Central Banking

The Romanian and Polish central banks both held rates on July 8, in line with market expectations. The National Bank of Romania kept its policy rate at 6.5%, a hold it has maintained since August 2024, as inflation in the country reached its highest level in more than three years. The National Bank of Poland (NBP) kept its rate at 3.75% for the fourth consecutive time, despite inflation returning to the 2.5% target. Romania: growth down, inflation up Providing the rationale for its decision, the

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Malaysia’s central bank held rates as expected today (July 9) and cited concerns about the effect ongoing instability in the Middle East could have on global supply chains. Bank Negara Malaysia (BNM) held policy at 2.75%, where it has remained since last July. The central bank said in a statement that core inflation in Malaysia in the first five months of this year averaged 2.1%; and that although this figure had been impacted by higher input prices globally, it was within the expected range. The

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Claudia Buch, chair of the European Central Bank’s supervisory board, has given banks until October 31 to submit their artificial intelligence security plans, shortly after the European Systemic Risk Board (ESRB) warned of the potential collapse of financial institutions’ cyber defences. In a letter to banks on July 7, Buch wrote that rapid advances in AI systems presented “pivotal changes to the cyber security landscape”. The ESRB on June 25 had published its own letter warning of the systemic

Kenya’s president has signed into law reforms to the central bank’s emergency funding powers, its mandate, the appointment of deputy governors and its powers to deal in gold as part of its reserve management. In a post on social mediaon July 6, William Ruto said the reforms in the Central Bank of Kenya (Amendment) Bill 2026 were aimed at “strengthening the [bank’s] capacity to safeguard financial stability, improve banking oversight and modernise the country’s monetary policy framework”. The