Asia's Central Banks Race to Raise Interest Rates Amid Inflation Surge

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Viva Budy Kusnandar 22/07/2022 12:00 WIB

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Sri Lanka's central bank raised its key interest rate by 100 basis points in July 2022.

10 Asian Central Banks That Have Raised Interest Rates (January-July 14, 2022*)

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10 Asian Central Banks That Have Raised Interest Rates (January-July 14, 2022*)

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The rise in global food and energy commodity prices has triggered high inflation across Asia. Central banks in developing Asian countries have responded by raising their benchmark interest rates to curb inflation.

The Asian Development Outlook (ADO) supplementary report released on Thursday, July 21, 2022, shows that Sri Lanka's central bank has increased its benchmark interest rate by 1,000 basis points (bps) since the beginning of the year until July 2022. This increase is 950 bps higher than the increase in the same period the previous year, making it the largest interest rate hike among central banks.

Pakistan's central bank has raised its benchmark interest rate by 800 bps until July 2022, 525 bps more than the increase in the previous year. Kazakhstan's central bank raised its rate by 500 bps, Armenia's by 400 bps, and Georgia's by 300 bps. Nepal's central bank increased its rate by 250 bps, Uzbekistan's by 200 bps, South Korea's by 175 bps, and Azerbaijan and Hong Kong each raised their rates by 150 bps.

Bank Indonesia (BI), in its Board of Governors Meeting (RDG) on July 20-21, 2022, decided to maintain the BI7DRR interest rate at 3.5%. This marks the 17th time BI has maintained the rate at this level since last year, citing sustained core inflation and the need to maintain domestic economic recovery.

Here's a breakdown of the annual inflation rates of Asian countries as of June 2022, or the latest available data:

* Sri Lanka: 45.3% (yoy)
* Pakistan: 21.3% (yoy)
* Laos: 23.6% (yoy)
* Mongolia: 15.2% (yoy)
* Kazakhstan: 14.5% (yoy)
* Azerbaijan: 13.7% (yoy)
* Indonesia: 4.35% (yoy)

Editor : Adi Ahdiat

"Disclosure: This is an AI-generated translation of the original article. We strive for accuracy, but please note that automated translations may contain errors or slight inconsistencies."

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Asia's Central Banks Race to Raise Interest Rates Amid Inflation Surge

Asia's Central Banks Race to Raise Interest Rates Amid Inflation Surge

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Asia's Central Banks Race to Raise Interest Rates Amid Inflation Surge

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