Download - Economic Forecasts
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 1.9 2.3 2.5 1.9 1.7 2 2.1 Fed Funds Rate 0.25 0.25 0.25 0.25 8.1 8.1 8 7.9 -3.2 -3.15 -3.2 -3.15 -7.55 -7 -5.9 -5.6 0.41 0.43 0.46 0.51 0.31 0.38 0.47 0.58 1.77 1.9 2.07 2.24 EUR/USD 1.27 1.26 1.24 1.23
Japan 0.5 1.2 1.2 1.45 0 -0.2 -0.05 0.15 BOJ overnight rate 0.1 0.1 0.1 0.1 4.3 4.2 4.2 4.1 1.2 1.5 1.4 1.6 0.23 0.23 0.23 0.24 0.11 0.11 0.12 0.13 0.87 0.95 0.99 1.05 USD/JPY 79 80 82 83
Euro -0.4 -0.25 0.2 0.8 2.3 1.9 1.9 1.9 ECB Rate 0.5 0.5 0.5 0.63 11.45 11.5 11.5 11.4 1.1 1.3 1.1 0.8 0.34 0.37 0.4 0.46 EUR/USD 1.27 1.26 1.24 1.23
United Kingdom -0.1 0.5 1.5 1.2 2.1 2.1 2.3 2.2 Official Bank Rate 0.5 0.5 0.5 0.5 8.25 8.3 8.4 8.3 -2.7 -2.7 -2.6 -2.6 0.64 0.65 0.68 0.73 0.32 0.45 0.57 0.79 1.82 1.99 2.15 2.3 USD/GBP 1.6 1.58 1.58 1.59
Canada 2 2 2.2 2.3 1.6 1.6 1.8 2.1 Overnight lending rate 1 1 1.13 1.25 7.3 7.2 7.2 7.1 -3 -3 -3 -2.8 -0.9 -0.9 -0.7 -0.5 1.17 1.27 1.39 1.56 1.19 1.27 1.43 1.66 1.81 1.94 2.13 2.35 USD/CAD 0.98 0.98 0.98 0.98
Australia 3.2 2.7 2.8 3.15 2.45 3.15 3.2 2.7 RBA Cash Rate 3.25 3.13 3.13 3.25 5.4 5.45 5.35 5.2 -3.8 -4 -4.2 -4.5 3.4 3.39 3.42 3.55 2.76 2.86 3.06 3.34 3.19 3.3 3.47 3.73 USD/AUD 1.02 1.02 1.03 1.03
Sweden 1.6 1.6 1.3 0.8 1.2 Decision Rate 1.13 1.13 1.13 1.25 7.6 8 8.3 1.49 1.53 1.58 1.61 1 1.45 1.35 1.65 1.68 1.66 1.79 1.8 USD/SEK 6.62 6.74 6.81 6.86
New Zealand 2.8 2.4 2.85 3 1.9 1.9 2.2 2.5 Cash Rate 2.5 2.75 2.88 3.25 6.2 6 5.8 5.65 -6.2 -6.35 -6.55 -6.5 2.79 2.94 3.15 3.45 4.19 4.25 4.37 4.52 USD/NZD 0.81 0.81 0.8 0.82
Switzerland 1.2 1 1.25 1.9 0.1 0.4 0.5 1 Reference Rate 3.2 3.3 3.3 3.2 0.05 0.08 0.1 0.12 0.05 0.05 0.2 0.1 0.76 0.87 0.99 1.16 USD/CHF 0.95 0.96 0.99 1
Denmark Discount rate USD/DKK 5.73 5.85 5.94 5.95
Norway Deposit Rate 1.5 1.63 1.63 1.63 2.06 2.23 2.31 2.42 USD/NOK 5.76 5.84 5.83 5.87
Germany 1 0.7 0.9 1.3 1.9 1.7 1.8 1.9 ECB Rate 0.5 0.5 0.5 0.63 6.8 6.8 6.75 6.7 6.2 5.9 5.7 0.15 0.29 0.42 0.57 1.65 1.85 2 2.14 EUR/USD 1.27 1.26 1.24 1.23
France -0.1 0.1 0.4 0.9 1.85 1.7 1.8 1.95 ECB Rate 0.5 0.5 0.5 0.63 10.4 10.4 10.4 10.4 -2.2 -2.15 -2.2 -2.5 0.5 0.95 0.95 0.6 2.69 2.85 2.91 3.07 EUR/USD 1.27 1.26 1.24 1.23
Italy -2.3 -1.35 -0.5 0.15 2.8 2.3 1.75 2.05 ECB Rate 0.5 0.5 0.5 0.63 11 11.1 11.2 11.2 -0.8 -1 -1 2.75 2.7 2.6 2.2 5.31 5.06 5.12 5.04 EUR/USD 1.27 1.26 1.24 1.23
Eastern Europe
Czech Republic -0.2 2.3 3.3 3 2.9 2.4 2.35 2.3 2w Repo rate 0.38 0.5 0.5 0.5 8.7 9.3 8.5 8.6 -1.6 -0.9 -2.7 -2.7 0.9 0.93 0.94 1.01 1.63 1.78 1.98 2.16 2.55 2.64 2.85 2.94 EUR/CZK 25 24.8 24.6 24.5
Hungary -0.4 0.2 0.6 1.2 5.35 3.95 4 3.8 Base Rate 6.5 6.25 6 5.88 10.95 11.7 11 10.8 2 1.5 1.3 1.3 7.54 7.31 7.16 7.08 EUR/HUF 284 280 276 280
Poland 1.8 1.6 1.95 2.3 3.2 2.8 2.55 2.7 Reference Rate 4.38 4 4 4 13.1 13.75 12.75 12.75 -4.1 -3.6 -3.15 -3.45 4.63 4.32 4.24 4.2 4.17 4.16 4.27 4.38 4.72 4.74 4.83 4.86 EUR/PLN 4.1 4.13 4.05 4.05
Slovakia 0.7 1.1 2.45 3.05 3 2 2 2.45 Key policy rate 13.8 13.8 13.3 13.2 1.7 1.7 1.7 1.8 EUR/SKK
Russia 3 2.95 3.3 3.8 6.7 7.1 6.85 6.55 Refinance Rate 8.38 8.38 8.25 8.13 5.8 6.1 5.8 5.7 2.8 5.8 2 1.2 -1 -2.1 -1.6 -1.7 USD/RUB 31.35 30.98 30.97 31.21
Turkey 3.1 3.4 3.15 4.35 6.7 6.5 6.9 6.8 1wk Repo Rate 5.88 5.75 5.75 5.75 9.1 9.1 8.9 8.8 6.46 6.78 7.07 7.45 6 6.75 7.5 8 USD/TRY 1.8 1.76 1.75 1.75
Iceland 1wk Repo Rate 6 6 5.5 5.5 USD/ISK
MEA
Israel 2.5 2.8 3.3 3.6 1.1 0.5 2 Discount rate 2.13 2.13 2.25 2.5 USD/ILS 3.9 3.88 3.8 3.8
South Africa 2.7 2.9 2.9 3.1 5.2 5.3 5.2 5.5 Repo Rate 4.75 4.75 4.75 4.75 -4.7 -5.05 -5.15 -5.3 5.07 5.08 5.07 5.11 4.74 4.92 5.36 5.61 6.91 7 7.09 7.22 USD/ZAR 8.2 8 7.96 8.15
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.14 6.21 6.26
Kuwait Discount rate USD/KWD 0.28 0.28 0.27
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR 3.64
Saudi Arabia Re Repo Rate USD/SAR 3.75 3.75 3.75
United Arab Emirates 1wk Repo Rate USD/AED 3.67 3.67 3.67
Asia
China 7.7 7.85 8.1 8.3 2.5 2.85 3.4 3.5 Lending Rate 5.88 5.88 5.88 5.88 4.15 4.25 4.2 4.2 2.6 2.1 2 2 2.1 3.36 3.39 3.38 3.44 USD/CNY 6.32 6.29 6.27 6.22
Hong Kong 3.2 3.3 3.45 4.25 2.4 3.6 2.8 4.25 Base Rate 3.5 3.5 3.5 3.5 0.37 0.38 0.4 0.46 0.25 0.25 0.25 0.25 1.27 1.2 1.44 1.48 USD/HKD 7.77 7.78 7.78 7.77
India 5.7 6.2 6.65 6.9 9.6 9.2 8.95 9.1 Reverse Repo Rate 6.75 6.63 7 7 -3.1 -2.9 8 7.88 7.94 8.09 USD/INR 54.5 54 53 52.5
Indonesia 5.85 5.75 4.9 4.8 5.52 Reference Rate 5.75 5.75 5.75 5.88 4.92 4.82 4.8 4.78 6.04 6.2 6.29 6.39 USD/IDR 9600 9613 9500 9342
South Korea 2.8 3.35 3.3 3.6 2.25 2.5 2.9 3 Base Rate 2.75 2.75 2.75 2.88 3.3 3.35 3.35 3.35 3.21 3.34 3.45 3.35 USD/KRW 1120 1101 1096 1080
Malaysia 4.05 4.2 4.3 5.2 2 2.4 2.65 2.7 BN Interbank ON 3 3 3.13 3.25 3 3.2 3.1 8.6 9.7 9.8 3.17 3.2 3.36 3.4 3.66 3.68 3.74 3.73 USD/MYR 3.1 3.05 3.03 3
Phillipines 4.6 4.2 4.9 4.8 3.45 4.3 4.25 4.1 Repo Rate 3.63 3.63 3.75 3.75 2.32 2.74 2.99 3.13 5.79 6 6.12 6.23 USD/PHP 41.5 41.3 41 40.4
Singapore 3.6 3.35 3.95 4.4 3.85 3.3 3 3 Domestic IBOR rate 2.25 2.3 2.2 2.2 0.39 0.41 0.48 0.55 0.2 0.2 0.2 0.25 1.8 1.82 1.98 2.14 USD/SGD 1.24 1.23 1.22 1.21
Taiwan 4.3 3.8 4 3.2 2.05 2.06 1.8 1.2 Discount Rate 1.88 1.88 1.88 2 4.29 4.35 4.25 4.25 1.35 1.34 1.4 1.47 0.77 0.8 0.85 0.87 1.25 1.28 1.33 1.37 USD/TWD 29.6 29.4 29.1 29
Thailand 15.1 5.2 4.4 4.55 3.6 2.7 3.7 3.5 Repurchase Rate 2.88 3 3 3.13 2.96 2.98 3.07 3.18 3.1 3.34 3.56 3.64 3.71 USD/THB 31 30.8 30.45 30.2
Vietnam 6.1 6.3 6.5 6.75 9.3 Base Rate USD/VND 21100 21200 21300 21500
LatAm
Argentina 0.5 2.3 3.3 3 10.7 10.8 Deposit 1DY Rate 7.75 8.3 7.9 7.6 -0.35 -0.1 0.3 0.1 -1.5 -0.4 -0.4 -0.4 USD/ARS 4.93 5.07 5.25 5.46
Brazil 2.8 3.7 4.3 4.1 5.3 5.55 5.7 5.3 SELIC Rate 7.38 7.5 7.75 8.13 5.3 6 5.8 5.8 -2.4 -2.45 -2.45 -2.7 -1.95 -1.95 -1.95 -2.4 USD/BRL 2 1.98 1.95 1.95
Chile 4.6 4.75 4.4 4.55 2.3 2.6 2.9 3.4 Monetary Policy Rate 4.88 4.88 4.75 5 6.3 -2.5 1.2 USD/CLP 485.5 482 483 475
Colombia 4.3 4.65 4.3 4.55 3 3 3.15 3.1 Deposit Rate 4.63 4.63 4.63 4.63 10.2 11.05 10.65 10.2 -3.6 -2.7 -4.1 -4.5 -2 USD/COP 1800 1801 1782 1775
Mexico 3.3 3.05 3.3 3.4 4 4.2 4 3.7 Overnight rate 4.5 4.5 4.5 4.63 4.85 4.8 4.7 4.7 -1 -1 -1 -1.2 -1.4 -2.8 4.77 4.87 4.93 4.96 5.77 5.87 6 6.11 USD/MXN 12.81 12.75 12.55 12.45
Peru 6 5.9 5.6 5.45 2.9 2.7 2.6 2.6 Reference Rate 4.25 4.13 4.13 4.25 USD/PEN 2.6 2.59 2.57 2.55
Venezuela 4 -0.5 -0.7 -0.8 25.3 27 29.4 29.6 Deposit Rate 7 7.1 USD/VEF
Economic Forecasts - CompositeFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%) 10-Year Note (%)Policy Rate (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 1.9 2.3 2.5 1.9 1.7 2 2.1 Fed Funds Rate 8.1 8.1 8 7.9 -3.2 -3.1 -3.2 -3.1 -7.6 -7 -5.9 -5.6 EUR/USD
Japan 0.5 1.2 1.2 1.5 0 -0.1 -0.1 0.2 BOJ overnight rate 4.3 4.2 4.2 4.1 1.2 1.5 1.4 1.6 USD/JPY
Euro -0.4 -0.3 0.2 0.8 2.2 2 1.9 2 ECB Rate 11.4 11.5 11.5 11.4 0.6 0.8 0.9 1.2 EUR/USD
United Kingdom -0.1 0.7 1.6 1.2 2.1 2 2.3 2.2 Official Bank Rate 8.2 8.3 8.3 8.3 -2.7 -2.7 -2.6 -2.6 USD/GBP
Canada 2 2 2.2 2.3 1.6 1.6 1.8 2.1 Overnight lending rate 7.3 7.2 7.2 7.1 -3.1 -3 -3 -2.8 -0.9 -0.9 -0.7 -0.5 USD/CAD
