Loosening up - Emerging central banks switch into easing mode

LONDON - Emerging market central banks switched from tightening into easing mode in February, taking their cue from a dovish turn at the U.S. Federal Reserve and a dollar rally that has run out of steam, for now.

Interest rate moves by central banks across a group of 37 developing economies showed three net rate cuts compared to one net rate hike in January. PARAGUAY - Paraguay’s central bank cut its policy rate by 25 basis points to 5 percent on Feb. 22, saying it considers it “appropriate and timely” to adopt a more accommodating monetary policy to ensure that inflation converges to its 4 percent target.

EGYPT - Egypt’s central bank made a surprise cut to its overnight deposit rate on Feb. 14, citing a strong drop in inflation and an improvement in other macroeconomic indicators. The bank lowered its deposit rate to 15.75 percent from 16.75 and its lending rate to 16.75 percent from 17.75, it said in a statement, its first rate cuts since March 2018.

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