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.
This chart displays Policy Rate (%, eop) for Euro Area, South Asia, Major Economies, Middle East & North Africa, Latin America from 2010 to 2022.
Policy Interest Rate (%) Data
| 2018 | 2019 | 2020 | 2021 | 2022 | |
|---|---|---|---|---|---|
| Bangladesh | 5.00 | 5.00 | 4.00 | 4.00 | 4.00 |
| Belize | 11.00 | 11.00 | 11.00 | 11.00 | 11.00 |
| Ecuador | 8.69 | 8.78 | 8.50 | 7.44 | 8.48 |
| Afghanistan | 0.15 | 0.50 | 0.81 | - | - |
| Albania | 1.00 | 1.00 | 0.50 | 0.50 | 2.75 |
| Algeria | 3.50 | 3.50 | 3.00 | 3.00 | 3.00 |
| Angola | 16.50 | 15.50 | 15.50 | 20.00 | 19.50 |
| Antigua and Barbuda | 8.44 | 8.53 | 7.58 | 7.51 | 7.52 |
| Argentina | 59.25 | 55.00 | 38.00 | 38.00 | 75.00 |
| Armenia | 6.00 | 5.50 | 5.25 | 7.75 | 10.75 |
| Aruba | 6.00 | 5.70 | 6.80 | - | - |
| Australia | 1.50 | 0.75 | 0.10 | 0.10 | 3.10 |
| Austria | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Azerbaijan | 9.75 | 7.50 | 6.25 | 7.25 | 8.25 |
| Bahrain | 2.75 | 2.25 | 1.00 | 1.00 | 5.25 |
| Belarus | 10.00 | 9.00 | 7.75 | 9.25 | 12.00 |
| Belgium | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Benin | 2.50 | 2.50 | 2.00 | - | - |
| Bolivia | 8.04 | 8.40 | 7.59 | 8.02 | 7.76 |
| Botswana | 5.00 | 4.75 | 3.75 | 3.75 | 2.65 |
| Brazil | 6.50 | 4.50 | 2.00 | 9.25 | 13.75 |
| Brunei | 5.50 | 5.50 | 5.50 | 5.50 | 5.50 |
| Burkina Faso | 10.31 | 10.80 | 9.83 | 9.47 | 8.88 |
| Burundi | 14.79 | 14.53 | 12.20 | 12.86 | 11.77 |
| Cabo Verde | 8.97 | 9.14 | 8.19 | 7.62 | 7.83 |
| Cameroon | 3.50 | 3.50 | 3.25 | 3.50 | 4.50 |
| Canada | 1.75 | 1.75 | 0.25 | 0.25 | 4.25 |
| CdI | 4.50 | 4.50 | 4.00 | 4.00 | 4.75 |
| Chile | 2.75 | 1.75 | 0.50 | 4.00 | 11.25 |
| China | 4.31 | 4.15 | 3.85 | 3.80 | 3.65 |
| Colombia | 4.25 | 4.25 | 1.75 | 3.00 | 12.00 |
| Comoros | 1.75 | 1.75 | 1.75 | 1.75 | 2.06 |
| Congo | 14.00 | 9.00 | 18.50 | 8.50 | 8.25 |
| Costa Rica | 5.25 | 2.75 | 0.75 | 1.25 | 9.00 |
| Croatia | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Cyprus | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Czech Republic | 1.75 | 2.00 | 0.25 | 3.75 | 7.00 |
| Denmark | -0.65 | -0.75 | -0.60 | -0.60 | 1.75 |
| Dominica | 1.70 | 1.75 | 1.76 | 1.56 | 1.55 |
| Dominican Republic | 5.50 | 4.50 | 3.00 | 3.50 | 8.50 |
| DR Congo | 14.00 | 9.00 | 18.50 | 8.50 | 8.25 |
| Egypt | 16.75 | 12.25 | 8.25 | 8.25 | 16.25 |
| Estonia | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Ethiopia | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Euro Area | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Fiji | 0.50 | 0.50 | 0.25 | 0.25 | 0.25 |
| Finland | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| France | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Gambia, The | 13.50 | 12.50 | 10.00 | 10.00 | 13.00 |
| Georgia | 7.00 | 9.00 | 8.00 | 10.50 | 11.00 |
