Policy Interest Rate (%)
The policy interest rate is an interest rate that the monetary authority (i.e. the central bank) sets in order to influence the evolution of the main monetary variables in the economy (e.g. consumer prices, exchange rate or credit expansion, among others). The policy interest rate determines the levels of the rest of the interest rates in the economy, since it is the price at which private agents-mostly private banks-obtain money from the central bank. These banks will then offer financial products to their clients at an interest rate that is normally based on the policy rate.
Different countries have different policy interest rates. The most common are the overnight lending rate, discount rate and repurchase rate (of different maturities). Normally, central banks use the policy interest rate to perform contractive or expansive monetary policy. A rise in interest rates is commonly used to curb inflation, currency depreciation, excessive credit growth or capital outflows. On the contrary, by cutting interest rates, a central bank might be seeking to boost economic activity by fostering credit expansion or currency depreciation in order to gain competitiveness.
The table below shows the policy interest rate in percentage (end of period) by country for the last five years.
Looking for forecasts? FocusEconomics Consensus Forecasts cover approx. 30 macro-economic indicators per country for a 5-year forecast period and quarterly forecasts for the most important economic variables. Get Details.
Interest Rate Data
| 2015 | 2016 | 2017 | 2018 | 2019 | |
|---|---|---|---|---|---|
| Albania | 1.75 | 1.25 | 1.25 | 1.00 | 1.00 |
| Angola | 11.00 | 16.00 | 18.00 | 16.50 | 15.50 |
| Armenia | 8.75 | 6.25 | 6.00 | 6.00 | 5.50 |
| Australia | 2.00 | 1.50 | 1.50 | 1.50 | 0.75 |
| Austria | - | - | - | - | - |
| Azerbaijan | 3.00 | 15.00 | 15.00 | 9.75 | 7.50 |
| Bangladesh | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Belarus | 25.00 | 18.00 | 11.00 | 10.00 | 9.00 |
| Belgium | 0.05 | 0.0 | 0.0 | 0.0 | 0.0 |
| Bolivia | 8.07 | 7.95 | 8.11 | 8.04 | 8.40 |
| Botswana | 6.00 | 5.50 | 5.00 | 5.00 | 4.75 |
| Brazil | 14.25 | 13.75 | 7.00 | 6.50 | 4.50 |
| Brunei | 5.50 | 5.50 | 5.50 | 5.50 | 5.50 |
| Bulgaria | 0.01 | 0.0 | 0.0 | 0.0 | 0.0 |
| Cambodia | 1.42 | 1.44 | 1.53 | - | - |
| Canada | 0.50 | 0.50 | 1.00 | 1.75 | 1.75 |
| Chile | 3.50 | 3.50 | 2.50 | 2.75 | 1.75 |
| China | 4.30 | 4.30 | 4.30 | 4.31 | 4.15 |
| Colombia | 5.75 | 7.50 | 4.75 | 4.25 | 4.25 |
| Croatia | 3.00 | 3.00 | 3.00 | 3.00 | 3.00 |
| Cyprus | - | - | - | - | - |
| Czech Republic | 0.05 | 0.05 | 0.50 | 1.75 | 2.00 |
| DR Congo | - | - | - | - | - |
| Denmark | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| Dominican Republic | 5.00 | 5.50 | 5.25 | 5.50 | 4.50 |
| Estonia | - | - | - | - | - |
| Ethiopia | 7.50 | 7.50 | 7.00 | 7.00 | 7.00 |
| Eurozone | 0.05 | 0.0 | 0.0 | 0.0 | 0.0 |
| Finland | 0.05 | 0.0 | 0.0 | 0.0 | 0.0 |
| France | - | - | - | - | - |
| Georgia | 8.00 | 6.50 | 7.25 | 7.00 | 9.00 |
| Germany | - | - | - | - | - |
| Ghana | 26.00 | 25.50 | 20.00 | 17.00 | 16.00 |
| Greece | - | - | - | - | - |
| Guatemala | 3.00 | 3.00 | 2.75 | 2.75 | 2.75 |
| Hungary | 1.35 | 0.90 | 0.90 | 0.90 | 0.90 |
| Iceland | 5.75 | 5.00 | 4.25 | 4.50 | 3.00 |
| India | 6.75 | 6.25 | 6.00 | 6.25 | 4.40 |
| Indonesia | 7.50 | 4.75 | 4.25 | 6.00 | 5.00 |
