 (Fahimur Rahman) from Economics Discipline, Khulna University.
Report on Monetary Policies & its transmission mechanismGopal Kumar
The document is a report on monetary policies and transmission mechanisms in India. It defines monetary policy and its objectives set by the Reserve Bank of India. It describes the various monetary policy instruments used by RBI including open market operations, cash reserve ratio, statutory liquidity ratio, and repo and reverse repo rates. It also outlines the monetary transmission mechanism and key channels such as interest rates, credit, asset prices and exchange rates. It discusses issues that can affect the transmission of monetary policy.
This document provides a fixed income update for May 2022. It begins with forward-looking statements and risk factors, noting the document contains projections that may differ from actual results due to various risks and uncertainties. Recent highlights are then provided, including same store NOI growth of 18.4% in Q1 2022 exceeding guidance of 15% growth. Outlook for Q2 2022 forecasts continued strong growth across all business segments, led by 15-20% same store NOI growth for the seniors housing portfolio. Labor trends continue improving and robust capital deployment of $1.2 billion year-to-date is noted.
Monetary Policy of Nepal 2078/79, 2021/22
Follow my facebook page: www.facebook.com/cakrishnaniraula for more updates relating to banking , financial and accounting sector
Funding of New and existing stressed assets opportunities and challengesAnandkasturi4
- The COVID-19 pandemic and resulting lockdowns have severely impacted economies worldwide, with GDP declining significantly in many countries including India. Unemployment rates have also risen sharply.
- Non-performing assets for banks are expected to increase substantially. In India, NPAs may exceed 16 trillion rupees by March 2021. This presents opportunities for asset reconstruction companies and special situation funds.
- Governments are taking measures to support their economies, with the US approving $2.5 trillion in funding or 11.2% of GDP. India's support is 5.1% of GDP, lower than many other countries.
- Regulatory changes in India aim to boost funding for MSMEs and allow debt
You can choose from an extensive range of high-quality Shariah Compliant mutual funds to match your unique investment goals and risk appetite. https://www.ablfunds.com/our-offerings/shariah-compliant-offerings/
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
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Salient features of monetary policy of Nepal Manoj Subedi
The document summarizes Nepal's monetary policy for 2075/76. Some key points of the monetary policy include reducing the cash reserve ratio for commercial banks to 4% from 6%, broadening the money supply growth target to 18%, lowering interest rate spreads to 4.5%, and measures aimed at increasing lending to agriculture and tourism. The policy is intended to support fiscal targets of 8% economic growth while maintaining inflation below 6.5%. Challenges include potential inflationary pressure from expansionary policy and focusing lending on productive sectors.
This document is a presentation on monetary policy in Bangladesh by Group 16. It begins with introductions of the group members. The presentation covers topics such as the definition of monetary policy, the tools and transmission mechanisms of monetary policy, impacts of monetary policy on inflation and capital markets, Bangladesh Bank's monetary policy stances and challenges to monetary policy in Bangladesh. The presentation provides an overview of key concepts in monetary policy as well as analysis of monetary policies implemented in Bangladesh.
Fiscal and monetary policy are the two key tools used by governments and central banks to influence macroeconomic outcomes. Fiscal policy uses government spending, taxation, and borrowing to impact aggregate demand. Monetary policy involves controlling money supply and interest rates. Both aim to achieve full employment, price stability, economic growth, and other macroeconomic objectives. Quantitative methods of monetary policy include adjusting bank rate, open market operations, and reserve requirements. Fiscal policy tools are taxation, government spending, public debt, and deficit financing.
The Scheme seeks to provide steady income and capital appreciation by investing in corporate debt. There is no assurance or guarantee that the objectives of the Scheme will be realized.Suitable for those who are looking at investing for a shorter duration product and looking at options better than traditional instruments while maintaining liquidity.
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine cope with challenges from the COVID-19 pandemic by providing budget and balance of payments support. Key priorities of the program include mitigating the economic impact of the crisis, ensuring central bank independence, safeguarding financial stability, and advancing governance reforms. Risks to the program are large due to uncertainty around the severity and length of the global downturn and potential domestic policy slippages. Prior actions taken by Ukraine strengthened anti-corruption legislation and the bank resolution framework.
