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Bonds News

FACTBOX-Global interest rates in 2008

 (Updates with Israel rate cut)
 LONDON, Nov 12 (Reuters) - The European Central Bank, Bank of England,
Swiss National Bank and Danish central bank cut interest rates on Nov. 6. 
 As a result the average rate set by central banks of the Group of Seven
nations fell to 1.96 percent from 2.36 percent while the average rate set by 11
leading central banks -- the five that decide monetary policy for the G7 nations
plus six other major banks -- fell to 3.37 percent from 3.64 percent.
 For interest rate changes in 2007 please double click on  [ID:nL0860845]
 For interest rate changes in 2006 please double click on [ID:nL16106090]
 The following table of average rates is aimed at reflecting the movement of
official policy rates during the economic cycle rather than actual borrowing
costs.
                  2008
 MONTH: END06..END07..01...02...03...04...05...06...07...08...09...10...11...12
 ------------------------------------------------------------------------------
 G7 AVG: 3.65  3.70 3.40  3.35 3.10 2.90  -    -   2.95  -    -   2.36 1.96  - 
 11 AVG: 4.00  4.52 4.39  4.41 4.32 4.25 4.26 4.28 4.33  -   4.28 3.71 3.37  - 
 ------------------------------------------------------------------------------
 FED     5.25  4.25  3.0*  -   2.25 2.0   -    -    -    -    -   1.00  -    - 
 BOJ 1)  0.25  0.50   -    -    -    -    -    -    -    -    -   0.3   -    - 
 ECB     3.50  4.00   -    -    -    -    -    -   4.25  -    -   3.75 3.25  - 
 BOE     5.00  5.50   -   5.25  -   5.0   -    -    -    -    -   4.50 3.0   - 
 BOC     4.25  4.25  4.0   -   3.5  3.0   -    -    -    -    -   2.25**-    - 
 ------------------------------------------------------------------------------
 SNB 2)  2.00  2.75   -    -    -    -    -    -    -    -    -   2.5  2.0   - 
 RBA     6.25  6.75   -   7.0  7.25  -    -    -    -    -   7.0  6.0  5.25  - 
 RBNZ    7.25  8.25   -    -    -    -    -    -   8.0   -   7.5  6.5   -    - 
 RIKSBK  3.00  4.00   -   4.25  -    -    -    -   4.5   -   4.75 3.75**-    -
 NORWAY  3.50  5.25   -    -    -   5.5   -   5.75  -    -    -   4.75  -    - 
 DENMARK 3.75  4.25   -    -    -    -   4.35  -   4.6   -    -   5.5++ 5.0  -
 ------------------------------------------------------------------------------
 NO. OF RATE
 CHANGES: 2007: 34    3    3    3    4    1    1    4    -    3    14   5    - 
 ------------------------------------------------------------------------------
 MONTH: END06..END07..01...02...03...04...05...06...07...08...09...10...11...12
 ------------------------------------------------------------------------------
 EASTERN EUROPE:
 POLAND 4.00   5.00  5.25 5.5 5.75  -    -   6.0   -    -    -    -    -    -  
 HUNG   8.00   7.50   -    -   8.0 8.25 8.5   -    -    -    -   11.5  -    -  
 CZECH  2.50   3.50   -   3.75  -   -    -    -    -   3.5   -    -   2.75  -  
 SLOVAK 4.75   4.25   -    -    -   -    -    -    -    -    -   3.75 3.25  -  
 RUSSIA 11.0   10.0   -  10.25  -  10.5  -  10.75 11.0  -    -    -    -    -  
 UKRAINE 8.5   8.0  10.0   -    -  12.0  -    -    -    -    -    -    -    -  
 ROMANIA 8.75  7.5   8.0  9.0  9.5  -   9.75 10.0 10.25 -    -    -    -    -  
 ------------------------------------------------------------------------------
 LATIN AMERICA:
 BRAZIL 18.00 11.25  -    -    -  11.75  -  12.25 13.0  -  13.75  -    -    -  
 MEX 3)  7.0   7.5   -    -    -    -    -   7.75  8.0 8.25  -    -    -    -  
 CHILE   5.25  6.0  6.25  -    -    -    -   6.75 7.25 7.75 8.25  -    -    -  
 ------------------------------------------------------------------------------
 ASIA
 KOREA   4.50  5.00  -    -    -    -    -    -    -   5.25  -   4.25# 4.0  -  
 THAI 4) 5.00  3.25  -    -    -    -    -    -   3.5  3.75  -    -    -    -  
 PHIL    7.50  5.25 5.0   -    -    -    -   5.25 5.75 6.0   -    -    -    -  
 TAIWAN  2.75  3.375 -    -   3.5   -    -   3.625 -    -   3.5  3.00~2.75  -  
 INDS    9.75  8.00  -    -    -    -   8.25 8.5  8.75 9.0  9.25 9.5   -    -  
 INDIA   7.25  7.75  -    -    -    -    -   8.5+ 9.0   -    -   8.0  7.5   -  
 CHINA   6.12  7.47  -    -    -    -    -    -    -    -   7.2  6.66  -    -  
 (For more Asian rates please double click on [ID:nASIAINT])
 ------------------------------------------------------------------------------
 MIDDLE EAST/AFRICA:
 SARB    9.0  11.0   -    -    -   11.5  -   12.0  -    -    -    -    -    -  
 ISRAEL  4.5  4.25   -   3.75 3.25  -   3.5  3.75  4.0  4.25 -   3.5^ 3.0   -  
 TURKEY 17.5  15.75 15.5 15.25 -    - 15.75 16.25 16.75 -    -    -    -    -  
 ------------------------------------------------------------------------------
 MONTH:DEC06..DEC07..01...02...03...04...05...06...07...08...09...10...11...12

