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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Indonesia: Central Bank maintains rates for second month running in September
September 17, 2020
At its 16–17 September monetary policy meeting, Bank Indonesia (BI) decided to leave the seven-day reverse repo rate at a multi-year low of 4.00%.
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Taiwan: Central Bank stands pat in September
September 17, 2020
At its monetary policy meeting on 17 September, the Board of Directors of Taiwan’s Central Bank unanimously decided to keep the discount rate unchanged at the record low of 1.125%.
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South Africa: SARB stands pat in September
September 17, 2020
On 17 September, the Monetary Policy Committee (MPC) of the South African Reserve Bank (SARB) left the repurchase rate unchanged at its all-time low of 3.50%, after lowering it by 25 basis points in its previous meeting.
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