The Swiss National Bank did not change the interest rate

The Swiss National Bank (SNB) kept the policy rate unchanged at minus 0.75 percent. Economists participating in Bloomberg's survey also predicted that interest rates would not change. Citing the rise of the franc against the euro, the bank said it was overvalued. The franc has steadily appreciated against the euro since mid-September, approaching its highest level since 2015. While the Bank increased its 2021 inflation forecast from 0.5 percent to 0.6 percent, its 2022 forecast from 0.7 percent to 1 percent, it left its 2023 forecast at 0.6 percent. President Thomas Jordan and board members reiterated their rhetoric that interest rates will remain below zero as the omycron virus disrupts the recovery in the global economy. In the monetary policy text, it was stated that the problems in the supply chain may continue for a while and lead to price increases, but this situation may decrease in the medium term. Swiss National Bank (SNB) expects the economy to grow around 3 percent next year. However, the government is considering new measures to stop the increase in coronavirus cases.

The Philippines, Indonesia and Taiwan left rates unchanged.

The Philippine Central Bank kept the policy rate unchanged to support the economic recovery. The expectation of economists participating in the Bloomberg survey was that there would be no change in the policy rate. The Philippine peso rose 0.5 percent after holding rates unchanged. The Central Bank of Indonesia stated that they will continue to take expansionary macroprudential measures, the gap between loan rates and deposit rates has widened, and the loan recovery is more balanced, leaving the policy rate unchanged at 3.5 percent. In line with economist expectations, Taiwan's Central Bank did not change the policy rate and kept the policy rate at 1.125 percent. The Indonesian rupee has lost 2.19 percent of its value since the beginning of the year, while the Philippine peso has lost around 3.94% of its value. Compared to the performance of other emerging market currencies, the Indonesian rupee was the fifth least depreciated currency, while the Philippine peso was the seventh least depreciated.

The Norwegian Central Bank increased interest rates.

The Norwegian Central Bank raised the policy rate from 0.25% to 0.50%. The forecast of economists surveyed by Bloomberg was to increase the interest rate by 25 basis points. The bank said that interest rate hikes will likely continue in March. While the bank did not change the interest rates in its November meeting, it gave an interest rate increase signal in December.