 * The Federal Reserve cut rates twice in January 2008 by 75 and 50 basis points
respectively
 ** The Bank of Canada cut rates twice in October 2008 by 50 and 25 basis points
respectively while the Riksbank cut them twice by 50 basis points
 + The Reserve Bank of India raised the repo rate twice in June 2008, to 8.0
percent on June 11 and 8.5 percent on June 24.
 ++ The Danish central bank raised its key rate in October 2008 twice, by 40 and
50 basis points respectively.
 # South Korea cut rates twice, by 25 and then 75 basis points in October 2008
 ~ Taiwan cut rates by 25 basis points twice in October 2008
 ^ Israel cut rates by 25 basis points twice in October 2008
NOTES:
 If rates change more than once a month, the last rate for that month is
listed.
 1. The Swiss National Bank targets a range for the three-month Swiss franc
LIBOR rate. It currently targets roughly the midpoint of that range.
 2. Table shows the Bank of Mexico's overnight lending rate. This replaces
monthly averages of yields on 28-day Cetes treasury bills at weekly open market
operations, as shown in past tables. 
 3. On Jan. 17, 2007 the Bank of Thailand set a new policy rate based on the
1-day repurchase rate BOT15, instead of the 14-day rate. The rate was set at
4.75 percent, compared with the market close that day of 4.9375 percent.
Comparison in the table for the end of 2006 shows the 14-day rate.
 ------------------------------------------------------------------------------
 INTEREST RATES. (All the interest rates are policy rates identified by each
central bank):
 
 GROUP OF SEVEN CENTRAL BANKS:
 U.S FEDERAL RESERVE = federal funds rate
 BANK OF JAPAN = overnight call rate
 EUROPEAN CENTRAL BANK = refi rate
 BANK OF ENGLAND = bank rate
 BANK OF CANADA = overnight funding rate
 
 MAJOR CENTRAL BANKS:
 SWISS NATIONAL BANK = 3-month Swiss Libor
 RESERVE BANK OF AUSTRALIA = cash rate
 RESERVE BANK OF NEW ZEALAND = cash rate
 SWEDISH RIKSBANK = repo rate 
 NORGES BANK = deposit rate
 DENMARKS NATIONALBANK = 1-week cd rate
 CENTRAL AND EASTERN EUROPE:
 NATIONAL BANK OF POLAND (NBP): 28-day intervention rate
 NATIONAL BANK OF HUNGARY: (NBH) 2-week deposit rate
 CZECH NATIONAL BANK (CNB): 2-week repo rate
 NATIONAL BANK OF SLOVAKIA (NBS): 2-week limit repo rate
 CENTRAL BANK OF RUSSIAN FEDERATION (CBR): refinancing rate 
 NATIONAL BANK OF UKRAINE (NBU): discount rate
 NATIONAL BANK OF ROMANIA (NBR): monetary policy rate
 
 LATIN AMERICA:
 CENTRAL BANK OF BRASIL (BCB): Selic rate
 CENTRAL BANK OF CHILE (BCC): Discount rate
 BANK OF MEXICO: Overnight lending rate
 
 ASIA:
 BANK OF KOREA: Overnight call rate
 BANK OF THAILAND: 1-day repurchase (repo) rate. End-05 and end-06
comparisons are for the 14-day repo rate (see note 4 above)
 CENTRAL BANK OF PHILIPPINES: Overnight borrowing rate
 CENTRAL BANK OF CHINA (TAIWAN): Discount rate
 BANK INDONESIA: Bank Indonesia (BI) reference rate
 RESERVE BANK OF INDIA: Repo rate
 PEOPLE'S BANK OF CHINA: One-year yuan lending rate
 
 MIDDLE EAST/AFRICA:
 SOUTH AFRICAN RESERVE BANK: Repurchase rate
 BANK OF ISRAEL: Short-term lending rate
 CENTRAL BANK OF TURKEY: Overnight borrowing
 
 (editing by David Stamp)

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