Australia 3.2 2.7 2.8 3.2 2.5 3.2 3.2 2.7 RBA Cash Rate 5.4 5.5 5.4 5.2 -3.8 -4 -4.2 -4.5 -2 -1 0.1 0.1 USD/AUD
Sweden 1.6 1.6 1.3 0.8 1.2 Decision Rate 7.6 8 8.3 USD/SEK
New Zealand 2.8 2.4 2.9 3 1.9 1.9 2.2 2.5 Cash Rate 6.2 6 5.8 5.7 -6.2 -6.3 -6.5 -6.5 -6 -5.8 -3.1 -5 USD/NZD
Switzerland 1.2 1 1.3 1.9 0.1 0.4 0.5 1 Reference Rate 3.2 3.3 3.3 3.2 USD/CHF
Denmark 1.4 2.6 2.6 Discount rate 4.5 4.5 USD/DKK
Norway 1.7 1.6 2 Deposit Rate 2.6 USD/NOK
Germany 1 0.7 0.9 1.3 1.9 1.7 1.9 1.9 ECB Rate 6.8 6.8 6.7 6.7 4.8 4.8 4.4 EUR/USD
France -0.1 0.1 0.5 1 1.9 1.7 2 2 ECB Rate 10.4 10.4 10.4 10.4 -1.9 -1.8 -1.9 -2.3 EUR/USD
Italy -2.2 -1.3 -0.5 0.3 2.9 2.1 1.7 2 ECB Rate 11 11.1 11.2 11.2 -0.8 -3.8 -2.5 EUR/USD
Eastern Europe
Czech Republic -0.2 3.9 3.3 2.9 2.4 2.4 2.3 2w Repo rate 8.7 9.3 8.5 8.6 -1.6 -0.9 -2.7 -2.7 -3.3 EUR/CZK
Hungary -0.4 0.2 0.6 1.2 5.3 4 3.9 3.9 Base Rate 11 11.7 11 10.8 2 1.5 1.3 1.3 -3 -3 -2.9 -2.9 EUR/HUF
Poland 1.8 1.6 2 2.3 3.3 2.8 2.6 2.7 Reference Rate 12.9 13.8 13 12.8 -4.3 -3.2 -2.6 -2.7 -3.4 -3.4 -3.4 -3.3 EUR/PLN
Slovakia 0.7 1.1 2.5 3.1 3 2 2 2.5 Key policy rate 13.8 13.8 13.3 13.2 -4.5 -3 -3 -3 EUR/SKK
Russia 3 3 3.3 3.8 6.8 7.1 6.9 6.6 Refinance Rate 5.8 6.1 5.8 5.7 2.8 5.8 2 1.2 -0.9 -2.2 -2.1 -1.4 USD/RUB
Turkey 3.4 3.8 3 4.3 6.5 6.9 6.9 7 1wk Repo Rate 9.6 9.4 9.1 8.9 -7.8 -8 -8.2 -8.4 -2.3 -2.1 -2.1 -2 USD/TRY
Iceland 1wk Repo Rate USD/ISK
MEA
Israel 3.5 4.1 4.3 4 1.8 1.3 2.2 2.8 Discount rate 7 7 0 0 3.5 3.5 3.5 USD/ILS
South Africa 2.8 2.9 2.9 3.1 5.2 5.3 5.2 5.4 Repo Rate 22.7 -4.7 -5.1 -5.2 -5.3 USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.7 7.9 8.1 8.3 2.5 2.8 3.3 3.4 Lending Rate 4.2 4.3 4.2 4.2 2.6 USD/CNY
Hong Kong 3 3.1 4 4.5 2.3 3.1 2.9 3.9 Base Rate 3.5 USD/HKD
India 5.5 6.2 6.8 7.1 9.6 9.2 8.3 8.3 Reverse Repo Rate -3.1 -3.5 USD/INR
Indonesia 6 5.8 4.9 5.48 5.68 Reference Rate USD/IDR
South Korea 2.7 3.6 3.1 3.5 2.1 2.2 2.5 2.9 Base Rate 3.3 3.3 3.4 3.4 USD/KRW
Malaysia 4.05 5.2 4.3 5.2 2.1 2.6 2.6 2.7 BN Interbank ON 3 3.2 3.1 8.6 9.7 9.8 USD/MYR
Phillipines 4.6 4.2 4.9 4.8 3.7 4.3 4.3 4.1 Repo Rate USD/PHP
Singapore 3.6 2.9 4 4.4 3.8 3.3 3 3 Domestic IBOR rate USD/SGD
Taiwan 3.9 3.8 4.3 4.1 2 2 1.8 1.2 Discount Rate 4.2 4.3 4.2 4.2 USD/TWD
Thailand 14.4 5.6 4.6 4.6 3.6 3.7 3.7 3.5 Repurchase Rate USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina 2.2 3.9 3.3 Deposit 1DY Rate 7.6 -0.5 USD/ARS
Brazil 2.8 3.7 4.3 4.1 5.3 5.6 5.8 5.4 SELIC Rate 5.3 6 5.8 5.8 -2.4 -2.5 -2.5 -2.7 -2 -2 -2 -2.4 USD/BRL
Chile 4.8 5 4.5 2.3 2.4 2.7 Monetary Policy Rate 6.3 6.7 6.5 -2.5 -4.3 1.2 USD/CLP
Colombia 4.3 4.7 4.3 4.6 3 3 3.2 3.1 Deposit Rate 10.2 11.1 10.6 10.2 -3.6 -2.7 -4.1 -4.5 -2 USD/COP
Mexico 3.3 2.9 3.2 3.4 4 4.2 3.9 3.7 Overnight rate 4.8 4.8 4.7 4.7 -1 -1 -1 -1.2 -1.4 -2.8 USD/MXN
Peru 6 5.9 5.6 5.5 2.9 2.7 2.6 2.6 Reference Rate 4.3 4.3 USD/PEN
Venezuela 4 -0.5 -0.7 -0.8 25.3 27 29.4 29.6 Deposit Rate 7 8.7 8.7 4.4 5.4 -6.1 USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - Composite From SurveyFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2.5 1.5 2 2.5 2 1.5 2.3 2.4 Fed Funds Rate 0.25 0.25 0.25 0.25 7.9 7.8 7.5 7.3 -3.2 -3.2 -3.2 -3.2 0.45 0.45 0.45 0.25 0.25 0.25 1.5 1.5 1.5 EUR/USD
Japan 2.99 2.12 -0.32 -0.15 -0.16 0.26 BOJ overnight rate 0.1 0.1 0.1 0.1 4 4 1.27 1.3 0.2 0.2 0.2 0.1 0.1 0.1 0.85 0.85 0.85 USD/JPY
Euro -0.4 -0.2 0.2 0.8 2.6 2.3 2.3 2.4 ECB Rate 0.5 0.5 0.5 0.5 11.6 11.7 11.8 11.8 1.2 1.3 1.4 1.5 0.2 0.2 0.25 0.25 EUR/USD
United Kingdom -0.1 0.7 1.7 1.8 2.5 2.5 2.9 2.9 Official Bank Rate 0.25 0.25 0.25 0.25 8.2 8.3 8.4 8.4 -4 -4.1 -4.2 -4.3 0.5 0.5 0.5 0.5 0.1 0.15 0.2 0.25 1.75 1.85 2 2.15 USD/GBP
Canada 2.5 2 2.4 Overnight lending rate 1 1.25 1.5 USD/CAD
Australia 2.4 2.6 2.7 2.8 1.9 2.4 2.5 2.5 RBA Cash Rate 3.5 3.5 3.5 3.5 5.3 5.3 5.3 5.3 -2.7 -2.8 -2.9 -2.7 3.95 3.95 3.95 3.95 3.95 3.95 3.1 3.2 3.25 USD/AUD
Sweden Decision Rate 1 1 1 USD/SEK
New Zealand Cash Rate 2.5 2.75 2.75 3.5 USD/NZD
Switzerland 0 Reference Rate 0.25 0.25 0.25 0.25 USD/CHF
Denmark Discount rate USD/DKK
Norway Deposit Rate 1.5 1.75 1.75 USD/NOK
Germany 2 1.8 ECB Rate 0.5 0.5 0.5 0.5 0.05 0.1 0.2 0.2 1.75 1.85 1.95 1.95 EUR/USD
France 0.5 0.7 1.1 1.2 2.2 1.6 1.6 2.1 ECB Rate 0.5 0.5 0.5 0.5 10.5 10.6 10.6 10.6 -2.4 -2.4 -2.4 -2.4 3.84 3.86 3.9 3.95 EUR/USD
Italy 3.6 ECB Rate 0.5 0.5 0.5 0.5 EUR/USD
Eastern Europe
Czech Republic 2w Repo rate 0.5 0.5 EUR/CZK
Hungary Base Rate 7 6.5 EUR/HUF
Poland Reference Rate 4 3.25 3.25 EUR/PLN
Slovakia Key policy rate EUR/SKK
Russia 3 6.5 5.7 Refinance Rate 7.75 USD/RUB
Turkey 6.7 1wk Repo Rate 5.5 5.5 5.5 USD/TRY
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate 2.25 2.25 USD/ILS
South Africa 2.6 2.6 2.7 3.1 5.2 5.3 5 5.3 Repo Rate 5 5 5 5 -5.3 -5.2 -5.2 -5.3 USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 8.4 8.7 Lending Rate 5.75 5.75 5.75 5.75 USD/CNY
Hong Kong Base Rate USD/HKD
India Reverse Repo Rate USD/INR
Indonesia Reference Rate 5.75 5.75 5.75 USD/IDR
South Korea 4.3 4.1 4.2 Base Rate 2.75 2.75 2.75 2.75 USD/KRW
Malaysia BN Interbank ON 3 3 USD/MYR
Phillipines 5.3 Repo Rate 4 4 USD/PHP
Singapore Domestic IBOR rate USD/SGD
Taiwan 5.3 5 Discount Rate 1.88 1.88 USD/TWD
Thailand Repurchase Rate 3 3.25 USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil 5.3 5.9 5.9 SELIC Rate 7.25 7.25 7.25 7.25 6.3 6.3 6.3 USD/BRL
Chile Monetary Policy Rate 5 5 5 USD/CLP
Colombia Deposit Rate 5.5 5.5 USD/COP
Mexico 3.9 Overnight rate 4.5 4.5 4.5 4.5 5.1 USD/MXN
Peru Reference Rate 5 5 USD/PEN
Venezuela Deposit Rate USD/VEF
Unemployment (%) 10-Year Note (%)Policy Rate (%)
Economic Forecasts - Barclays CapitalFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.8 2.1 2.5 2.4 2.1 2 2.4 2.3 Fed Funds Rate 0.25 0.25 0.25 0.25 8.2 8.2 8.1 8 -3.5 -3.5 -3.6 -3.6 -6.5 -6.5 -6.2 -6.2 0.4 0.4 0.4 0.4 0.25 0.3 0.3 0.35 2 1.5 1.85 2.15 EUR/USD 1.35 1.32 1.35 1.32
Japan -0.6 0.8 1.2 1.2 0.6 0.1 0.4 0.5 BOJ overnight rate 0.1 0.1 0.1 0.1 4 4 3.9 3.9 1.5 1.5 1.6 1.6 0.35 0.1 0.7 USD/JPY 77 76 76 75
Euro ECB Rate 0.5 0.05 EUR/USD 1.35 1.32 1.35 1.32
United Kingdom 0.5 1.2 1.7 2 2 1.7 1.7 2 Official Bank Rate 0.5 0.5 0.5 0.5 8.9 8.9 8.8 8.7 0.8 0.75 0.75 0.75 0.25 0.25 0.4 0.5 1.1 1.45 1.75 2.05 USD/GBP 1.73 1.74 1.78 1.78
Canada 2.1 2.2 2 2.4 1.1 1.5 2 2.2 Overnight lending rate 1 1 1.25 1.5 7.4 7.4 7.4 7.4 -2.5 -2.9 -3.6 -2 -0.9 -1 -1.2 -1.2 1.3 1.4 1.5 1.75 1.2 1.35 1.6 1.9 2.05 2.2 2.35 2.55 USD/CAD 0.96 0.95 0.94 0.92
Australia 3.3 3.8 3.9 3.7 2.6 3.3 3.1 2.7 RBA Cash Rate 3.25 2.75 2.75 2.75 5.3 5.2 5.1 5.1 -2.4 -2.8 -2.8 -2.6 3.65 3.6 3.8 4 3.25 3.45 3.7 4 4.25 4.45 4.65 4.9 USD/AUD 1.08 1 1.02 1.04
Sweden Decision Rate USD/SEK 6.56 6.7 6.67 6.82
New Zealand Cash Rate USD/NZD 0.86 0.83 0.85 0.88
Switzerland Reference Rate USD/CHF 0.93 0.95 0.93 0.98
Denmark Discount rate USD/DKK 5.53 5.65 5.53 5.65
Norway Deposit Rate USD/NOK 5.56 5.68 5.48 5.61
Germany ECB Rate 0.5 0.1 1.45 EUR/USD 1.35 1.32 1.35 1.32
France 0.1 0.4 0.8 1.1 2 1.8 1.7 2 ECB Rate 0.5 10.5 10.5 10.5 10.6 -2 -2.3 -2.3 -2.3 0.5 0.5 0.55 0.6 2.6 2.5 2.55 2.65 EUR/USD 1.35 1.32 1.35 1.32
