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
| 2012 | 2013 | 2014 | 2015 | 2016 | |
|---|---|---|---|---|---|
| Albania | 4.00 | 3.00 | 2.25 | 1.75 | 1.25 |
| Angola | 10.25 | 9.25 | 9.00 | 11.00 | 16.00 |
| Armenia | 8.00 | 7.75 | 8.50 | 8.75 | 6.25 |
| Australia | 3.00 | 2.50 | 2.50 | 2.00 | 1.50 |
| Austria | 0.75 | 0.25 | 0.05 | - | - |
| Azerbaijan | 5.00 | 4.75 | 3.50 | 3.00 | 15.00 |
| Bangladesh | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Belarus | 30.00 | 23.50 | 20.00 | 25.00 | 18.00 |
| Belgium | 0.75 | 0.25 | 0.05 | 0.05 | 0.0 |
| Bolivia | 10.60 | 11.41 | 8.00 | 7.36 | 7.82 |
| Botswana | 9.50 | 7.50 | 7.50 | 6.00 | 5.50 |
| Brazil | 7.25 | 10.00 | 11.75 | 14.25 | 13.75 |
| Brunei | 5.50 | 5.50 | 5.50 | 5.50 | 5.50 |
| Bulgaria | 0.03 | 0.02 | 0.02 | 0.03 | -0.21 |
| Cambodia | 1.33 | 1.34 | 1.42 | 1.42 | 1.44 |
| Canada | 1.00 | 1.00 | 1.00 | 0.50 | 0.50 |
| Chile | 5.00 | 4.50 | 3.00 | 3.50 | 3.50 |
| China | 6.00 | 6.00 | 5.60 | 4.35 | 4.35 |
| Colombia | 4.25 | 3.25 | 4.50 | 5.75 | 7.50 |
| Croatia | 7.00 | 7.00 | 7.00 | 3.00 | 3.00 |
| Cyprus | 0.75 | 0.25 | 0.05 | - | - |
| Czech Republic | 0.05 | 0.05 | 0.05 | 0.05 | 0.05 |
| DR Congo | 4.00 | 2.00 | 2.00 | 2.00 | 7.00 |
| Denmark | 0.20 | 0.20 | 0.20 | 0.05 | 0.05 |
| Dominican Republic | 5.00 | 6.25 | 6.25 | 5.00 | 5.50 |
| Estonia | 0.75 | 0.25 | 0.05 | - | - |
| Ethiopia | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| Eurozone | 0.75 | 0.25 | 0.05 | 0.05 | 0.0 |
| Finland | 0.75 | 0.25 | 0.05 | 0.05 | 0.0 |
| France | 0.75 | 0.25 | 0.05 | - | - |
| Georgia | 5.25 | 3.75 | 4.00 | 8.00 | 6.50 |
| Germany | 0.75 | 0.25 | 0.05 | - | - |
| Ghana | 15.00 | 16.00 | 21.00 | 26.00 | 25.50 |
| Greece | 0.75 | 0.25 | 0.05 | - | - |
| Guatemala | 5.00 | 5.00 | 4.00 | 3.00 | 3.00 |
| Hungary | 5.75 | 3.00 | 2.10 | 1.35 | 0.90 |
| Iceland | 6.00 | 6.00 | 4.50 | 5.75 | 5.00 |
| India | 7.50 | 8.00 | 7.50 | 6.75 | 6.25 |
| Indonesia | 5.75 | 7.50 | 7.75 | 7.50 | 4.75 |
| Ireland | 0.75 | 0.25 | 0.05 | - | - |
| Italy | 0.75 | 0.25 | 0.05 | - | - |
| Jamaica | 6.25 | 5.75 | 5.75 | 5.25 | 5.00 |
| Japan | 0.10 | 0.10 | 0.10 | 0.10 | -0.10 |
| Kazakhstan | 6.50 | 6.50 | 6.50 | 16.00 | 12.00 |
| Kenya | 11.00 | 8.50 | 8.50 | 11.50 | 10.00 |
| Korea | 2.75 | 2.50 | 2.00 | 1.50 | 1.25 |
| Laos | 6.25 | 6.25 | 6.25 | 5.63 | 4.25 |
| Latvia | 0.75 | 0.25 | 0.05 | - | - |
| Lithuania | 0.75 | 0.25 | 0.05 | 0.0 | - |
| Luxembourg | 0.75 | 0.25 | 0.05 | - | - |
| Macedonia | 4.35 | 3.38 | 2.50 | 1.76 | 2.00 |
| Malaysia | 3.00 | 3.00 | 3.25 | 3.25 | 3.00 |
| Malta | 0.75 | 0.25 | 0.05 | - | - |
| Mexico | 4.50 | 3.50 | 3.00 | 3.25 | 5.75 |
| Moldova | 4.50 | 3.50 | 6.50 | 19.50 | 9.00 |