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption measures. However, risks to the program are large given uncertainty
The IMF approved an 18-month Stand-By Arrangement (SBA) for Ukraine, providing access of about US$5 billion. The SBA aims to help Ukraine address large financing needs stemming from the COVID-19 pandemic, which has significantly worsened Ukraine's economic outlook. Key objectives of the program include mitigating the economic impact of the crisis, ensuring monetary and exchange rate stability, safeguarding financial stability, and advancing governance reforms. The approval enables the immediate disbursement of US$2.1 billion, with the remainder phased over subsequent reviews contingent on implementation of policies focused on fiscal sustainability, central bank independence, and anti-corruption efforts. However, risks to the program are large given uncertainty
Recent developments in international finance managementAboubakr Med
These slides provide insight into the last changes in global financial system after the 2007 recession and the adoption of the Basel III accord, the international standard setting bodies and its functions in terms of monitoring the global financial institutions, it does also afford the late made decision regarding the IMF quotas, deposit insurance, digital deposits and other issues related to clearing and margining the over-the-counter derivatives.
For more details, I have attached some useful sources and references with the slides.
ICICI Prudential Mutual Fund | Impact analysis iciciprumf
Going forward, RBI may have to do a fine balancing act. On one hand, support for growth trajectory is needed due to the second wave and on the other hand, RBI would need to keep an eye on upside risk to inflation.
Quantative Tightening - A Leviathan Awakens - Blake Huber.pdfBlake Huber
Increases in the Fed Funds rate should not be feared by asset markets. Quantitative Tightening ("QT) is little understood, but is the primary force with which investors should be wary.
- The bank reported its 2Q20 earnings results, with net income of $14.1 million. Earnings were impacted by lower interest and fee revenues due to the bank's decision to increase liquidity and decrease loan balances in the current market environment.
- The loan portfolio decreased 16% during the quarter as the bank selectively originated new loans and most borrowers prepaid loans. This resulted in higher cash levels but reduced interest income.
- Credit quality remained strong with no non-performing loans. A loan sale resulted in a $2.7 million reversal of previous credit loss provisions.
The document provides an overview of India's flexible inflation targeting monetary policy framework and recent actions taken by the Reserve Bank of India (RBI). It discusses the evolution of the flexible inflation targeting framework worldwide and its key aspects introduced in India in 2016. It also summarizes the RBI's main monetary policy tools and recent rate hikes in May and June 2022 to withdraw accommodation and curb inflation. Additionally, it briefly reviews other central banks' monetary policy tools and rates amid the current global hiking cycle.
This was an assessment for our course Sessional on Introductory Macroeconomics - Econ 1212. We were group C among 7 groups. We were assigned to summarize the Monetary Policy Statement H2FY24 - Bangladesh Bank and make a slide and assignment on that.
Course Instructors: Fahmida Akter Oni ma'am and MD Mehedi Hasan sir.
we are, 231502 (Proshanto Majumder), 03 (Progga Haque), 06 (Tasnuba Zarin Topa), 14 (Chandra Kishor Roy), 29 (Fahimur Rahman) from Economics Discipline, Khulna University.
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This document provides a fixed income update for May 2022. It begins with forward-looking statements and risk factors, noting the document contains projections that may differ from actual results due to various risks and uncertainties. Recent highlights are then provided, including same store NOI growth of 18.4% in Q1 2022 exceeding guidance of 15% growth. Outlook for Q2 2022 forecasts continued strong growth across all business segments, led by 15-20% same store NOI growth for the seniors housing portfolio. Labor trends continue improving and robust capital deployment of $1.2 billion year-to-date is noted.
Monetary Policy of Nepal 2078/79, 2021/22
Follow my facebook page: www.facebook.com/cakrishnaniraula for more updates relating to banking , financial and accounting sector
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- The COVID-19 pandemic and resulting lockdowns have severely impacted economies worldwide, with GDP declining significantly in many countries including India. Unemployment rates have also risen sharply.
- Non-performing assets for banks are expected to increase substantially. In India, NPAs may exceed 16 trillion rupees by March 2021. This presents opportunities for asset reconstruction companies and special situation funds.
- Governments are taking measures to support their economies, with the US approving $2.5 trillion in funding or 11.2% of GDP. India's support is 5.1% of GDP, lower than many other countries.
