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
| 2013 | 2014 | 2015 | 2016 | 2017 | |
|---|---|---|---|---|---|
| Albania | 3.00 | 2.25 | 1.75 | 1.25 | 1.25 |
| Angola | 9.25 | 9.00 | 11.00 | 16.00 | 18.00 |
| Armenia | 7.75 | 8.50 | 8.75 | 6.25 | 6.00 |
| Australia | 2.50 | 2.50 | 2.00 | 1.50 | 1.50 |
| Austria | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Azerbaijan | 4.75 | 3.50 | 3.00 | 15.00 | 15.00 |
| Bangladesh | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Belarus | 23.50 | 20.00 | 25.00 | 18.00 | 11.00 |
| Belgium | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Bolivia | 11.41 | 8.00 | 7.36 | 7.82 | 7.86 |
| Botswana | 7.50 | 7.50 | 6.00 | 5.50 | 5.00 |
| Brazil | 10.00 | 11.75 | 14.25 | 13.75 | 7.00 |
| Brunei | 5.50 | 5.50 | 5.50 | 5.50 | 5.50 |
| Bulgaria | 0.02 | 0.02 | 0.01 | 0.0 | 0.0 |
| Cambodia | 1.34 | 1.42 | 1.42 | 1.44 | 1.53 |
| Canada | 1.00 | 1.00 | 0.50 | 0.50 | 1.00 |
| Chile | 4.50 | 3.00 | 3.50 | 3.50 | 2.50 |
| China | 6.00 | 5.60 | 4.35 | 4.35 | 4.35 |
| Colombia | 3.25 | 4.50 | 5.75 | 7.50 | 4.75 |
| Croatia | 7.00 | 7.00 | 3.00 | 3.00 | 3.00 |
| Cyprus | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Czech Republic | 0.05 | 0.05 | 0.05 | 0.05 | 0.50 |
| DR Congo | 2.00 | 2.00 | 2.00 | 7.00 | 20.00 |
| Denmark | 0.20 | 0.20 | 0.05 | 0.05 | 0.05 |
| Dominican Republic | 6.25 | 6.25 | 5.00 | 5.50 | 5.25 |
| Estonia | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Ethiopia | 7.50 | 7.50 | 7.50 | 7.50 | 7.50 |
| Eurozone | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Finland | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| France | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Georgia | 3.75 | 4.00 | 8.00 | 6.50 | 7.25 |
| Germany | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Ghana | 16.00 | 21.00 | 26.00 | 25.50 | 20.00 |
| Greece | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Guatemala | 5.00 | 4.00 | 3.00 | 3.00 | 2.75 |
| Hungary | 3.00 | 2.10 | 1.35 | 0.90 | 0.90 |
| Iceland | 6.00 | 4.50 | 5.75 | 5.00 | 4.25 |
| India | 8.00 | 7.50 | 6.75 | 6.25 | 6.00 |
| Indonesia | 7.50 | 7.75 | 7.50 | 4.75 | 4.25 |
| Ireland | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Italy | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Jamaica | 0.25 | 0.25 | 0.25 | 3.00 | 3.25 |
| Japan | 0.10 | 0.10 | 0.10 | -0.10 | -0.10 |
| Kazakhstan | 6.50 | 6.50 | 16.00 | 12.00 | 10.25 |
| Kenya | 8.50 | 8.50 | 11.50 | 10.00 | 10.00 |
| Korea | 2.50 | 2.00 | 1.50 | 1.25 | 1.50 |
| Laos | 6.25 | 6.25 | 5.63 | 5.31 | 5.00 |
| Latvia | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Lithuania | 0.25 | 0.05 | 0.0 | 0.0 | 0.0 |
| Luxembourg | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Macedonia | 3.25 | 3.25 | 3.25 | 3.75 | 3.25 |
| Malaysia | 3.00 | 3.25 | 3.25 | 3.00 | 3.00 |
| Malta | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Mexico | 3.50 | 3.00 | 3.25 | 5.75 | 7.25 |
