Monday, March 23, 2015 | Issue 034
“
Verbatim With continued improvement in economic conditions, however, we do not want to rule out the possibility that an increase in the target range could be warranted at subsequent meetings. Let me emphasize, however, that the timing of the initial increase in the target range will depend on the Federal Open Market Committee’s assessment of incoming information.
”
- Janet Yellen, US Federal Reserve chair, March 18, 2015
MONETARY & CREDIT POLICY
Tough choices face MPC meeting today
FOREX RATES
$/N
196.5
197.1 196.8 196.5 196.2 195.9
The quarterly communiqué issued at the end of every MPC meeting gives the best policy orientation of how the country’s economic managers assess its situation and its outlook. These have worsened since the committee’s last meeting in January, held against what it described as ‘the backdrop of challenging external conditions and downside risks in the domestic economic environment.’ Most market watchers expect the MPC to retain rates unchanged, but anything could happen.
Fr
Mo
Tu
£/N
We
Th
Fr
290.5842
293.0 291.5 290.0 288.5 287.0 Fr
Mo
Tu
Euro/N
We
Th
Fr
210.7266
211.0 210.0 209.0 208.0 207.0 Fr
Mo
Tu
We
CNY/N
Th
Fr
31.6589
31.80 31.60 31.40 31.20 31.00 Fr
Mo
Tu
We
CFA/N
Th
Fr
0.3098
0.33 0.32 0.31 0.30 0.29 Fr
In February, the Central Bank of Nigeria closed the Dutch Auction System to stop the naira being an easy target for currency speculators.
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Mo
Tu
We
Th
Currency
Central Rate
SWISS FRANC
199.4519
YEN
1.6236
WAUA
270.1251
RIYAL
52.3944
DANISH KRONE
28.2697
SDR
270.6198
Fr
FIXED INCOME & FOREX
Source: FMDQ