- Regulatory changes in India aim to boost funding for MSMEs and allow debt
You can choose from an extensive range of high-quality Shariah Compliant mutual funds to match your unique investment goals and risk appetite. https://www.ablfunds.com/our-offerings/shariah-compliant-offerings/
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Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
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Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
2. 2
• Y
ear 2020 : COVID-19 : Massive
disruptions in livelihood –health
system breakdown and economic
collapse;
• Y
ear 2021 : Recovery from COVID-19;
• Y
ear2022 : Russia-Ukraine Crisis
provoking global economic and
financial sanctions;
• Y
ear 2023 : Looming uncertainties
with possible global economic
recession.
• Outcome and Policy Response - 1
Very low inflation and output
QE & near zero interest rate
• Outcome and Policy Response - 2
Growing inflation and output
QE & near zero interest rate
• Outcome and Policy Response - 3
Skyrocketing inflation and
moderate output growth
QT & aggressive policy rate hikes
• Outcome and Policy Response - 4
High inflation and ER pressure
Contractionary policy stances
Global Context of H1FY24 MPS
3. Global Growth Situation
3
Region Act. Act. Proj. Proj.
CY21 CY22 CY23 CY24
World 6.3 3.4 2.8* 3.0*
USA 5.9 2.1 1.6* 1.1*
Euro Area 5.4 3.5 0.8* 1.4*
China 8.4 3.0 5.2* 4.5*
India 9.1 6.8 5.9* 6.3*
FY21 FY22 FY23 FY24
Bangladesh 6.9 7.1 5.50* 6.5*
6.03** 7.5**
(In percent)
Source: IMF. *April 2023 WEO, IMF. **GoB.
4. Global Price Situation
Point-to-Point Inflation (in percent)
Item Jun 20 Jun 21 Jun 22 May 23
Energy -36.4 93.6 84.7 -40.8
Non-energy -3.5 43.8 12.0 -170
Food -2.3 34.3 23.5 -21.3
Rice 13.6 -5.3 2.3 17.0
Source: World Bank and
FAO.
4
111.6
97.0
180
150
120
90
60
30
0
Dec-
19
Jun-20
Dec-
20
Jun-21
Dec-
21
Jun-22
Dec-
22
May-23
Index
Commodity Price Index
(Base: 2010 =100)
Energy Non-energy
Source: World Bank
127.8
124.3
80
100
120
140
160
Dec-
19
Jun-20
Dec-
20
Jun-21
Dec-
21
Jun-22
Dec-
22
May-23
Index
Food Price Index
(Base: 2014-2016=100)
Food Rice
Source: FAO
5. Inflation in Major Economies
5
Region Act. Act. Act Act. Proj. Proj.
CY20 CY21 Jun 22 Apr 23 CY23 CY24
USA 1.2 4.7 9.1 4.9 4.5* 2.3*
Euro Area 0.3 2.6 8.6 6.1# 5.3* 2.9*
UK 0.9 2.6 8.2 8.7 6.8* 3.0*
India 6.2 5.5 7.0 4.7 4.9* 4.4*
FY20 FY21 FY22 May 23 FY23 FY24
Bangladesh 5.65 5.56 6.15 8.84 7.5** 6.0**
Source: IMF. *April 2023 WEO, IMF. **GoB. # May 2023.
(In percent)
6. Policy Rate in Major Economies
6
(In percent)
Region Dec 21 Jun 22 Dec 22 May 23
USA (FFR) 0.00-0.25 1.50-1.75 4.25-4.50 5.00-5.25
Euro Area (FRT) 0 0 2.50 3.75
UK (BR) 0.25 1.25 3.50 4.50
India (repo) 4.00 4.90 6.25 6.50
Bangladesh (repo) 4.75 5.50 5.75 6.00
Source: BIS.
7. Local Context of H1FY24 MPS
7
• High inflationary and exchange rate pressures.
• Substantial erosion of foreign exchange reserves.
• Larger BOP deficits (combine effects of CAB and FAB deficits)
• High non-performing loans.
• Tight liquidity situation.
• Relatively higher interest rates across all areas.
9. Liquidity Situation of Banks and
Interest Rate Scenario
Item Jun 20 Jun 21 Jun 22 May 23
Excess cash reserves 23,847 62,498 26,876 9,373
Excess liquid assets 1,39,578 2,31,463 2,03,435 1,63,682
Source: DOS, BB
(Crore Taka)
9
Item Jun 21 Jun 22 Dec 22 June 23
Call money rate 2.23 4.42 5.80 6.03*
Lending rate 7.33 7.09 7.22 7.29@
Deposit rate 4.13 3.97 4.23 4.38@
91-Day TB rate 0.35 5.95 6.90 6.75*
182-Day TB rate 0.68 6.44 7.30 7.07*
Source: BB. @ Apr 2023. * 12 June 2023.
