FCSL WEEKLY MARKET REPORT-24TH JANUARY, 2020

Global Economy –Rundown:
The European Central Bank held its deposit rate constant at (0.5%), as marginal lending facility and refinancing rate both remained constant respectively, at 0.25% and 0% by a unanimously Governing Council vote in its initial rate decision for the year, while the Bank Chair reaffirmed that the council will be holding the rate at the current level well until inflation converge to its projected level, also the council express its readiness in adjusting its quantitative easing instruments so as to guide inflation towards the projected benchmark.
 
Domestic Economy –Rundown:
According to the deliberation of the Monterey Policy committee, it was agreed that the apex Bank should altar the cash reserve requirement expected to be maintained by Deposit Money Banks with the Central Banks, upon such agreement the cash reserve requirement, was then increased by 500 basis points from the previous rate of 22.5% to 27.5%, while other monetary parameters were left unchanged.
 
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