Policy-rate changes in 2014-12 (8)

Hikes4

Cuts4

Largest move+650 bp

Indonesia+25 bp

Brazil+50 bp

Iceland-50 bp

Norway-25 bp

Russia+100 bp

Morocco-25 bp

Russia+650 bp

Switzerland-38 bp

Date	Country / region	From	To	Change
Dec 1, 2014	Indonesia	7.50%	7.75%	hike +25 bp
Dec 4, 2014	Brazil	11.25%	11.75%	hike +50 bp
Dec 10, 2014	Iceland	5.00%	4.50%	cut -50 bp
Dec 12, 2014	Norway	1.50%	1.25%	cut -25 bp
Dec 12, 2014	Russia	9.50%	10.50%	hike +100 bp
Dec 16, 2014	Morocco	2.75%	2.50%	cut -25 bp
Dec 16, 2014	Russia	10.50%	17.00%	hike +650 bp
Dec 18, 2014	Switzerland	0.125%	-0.25%	cut -38 bp