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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At its 27 July meeting, the Monetary Council of the Hungarian National Bank (MNB) decided to raise its base rate to 1.20% from 0.90%, marking the second consecutive increase.
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The Monetary Policy Committee of the Central Bank of Nigeria stood pat at its 26–27 July meeting, leaving the monetary policy rate unchanged at 11.50% in a unanimous vote.
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July 26, 2021
At its meeting in late July, the National Bank of Kazakhstan (NBK) decided to hike the base rate by 25 basis points to 9.25%, keeping the corridor at plus or minus 1.0 percentage point.
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