Italy ECB Rate 0.5 EUR/USD 1.35 1.32 1.35 1.32
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25.5 26.2 25.8 25
Hungary Base Rate EUR/HUF 275 275 273 277
Poland 1.7 1.6 1.8 1.9 3.3 2.8 2.5 2.5 Reference Rate 4 3.5 3.5 3.5 12.7 14.1 13.6 13.3 -2.6 -2.6 -1.9 -1.2 4.3 3.8 3.8 3.8 4.4 4.2 4.3 4.45 4.55 4.5 4.8 4.7 EUR/PLN 4.25 4.3 4.2 4.15
Slovakia Key policy rate EUR/SKK
Russia 3.3 2.9 3.3 4.1 7 8.1 8 7.4 Refinance Rate 8.5 8.5 8.5 8.5 5.8 5.9 5.3 5.3 2.6 2.5 1.8 1.7 USD/RUB 30.24 29.98 29.81 31.29
Turkey 3.6 4.2 4.4 4.6 6.4 7.1 7.5 7.1 1wk Repo Rate 5.75 5.75 5.75 5.75 9.2 9.1 9 9 6.2 6.8 7.5 8.5 7 7.5 8 9 USD/TRY 1.74 1.72 1.74 1.79
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 3.87 3.88 3.76 3.75
South Africa 3.1 3.4 3 2.7 5.6 6.1 6.2 4.9 Repo Rate 4.5 4.5 4.5 4.5 -4.8 -5.2 -5.1 -5.3 4.85 4.85 4.75 4.6 7 6.85 6.9 7 USD/ZAR 8.5 8 8.1 8
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.5 7 7.5 8
Kuwait Discount rate USD/KWD 0.27 0.27 0.27 0.27
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR 3.64
Saudi Arabia Re Repo Rate USD/SAR 3.75
United Arab Emirates 1wk Repo Rate USD/AED 3.67
Asia
China 7.3 7.8 8.1 8.4 3.2 3.8 3.8 3.6 Lending Rate 5.75 5.75 5.75 5.75 2.7 1.1 3.4 2.8 USD/CNY 6.3 6.27 6.25 6.3
Hong Kong 0.9 0.9 2.3 3.8 4.1 3.6 3.8 5.5 Base Rate 3.4 3.5 3.6 3.5 0.4 0.4 0.4 0.4 0.25 0.25 0.25 0.25 1.5 1.65 2 2.2 USD/HKD 7.75 7.75 7.75 7.75
India 5.3 6.2 6.8 7.4 Reverse Repo Rate USD/INR 55 54.5 54 53.5
Indonesia Reference Rate USD/IDR 9800 9850 9900 9950
South Korea 1.3 4.3 2 3.1 2.7 2.2 2.5 2.7 Base Rate 2.5 2.5 2.5 2.5 3.5 3.5 3.6 3.5 2.2 1.7 1.8 1.5 2.8 2.95 3.1 3.35 USD/KRW 1100 1080 1050 1030
Malaysia BN Interbank ON USD/MYR 3.1 3.05 3 2.95
Phillipines Repo Rate USD/PHP 40 39.5 39 38.5
Singapore Domestic IBOR rate USD/SGD 1.24 1.22 1.2 1.18
Taiwan 1.45 1.86 2.01 3.06 2.99 2.11 1.39 0.37 Discount Rate 1.88 1.88 1.88 1.88 4.37 4.51 4.53 4.58 0.8 0.8 0.8 0.8 0.75 0.75 0.8 0.85 1.25 1.3 1.45 1.55 USD/TWD 29 28.5 28 27.8
Thailand Repurchase Rate USD/THB 30 29.5 29 28.7
Vietnam Base Rate USD/VND 21000 21000 21000 21000
LatAm
Argentina Deposit 1DY Rate USD/ARS 7.85 5 5.15 5.35
Brazil 2 3.2 4.7 5.5 5.4 5.9 6.4 6.3 SELIC Rate 7.5 8.5 9 9 4.4 5.3 4.5 4.3 -2.4 -2.5 -2.6 -2.8 USD/BRL 1.98 1.98 1.96 1.95
Chile Monetary Policy Rate 5 4.75 USD/CLP 482 480 483 486
Colombia Deposit Rate USD/COP 1850 1875 1830 1815
Mexico 4 5.3 3.3 3.8 4.1 4.1 4 3.8 Overnight rate 4.5 4.75 5 5 4.9 5.2 5.4 5.3 -1.4 -1.3 -1.2 -0.7 -2.7 -1.9 0.5 -2 USD/MXN 12.75 12.6 12.5 12.3
Peru Reference Rate 4.5 USD/PEN 2.6 2.59 2.58 2.57
Venezuela Deposit Rate USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - BNP ParibasFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1 1 1.5 2.2 2 1.7 1.9 1.9 Fed Funds Rate 0.25 0.25 0.25 0.25 8.4 8.4 8.5 8.4 0.38 0.35 0.35 0.35 0.25 0.2 0.2 0.25 1.75 1.75 1.75 1.75 EUR/USD 1.15 1.18 1.19 1.2
Japan -1.4 4.4 0.4 1 0.2 -0.1 -0.1 0 BOJ overnight rate 0.1 0.1 0.1 0.1 4.2 4.2 4.1 4 0.8 0.8 0.8 USD/JPY 78 80 82 84
Euro -1.2 -1.3 -0.9 -0.3 2 1.8 1.7 1.7 ECB Rate 0.5 0.5 0.5 0.5 11.4 11.6 11.6 11.6 0.3 0.3 0.3 0.5 0.2 0.15 0.15 EUR/USD 1.15 1.18 1.19 1.2
United Kingdom 0 0.7 1.9 1.5 1.8 1.6 1.8 2.1 Official Bank Rate 0.5 0.5 0.5 0.5 8.6 8.6 8.6 8.5 -1.9 -1.9 -1.8 -1.7 0.65 0.65 0.65 0.4 0.5 0.6 1.85 2.05 2.25 USD/GBP 1.53 1.51 1.49 1.5
Canada 1.8 2.1 Overnight lending rate 1 1 8.2 -1 0.25 0.9 1.1 1.15 1.2 2 2.15 2.2 USD/CAD 1.05 1.04 1.03 1.02
Australia 3.1 2.4 2.6 3.1 2.7 3.3 3.5 2.6 RBA Cash Rate 3.25 3.25 3.25 3.25 5.8 6 6.1 6.1 -3.6 -3.8 -4.1 -4.5 3.5 3.5 3.5 3.5 2.7 2.65 2.75 2.85 3 3 3 3 USD/AUD 0.98 0.98 0.98 0.96
Sweden Decision Rate USD/SEK 7.39 7.12 6.97 6.92
New Zealand Cash Rate USD/NZD 0.78 0.79 0.79 0.78
Switzerland Reference Rate 0 0 USD/CHF 1.06 1.05 1.06 1.07
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK 6.43 6.23 6.09 6.04
Germany 0 -0.4 0 0.8 1.5 1.7 1.6 1.6 ECB Rate 0.5 0.5 0.5 0.5 6.8 6.8 6.7 6.6 6.2 5.9 5.7 5.7 0.1 0.1 0.15 1.5 1.6 1.7 EUR/USD 1.15 1.18 1.19 1.2
France 0 -0.2 0.1 0.2 2 2.1 2.1 2.1 ECB Rate 0.5 0.5 0.5 0.5 10.4 10.6 10.7 10.8 -2.6 -2.5 -2.5 -2.5 EUR/USD 1.15 1.18 1.19 1.2
Italy -2.7 -2.1 -1.6 -1.4 2.7 2.4 2.3 2.3 ECB Rate 0.5 0.5 0.5 0.5 11 11.4 11.6 11.6 -0.2 0.2 0.6 0.9 EUR/USD 1.15 1.18 1.19 1.2
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25.3 25.3 25.3 25
Hungary 3.5 Base Rate 6.5 6 6 6 EUR/HUF 285 285 285 285
Poland Reference Rate 4.25 4.25 4 4.7 4.65 4.35 4.7 4.75 4.55 EUR/PLN 4.25 4.25 4.25 4.15
Slovakia Key policy rate EUR/SKK
Russia 3.3 2.9 3 3.5 6.7 6.7 5.7 4.7 Refinance Rate 8.25 8.25 7.75 7.5 USD/RUB 31.5 31.5 31.5 31
Turkey 1wk Repo Rate 5.75 5.75 5.75 5.75 6 6 6 USD/TRY 1.8 1.8 1.8 1.75
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 3.85 3.85 3.85 3.75
South Africa 3.5 4.5 6 5.6 Repo Rate 4.5 4.5 4.5 4.5 22.7 -5.2 -5.4 5.45 5.5 5.6 7.25 7.25 7.3 USD/ZAR 8 8 8 7.6
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.04 6.04 6.04 6.04
Kuwait Discount rate USD/KWD 0.28 0.28 0.28 0.28
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR 3.64 3.64 3.64 3.64
Saudi Arabia Re Repo Rate USD/SAR 3.75 3.75 3.75 3.75
United Arab Emirates 1wk Repo Rate USD/AED 3.67 3.67 3.67 3.67
Asia
China 7.7 7.6 7.6 7.5 Lending Rate 3.9 3.9 3.9 4.2 4.2 4.2 USD/CNY 6.4 6.35 6.3 6.3
Hong Kong Base Rate 0.5 USD/HKD 7.8 7.82 7.8 7.8
India Reverse Repo Rate 6 USD/INR 53 51 50 50
Indonesia Reference Rate 5.75 5.75 5.75 5.75 USD/IDR 9400 9300 9200 9100
South Korea Base Rate USD/KRW 1100 1080 1000 1000
Malaysia 4.2 2.1 BN Interbank ON 3 3 3 3.7 3.7 3.7 USD/MYR 3.1 3.05 3 2.95
Phillipines Repo Rate 3.75 USD/PHP 42 41 39.8 39.8
Singapore 5.5 3.9 Domestic IBOR rate USD/SGD 1.24 1.21 1.21 1.2
Taiwan Discount Rate USD/TWD 30 28.5 28 27.5
Thailand Repurchase Rate USD/THB 30 29.8 29 29
Vietnam Base Rate USD/VND
LatAm
Argentina 0.6 Deposit 1DY Rate USD/ARS 5 5.3 5.6 5.9
Brazil 4.7 5.1 SELIC Rate 7.25 7.25 7.25 USD/BRL 2.05 2 1.98 1.96
Chile 3.8 2.1 Monetary Policy Rate 4.75 4.5 4.75 USD/CLP 500 500 497 495
Colombia 4.7 3.5 4.7 5.3 2.8 3 3 3.1 Deposit Rate 4.75 4.75 4.75 4.75 9.6 9.9 9.2 8.5 USD/COP 1800 1780 1770 1760
Mexico 2.3 3.8 Overnight rate 4.5 4.5 4.5 4.8 4.85 5.1 5.8 5.85 6 USD/MXN 13.6 13.3 13.15 13
Peru 5.1 Reference Rate 4.25 USD/PEN 2.65 2.64 2.63 2.62
Venezuela 4.6 Deposit Rate USD/VEF
Unemployment (%) 10-Year Note (%)Policy Rate (%)
Economic Forecasts - Bank of America Merrill LynchFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 1.3 2 3.2 2.1 2 1.8 1.7 Fed Funds Rate 0.25 0.25 0.25 0.25 8.1 8 8 8 -3 -3 -3.2 -3.2 0.42 0.44 0.55 0.65 0.25 0.35 0.55 0.7 1.65 1.8 2.1 2.35 EUR/USD 1.27 1.2 1.15 1.17
Japan -0.3 1.7 2.7 2.5 0.2 -0.3 -0.1 0.1 BOJ overnight rate 0.1 0.1 0.1 0.1 4.3 4.3 4.3 4.1 0.8 1 1.1 1.1 0.2 0.2 0.2 0.2 0.15 0.15 0.2 0.2 0.95 1.1 1.2 1.1 USD/JPY 77 77 76 77
Euro -1.1 -1.4 -1.2 -0.9 2.2 1.8 1.8 2.2 ECB Rate 1 0.75 0.75 0.5 11.3 11.4 11.4 11.4 0.5 0.5 0.5 0.5 EUR/USD 1.27 1.2 1.15 1.17
United Kingdom -0.7 0 0.8 0.4 1.8 1.5 1.7 1.8 Official Bank Rate 0.5 0.5 0.5 0.5 7.9 7.9 7.7 7.6 0.85 0.85 0.9 1 0.4 0.4 0.5 0.6 1.4 1.4 1.5 1.75 USD/GBP 1.59 1.55 1.52 1.53