10. External Sector Development
10
(Billion USD)
Indicator FY
Import
5
(-
Export
3
(-1
Remittance 1
(1
CAB -
FAB 7
Overall Balance 3
Net FX Sale -0
FX Reserves 3
BDT/USD
(inter-bank rate)
84
Source: BB. Note: Figures in the parentheses indicate % growth. # as of Apr-23 *Up to 12 June 2023, @ up to 14 June 2023.
11. Recent Policy Initiatives
11
• To control inflation.
• To improve the current account balance.
• To manage exchange rate instability and foreign
exchange reserves.
• To stabilize the financial sector.
• To strengthen the capital market.
Containing demand and making supply side interventions
12. Recent Policy Initiatives (1)
12
• Raising the policy rate (repo rate) by 25
basis point to 6.0 percent on 16 January
2023.
• Quantitative tightening through selling
huge foreign currencies to banks.
• Supporting the productive economic
sector, including agriculture, CMSMEs,
import-substitute and export-oriented
industries through various refinance
schemes/pre-finance schemes.
• Relaxing the disbursement policy of
refinance scheme for CMSME sector.
• Formulating the Agricultural
Development Common Fund
(BBADCF) to increase agricultural output.
• Introducing the Mudarabah liquidity
support (MLS) and Islamic Banks
Liquidity Facility (IBLF) for the Shariah-
based Islamic banks.
• Allowing the borrowing from OBU.
• Establishing the Export Facilitation
Pre-finance Fund (EFPF).
• Introducing the credit guarantee
scheme (CGS) for CMSMEs loans.
13. Recent Policy Initiatives (2)
13
• Discouraging unnecessary and luxury
imports.
• Strengthening the monitoring and
price verification of imports.
• Strengthening the monitoring on
foreign exchange dealings by banks
and money changers.
• Reducing the cash foreign currency
holdings by money changers.
• Taking crackdown measures on illegal
money changers and MFS providers to
mitigate unauthorized and hundi-
related transactions.
• Restricting the all sorts of foreign tours
by officials in banks (including BB) and
NBFIs.
• Enforcing 180 days limit for export
proceeds repatriation by fixing the
exchange rate at 180th day.
• Reducing the export retention quota
and banks’ net openposition.
• Enhancing the interest rate on loans
from export development fund.
• Raising the cash incentive rate (2.5
percent) on inward remittances.
14. Recent Policy Initiatives (3)
14
• Easing the remittance repatriation
and cash incentive distribution process
and drawing arrangements with foreign
exchange houses.
• Allowing the mobile financial
services in remittance collection and
distribution process.
• Waiving the remittance transaction
fees by local banks.
• Liberalizing the NRB’s investment
procedure including opening of FC
account (PP in place of NID).
• Enhancing the interest rate on non-
resident foreign currency deposits.
• Allowing Bangladesh Taka (BDT) to depreciate
consistent with the market force.
• Making the MoU with state-owned and private
commercial banks with a view to reduce NPL
at a certain level and improve the good
governance.
• Taking initiative to amend 5 Acts, related to
financial sector, to address financial sector issues.
• Taking initiative to streamline the appointment of
Directors in NBFIs.
• Ensuring enough liquidity in the capital
market.
• Introduction MI module to develop secondary
market for BGTBs.
15. New Policy Initiatives
15
1. Adopting a new monetary policy framework by shifting from
monetary targeting to interest rate targeting and introducing an
interest rate corridor considering the interbank call money rate as
the operating target of monetary policy.
2. Taking the decision to increase the policy rates, i.e., repo rate
by 50 bps, the reverse repo rate by 25 bps, the special repo
adjusted downward to 8.50 percent.
3. Removing the lending rate cap and replacing it with a
competitive and market-based reference rate along with a margin
4. Moving towards a market-driven unified and single exchange
rate regime to ensure stability in the foreign exchange market,
improve the BoP conditions, and protect FX reserves.
16. New Monetary Policy Framework
16
Instruments
• Policy rate
• Open market
operations
• Reserve
requirement
• Bank rate
Operating target
• Interbank call
money rate as a
counterpart of
short-term
interest rate
Information
variable
• Inflation
forecasts
• GDP forecasts
• Money and
credit situation
• BoP outlook
Primary monetary
policy objective
• Price stability
• Financial
stability
• Economic
growth
18. Reference Lending Rate
18
• The reference lending rate will be known as SMART (Six-
month Moving Average Rate of Treasury bill) to be
announced monthly through the BB website.
