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 | - | - | - | - | - |
| 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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February 13, 2019
At its first meeting of the year, held on 13 February, the Reserve Bank of New Zealand (RBNZ) left the official cash rate (OCR) unchanged at a record-low of 1.75%, where it has been since November 2016.
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February 8, 2019
At its 6 February meeting, the Board of the National Bank of the Republic of Belarus (NBRB) kept the refinancing rate unchanged at an over decade-low 10.0%, in line with analysts’ expectations.
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