Canada 2.3 1.9 2.4 2.8 1.5 1.6 1.5 2.1 Overnight lending rate 1 1.25 1.5 1.75 7.2 7.2 7 6.9 -3.7 -3.3 -3.1 -2.8 1.75 2.1 2.5 2.75 USD/CAD 0.96 0.97 0.98 0.98
Australia 1.6 RBA Cash Rate 3.5 3.5 3.5 3.75 5.5 3.4 3.4 3.7 4 2.6 3.9 3.1 3.3 3.6 3.8 USD/AUD 1.02 0.99 0.96 0.96
Sweden Decision Rate USD/SEK
New Zealand Cash Rate 2.5 2.75 3 3.5 3.8 4 4.4 4.75 USD/NZD 0.82 0.8 0.79 0.77
Switzerland Reference Rate 0 0 0 0 0.44 0.5 0.54 0.64 USD/CHF 0.95 1 1.04 1.02
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK
Germany 2 2 1.8 1.5 2.1 2.4 2.2 2.3 ECB Rate 1 0.75 0.75 0.5 5.4 5.4 5.3 5.3 0.25 0.25 0.35 0.5 1.75 1.8 2 2.25 EUR/USD 1.27 1.2 1.15 1.17
France -0.7 -0.8 -0.5 0 1.3 0.9 0.8 1.1 ECB Rate 1 0.75 0.75 0.5 9.6 9.6 9.5 9.4 EUR/USD 1.27 1.2 1.15 1.17
Italy ECB Rate 1 0.75 0.75 0.5 EUR/USD 1.27 1.2 1.15 1.17
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25.1 25.5 25.9 25.6
Hungary 5.5 4 3.9 3.7 Base Rate 6.5 6 6 5.5 7 6.75 6.63 6.5 EUR/HUF 296 304 309 305
Poland 1.8 1.4 1.6 3.1 3 2.5 2.3 2.8 Reference Rate 4.75 4.5 4.25 4.25 5.25 5.2 5.15 5.25 EUR/PLN 4.2 4.31 4.38 4.28
Slovakia Key policy rate EUR/SKK
Russia 2.4 4.1 4.6 4.1 6.6 7.2 7.5 6.9 Refinance Rate 8.25 8.5 8.5 8.5 USD/RUB 32.3 34 35.4 35
Turkey 3.1 1.2 3.4 5.3 6.7 7.1 7 6.7 1wk Repo Rate 5.75 5.75 5.75 6.5 USD/TRY 1.84 1.88 1.92 1.9
Iceland 1wk Repo Rate USD/ISK
MEA
Israel 2.9 Discount rate 2.75 USD/ILS 4.06 4.14 4.19 4.15
South Africa 3 3.2 3.6 3.7 5.9 5.9 4.9 4.5 Repo Rate 5 5 5 5 8.75 8.88 9 8.93 USD/ZAR 8.5 8.61 8.7 8.7
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 8.1 8.3 8.1 7.9 2.3 2.4 2.6 3.1 Lending Rate 5.81 5.81 USD/CNY 6.33 6.34 6.35 6.31
Hong Kong Base Rate 0.38 0.4 0.5 0.6 USD/HKD 7.75 7.76 7.76 7.76
India Reverse Repo Rate 6.5 6.5 6.5 6.5 8.25 8.25 8.25 8.25 USD/INR 55 55.6 55.9 55.1
Indonesia 5.79 5.32 Reference Rate 5.75 6 6.25 6.25 USD/IDR 9680 9773 9843 9805
South Korea 2.7 2.4 Base Rate 2.5 2.5 2.5 2.75 3.2 USD/KRW 1126 1134 1138 1123
Malaysia 4.5 3.8 4.3 5.6 2.2 2.1 2.6 2.6 BN Interbank ON 3 3 3 3 3.28 3.28 3.28 3.28 3.1 3.2 3.4 3.5 USD/MYR 3.08 3.11 3.13 3.13
Phillipines Repo Rate 3.5 3.5 3.5 3.5 USD/PHP 41.7 42.4 42.9 42.5
Singapore Domestic IBOR rate 0.3 0.3 0.3 0.3 1.88 1.95 2 2.12 USD/SGD 1.25 1.26 1.27 1.26
Taiwan 4.8 4.2 3.6 3.2 1.5 Discount Rate 1.88 1.88 1.88 1.88 1.18 1.21 1.24 1.27 USD/TWD 30 30.3 30.4 30
Thailand Repurchase Rate 2.5 2.5 2.5 2.5 USD/THB 30.9 31.5 31.9 31.5
Vietnam Base Rate USD/VND 22284
LatAm
Argentina 0.3 Deposit 1DY Rate 8 -0.6 USD/ARS
Brazil 3.6 4.9 SELIC Rate 7.25 7.25 7.25 8.25 6 -2.2 USD/BRL 2.02 2.03 2.05 2.05
Chile 3.9 2.3 Monetary Policy Rate 4.25 4.5 7.6 -2.5 0.7 USD/CLP 490 501 509 505
Colombia 4 2.9 Deposit Rate 10.6 -3.3 USD/COP 1830 1841 1850 1850
Mexico 3.3 3.7 Overnight rate 5.1 -1.1 -1.2 USD/MXN 12.7 13 13.2 13
Peru 2.8 Reference Rate 4.5 USD/PEN
Venezuela 4 3.4 3.5 3.4 24.5 26.8 29.4 28.4 Deposit Rate 6 8.2 7.6 8 3.8 4.3 3.7 3.6 USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - CitibankFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2.2 2.4 2.6 3 1.9 1.6 1.4 1.5 Fed Funds Rate 0.25 0.25 0.25 0.25 8.2 8.1 7.9 7.7 0.25 0.25 0.3 0.35 1.35 1.45 1.55 1.65 EUR/USD 1.22 1.22 1.2 1.19
Japan -0.5 1.7 2.6 2.8 0 -0.4 -0.3 -0.3 BOJ overnight rate 0.1 0.1 0.1 0.1 4.3 4.3 4.3 4.2 0.9 1.1 1.1 1 0.3 0.3 0.3 0.3 1 1 USD/JPY 77 78 79 80
Euro ECB Rate EUR/USD 1.22 1.22 1.2 1.19
United Kingdom 2 2 2.2 2.6 Official Bank Rate 0.5 0.5 0.5 0.5 2 2.3 2.35 USD/GBP 1.57 1.57 1.56 1.54
Canada 1.5 2 2.3 2.6 1.6 1.6 1.8 2.2 Overnight lending rate 1 1 1 1.5 7.3 7.2 7.1 7 USD/CAD 0.99 0.99 0.99 0.99
Australia RBA Cash Rate 3 3 2.5 2.5 2.75 2.75 3 3.25 2.05 2.15 2.35 2.5 2.65 2.75 2.9 3 USD/AUD 0.98 0.97 0.97 0.96
Sweden Decision Rate USD/SEK 6.68 6.75 6.83 6.9
New Zealand Cash Rate USD/NZD 0.75 0.75 0.75 0.74
Switzerland Reference Rate USD/CHF 0.99 1 1.01 1.03
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK 5.86 5.92 5.98 6.05
Germany ECB Rate EUR/USD 1.22 1.22 1.2 1.19
France ECB Rate EUR/USD 1.22 1.22 1.2 1.19
Italy ECB Rate EUR/USD 1.22 1.22 1.2 1.19
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25 24.9 24.8 24.7
Hungary Base Rate EUR/HUF 277 276 276 275
Poland Reference Rate 4.75 EUR/PLN 3.99 3.98 3.97 3.95
Slovakia Key policy rate EUR/SKK
Russia Refinance Rate USD/RUB 31.78 31.9 32.04 32.27
Turkey 1wk Repo Rate USD/TRY 1.79 1.81 1.82 1.83
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 4.17 4.1 4.06 4.05
South Africa Repo Rate USD/ZAR 8.3 8.26 8.22 8.2
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 8.1 4.6 Lending Rate USD/CNY 6.32 6.27 6.23 6.2
Hong Kong Base Rate USD/HKD 7.8 7.8 7.8 7.8
India 6.5 7.2 7.4 7.6 Reverse Repo Rate USD/INR 53.43 52.93 52.43 51.94
Indonesia Reference Rate 5.75 6.25 USD/IDR 9600 9500 9408 9342
South Korea Base Rate 2.5 USD/KRW 1109 1102 1096 1089
Malaysia BN Interbank ON USD/MYR 3 2.99 2.99 2.98
Phillipines Repo Rate USD/PHP 40.7 40.5 40.3 40
Singapore 6 4.7 5.3 Domestic IBOR rate 2.3 2.3 2.2 2.2 USD/SGD 1.24 1.24 1.23 1.23
Taiwan Discount Rate USD/TWD 29.2 29.1 29.1 29
Thailand Repurchase Rate 3 USD/THB 30.5 30.4 30.3 30.2
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil SELIC Rate USD/BRL 2 2 2 2
Chile Monetary Policy Rate USD/CLP
Colombia Deposit Rate USD/COP
Mexico Overnight rate USD/MXN 12.73 12.56 12.38 12.23
Peru Reference Rate USD/PEN
Venezuela Deposit Rate USD/VEF
Policy Rate (%)
Economic Forecasts - Credit SuisseFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%) 10-Year Note (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 1.5 2 2.5 2.1 2 2.3 2.3 Fed Funds Rate 0.25 0.25 0.25 0.25 8.1 8.1 8.1 8 -3.2 -3.3 -3.4 -3.4 0.25 0.25 0.25 0.25 0.5 0.5 0.6 0.75 2 2.1 2.2 2.3 EUR/USD
Japan 1.2 BOJ overnight rate 0.1 0.1 0.1 0.1 1 USD/JPY
Euro ECB Rate EUR/USD
United Kingdom Official Bank Rate USD/GBP
Canada 2.2 Overnight lending rate 7.6 USD/CAD
Australia 2.8 2.1 RBA Cash Rate 3.25 3.25 3.25 3.25 USD/AUD
Sweden Decision Rate USD/SEK
New Zealand 2.8 2.7 3.2 3.3 2.1 2.1 2.2 2.5 Cash Rate 6.3 6.2 6 5.9 -6.1 -6.4 -6.5 -6.4 2.7 2.7 3.12 3.45 USD/NZD
Switzerland Reference Rate USD/CHF
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK
Germany 1 0.6 1.2 1.5 2.4 2.1 2.1 2.2 ECB Rate 6.9 6.8 6.8 6.8 EUR/USD
France ECB Rate EUR/USD
Italy ECB Rate EUR/USD
Eastern Europe
Czech Republic 1.3 2 1.1 1.1 2w Repo rate 0.75 1 1 1.25 EUR/CZK
Hungary Base Rate 7 6.5 6 5.75 EUR/HUF
Poland 1.8 1.6 2 2.7 3.3 3 2.7 2.8 Reference Rate 4.25 4 4 4 10.5 10.8 11.1 11.3 4.5 4.2 4.2 4.2 EUR/PLN
Slovakia Key policy rate EUR/SKK
Russia Refinance Rate USD/RUB
Turkey 1wk Repo Rate USD/TRY
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS
South Africa Repo Rate 6 6.5 7 7 USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.4 7.7 Lending Rate USD/CNY
Hong Kong Base Rate USD/HKD
India 5.4 6.3 6.4 7.1 Reverse Repo Rate -3.1 -3.8 USD/INR
Indonesia 5.7 5.8 Reference Rate USD/IDR
South Korea 2.8 2.8 Base Rate 3.25 USD/KRW
Malaysia 3.7 4.3 BN Interbank ON USD/MYR
