Policy-rate changes in 2013-07 (6)

Hikes3

Cuts3

Largest move+50 bp

Romania-25 bp

Poland-25 bp

North Macedonia+4 bp

Brazil+50 bp

Indonesia+50 bp

Hungary-25 bp

Date	Country / region	From	To	Change
Jul 2, 2013	Romania	5.25%	5.00%	cut -25 bp
Jul 4, 2013	Poland	2.75%	2.50%	cut -25 bp
Jul 10, 2013	North Macedonia	3.21%	3.25%	hike +4 bp
Jul 11, 2013	Brazil	8.00%	8.50%	hike +50 bp
Jul 11, 2013	Indonesia	6.00%	6.50%	hike +50 bp
Jul 24, 2013	Hungary	4.25%	4.00%	cut -25 bp