| Mongolia | 13.25 | 10.50 | 12.00 | 13.00 | 14.00 |
| Mozambique | - | - | - | - | - |
| Myanmar | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Netherlands | 0.75 | 0.25 | 0.05 | - | - |
| New Zealand | 2.50 | 2.50 | 3.50 | 2.50 | 1.75 |
| Nigeria | 12.00 | 12.00 | 13.00 | 11.00 | 14.00 |
| Norway | 1.50 | 1.50 | 1.25 | 0.75 | 0.50 |
| Pakistan | 12.00 | 9.00 | 10.00 | 7.00 | 6.25 |
| Peru | 4.25 | 4.00 | 3.50 | 3.75 | 4.25 |
| Philippines | 3.50 | 3.50 | 4.00 | 4.00 | 3.00 |
| Poland | 4.25 | 2.50 | 2.00 | 1.50 | 1.50 |
| Portugal | 0.75 | 0.25 | 0.05 | - | - |
| Romania | 5.25 | 4.00 | 2.75 | 1.75 | 1.75 |
| Russia | 5.50 | 5.50 | 17.00 | 11.00 | 10.00 |
| Serbia | 11.25 | 9.50 | 8.00 | 4.50 | 4.00 |
| Singapore | 0.25 | 0.25 | 0.38 | 0.88 | 0.88 |
| Slovakia | 0.75 | 0.25 | 0.05 | - | - |
| Slovenia | 0.75 | 0.25 | 0.05 | - | - |
| Spain | 0.75 | 0.25 | 0.05 | - | - |
| Sri Lanka | 9.50 | 8.50 | 8.00 | 7.50 | 8.50 |
| Sweden | 1.00 | 0.75 | 0.0 | -0.35 | -0.50 |
| Switzerland | 0.13 | 0.13 | -0.25 | -0.75 | -0.75 |
| Taiwan | 1.88 | 1.88 | 1.88 | 1.63 | 1.38 |
| Tajikistan | 6.50 | 5.50 | 8.00 | 8.00 | 11.00 |
| Tanzania | 15.46 | 15.83 | 16.26 | 16.10 | 15.96 |
| Thailand | 2.75 | 2.25 | 2.00 | 1.50 | 1.50 |
| Trinidad and Tobago | 2.75 | 2.75 | 3.25 | 4.75 | 4.75 |
| Turkey | 5.50 | 4.50 | 8.25 | 7.50 | 8.00 |
| USA | 0.25 | 0.25 | 0.25 | 0.50 | 0.75 |
| Uganda | 12.00 | 11.50 | 11.00 | 17.00 | 12.00 |
| Ukraine | 7.50 | 6.50 | 14.00 | 22.00 | 14.00 |
| United Kingdom | 0.50 | 0.50 | 0.50 | 0.50 | 0.25 |
| Uzbekistan | 12.00 | 12.00 | 10.00 | 9.00 | 9.00 |
| Vietnam | 9.00 | 7.00 | 6.50 | 6.50 | 6.50 |
| Zambia | 9.25 | 9.75 | 12.50 | 15.50 | 15.50 |
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Interest Rate Economic News
Peru: Central Bank leaves policy interest rate unchanged in October
October 14, 2017
At its 12 October monetary policy meeting, the Central Bank left the policy interest rate unchanged at 3.50%—as expected by the majority of analysts—following three cuts earlier this year, most recently on 14 September.
Singapore: MAS stands pat at October meeting, leaves policy band unchanged
October 13, 2017
At its second semi-annual meeting this year on 13 October, the Monetary Authority of Singapore (MAS) decided to leave the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band unchanged at zero percent.
Poland: NBP holds fire on rates in October
October 6, 2017
As largely anticipated by market analysts, the National Bank of Poland (NBP) kept the reference rate unchanged at a record-low of 1.50% at its 3–4 October monetary policy meeting.
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