Phillipines 5 4.8 Repo Rate USD/PHP
Singapore 2.4 3.7 Domestic IBOR rate USD/SGD
Taiwan Discount Rate USD/TWD
Thailand 11.6 5.9 Repurchase Rate USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil 4.7 5 SELIC Rate 7.5 8.5 9 9 USD/BRL
Chile Monetary Policy Rate USD/CLP
Colombia Deposit Rate USD/COP
Mexico Overnight rate USD/MXN
Peru Reference Rate 4.25 4.25 4.5 4.5 USD/PEN
Venezuela Deposit Rate USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - Goldman SachsFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.4 1.6 1.9 2.4 1.7 1.6 1.9 2 Fed Funds Rate 0.25 0.25 0.25 0.25 8 7.9 7.8 7.7 0.5 0.4 0.4 0.3 0.2 1.9 2 2.1 2.5 EUR/USD 1.35 1.37 1.38
Japan 1 0 0.1 0.2 -0.3 -0.2 -0.2 0 BOJ overnight rate 0.05 0.05 0.05 1 1.3 0.5 1.3 1.4 USD/JPY 74 72 72
Euro -0.7 -0.5 0.1 2.3 1.8 1.8 1.7 ECB Rate 0.5 0.5 0.5 0.5 11.4 11.6 11.7 0.4 0.4 0.4 EUR/USD 1.35 1.37 1.38
United Kingdom 0.7 1.4 2.1 2.6 2.5 2.6 2.5 Official Bank Rate 0.5 0.5 0.5 0.5 8.7 8.6 8.7 0.9 0.8 0.8 0.5 0.5 0.5 1.9 2.2 2.2 USD/GBP 1.6 1.62 1.61
Canada 1.5 2.7 2.3 2.1 2.2 2 Overnight lending rate 1 1 1 7 7 6.9 1.4 1.3 1.3 2.3 2.3 2.4 USD/CAD 0.97 0.95 0.95
Australia 2.7 2.4 2.9 3.5 3.1 3.6 3.7 2.7 RBA Cash Rate 3.25 3.25 3.25 3.5 5.2 5.1 5 4.9 -6.3 -6.7 -6.8 -7.1 3.7 3.7 3.8 4 2.7 2.8 2.9 3.1 3.2 3.3 3.5 3.8 USD/AUD 0.95 0.95 0.95
Sweden Decision Rate 2.3 USD/SEK 6 5.91 5.83
New Zealand 3.5 3.6 3.7 3.3 2.9 2.9 3 3 Cash Rate 2.5 3 3.25 3.5 6.3 6.2 6.1 6 -6.2 -6.3 -6.4 -6.4 3.6 3.6 3.8 4.1 USD/NZD 0.73 0.72 0.72
Switzerland 1.1 1 1.2 0.2 0.2 0.4 Reference Rate 3.2 3.3 3.3 11.8 12.3 12.5 1.4 USD/CHF 0.89 0.88 0.87
Denmark Discount rate USD/DKK 5.51 5.43 5.39
Norway Deposit Rate 2.8 USD/NOK 5.26 5.11 5.04
Germany 1 0.8 1.4 1.5 1.3 1.5 1.9 ECB Rate 0.5 0.5 0.5 0.5 6.7 6.7 6.7 4.8 4.5 4.4 2 2.1 2.1 EUR/USD 1.35 1.37 1.38
France ECB Rate 0.5 0.5 0.5 0.5 3.7 EUR/USD 1.35 1.37 1.38
Italy -1.9 -1.2 -0.5 3 2.3 1.6 1.7 ECB Rate 0.5 0.5 0.5 0.5 10.2 10.3 10.4 -0.8 -3.1 -2 6.7 EUR/USD 1.35 1.37 1.38
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25 25 24.5
Hungary 0.1 5.4 3.5 3.3 Base Rate 6.5 7.6 EUR/HUF 280 275 275
Poland 2.2 1.5 1.9 2.3 3.5 2.8 2.6 2.8 Reference Rate 4.5 4.75 4.75 4.75 4.6 4.2 4.3 4.3 4.8 4.8 4.8 4.8 EUR/PLN 4.1 4 4
Slovakia Key policy rate EUR/SKK
Russia 1.3 1.3 2.4 3.1 7.5 8.2 7.7 7 Refinance Rate 8.75 8.75 8.75 8.5 5.8 6.4 5.3 5.3 3 5.4 2.2 0.7 -1.7 0.4 -0.6 -0.9 USD/RUB 32.27 30.58 33.33
Turkey 3.1 3.4 3 4.3 7.2 7.5 7.7 7.6 1wk Repo Rate 6 6.5 7 7.2 USD/TRY 1.8 1.75 1.7
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 3.85 3.8 3.75
South Africa 2.5 2.8 2.8 3.1 4.9 4.9 5.2 5.6 Repo Rate USD/ZAR 8 7.8 7.5
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.1 6.1 6.1
Kuwait Discount rate USD/KWD 0.28
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR 3.64
Saudi Arabia Re Repo Rate USD/SAR 3.75
United Arab Emirates 1wk Repo Rate USD/AED 3.67
Asia
China 8.8 9 8.8 8.8 2.7 2.7 2.6 2.6 Lending Rate 5.75 USD/CNY 6.3 6.28 6.26
Hong Kong 5.1 6.9 4.9 Base Rate 1.9 USD/HKD 7.8 7.8 7.8
India 6.8 6.6 7.1 7.4 9.2 8.6 7.2 8.3 Reverse Repo Rate 6.5 6.5 6.5 6.5 -3 -2 -3 -3.5 -5.6 -5.6 -5.5 -5.3 7.8 7.7 7.7 7.7 USD/INR 52 51 50
Indonesia Reference Rate 7.2 USD/IDR 9800 9750 9700
South Korea 3.5 3.8 Base Rate USD/KRW 1120 1110 1100
Malaysia 3.9 4 4.8 5.2 2.7 3.3 3.3 3.1 BN Interbank ON 10.3 10.4 9.8 11.1 -4.9 -5.1 -3.1 -3.6 USD/MYR 3.1 3.06 3.02
Phillipines Repo Rate 6.2 USD/PHP 41.4 41.2 41
Singapore Domestic IBOR rate 1.7 USD/SGD 1.23 1.22 1.21
Taiwan Discount Rate 2 2.13 2.25 USD/TWD 29.4 29.2 29
Thailand Repurchase Rate USD/THB 30.9 30.6 30.3
Vietnam Base Rate USD/VND 21500 21500 21500
LatAm
Argentina Deposit 1DY Rate USD/ARS 5 5.22 5.45
Brazil 3 3.8 4.9 3.6 5 5.3 5.4 5.1 SELIC Rate 7.25 7.25 7.25 7.25 4.6 6.4 6 5.6 -2 USD/BRL 2 2.03 2.05
Chile Monetary Policy Rate 5 USD/CLP 490 500 500
Colombia Deposit Rate 5.25 USD/COP 1770 1750 1725
Mexico 2.4 2.7 2.9 3.9 4 4 Overnight rate 4.5 4.5 4.5 5 4.5 4.9 4.5 -1.6 -0.9 -0.5 USD/MXN 13.5 13.35 13.2
Peru Reference Rate USD/PEN 2.6 2.58 2.56
Venezuela Deposit Rate USD/VEF
Policy Rate (%)
Economic Forecasts - HSBCFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%) 10-Year Note (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 0.7 1.5 2.3 2.1 2.1 1.3 1.8 Fed Funds Rate 0.25 0.25 0.25 0.25 8 8.1 8 7.8 -2.9 -3 -3 -3.1 0.4 0.4 0.4 0.4 0.3 0.3 0.5 0.6 1.4 1.3 1.5 1.5 EUR/USD
Japan BOJ overnight rate 0.05 0.05 0.05 0.05 0.3 0.4 0.4 0.4 0.9 1.1 1.2 1.5 USD/JPY
Euro -0.3 2.4 2 1.9 1.8 ECB Rate 0.5 0.5 0.5 0.5 0.3 0.4 0.5 0.6 EUR/USD
United Kingdom Official Bank Rate 0.5 0.5 0.5 0.5 0.65 0.7 0.7 0.7 1.4 1.3 1.4 1.5 USD/GBP
Canada Overnight lending rate 1 1 1.25 1.5 1.3 1.3 1.6 1.8 1.6 1.6 1.9 2.2 USD/CAD
Australia 2.8 3.1 1.5 2 RBA Cash Rate 3.25 3 3 3 3.2 3 3 3.2 3 3 3.2 3.6 USD/AUD
Sweden 1.5 1.5 1.3 0.8 Decision Rate 1.25 1.25 1.25 1.25 1.6 1.6 1.6 1.72 1.4 1.4 1.4 1.5 USD/SEK
New Zealand Cash Rate 2.5 2.5 2.75 3 2.8 2.8 3.1 3.4 3.5 3.5 3.6 3.8 USD/NZD
Switzerland Reference Rate 0 0 0 0 0.05 0.1 0.2 0.2 0.5 0.8 0.9 1.1 USD/CHF
Denmark 1 2.4 2.6 Discount rate USD/DKK
Norway 2.7 0.9 2 Deposit Rate 1.25 1.25 1.25 1.25 1.8 1.8 1.8 1.85 USD/NOK
Germany 1 1.5 1.4 1.6 1.9 ECB Rate 0.5 0.5 0.5 0.5 6.7 6.6 6.5 6.4 0 0.25 0.5 0.6 1.3 1.3 1.4 1.4 EUR/USD
France 0.4 0.8 1.3 1.8 1.5 1.5 1.5 ECB Rate 0.5 0.5 0.5 0.5 10.2 10.1 10 -1.9 -1.8 -1.9 3.1 3.1 3 2.2 EUR/USD
Italy -2 2.7 3.1 ECB Rate 0.5 0.5 0.5 0.5 5.8 6.3 5.9 5.4 EUR/USD
Eastern Europe
Czech Republic 0.5 3.7 3.3 3.5 2w Repo rate 0.25 0.25 0.25 0.25 0.8 0.8 0.8 0.9 2.2 2 2.2 2.3 2.4 2.4 2.8 2.9 EUR/CZK
Hungary 0.8 5.2 Base Rate 6.5 6.25 5.75 5.5 7.5 7.3 7.1 6.9 EUR/HUF
Poland 1.7 1.6 3.5 3 Reference Rate 4.5 4 3.75 3.75 -4.8 -4.1 4.7 4.13 3.94 3.94 4.69 4.66 4.75 4.75 4.69 4.66 4.75 4.75 EUR/PLN
Slovakia 0.7 1 2.7 3.1 3.5 3.3 3.6 3.6 Key policy rate 13.5 13.6 13.1 13 1.7 1.7 1.7 1.8 EUR/SKK
Russia 2.9 2.9 3.4 4.7 6.8 7.1 7 6.7 Refinance Rate 8.25 8.25 8.25 8 6 6.3 6.1 5.9 2.3 6.2 0.9 0.1 USD/RUB
Turkey 1wk Repo Rate 5.75 5.75 5.75 5.75 7.9 7.8 7.7 7.6 USD/TRY
Iceland 3.9 5.4 1wk Repo Rate 6 6 5.5 5.5 USD/ISK
MEA
Israel Discount rate USD/ILS
South Africa Repo Rate USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.1 8.1 2.5 2.9 Lending Rate USD/CNY
Hong Kong Base Rate 0.4 0.4 0.4 0.45 0.8 0.8 0.9 0.9 USD/HKD
India Reverse Repo Rate 7.9 7.75 7.5 7.5 USD/INR
Indonesia 6.5 5.1 Reference Rate 5.5 5.25 5.25 5 4.5 4.25 4.25 4 5 5 5 5 USD/IDR
South Korea Base Rate 2.75 2.75 2.75 2.75 USD/KRW
Malaysia BN Interbank ON 3 3 3 3 3.1 3.1 3.1 3.1 USD/MYR
Phillipines Repo Rate 3.5 3.5 3.5 3.5 2 2.2 2.3 2.4 USD/PHP
Singapore Domestic IBOR rate 0.35 0.35 0.35 0.4 1.3 1.3 1.4 1.4 USD/SGD
Taiwan Discount Rate 1.88 1.88 1.88 1.88 0.8 0.8 0.8 0.8 1.18 1.16 1.14 1.12 USD/TWD
Thailand Repurchase Rate 3 3 3 3 3.1 3.1 3.1 3.1 3 3 3 3 USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil SELIC Rate 7.25 7.25 7.25 7.25 USD/BRL
Chile Monetary Policy Rate USD/CLP
Colombia Deposit Rate USD/COP
Mexico 1 2.3 4 4 Overnight rate 4 4 4 4 4.8 5 5 5.2 USD/MXN
Peru Reference Rate USD/PEN
