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Tightening Cycle

Following the US Federal Reserve's 75 bps interest rate hikes to combat inflation, central banks across the globe have also continued raising rates. On Thursday, central banks in Europe and Asia tightened rates.

However, Japan’s central bank has maintained its ultra-loose monetary policy, making it the only central bank in the world to have negative interest rates.
Here are the central banks which raised rates last week:

​Norway

Norway’s central bank, which is confronting inflation near a three-decade high, raised its key benchmark on Thursday by 50 basis points to 2.25 per cent.

​Switzerland

The Swiss National Bank on Thursday raised its benchmark interest rate by 75 basis points to 0.5 per cent from a negative 0.25 per cent.

Inflation in Switzerland hit 3.5 per cent last month, its highest rate in three decades, leading to the rate hike.

​South Africa

South Africa’s central bank raised its repurchase rate by 75 bps to 6.25 per cent from 5.5 per cent. The rise in interest rate took the benchmark to its January 2020 level.

​UAE

The United Arab Emirates raised its base rate by 75 bps to 3.15 per cent from 2.40 per cent, effective from 22 September.