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.
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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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Turkey: Central Bank delivers biggest interest rate hike in over two years; shifts to more conventional policy stance
November 19, 2020
In the first meeting under the new governorship of Naci Agbal on 19 November, the Monetary Policy Committee (MPC) of the Central Bank of Turkey hiked the one-week repo rate from 10.25% to 15.00%.
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Hungary: MNB keeps monetary policy unchanged in November
November 17, 2020
At its meeting on 17 November, 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 to hold fire represented a balancing act to sustain the economic recovery while keeping inflation in check.
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Romania: NBR holds rates stable in November
November 12, 2020
In an unscheduled meeting held on 12 November, the National Bank of Romania (NBR) maintained the policy rate unchanged at its all-time low of 1.50%, the lending facility (Lombard) rate at 2.00%, and the deposit facility rate at 1.00%, in line with market analysts’ expectations.
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