Venezuela Deposit Rate USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - ING GroepFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2 1.5 2.3 2.5 2 2.1 1.7 2.1 Fed Funds Rate 0.25 0.25 0.25 0.25 8.2 8.2 8.1 8.1 -3.4 -3.5 -3.5 0.5 0.5 0.3 0.3 2.5 2.5 EUR/USD 1.3 1.3 1.32 1.34
Japan 0 1 1.2 1.3 0 -0.3 -0.2 0.1 BOJ overnight rate 0.1 0.1 0.1 0.1 4.3 4.1 4.1 4.1 0.9 0.9 0.9 1 0.9 0.7 0.8 0.2 0.2 0.2 0.2 0.1 0.1 0.1 0.1 0.85 0.9 0.9 0.9 USD/JPY 78 79 79 79
Euro -0.5 0.5 0.5 1 2.5 2 2 1.6 ECB Rate 0.5 0.5 0.5 0.5 11.5 11.5 11.5 11.4 0.4 0.5 0.5 EUR/USD 1.3 1.3 1.32 1.34
United Kingdom -0.2 0.5 1.5 2.7 2.5 2.6 Official Bank Rate 0.5 0.5 0.5 0.5 8.6 8.7 8.7 -1 -1 -0.7 1.85 2 2.15 1.5 1.7 1.8 USD/GBP 1.62 1.62 1.63 1.65
Canada 2 2.1 2.1 2.2 2.4 2.2 2 2.1 Overnight lending rate 1 1.25 1.25 1.5 7.3 7.3 7.2 7.2 -3.7 -3.6 -3.5 -3.3 USD/CAD 0.98 0.97 0.96 0.94
Australia 2.9 2.4 2.4 2.5 1.7 3.4 2.7 3 RBA Cash Rate 3.25 3 3 3 5.5 5.5 5.4 5.4 -4.4 -4.6 -4.6 -4.7 3 3.25 3.25 3.25 3.5 3.25 3.4 3.6 3.85 USD/AUD 1.04 1.04 1.05 1.06
Sweden 1.9 2.1 Decision Rate 2.25 USD/SEK 6.54 6.5 6.36 6.27
New Zealand 2.8 2.3 3 3 2.5 2.7 2.8 2.8 Cash Rate 2.5 3 3 3.25 5.9 5.7 5.5 5.3 -6.8 -5 -6.8 -8.2 4 4.4 4.4 4.4 USD/NZD 0.82 0.81 0.8 0.79
Switzerland Reference Rate USD/CHF 0.92 0.92 0.87 0.86
Denmark Discount rate USD/DKK
Norway 2 1.6 Deposit Rate 2.2 USD/NOK 5.65 5.62 5.49 5.41
Germany 1 0.8 0.9 2.1 1.6 1.8 1.6 ECB Rate 0.5 0.5 0.5 0.5 0.9 1 1.2 EUR/USD 1.3 1.3 1.32 1.34
France -0.1 0.1 0.4 2.1 1.8 1.5 ECB Rate 0.5 0.5 0.5 0.5 EUR/USD 1.3 1.3 1.32 1.34
Italy -2.5 -1.9 -1.3 3.1 2.9 2.2 ECB Rate 0.5 0.5 0.5 0.5 EUR/USD 1.3 1.3 1.32 1.34
Eastern Europe
Czech Republic -1.6 2.3 3.8 2.9 2.5 2.4 2.2 2w Repo rate 0.75 0.75 0.75 1 EUR/CZK 25 24.8 24.8 24.7
Hungary -1.1 0 0.6 1.2 5.9 3.5 5 3.5 Base Rate EUR/HUF 290 265 265 270
Poland 1.7 1.6 1.7 2.3 3.7 2.9 2.6 2.8 Reference Rate EUR/PLN 4.1 4.2 4.2 4.15
Slovakia Key policy rate EUR/SKK
Russia 2.5 2.4 2.8 3.4 6.7 7.8 7.4 6.3 Refinance Rate 8.5 8.5 8.5 8.5 5.9 6.3 5.3 5.4 USD/RUB 30.84 30.84 30.81 30.79
Turkey 1.1 3.3 3.3 4.4 7.5 5.8 6.5 6.4 1wk Repo Rate USD/TRY 1.8 1.75 1.75 1.7
Iceland 1wk Repo Rate USD/ISK
MEA
Israel 2.5 2.9 4 5 1.3 1.3 1.5 2.5 Discount rate 2 2 2 2.25 USD/ILS 3.98 3.95 3.9 3.9
South Africa 2.7 2.9 2.9 3.2 5.5 5.5 5.6 5.8 Repo Rate 4.5 4.5 4.5 4.5 USD/ZAR 8.5 8.5 8.5 8.5
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.3 7.8 8.2 8.6 2.5 3.4 3.5 3.8 Lending Rate 5.75 5.75 6 6 USD/CNY 6.32 6.32 6.3 6.25
Hong Kong 1.6 1.9 2.9 3.6 2.5 2.6 2.7 4.6 Base Rate 3.5 USD/HKD 7.8 7.8 7.8 7.8
India 5.4 5.3 5.5 9.8 9.3 9 Reverse Repo Rate USD/INR 54 55 55.5 56
Indonesia 4.2 3.9 3.5 3.9 3.4 2.2 Reference Rate 5.75 5.75 5.75 5.75 USD/IDR 9750 9900 9900 9900
South Korea 1.9 3 Base Rate 2.75 2.75 2.75 USD/KRW 1125 1125 1110 1100
Malaysia 3.9 3 2.2 2.9 1.1 1.1 1.2 1.2 BN Interbank ON USD/MYR 3.04 3 2.98 2.98
Phillipines 3.9 1.9 2.8 3.6 2.3 2.4 2.3 3 Repo Rate 3.5 3.5 3.5 3.5 USD/PHP 41.2 41.2 40.5 40
Singapore 3.4 2.1 3.3 4.1 4.1 2.8 3.3 3 Domestic IBOR rate 2.3 2.2 2.2 2.2 USD/SGD 1.21 1.2 1.19 1.19
Taiwan 3.1 2.5 3.9 4.4 2.1 2 1.8 1.2 Discount Rate 1.63 1.63 1.63 1.63 4.1 USD/TWD 29.6 29.5 29.4 29.4
Thailand 15.6 4.7 1.9 1.3 1.9 1.1 Repurchase Rate 2.75 2.75 2.75 2.75 USD/THB 30.5 30.3 30.1 30.1
Vietnam 6.1 5.2 6.5 6.8 7.9 9 9.9 10 Base Rate USD/VND
LatAm
Argentina 3.2 2.3 3.8 11 11 Deposit 1DY Rate USD/ARS 5 5.2 5.35 5.55
Brazil 2.9 3.7 4.3 4.2 5.4 5.5 5.5 5.3 SELIC Rate 7.5 7.5 8.25 9 USD/BRL 1.98 1.95 1.95 1.95
Chile 4.6 4.4 3.8 4.4 2.5 3 3.1 3.2 Monetary Policy Rate 5 5 5 5 USD/CLP 475 475 475 475
Colombia 2.3 3.3 4.3 3.1 3 3.2 Deposit Rate 4.75 4.75 4.75 USD/COP 1775 1775 1775 1775
Mexico 3.4 3.3 3.3 3.6 4.4 3.9 4.1 3.5 Overnight rate 4.5 4.5 4.5 4.5 USD/MXN 12.5 12.2 12 11.9
Peru 6.4 6.4 6.9 7.2 3.1 3 2.8 2.5 Reference Rate 4.25 4.25 4.25 USD/PEN 2.6 2.59 2.58 2.57
Venezuela 2.7 -0.5 -0.7 -0.8 23.4 31.7 37.3 38.1 Deposit Rate USD/VEF
Policy Rate (%)
Economic Forecasts - JP MorganFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%) 10-Year Note (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.2 2 2.5 3.2 2.1 1.7 2.4 2.2 Fed Funds Rate 0.25 0.25 0.25 0.25 8.3 8.1 8 7.9 -3.4 -3.7 -3.6 -3.4 -7.5 -7.1 -5.8 -5.7 0.46 0.4 0.4 0.4 0.35 0.28 0.3 0.4 1.7 1.8 1.85 1.9 EUR/USD
Japan 1.6 1.6 BOJ overnight rate 4.2 4.2 0.4 0.5 USD/JPY
Euro ECB Rate EUR/USD
United Kingdom 2.1 2.1 2.2 2 Official Bank Rate 8.7 8.6 8.6 8.5 USD/GBP
Canada Overnight lending rate USD/CAD
Australia 3.2 2.7 3.1 3.2 2.2 2.9 3 2.4 RBA Cash Rate 3.25 3.25 3.25 3.5 5 5 5 5 USD/AUD
Sweden Decision Rate USD/SEK
New Zealand 2.2 1.9 2.7 2.8 1.7 2 2.4 2.2 Cash Rate 2.5 2 2.5 2.75 6.3 6 5.5 5.1 -2.3 -2.6 -2.1 -2 -6 -5.8 -3.1 -5 3.4 3.4 3.6 3.7 USD/NZD
Switzerland Reference Rate USD/CHF
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK
Germany ECB Rate EUR/USD
France 0 0.1 0.7 1.3 1.6 1.4 1.8 2 ECB Rate 10 10 10 9.9 -0.5 -0.5 -0.4 -0.4 4.31 4.71 5.11 5.24 EUR/USD
Italy ECB Rate EUR/USD
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK
Hungary Base Rate EUR/HUF
Poland Reference Rate EUR/PLN
Slovakia Key policy rate EUR/SKK
Russia Refinance Rate USD/RUB
Turkey 1wk Repo Rate USD/TRY
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS
South Africa Repo Rate USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China Lending Rate USD/CNY
Hong Kong Base Rate USD/HKD
India Reverse Repo Rate USD/INR
Indonesia Reference Rate USD/IDR
South Korea Base Rate USD/KRW
Malaysia BN Interbank ON USD/MYR
Phillipines Repo Rate USD/PHP
Singapore Domestic IBOR rate USD/SGD
Taiwan Discount Rate USD/TWD
Thailand Repurchase Rate USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil SELIC Rate USD/BRL
Chile Monetary Policy Rate USD/CLP
Colombia Deposit Rate USD/COP
Mexico Overnight rate USD/MXN
Peru Reference Rate USD/PEN
Venezuela Deposit Rate USD/VEF
Unemployment (%) 10-Year Note (%)Policy Rate (%)
Economic Forecasts - Moody'sFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.2 0.9 1.4 2 2.1 1.8 1.9 1.9 Fed Funds Rate 0.25 0.25 0.25 0.25 8.2 8.2 8.1 8.1 -2.9 -2.9 -2.9 -2.9 0.45 0.45 0.45 0.45 0.36 0.27 0.26 0.29 2.05 1.95 1.8 1.85 EUR/USD 1.19 1.15 1.19 1.22
Japan -1.4 1.1 1.2 1.8 0.1 -0.2 -0.5 -0.5 BOJ overnight rate 0.1 0.1 0.1 0.1 4.6 4.6 4.6 4.6 0.8 2.2 1.6 2.4 0.18 0.18 0.18 0.18 0.12 0.12 0.12 0.12 1.1 1.1 1.1 1.1 USD/JPY 78 80 83 86
Euro 0.9 2.4 1.8 1.5 1.3 ECB Rate 0.25 0.25 0.25 0.25 10.5 0.8 EUR/USD 1.19 1.15 1.19 1.22
United Kingdom 2 2.2 2.3 2.4 Official Bank Rate 0.25 0.25 0.25 0.25 0.9 1 1.7 2.2 2.4 USD/GBP 1.51 1.46 1.47 1.51
Canada 2.9 2 Overnight lending rate 1 1.25 1.5 1.75 USD/CAD 1.06 1.1 1.08 1.07
Australia RBA Cash Rate 3 2.5 2.25 2.25 USD/AUD 0.95 0.91 0.93 0.94
Sweden Decision Rate 1.5 1.5 1.5 1.75 USD/SEK 7.73 8.17 7.73 7.46
New Zealand Cash Rate 2.5 2.5 2.75 3 USD/NZD 0.75 0.7 0.72 0.74
Switzerland Reference Rate 0 0 0.25 0.5 0.5 USD/CHF 1.01 0.96 0.92 0.94
Denmark Discount rate USD/DKK
Norway Deposit Rate 1.5 1.75 1.75 2 USD/NOK 6.43 6.7 6.43 6.23
Germany 1.8 1.4 ECB Rate 0.25 0.25 0.25 0.25 1.5 1.6 1.7 EUR/USD 1.19 1.15 1.19 1.22
