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.
Looking for forecasts? FocusEconomics Consensus Forecasts cover approx. 30 macro-economic indicators per country for a 5-year forecast period and quarterly forecasts for the most important economic variables. Get Details.
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 | - | - | - | - | - |
| 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 | - | - | - | - | - |
| Czech Republic | 0.05 | 0.05 | 0.05 | 0.05 | 0.50 |
| DR Congo | - | - | - | - | - |
| Denmark | 0.20 | 0.20 | 0.05 | 0.05 | 0.05 |
| Dominican Republic | 6.25 | 6.25 | 5.00 | 5.50 | 5.25 |
| Estonia | - | - | - | - | - |
| Ethiopia | 7.50 | 7.50 | 7.50 | 7.50 | 7.00 |
| Eurozone | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| Finland | 0.25 | 0.05 | 0.05 | 0.0 | 0.0 |
| France | - | - | - | - | - |
| Georgia | 3.75 | 4.00 | 8.00 | 6.50 | 7.25 |
| Germany | - | - | - | - | - |
| Ghana | 16.00 | 21.00 | 26.00 | 25.50 | 20.00 |
| Greece | - | - | - | - | - |
| Guatemala | 5.00 | 4.00 | 3.00 | 3.00 | 2.75 |
| Hungary | 3.00 | 2.10 | 1.35 | 0.90 | 0.90 |
| Iceland | 5.38 | 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 | - | - | - | - | - |
| Italy | - | - | - | - | - |
| 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 | - | - | - | - |
| Lithuania | 0.0 | 0.0 | 0.0 | - | - |
| Luxembourg | - | - | - | - | - |
| Malaysia | 3.00 | 3.25 | 3.25 | 3.00 | 3.00 |
| Malta | - | - | - | - | - |
| 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 | - | - | - | - | - |
| New Zealand | 2.50 | 3.50 | 2.50 | 1.75 | 1.75 |
| Nigeria | 12.00 | 13.00 | 11.00 | 14.00 | 14.00 |
| North Macedonia | 3.25 | 3.25 | 3.25 | 3.75 | 3.25 |
| 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 | - | - | - | - | - |
| 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 | - | - |
| Slovakia | - | - | - | - | - |
| Slovenia | - | - | - | - | - |
| Spain | - | - | - | - | - |
| 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
United Kingdom: BoE leaves the Bank Rate unchanged in September as Brexit clouds linger
September 18, 2019
On 18 September, the Monetary Policy Committee (MPC) of the Bank of England (BoE) voted unanimously to keep the Bank Rate unchanged at 0.75%.
Eurozone: Draghi delivers parting stimulus bang; loosening policy for the first time since 2016
September 12, 2019
The European Central Bank (ECB) unveiled a broad package of stimulus at its meeting on 12 September, in order to revive growth and inflation in the downbeat Eurozone economy.
Malaysia: Bank Negara Malaysia holds policy rate steady in September
September 12, 2019
The Monetary Policy Committee (MPC) of Bank Negara Malaysia (BMN) kept the overnight policy rate unchanged at 3.00% at its 12 September meeting, as was expected by market analysts.
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