| Moldova | 3.50 | 6.50 | 19.50 | 9.00 | 6.50 |
| Mongolia | 10.50 | 12.00 | 13.00 | 14.00 | 11.00 |
| Mozambique | 8.25 | 7.50 | 9.75 | 23.25 | 20.50 |
| Myanmar | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Netherlands | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| New Zealand | 2.50 | 3.50 | 2.50 | 1.75 | 1.75 |
| Nigeria | 12.00 | 13.00 | 11.00 | 14.00 | 14.00 |
| Norway | 1.50 | 1.25 | 0.75 | 0.50 | 0.50 |
| Pakistan | 9.00 | 10.00 | 6.50 | 5.75 | 5.75 |
| Peru | 4.00 | 3.50 | 3.75 | 4.25 | 3.25 |
| Philippines | 3.50 | 4.00 | 4.00 | 3.00 | 3.00 |
| Poland | 2.50 | 2.00 | 1.50 | 1.50 | 1.50 |
| Portugal | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Romania | 4.00 | 2.75 | 1.75 | 1.75 | 1.75 |
| Russia | 5.50 | 17.00 | 11.00 | 10.00 | 7.75 |
| Serbia | 9.50 | 8.00 | 4.50 | 4.00 | 3.50 |
| Singapore | 0.25 | 0.38 | 0.88 | 0.88 | 0.88 |
| Slovakia | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Slovenia | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Spain | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Sri Lanka | 8.50 | 8.50 | 7.50 | 8.50 | 8.75 |
| Sweden | 0.75 | 0.0 | -0.35 | -0.50 | -0.50 |
| Switzerland | 0.13 | -0.25 | -0.75 | -0.75 | -0.75 |
| Taiwan | 1.88 | 1.88 | 1.63 | 1.38 | 1.38 |
| Tajikistan | 5.50 | 8.00 | 8.00 | 11.00 | 16.00 |
| Tanzania | 16.01 | 15.75 | 16.39 | 15.66 | 18.62 |
| Thailand | 2.25 | 2.00 | 1.50 | 1.50 | 1.50 |
| Trinidad and Tobago | 2.75 | 3.25 | 4.75 | 4.75 | 4.75 |
| Turkey | 4.50 | 8.25 | 7.50 | 8.00 | 8.00 |
| USA | 0.25 | 0.25 | 0.50 | 0.75 | 1.50 |
| Uganda | 11.50 | 11.00 | 17.00 | 12.00 | 9.50 |
| Ukraine | 6.50 | 14.00 | 22.00 | 14.00 | 14.50 |
| United Kingdom | 0.50 | 0.50 | 0.50 | 0.25 | 0.50 |
| Uzbekistan | 12.00 | 10.00 | 9.00 | 9.00 | 14.00 |
| Vietnam | 7.00 | 6.50 | 6.50 | 6.50 | 6.25 |
| Zambia | 9.75 | 12.50 | 15.50 | 15.50 | 10.25 |
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Interest Rate Economic News
Hungary: Central Bank stands pat in October
October 16, 2018
At its latest monetary policy meeting held on 16 October, the Monetary Council of the Hungarian National Bank (MNB) left the base rate unchanged at its current record low of 0.90%, while also holding steady all other monetary policy instruments.
Singapore: MAS again increases slope of policy band at its second semi-annual meeting
October 12, 2018
At its second biannual meeting of 2018 held on 12 October, the Monetary Authority of Singapore (MAS) decided to slightly increase the undisclosed slope of the rate of appreciation of the Singapore dollar nominal effective exchange rate (S$NEER) policy band.
Peru: Central Bank stands pat in October
October 11, 2018
At its monetary policy meeting on 11 October, the Central Bank of Peru (BCRP) decided to keep the policy interest rate unchanged at an eight-year low of 2.75%, matching market expectations.
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