France ECB Rate 0.25 0.25 0.25 0.25 2.55 2.65 EUR/USD 1.19 1.15 1.19 1.22
Italy ECB Rate 0.25 0.25 0.25 0.25 5.5 5.1 EUR/USD 1.19 1.15 1.19 1.22
Eastern Europe
Czech Republic 2w Repo rate 0.25 0.5 1 1.25 EUR/CZK 25.8 25.6 25.4 25.2
Hungary Base Rate 6.5 6.25 6 5.75 EUR/HUF 270 270 267 265
Poland 3.3 Reference Rate 4.5 4 3.75 3.75 -6 -5.5 EUR/PLN 4 3.97 3.95 3.93
Slovakia Key policy rate EUR/SKK
Russia 3.4 3.4 3.9 3.8 7 7 6.7 6.2 Refinance Rate 5.75 5.75 5.75 5.75 5.4 6.5 1.9 1.4 USD/RUB 31.41 31.1 30.86 31.21
Turkey 1wk Repo Rate 5.75 5.75 5.75 5.75 USD/TRY 1.75 1.75 1.73 1.72
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate 2.5 2.5 2.75 3.25 USD/ILS 3.95 3.9 3.85 3.8
South Africa 2.7 3 3.5 3.8 5.2 5.7 Repo Rate 5 5 5 5 -3.9 USD/ZAR 8 8.1 8.25 8.35
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.2 7.6 7.9 8.2 2.3 2.1 3.3 3.4 Lending Rate 6.06 6.06 6.06 6.06 USD/CNY 6.3 6.3 6.3 6.27
Hong Kong 1.6 2.5 2.9 4.5 3.2 3.6 4.3 6.9 Base Rate 7.7 1.5 -5.7 4.5 0.4 0.4 0.4 0.4 USD/HKD 7.8 7.8 7.8 7.8
India Reverse Repo Rate USD/INR 56 55 54 53
Indonesia Reference Rate 5.75 5.75 5.75 5.75 USD/IDR 9800 9750 9700 9650
South Korea Base Rate 3 3 3 3 USD/KRW 1150 1133 1115 1098
Malaysia BN Interbank ON 3 3 3 3 USD/MYR 3.1 3.08 3.05 3.03
Phillipines Repo Rate USD/PHP 40.8 40.4 40.1 39.8
Singapore Domestic IBOR rate USD/SGD 1.25 1.24 1.22 1.21
Taiwan 3 3.6 4.3 3.1 2.1 2 1.8 1.5 Discount Rate 1.88 1.88 1.88 1.88 4.2 4.3 4.2 4.1 USD/TWD 29.8 29.4 29.1 28.8
Thailand Repurchase Rate 3 3 3 3 USD/THB 31.3 30.9 30.5 30
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS 4.95 5.14 5.33 7
Brazil 5 5.2 5.3 5.2 SELIC Rate 7.25 7.25 7.25 7.25 USD/BRL 1.9 1.9 1.9 1.9
Chile 3.4 Monetary Policy Rate 4.75 4.75 4.75 4.75 USD/CLP 490 486 483 479
Colombia 3.5 Deposit Rate 5.25 5.25 5.25 5.25 USD/COP 1800 1788 1775 1763
Mexico 4 Overnight rate 4.5 4.5 4.5 4.5 USD/MXN 12.8 12.7 12.6 12.5
Peru Reference Rate 4.25 4.25 4.25 4.25 USD/PEN 2.55 2.54 2.53 2.51
Venezuela Deposit Rate USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - Morgan StanleyFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.8 1.8 1.8 1.8 Fed Funds Rate 0.25 0.25 9.3 9.3 -3.4 0.3 0.3 0.4 0.45 2.1 2.4 EUR/USD
Japan BOJ overnight rate 0.1 0.1 0.1 0.1 0.93 1.03 1.1 1.17 USD/JPY
Euro ECB Rate EUR/USD
United Kingdom Official Bank Rate USD/GBP
Canada Overnight lending rate USD/CAD
Australia RBA Cash Rate USD/AUD
Sweden Decision Rate USD/SEK
New Zealand Cash Rate USD/NZD
Switzerland Reference Rate USD/CHF
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK
Germany ECB Rate EUR/USD
France ECB Rate EUR/USD
Italy -2.1 -1.4 -0.7 -0.3 2.2 1.9 1.7 2 ECB Rate 11.1 11.3 11.3 11.2 5.9 5.7 5.2 4.65 EUR/USD
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK
Hungary Base Rate EUR/HUF
Poland Reference Rate EUR/PLN
Slovakia Key policy rate EUR/SKK
Russia Refinance Rate USD/RUB
Turkey 1wk Repo Rate USD/TRY
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS
South Africa Repo Rate USD/ZAR
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 8.2 8 8.3 8.2 2.8 2.8 4.2 4.9 Lending Rate 6 6 6 6 2.6 -2.5 USD/CNY
Hong Kong 1.7 1.8 2.6 2.8 0.9 0.9 1 3.7 Base Rate 9.3 1.2 USD/HKD
India 5.9 Reverse Repo Rate USD/INR
Indonesia Reference Rate USD/IDR
South Korea Base Rate 2.75 USD/KRW
Malaysia BN Interbank ON USD/MYR
Phillipines Repo Rate USD/PHP
Singapore Domestic IBOR rate 0.25 USD/SGD
Taiwan 2.2 2 1.5 2.2 1.8 2.8 2.1 1.2 Discount Rate 1.88 1.88 1.88 1.88 8.9 -2.8 USD/TWD
Thailand Repurchase Rate USD/THB
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS
Brazil SELIC Rate USD/BRL
Chile Monetary Policy Rate USD/CLP
Colombia Deposit Rate USD/COP
Mexico Overnight rate USD/MXN
Peru Reference Rate USD/PEN
Venezuela Deposit Rate USD/VEF
Economic Forecasts - NatixisFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%) 10-Year Note (%)Policy Rate (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA Fed Funds Rate 0.25 0.25 0.25 0.25 0.45 0.45 0.45 0.45 1.7 1.8 2.05 2.25 EUR/USD 1.27 1.23 1.21 1.21
Japan BOJ overnight rate USD/JPY 82 83 84 85
Euro ECB Rate 0.5 0.5 0.5 0.5 0.15 0.2 0.2 0.3 EUR/USD 1.27 1.23 1.21 1.21
United Kingdom Official Bank Rate 0.5 0.5 0.5 0.5 0.6 0.65 0.7 0.8 1.55 1.85 2.1 2.25 USD/GBP 1.59 1.55 1.53 1.58
Canada Overnight lending rate USD/CAD 0.98 0.99 1 0.98
Australia RBA Cash Rate 3.25 3.25 3.25 3.5 3.75 3.75 3.75 4 USD/AUD 1.07 1.05 1.03 1
Sweden Decision Rate USD/SEK
New Zealand Cash Rate USD/NZD 0.81 0.79 0.78 0.82
Switzerland Reference Rate USD/CHF 0.95 0.98 1 1
Denmark Discount rate USD/DKK
Norway Deposit Rate USD/NOK
Germany ECB Rate 0.5 0.5 0.5 0.5 1.35 1.5 1.65 1.95 EUR/USD 1.27 1.23 1.21 1.21
France ECB Rate 0.5 0.5 0.5 0.5 EUR/USD 1.27 1.23 1.21 1.21
Italy ECB Rate 0.5 0.5 0.5 0.5 EUR/USD 1.27 1.23 1.21 1.21
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK
Hungary Base Rate EUR/HUF
Poland Reference Rate EUR/PLN
Slovakia Key policy rate EUR/SKK
Russia Refinance Rate USD/RUB
Turkey 1wk Repo Rate USD/TRY 1.7 1.65 1.63 1.6
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS
South Africa Repo Rate 5 5 5 5 7 7.1 7.2 7.3 USD/ZAR 8.25 8.35 8.2 8.1
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.08 6.17 6.18 6.15
Kuwait Discount rate USD/KWD 0.28 0.27 0.27 0.27
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR 3.64 3.64 3.64 3.64
Saudi Arabia Re Repo Rate USD/SAR 3.75 3.75 3.75 3.75
United Arab Emirates 1wk Repo Rate USD/AED 3.67 3.67 3.67 3.67
Asia
China 8.4 8.7 9.2 8.9 1.8 2.3 3 3.9 Lending Rate 6 6 6 6 3.25 3.3 3.4 3.4 USD/CNY 6.31 6.29 6.27 6.23
Hong Kong Base Rate 0.4 0.4 0.4 0.4 0.75 0.8 0.9 0.95 USD/HKD 7.79 7.79 7.78 7.77
India Reverse Repo Rate 8 7.75 7.5 7.5 USD/INR 55.5 55 57.5 56
Indonesia 5.4 5.7 5.7 5.8 4.5 4.8 4.4 4.4 Reference Rate 5.75 5.75 5.75 6 5.2 5.3 5.3 5.5 5.5 5.6 5.8 6 USD/IDR 9300 9100 9300 9200
South Korea 2.5 2.4 3.1 3.5 2.2 2.5 3.2 3.4 Base Rate 2.5 2.5 2.5 2.5 3.5 3.5 3.5 3.5 2.8 2.8 2.9 3 USD/KRW 1100 1070 1070 1060
Malaysia 3.4 3.7 4.7 5.4 1.9 2.2 2.7 2.7 BN Interbank ON 3 3 3 3 3.2 3.2 3.2 3.2 3.5 3.6 3.75 3.75 USD/MYR 3.07 3 3.05 3
Phillipines 3.9 3.4 3.7 4.7 4.7 4.8 4.6 4.1 Repo Rate 3.5 3.5 3.75 4 2 2.5 3 3.25 4.8 5.1 5.3 5.5 USD/PHP 40.5 40 41 40.5
Singapore 3.5 3 4.2 4.7 3.8 3.4 3 3.4 Domestic IBOR rate 0.35 0.35 0.35 0.35 1.4 1.5 1.6 1.65 USD/SGD 1.24 1.22 1.23 1.21
Taiwan Discount Rate 1.88 1.88 2 2.13 1.88 1.88 2 2.13 1.3 1.3 1.4 1.5 USD/TWD 29 28.7 28.5 28.3
Thailand Repurchase Rate 2.75 2.75 2.5 2.5 2.8 2.75 2.55 2.6 3.5 3.6 3.75 3.9 USD/THB 31.1 30.6 31.4 31
Vietnam 6.2 8.1 10.7 12.2 Base Rate USD/VND 21000 21000 21000 21000
LatAm
Argentina Deposit 1DY Rate USD/ARS 4.95 5.05 5.25 5.45
Brazil 5.2 5.7 5.8 5.3 SELIC Rate 7 7 7.5 8 USD/BRL 2.02 2 1.95 1.92
Chile Monetary Policy Rate USD/CLP 475 480 475 470
Colombia Deposit Rate USD/COP 1785 1795 1775 1760
Mexico Overnight rate 4.5 USD/MXN 12.5 12.5 12.4 12.2
Peru Reference Rate USD/PEN 2.59 2.6 2.6 2.57
Venezuela Deposit Rate USD/VEF
10-Year Note (%)Policy Rate (%)