| Germany | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Ghana | 17.00 | 16.00 | 14.50 | 14.50 | 27.00 |
| Greece | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Guatemala | 2.75 | 2.75 | 1.75 | 1.75 | 3.75 |
| Guinea | 12.50 | 12.50 | 11.50 | 11.50 | - |
| Guinea-Bissau | 9.20 | 9.40 | 9.20 | 9.20 | 9.00 |
| Guyana | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Honduras | 5.50 | 5.50 | 3.00 | 3.00 | 3.00 |
| Hong Kong | 2.75 | 2.49 | 0.50 | 0.50 | 4.75 |
| Hungary | 0.90 | 0.90 | 0.60 | 2.40 | 13.00 |
| Iceland | 4.50 | 3.00 | 0.75 | 2.00 | 6.00 |
| India | 6.25 | 4.40 | 4.00 | 4.00 | 6.50 |
| Indonesia | 6.00 | 5.00 | 3.75 | 3.50 | 5.50 |
| Iraq | 4.00 | 4.00 | 4.00 | 4.00 | 4.00 |
| Ireland | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Israel | 0.25 | 0.25 | 0.10 | 0.10 | 3.25 |
| Italy | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Jamaica | 1.75 | 0.50 | 0.50 | 2.50 | 7.00 |
| Japan | -0.10 | -0.10 | -0.10 | -0.10 | -0.10 |
| Jordan | 5.75 | 5.00 | 3.50 | 3.50 | 7.50 |
| Kazakhstan | 9.25 | 9.25 | 9.00 | 9.75 | 16.75 |
| Kenya | 9.00 | 8.50 | 7.00 | 7.00 | 8.75 |
| Korea | 1.75 | 1.25 | 0.50 | 1.00 | 3.25 |
| Kuwait | 3.00 | 2.75 | 1.50 | 1.50 | 3.50 |
| Kyrgyzstan | 4.75 | 4.25 | 5.00 | 8.00 | 13.00 |
| Latvia | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Lebanon | 10.00 | 10.00 | 10.00 | 10.00 | 10.00 |
| Lesotho | 11.25 | 11.19 | 8.19 | 8.44 | 10.50 |
| Lithuania | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Luxembourg | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Macao | 2.75 | 2.00 | 0.50 | 0.50 | 4.75 |
| Madagascar | 9.50 | - | - | - | - |
| Malawi | 16.00 | 13.50 | 12.00 | 12.00 | 18.00 |
| Malaysia | 3.25 | 3.00 | 1.75 | 1.75 | 2.75 |
| Maldives | 10.68 | 11.52 | 11.60 | 11.57 | 10.93 |
| Mali | 8.49 | 8.78 | 8.76 | 8.27 | 7.86 |
| Malta | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Mauritania | 6.50 | 6.50 | 5.00 | 5.00 | 7.00 |
| Mauritius | 3.50 | 3.35 | 1.85 | 1.85 | 4.50 |
| Mexico | 8.25 | 7.25 | 4.25 | 5.50 | 10.50 |
| Moldova | 6.50 | 5.50 | 2.65 | 6.50 | 20.00 |
| Mongolia | 11.00 | 11.00 | 6.00 | 6.00 | 13.00 |
| Morocco | 2.32 | 2.26 | 1.50 | 1.50 | 2.50 |
| Mozambique | 14.25 | 12.75 | 10.25 | 13.25 | 17.25 |
| Myanmar | 10.00 | 10.00 | 7.00 | 7.00 | 7.00 |
| Namibia | 6.75 | 6.50 | 3.75 | 3.75 | 6.75 |
| Nepal | 6.50 | 6.00 | 5.00 | 5.00 | 8.50 |
| Netherlands | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| New Zealand | 1.75 | 1.00 | 0.25 | 0.75 | 4.25 |
| Niger | 8.67 | 8.67 | 8.77 | 8.77 | 8.77 |
| Nigeria | 14.00 | 13.50 | 11.50 | 11.50 | 16.50 |
| North Macedonia | 2.50 | 2.25 | 1.50 | 1.25 | 4.75 |
| Norway | 0.75 | 1.50 | 0.00 | 0.50 | 2.75 |
| Oman | 3.01 | 2.28 | 0.50 | 0.50 | 5.00 |
| Pakistan | 10.00 | 13.25 | 7.00 | 9.75 | 16.00 |
| Papua New Guinea | 6.25 | 5.00 | 3.00 | 3.00 | 3.25 |
| Paraguay | 5.25 | 4.00 | 0.75 | 5.25 | 8.50 |
| Peru | 2.75 | 2.25 | 0.25 | 2.50 | 7.50 |
