Strategy Note / Global

EM central bank firepower (in one chart)

  • Real interest rates (policy rate minus inflation) is one indicator of firepower (rate cuts) available to central banks
  • High real interest rates (above +2%) in the following countries (with GCC and Hong Kong US$ FX peg regimes excluded)...
  • ...Indonesia, Malaysia, Taiwan (Asia), Egypt, Ghana, Kenya (Africa), Georgia, Kazakhstan, Ukraine (Wider Europe)
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