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The cycle turns: Emerging central banks hike rates in March

RIO DE JANEIRO, BRAZIL - Emerging market central banks delivered five net interest rate hikes in March, marking the end of an easing cycle which started in 2019 as central banks in the developing world grapple with rising inflation pressures.

Across a group of 37 central banks in developing economies, policy makers in Ukraine, Georgia, Brazil, Turkey and Russia raised interest rates, many delivering bigger hikes than expected. This follows a total of two net interest rate cuts in February.

For an interactive version of the graphic, click here here.

Analysts said the recent rise in global bond yields had pushed . . .

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