Factbox - How low can they go? Central bank policy easing in 2015

REUTERS - China cut interest rates for the second time in a month on Saturday to battle waning economic momentum and stave off the threat of deflation.

Twenty central banks have eased monetary policy so far this year. Below is a chronological list of central bank actions taken to counter the global deflationary pressures stemming largely from collapsing oil prices, or to boost flagging growth:

Jan. 1 UZBEKISTAN

Uzbekistan's central bank cuts its refinancing rate to 9 percent from 10 percent.

Jan. 7/Feb. 4 ROMANIA

Romania's central bank cuts its key interest rate by a total of 50 basis points, taking it to a record low of 2.25 percent. Most analysts polled by Reuters had expected the cut. [ID:nL6N0VE2B1]

Jan. 15 SWITZERLAND

The Swiss National Bank stuns markets by scrapping its three-year-old on the franc's value against the euro, leading to a surge in the currency. The de facto tightening, however, is in part offset by a cut in the interest rate on certain sight deposit account balances of 0.5 percentage points, to -0.75 percent.

Jan. 15 INDIA

The Reserve Bank of India surprises markets with a 25-basis- point cut in rates to 7.75 percent and signals it may lower them further, amid signs of cooling inflation and growth struggling to recover from its weakest levels since the 1980s.

Jan. 15 EGYPT

Egypt's central bank makes a surprise 50-basis-point cut in its main interest rates, reducing the overnight deposit and lending rates to 8.75 and 9.75 percent, respectively.

Jan. 16 PERU

Peru's central bank unexpectedly cuts its benchmark interest rate to 3.25 percent from 3.5 percent after the country posts its worst monthly economic expansion since 2009.

Jan. 20 TURKEY

Turkey's central bank lowers its main interest rate, but draws heavy criticism from government ministers, who say the 50- basis-point cut, five months before a parliamentary election, is not enough to support growth.

Jan. 21 CANADA

The Bank of Canada cuts interest rates to 0.75 percent from 1 percent, where they had been since September 2010, ending the longest period of unchanged rates in Canada since 1950.

Jan. 22 EUROPEAN CENTRAL BANK

The ECB launches a government bond-buying programme which will pump over 1 trillion euros into the sagging euro zone economy, starting in March and running to September next year, and perhaps beyond.

Jan. 24 PAKISTAN

Pakistan's central bank cuts its key discount rate to 8.5 percent from 9.5 percent, citing lower inflationary pressure because of falling global oil prices. Central Bank Governor Ashraf Wathra says the new rate will be in place for two months, until the next central bank meeting to discuss further policy.

Jan. 28 SINGAPORE

The Monetary Authority of Singapore unexpectedly eases policy, saying in an unscheduled policy statement that it will reduce the slope of its policy band for the Singapore dollar because the inflation outlook has "shifted significantly" since its last review in October 2014.

Jan. 28 ALBANIA

Albania's central bank cuts its benchmark interest rate to a record low 2 percent. This follows three rate cuts last year, the most recent in November.

Jan. 30 RUSSIA

Russia's central bank unexpectedly cuts its one-week minimum auction repo rate by two percentage points to 15 percent, a little over a month after raising it by 6.5 points to 17 percent, as fears of recession mount following the fall in global oil prices and Western sanctions over the Ukraine crisis.

Feb. 3 AUSTRALIA

The Reserve Bank of Australia cuts its cash rate to an all-time low of 2.25 percent, seeking to spur a sluggish economy while keeping downward pressure on the local dollar.

Feb. 4/28 CHINA

China's central bank cuts interest rates for the second time in one month to fight off economic slowdown and rising deflation risks. Following a system-wide cut to bank reserve requirements in early February, policy makers followed up with a cut in benchmark interest and saving rates at the end of the month.

Jan. 19/22/29/Feb. 5 DENMARK

The Danish central bank cuts interest rates four times in less than three weeks and intervenes regularly in the currency market to keep the crown within the narrow range of its peg to the euro.

Feb. 13 SWEDEN

Sweden's central bank cuts its key repo rate to -0.1 percent from zero, where it had been since October, and said it would buy 10 billion Swedish crowns worth of bonds.

Feb. 17 INDONESIA

Indonesia's central bank cuts its benchmark interest rate by a quarter of a percentage point to 7.5 percent, the first rate cut in three years, surprising all 20 economists in a Reuters poll, who had expected no change.

Feb. 18 BOTSWANA

Botswana's central bank cuts its benchmark lending rate by 100 basis points to 6.5 percent, saying the state of the economy and inflation outlook provided scope for easing monetary policy.

Feb. 23 ISRAEL

The Bank of Israel lowers its benchmark interest rate to 0.1 percent from 0.25 percent, its first reduction in six months, amid persistent deflation and a strengthening shekel.

(Compiled by Jamie McGeever; Editing by Larry King)