- The Reserve Bank of Australia raised its cash rate 0.25 percent in August to 6.5 percent — a 10 year high. The rate hike was the first since November 2006.
- The People’s Bank of China raised its one-year yuan lending rate 0.18 percent to 7.02 percent in August.
- The Bank of Korea raised its overnight call rate 0.25 percent in August to 5 percent, the second increase in as many months. The back-to-back increases come after 11 months of inactivity.
- The Reserve Bank of New Zealand increased its cash rate in July 0.25 percent to 8.25 percent, continuing its tightening policy. The rate raise was the fourth since March after not raising rates since December 2005.
- Norway’s Norges Bank raised its deposit rate in August 0.25 percent to 4.75 percent. This is the 12th straight hike since the rate stood at 1.75 in May 2005.
- The South African Reserve Bank raised its repurchase rate 0.5 percent in August to 10 percent. In an effort to slow down a scorching South African economy, the bank has raised rates 50 basis points six times since June 2006.
- The Central Bank of Chile increased its discount rate 0.25 percent for the second month in a row in August, bringing the rate to 5.5 percent. Chile began the year by dropping rates to 5 percent in January, but the hikes that began when the discount rate was 2.25 at the end of 2003 have returned.
- The Bank of Israel increased its shortterm lending rate in August 0.25 percent to 4 percent, continuing a topsy-turvy route with the rate. The raise is the second in as many months, and they follow seven rate cuts in eight months. The cuts were preceded by seven straight rate hikes.
- The Czech National Bank raised its two-week repo rate in July 0.25 percent to 3 percent. The rate is at a multi-year high.
- The National Bank of Poland increased its 28-day intervention rate 0.25 percent in August to 4.75 percent. The hike is the third in five months, which followed seven consecutive cuts beginning in March 2005.
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