Economic Forecasts - Standard CharteredFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %) Unemployment (%)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 2.5 1.2 1.7 2.2 1.6 1.4 1.2 1.8 Fed Funds Rate 0.25 0.25 0.25 0.25 8 8 8 8 -3 -2.7 -2.5 -2.4 0.51 0.51 0.51 0.51 0.3 0.3 0.3 0.3 1.4 1.7 2 2 EUR/USD 1.21 1.19 1.18
Japan -0.1 BOJ overnight rate USD/JPY 83 84 86
Euro -0.7 -0.6 -0.2 0.2 2.5 2.5 2.3 2.3 ECB Rate 0.5 0.5 0.5 0.5 11.5 11.6 11.7 11.7 EUR/USD 1.21 1.19 1.18
United Kingdom 0.3 0.8 1.7 1.1 2.2 2.1 2.1 2 Official Bank Rate 0.25 0.25 0.25 0.25 8 8.1 8.3 8.5 1.85 1.9 2.05 2.05 USD/GBP 1.57 1.57 1.57
Canada Overnight lending rate 1.75 2 1.95 1.95 2.25 2.45 3.15 3.3 USD/CAD 0.98 0.97 0.96
Australia RBA Cash Rate USD/AUD 0.95 0.93 0.96
Sweden 1.2 1.3 1.7 2.2 Decision Rate 1.5 1.5 1.75 7.8 7.9 7.9 USD/SEK 7.27 7.31 7.29
New Zealand Cash Rate USD/NZD 0.78 0.78 0.78
Switzerland 0.1 0.4 0.5 Reference Rate 0 0 0.25 3.5 3.6 3.5 USD/CHF 0.99 1.01 1.02
Denmark Discount rate USD/DKK
Norway 1.3 1.6 1.9 Deposit Rate 1.5 1.5 1.75 2.4 2.4 2.3 USD/NOK 6.12 6.22 6.23
Germany 1 0.8 1.1 1.4 2.2 2.2 2.4 2.3 ECB Rate 0.5 0.5 0.5 0.5 6.8 6.8 6.8 6.7 1.75 2 2.25 2.25 EUR/USD 1.21 1.19 1.18
France 0.2 0.4 0.4 0.5 2.7 2.5 2.1 2 ECB Rate 0.5 0.5 0.5 0.5 10.6 10.8 11.1 11.3 -2.3 -2.3 EUR/USD 1.21 1.19 1.18
Italy -2.6 -2.2 -1.6 -1.1 2.1 1.9 1.4 2.9 ECB Rate 0.5 0.5 0.5 0.5 12.1 12.7 13.2 13.7 EUR/USD 1.21 1.19 1.18
Eastern Europe
Czech Republic 3.1 2.3 2.3 2w Repo rate 0.5 0.5 0.5 0.5 EUR/CZK 25 24.7 24.6
Hungary Base Rate EUR/HUF 285 280 275
Poland 2.9 2.5 3.6 3.2 2.7 2.7 Reference Rate 4.75 4.5 4.25 4.25 10.5 10.2 10 9.8 -4.7 -4.8 EUR/PLN 3.9 3.9 3.9
Slovakia 2.2 1.7 1.5 Key policy rate 13.6 14.1 13.7 EUR/SKK
Russia 3.1 3.2 3.6 4 6.8 7.7 7.6 6.7 Refinance Rate 5.9 5.8 5.8 5.7 USD/RUB 32.9 32.25 33.75
Turkey 1wk Repo Rate USD/TRY 1.8 1.75 1.7
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 3.8 3.75 3.7
South Africa Repo Rate USD/ZAR 8 7.75 7.5
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6 6
Kuwait Discount rate USD/KWD
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR
United Arab Emirates 1wk Repo Rate USD/AED
Asia
China 7.7 7.8 7.5 7.5 3.2 3 3.2 3.2 Lending Rate 5.75 5.75 5.75 5.75 4.3 4.3 4.3 4.3 3.3 3.25 3.25 3.25 USD/CNY 6.35 6.3 6.28
Hong Kong Base Rate USD/HKD 7.76 7.76 7.76
India Reverse Repo Rate USD/INR 55 53 52
Indonesia Reference Rate USD/IDR 9300 9000 8700
South Korea 1.5 1.7 2.4 3.1 Base Rate 3.4 3.4 3.5 3.5 USD/KRW 1140 1100 1050
Malaysia BN Interbank ON USD/MYR 3.1 3.05 3
Phillipines Repo Rate USD/PHP 42 42 42
Singapore Domestic IBOR rate USD/SGD 1.26 1.23 1.21
Taiwan Discount Rate 1.38 USD/TWD 29.5 29.3 29
Thailand Repurchase Rate USD/THB 31.3 30.8 30
Vietnam Base Rate USD/VND
LatAm
Argentina Deposit 1DY Rate USD/ARS 4.37
Brazil SELIC Rate USD/BRL 1.95 1.85 1.75
Chile Monetary Policy Rate USD/CLP 505 480 470
Colombia Deposit Rate USD/COP 1775 1750 1750
Mexico Overnight rate USD/MXN 13.35 12.75 12.5
Peru Reference Rate USD/PEN
Venezuela Deposit Rate USD/VEF
Unemployment (%) 10-Year Note (%)Policy Rate (%)
Economic Forecasts - Societe GeneraleFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %) CPI (yoy %)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s
+-)-+).+-.
Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13 Q4 12 Q1 13 Q2 13 Q3 13
G-10
USA 1.8 2.7 2.8 2.7 1.7 1.5 1.7 1.9 Fed Funds Rate 0.25 0.25 0.25 0.25 8 7.9 7.7 7.6 -2.9 0.45 0.45 0.4 0.4 1.6 1.9 2.1 2.25 EUR/USD 1.2 1.1
Japan 0.2 0.5 0.6 0.8 0.1 0 0.1 0.5 BOJ overnight rate 0.1 0.1 0.1 0.1 4.2 4.2 4.1 4.1 1.1 2.8 0.8 2.1 0.2 0.25 0.25 0.3 0.1 0.1 0.1 0.15 0.85 1 1.1 1.2 USD/JPY 78 90
Euro -0.2 -0.1 0.3 0.5 2.2 2 1.8 1.7 ECB Rate 0.75 0.75 0.75 0.75 11 11 11 10.9 0.75 0.75 0.75 0.75 EUR/USD 1.2 1.1
United Kingdom 1 1.1 1.7 2 Official Bank Rate 0.5 0.5 0.5 0.5 0.4 0.4 0.4 0.4 2 2.2 2.3 2.4 USD/GBP 1.55 1.46
Canada 2.2 2.5 2.6 2.6 2.4 2.4 2.3 2.2 Overnight lending rate 1 1 1 1.25 7.2 7.1 7.1 7 -2.1 -2 -2 -1.9 1 1 1 1.25 1.8 2.1 2.3 2.45 USD/CAD 1.03 1.08
Australia 3.5 3 3.2 3.3 2.1 2.6 2.6 2.4 RBA Cash Rate 3 3 3 3 5.4 5.3 5.2 5.1 -5.2 -5.3 -5.7 -6 3.1 3.1 3.1 3.1 3.3 3.7 3.9 3.3 3.4 3.6 3.9 USD/AUD 1 1
Sweden Decision Rate 1 1 1 1 1.2 1.2 1.2 1.2 1.9 2 2.1 2.2 USD/SEK 6.31
New Zealand 3.3 3.4 3.6 3.6 1.8 1.9 2.3 2.5 Cash Rate 2.5 2.75 3 3.25 5.9 5.6 5.5 5.4 2.9 3.1 3.3 3.5 4.9 5.2 5.4 5.5 USD/NZD 0.8 0.77
Switzerland Reference Rate 0 0 0 0 0 0 0 0 1 1.1 1.2 1.3 USD/CHF 1 1.09
Denmark Discount rate USD/DKK 5.74
Norway Deposit Rate 1.5 1.5 1.5 1.5 1.8 2 2.1 2.2 USD/NOK 5.46
Germany 1 0.8 1.4 1.5 1.3 1.5 1.7 ECB Rate 0.75 0.75 0.75 0.75 6.7 6.7 6.7 4.8 4.5 4.4 1.8 1.9 2 2.1 EUR/USD 1.2 1.1
France ECB Rate 0.75 0.75 0.75 0.75 2.6 2.7 2.8 2.9 EUR/USD 1.2 1.1
Italy -0.5 0.1 ECB Rate 0.75 0.75 0.75 0.75 8.6 8.5 5.5 4.9 5 5.1 EUR/USD 1.2 1.1
Eastern Europe
Czech Republic 2w Repo rate EUR/CZK 25 24
Hungary Base Rate EUR/HUF 280 270
Poland 2.9 Reference Rate EUR/PLN 4 3.8
Slovakia Key policy rate EUR/SKK 30.1
Russia Refinance Rate USD/RUB 29 28.2
Turkey 1wk Repo Rate USD/TRY 1.75
Iceland 1wk Repo Rate USD/ISK
MEA
Israel Discount rate USD/ILS 3.8 3.75
South Africa Repo Rate USD/ZAR 8.26 8.26
Bahrain O/N Repo Rate USD/BHD
Egypt Re Discount Rate USD/EGP 6.75
Kuwait Discount rate USD/KWD 0
Oman Repo Rate USD/OMR
Qatar Repo Rate USD/QAR
Saudi Arabia Re Repo Rate USD/SAR 3.75 3.75
United Arab Emirates 1wk Repo Rate USD/AED 0
Asia
China 7 8.4 8.7 8.2 2.7 3.2 3.7 4.2 Lending Rate 6.56 USD/CNY 6.3 6.1
Hong Kong Base Rate 0.28 0.28 0.28 0.5 1.8 1.85 1.9 1.95 USD/HKD 7.8 7.8
India Reverse Repo Rate 8.2 8.2 8.5 8.5 USD/INR 56 50
Indonesia Reference Rate 5.75 5.75 5.75 6.25 8 8.5 8.5 8.5 USD/IDR 8700 8700
South Korea Base Rate 2.75 2.75 2.75 2.75 USD/KRW 1150 1075
Malaysia 3.4 5 4.2 5.1 2.2 3.5 3 3.5 BN Interbank ON 3 3 3.5 3.5 3 3.2 3.2 3.1 3.14 3.14 3.64 3.64 4 4 4 4 USD/MYR 3 2.8
Phillipines 3.8 2.6 5.3 5.4 3.7 4.6 4.6 4.7 Repo Rate 3.75 4 4.25 4.5 7 6.9 6.9 6.2 3.25 3.5 3.75 4 7 7 7 7 USD/PHP 42 40
Singapore Domestic IBOR rate 0.4 0.4 0.7 0.8 2.4 2.55 2.7 2.85 USD/SGD 1.2 1.15
Taiwan Discount Rate 1.88 2 2.13 2.25 0.92 0.98 1.04 1.1 1.25 1.3 1.35 1.35 USD/TWD 30.5 30
Thailand 16.3 5.8 4.4 3.9 2.4 2.7 3.2 3.5 Repurchase Rate 2.75 2.75 3.25 3.5 3.05 3.05 3.55 3.8 3.5 4 4 4 USD/THB 30 27
Vietnam Base Rate USD/VND 0
LatAm
Argentina Deposit 1DY Rate USD/ARS 4.95
Brazil SELIC Rate USD/BRL 1.85 1.7
Chile 4.5 4.5 4.3 4.7 2.1 2.4 3.7 3.8 Monetary Policy Rate 5 5 5 5 6.3 6.7 6.5 6.5 -5.1 -6 -6.6 -4.5 2.5 USD/CLP 500 480
Colombia 4.1 4.7 4.3 4.3 3.2 2.6 2.7 3 Deposit Rate 4.5 4.5 4.5 4.5 12.3 12.9 12.8 11.8 -7.8 -7.9 -11 -10.9 -2 -8 2 2 USD/COP 1790 1720
Mexico 3 3.3 3.3 3.4 3.7 3.6 3.6 3.7 Overnight rate 4.5 4.5 4.75 5 4.7 4.9 4.6 4.5 -1 -1 -1 -1.2 -1.6 -2.8 USD/MXN 13.25 11.71
Peru Reference Rate USD/PEN 2.65 2.55
Venezuela Deposit Rate USD/VEF
CPI (yoy %) Unemployment (%) 10-Year Note (%)Policy Rate (%)
Economic Forecasts - UBSFX forecastsCurr Acct (% of GDP) Budget (% of GDP) 3-Month Rate (%) 2-Year Note (%)Real GDP (yoy %)
@):)A 9Srdolno s qae7 !0- (+ 12 4.. +2 11 s a(fMde7 dicl8mfoMSr)Qlf s