| Philippines | 4.75 | 4.00 | 2.00 | 2.00 | 5.50 |
| Poland | 1.50 | 1.50 | 0.10 | 1.75 | 6.75 |
| Portugal | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Qatar | 5.00 | 4.25 | 2.50 | 2.50 | 5.50 |
| Romania | 2.50 | 2.50 | 1.50 | 1.75 | 6.75 |
| Russia | 7.75 | 6.25 | 4.25 | 8.50 | 7.50 |
| Saint Kitts and Nevis | 2.05 | 2.04 | 2.31 | 2.18 | 2.07 |
| Saint Lucia | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
| Saint Vincent and the Grenadines | 8.41 | 8.30 | 7.80 | 7.50 | 7.27 |
| Samoa | 9.03 | 8.79 | 8.50 | 8.38 | 8.28 |
| San Marino | 4.16 | 3.98 | 3.73 | 3.53 | 3.80 |
| Sao Tome and Principe | 9.00 | 9.00 | 9.00 | 9.00 | 10.00 |
| Saudi Arabia | 3.00 | 2.25 | 1.00 | 1.00 | 5.00 |
| Senegal | 4.50 | 4.50 | 4.00 | 4.00 | 4.75 |
| Serbia | 3.00 | 2.25 | 1.00 | 1.00 | 5.00 |
| Seychelles | 12.31 | 12.60 | 11.61 | 9.16 | 9.10 |
| Sierra Leone | 15.96 | 17.97 | 17.94 | 18.86 | - |
| Slovakia | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Slovenia | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Solomon Islands | 10.75 | 10.60 | 10.68 | 5.18 | - |
| South Africa | 6.75 | 6.50 | 3.50 | 3.75 | 7.00 |
| South Sudan | 16.18 | 15.65 | 16.09 | 16.09 | 16.29 |
| Spain | 0.00 | 0.00 | 0.00 | 0.00 | 2.50 |
| Sri Lanka | 9.00 | 8.00 | 5.50 | 6.00 | 15.50 |
| Sudan | 24.50 | 26.80 | 30.60 | 28.20 | 41.78 |
| Suriname | 8.33 | 8.65 | 7.85 | 8.49 | 8.18 |
| Swaziland | 6.75 | 6.50 | 3.75 | 3.75 | 6.50 |
| Sweden | -0.50 | -0.25 | 0.00 | 0.00 | 2.50 |
| Switzerland | -0.75 | -0.75 | -0.75 | -0.75 | 1.00 |
| Taiwan | 1.38 | 1.38 | 1.13 | 1.13 | 1.75 |
| Tajikistan | 14.00 | 12.25 | 10.75 | 13.25 | 13.00 |
| Tanzania | 7.00 | 7.00 | 5.00 | 5.00 | 5.00 |
| Thailand | 1.75 | 1.25 | 0.50 | 0.50 | 1.25 |
| Togo | 9.07 | 8.92 | 8.81 | 8.74 | 8.51 |
| Trinidad and Tobago | 5.00 | 5.00 | 3.50 | 3.50 | 3.50 |
| Tunisia | 6.75 | 7.75 | 6.25 | 6.25 | 7.25 |
| Turkey | 24.00 | 12.00 | 17.00 | 14.00 | 9.00 |
| UAE | 2.75 | 2.00 | 1.25 | 1.50 | 4.40 |
| Uganda | 10.00 | 9.00 | 7.00 | 6.50 | 10.00 |
| Ukraine | 18.00 | 13.50 | 6.00 | 9.00 | 25.00 |
| United Kingdom | 0.75 | 0.75 | 0.10 | 0.25 | 3.50 |
| United States | 2.50 | 1.75 | 0.25 | 0.25 | 4.50 |
| Uruguay | 9.25 | 9.25 | 4.50 | 5.75 | 11.25 |
| Uzbekistan | 16.00 | 16.00 | 14.00 | 14.00 | 15.00 |
| Vietnam | 6.25 | 6.00 | 4.00 | 4.00 | 6.00 |
| West Bank and Gaza | 5.87 | 5.93 | 5.52 | 5.56 | - |
| Zambia | 9.75 | 11.50 | 8.00 | 9.00 | 9.00 |
| Iran | - | - | - | 22.00 | 22.00 |
| Kosovo | 5.99 | 6.42 | 6.01 | 5.80 | 6.29 |
| Laos | 4.00 | 4.00 | 3.00 | 3.00 | 6.50 |
| Montenegro | 6.53 | 6.18 | 5.91 | 5.76 | 5.64 |
| Panama | 6.98 | 7.09 | 6.92 | 6.92 | 6.96 |
| Rwanda | 5.50 | 5.00 | 4.50 | 4.50 | 6.50 |
| Singapore | 1.89 | 1.77 | 0.41 | 0.44 | 4.25 |
| Venezuela | 0.85 | 133.98 | 181.73 | 39.74 | 0.70 |
| Yemen | 27.00 | 27.00 | 27.00 | 27.00 | 27.00 |
| Zimbabwe | 9.48 | 35.00 | 35.00 | 60.00 | 200.00 |