| Ireland | - | - | - | - | - |
| Italy | - | - | - | - | - |
| Jamaica | 0.25 | 3.00 | 3.25 | 1.75 | 0.50 |
| Japan | 0.10 | -0.10 | -0.10 | -0.10 | -0.10 |
| Kazakhstan | 16.00 | 12.00 | 10.25 | 9.25 | 9.25 |
| Kenya | 11.50 | 10.00 | 10.00 | 9.00 | 8.50 |
| Korea | 1.50 | 1.25 | 1.50 | 1.75 | 1.25 |
| Laos | 5.63 | 5.31 | 5.00 | 5.00 | - |
| Latvia | - | - | - | - | - |
| Lithuania | 0.0 | - | - | - | - |
| Luxembourg | - | - | - | - | - |
| Malaysia | 3.25 | 3.00 | 3.00 | 3.25 | 3.00 |
| Malta | - | - | - | - | - |
| Mexico | 3.25 | 5.75 | 7.25 | 8.25 | 7.25 |
| Moldova | 19.50 | 9.00 | 6.50 | 6.50 | 5.50 |
| Mongolia | 13.00 | 14.00 | 11.00 | 11.00 | 11.00 |
| Mozambique | - | - | - | - | - |
| Myanmar | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Netherlands | - | - | - | - | - |
| New Zealand | 2.50 | 1.75 | 1.75 | 1.75 | 1.00 |
| Nigeria | 11.00 | 14.00 | 14.00 | 14.00 | 13.50 |
| North Macedonia | 3.25 | 3.75 | 3.25 | 2.50 | 2.25 |
| Norway | 0.75 | 0.50 | 0.50 | 0.75 | 1.50 |
| Pakistan | 6.50 | 5.75 | 5.75 | 6.50 | 12.25 |
| Peru | 3.75 | 4.25 | 3.25 | 2.75 | 2.25 |
| Philippines | 4.00 | 3.00 | 3.00 | 4.75 | 4.00 |
| Poland | 1.50 | 1.50 | 1.50 | 1.50 | 1.50 |
| Portugal | - | - | - | - | - |
| Romania | 1.75 | 1.75 | 1.75 | 2.50 | 2.50 |
| Russia | 11.00 | 10.00 | 7.75 | 7.75 | 6.25 |
| Serbia | 4.50 | 4.00 | 3.50 | 3.00 | 2.25 |
| Singapore | 0.88 | - | - | - | - |
| Slovakia | - | - | - | - | - |
| Slovenia | - | - | - | - | - |
| Spain | - | - | - | - | - |
| Sri Lanka | 7.50 | 8.50 | 8.75 | 9.00 | 8.00 |
| Sweden | -0.35 | -0.50 | -0.50 | -0.50 | 0.0 |
| Switzerland | -0.75 | -0.75 | -0.75 | -0.75 | -0.75 |
| Taiwan | 1.63 | 1.38 | 1.38 | 1.38 | 1.38 |
| Tajikistan | 8.00 | 11.00 | 16.00 | 14.00 | 12.25 |
| Tanzania | 16.00 | 16.00 | 9.00 | 7.00 | 7.00 |
| Thailand | 1.50 | 1.50 | 1.50 | 1.75 | 1.25 |
| Trinidad and Tobago | 4.75 | 4.75 | 4.75 | 5.00 | 5.00 |
| Turkey | 7.50 | 8.00 | 8.00 | 24.00 | 12.00 |
| USA | 0.50 | 0.75 | 1.50 | 2.50 | 1.75 |
| Uganda | 17.00 | 12.00 | 9.50 | 10.00 | 9.00 |
| Ukraine | 22.00 | 14.00 | 14.50 | 18.00 | 13.50 |
| United Kingdom | 0.50 | 0.25 | 0.50 | 0.75 | 0.75 |
| Uzbekistan | 9.00 | 9.00 | 14.00 | 16.00 | 16.00 |
| Vietnam | 6.50 | 6.50 | 6.25 | 6.25 | 6.00 |
| Zambia | 15.50 | 15.50 | 10.25 | 9.75 | 11.50 |
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Interest Rate Economic News
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Australia: RBA stands pat in May
May 5, 2021
At its monetary policy meeting on 4 May, the Reserve Bank of Australia (RBA) decided to keep the cash rate unchanged at the all-time low of 0.10%.
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Dominican Republic: Central Bank keeps rates steady in April
April 30, 2021
At its end-April meeting, the Central Bank decided to keep the policy rate at 3.00% for the eighth month running.
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Hungary: MNB holds its ground in April
April 28, 2021
At its 27 April meeting, the Monetary Council of the Hungarian National Bank (MNB) decided to keep the base rate unchanged at the all-time low of 0.60%, and also held all other instruments steady, which was in line with market analysts’ expectations. The MNB’s decision was driven by the need to support the economic recovery, despite mounting price pressures.
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