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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Interest Rate Economic News
Indonesia: Bank Indonesia leaves rates unchanged in April, announces further measures to support the economy
April 25, 2019
At its 24-25 April monetary policy meeting, Bank Indonesia (BI) left the seven-day reverse repo rate at 6.00% for the fifth consecutive meeting, in line with market expectations.
Japan: BoJ introduces forward guidance for first time in April and downgrades economic outlook
April 25, 2019
At its 24–25 April meeting, Bank of Japan (BoJ) board members decided to provide forward guidance on monetary policy for the first time ever.
Canada: Bank of Canada leaves rates unchanged and adopts more dovish stance
April 24, 2019
On 24 April, the Bank of Canada (BoC) left its target for the overnight rate unchanged at 1.75%, as widely expected by market analysts.
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