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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Poland: Central Bank keeps rates at all-time low level in July; reaffirms quantitative easing
July 15, 2020
On 14 July, the National Bank of Poland (NBP) kept the reference rate unchanged at an all-time low of 0.10%.
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Serbia: National Bank of Serbia keeps key policy rate unchanged in July
July 9, 2020
On 9 July, the Executive Board of the National Bank of Serbia (NBS) maintained the key policy rate at an all-time low of 1.25%. In assessing the impact of the Bank’s previous monetary policy actions to mitigate the fallout from Covid-19, the NBS determined that its coordinated effort with the fiscal authorities to support the financial and real sector in the face of the pandemic will facilitate “the fastest possible” economic recovery.
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Peru: Central Bank maintains policy rate at record low in July
July 9, 2020
On 9 July, the Central Bank of Peru (BCRP) maintained its key policy interest rate at the record low of 0.25% for the third meeting in a row, as widely expected by market analysts.
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