• SMARTplus a margin of up to 3.00 percent will be
applicable for banks, and SMART plus a margin of up to 5.00
percent will be applicable for NBFIs.
• The lending activities for CMSMEs and consumer loans may
be subject to an additional fee of up to 1.00 percent to cover
supervision costs and there will be no changes in the interest
rates applicable to credit card loans.
19. Exchange Rate Unification and GIR Calculation
19
• BB will adopt a unified and market-driven single exchange
rate regime, allowing the exchange rate between BDT and USD
or any other foreign currency to be determined by market forces.
• Starting from 1 July 2023, BB will no longer sell any forex at a
discounted rate.
• BB will compile and publish gross international reserves (GIR)
in line with the BPM6 while keeping track of the current
practice of calculating and reporting total foreign assets.
20. Outcomes of H2FY23 MPS
20
Indicator Jun 22 Dec 22 May 23 Jun 23 (YoY % change)
Act. Act. Act. Est. Prog.
Broad money 9.4 8.5 9.5 10.5 11.5
Net foreign assets -11.9 -23.3 -26.2 -25.7 -11.9
Net domestic assets 17.2 18.6 20.0 20.4 17.9
Public sector credit
(NCG in crore Taka)
29.1
(62,540)
27.6
(12,452)
43.3
(78,140)
40.0
(1,15,425)
37.7
(1,11,608)
Private sector 13.7 12.8 11.1 11.0 14.1
Reserve money -0.3 17.4 5.3 10.0 14.0
Indicator (in %) FY20 FY21 FY22 FY23
Act. Act. Act. Estimate Target
Average inflation 5.65 5.56 6.15 8.84* 7.50
GDP growth 3.45 6.94 7.10 6.03 6.50
21. Monetary and Credit Projections for FY24
21
(In percent)
Item
Jun-22
Act.
Dec-22
Act.
May-23
Act.
Jun-23
Est.
Dec-23
Proj.
Jun-24
Proj. (Pr. Jun.23)
Broad money 9.4 8.5 9.5 10.5 9.5 10.0 (11.5)
Net Foreign Assets* -13.5 -25.0 -27.8 -26.2 -20.3 4.9 (-11.9)
Net Domestic Assets 19.7 21.8 22.4 22.4 16.8 11.0 (17.9)
Domestic Credit 16.2 15.1 16.7 16.4 16.9 15.3 (18.5)
Credit to the public sector 29.1 27.6 43.3 40.0 43.0 30.0 (37.7)
Credit to the private sector 13.7 12.9 11.1 11.0 10.9 11.0 (14.1)
Reserve money -0.3 17.4 5.3 10.0 0.0 6.0 (14.0)
Money multiplier 4.93 4.63 5.23 4.95 5.07 5.14 (4.82)
Source: Bangladesh Bank. *Calculated using the estimated constant exchange rates of end June 2023.
22. Objective and Stance of H1FY24 MPS
22
• This MPS gives the highest priority in taming inflation by containing the
aggregate demand while making the supply-side intervention by ensuring
required the flow of funds to the productive sector, including agriculture,
CMSMEs, import substitutes and export-oriented industries and services.
• BB will adopt a unified and market-driven single exchange rate regime to
contain exchange rate pressure. With a substantial depreciation of BDT
against USD, the exchange rate is staying around Tk. 108.0/$ - very close to
the prevailing market conditions as supported by REER based exchange rate
and BB’s in-house research, requiring no major depreciation at this moment.
• Given above policy objectives, BB intends to adopt a contractionary
monetary policy stance to bring down the rate of inflation to a desired level,
while remain supportive to the investment and employing generating activities.
23. Near-term Macroeconomic Challenges
23
• Near-term macroeconomic challenges are: containing inflation
and managing exchange rate pressure.
• To tackle these challenges, BB is adopting a tight monetary policy
stance. The ultimate success of this policy stance, however,
depends on a few critical factors:
Effectiveness of the new policy initiatives.
Maintaining the exchange rate stability alongside a surplus financial account.
A pause in the policy rate hike race among the central banks of major
economies including the US FED, ECB, etc.
• Given the favorable developments of these factors, BB aims to
tackle inflation and exchange rate pressures while fostering a stable
and resilient macroeconomic environment.