Policy Interest Rate (%)

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? Met the why particular 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

20132014201520162017
Albania3.002.251.751.251.25
Angola9.259.0011.0016.0018.00
Armenia7.758.508.756.256.00
Australia2.502.502.001.501.50
Austria0.250.050.050.00.0
Azerbaijan4.753.503.0015.0015.00
Bangladesh5.005.005.005.005.00
Belarus23.5020.0025.0018.0011.00
Belgium0.250.050.050.00.0
Bolivia11.418.007.367.827.86
Botswana7.507.506.005.505.00
Brazil11.0011.7514.2513.757.00
Brunei5.505.505.505.505.50
Bulgaria0.020.020.010.00.0
Cambodia1.341.421.421.441.53
Canada1.001.000.500.501.00
Chile4.503.003.503.502.50
China6.005.604.354.354.35
Colombia3.254.505.757.504.75
Croatia7.007.003.003.003.00
Cyprus0.250.050.050.00.0
Czech Republic0.050.050.050.050.50
DR Congo2.002.002.007.0020.00
Denmark0.200.200.050.050.05
Dominican Republic6.256.255.005.505.25
Estonia0.250.050.050.00.0
Ethiopia7.507.507.507.507.50
Eurozone0.250.050.050.00.0
Finland0.250.050.050.00.0
France0.250.050.050.00.0
Georgia3.754.008.006.507.25
Germany0.250.050.050.00.0
Ghana16.0021.0026.0025.5020.00
Greece0.250.050.050.00.0
Guatemala5.004.003.003.002.75
Hungary3.002.111.350.900.90
Iceland6.004.505.755.004.25
India8.007.506.756.256.00
Indonesia7.507.757.504.754.25
Ireland0.250.050.050.00.0
Italy0.250.050.050.00.0
Jamaica0.250.250.253.003.25
Japan0.110.110.11-0.11-0.11
Kazakhstan6.506.5016.0012.0011.25
Kenya8.508.5011.5011.0011.00
Korea2.502.001.501.251.50
Laos6.256.255.635.315.00
Latvia0.250.050.050.00.0
Lithuania0.250.050.00.00.0
Luxembourg0.250.050.050.00.0
Macedonia3.253.253.253.753.25
Malaysia3.003.253.253.003.00
Malta0.250.050.050.00.0
Mexico3.503.003.255.757.25
Moldova3.506.5019.509.006.50
Mongolia11.5012.0013.0014.0011.00
Mozambique8.257.509.7523.2520.50
Myanmar11.0011.0011.0011.0011.00
Netherlands0.250.050.050.00.0
New Zealand2.503.502.501.751.75
Nigeria12.0013.0011.0014.0014.00
Norway1.501.250.750.500.50
Pakistan9.0011.006.505.755.75
Peru4.003.503.754.253.25
Philippines3.504.004.003.003.00
Poland2.502.001.501.501.50
Portugal0.250.050.050.00.0
Romania4.002.751.751.751.75
Russia5.5017.0011.0011.007.75
Serbia9.508.004.504.003.50
Singapore0.250.380.880.880.88
Slovakia0.250.050.050.00.0
Slovenia0.250.050.050.00.0
Spain0.250.050.050.00.0
Sri Lanka8.508.507.508.508.75
Sweden0.750.0-0.35-0.50-0.50
Switzerland0.13-0.25-0.75-0.75-0.75
Taiwan1.881.881.631.381.38
Tajikistan5.508.008.0011.0016.00
Tanzania16.0115.7516.3915.6618.62
Thailand2.252.001.501.501.50
Trinidad and Tobago2.753.254.754.754.75
Turkey4.508.257.508.008.00
USA0.250.250.500.751.50
Uganda11.5011.0017.0012.009.50
Ukraine6.5014.0022.0014.0014.50
United Kingdom0.500.500.500.250.50
Uzbekistan12.0011.009.009.0014.00
Vietnam7.006.506.506.506.25
Zambia9.7512.5015.5015.5011.25

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Interest Rate Economic News

  • Peru: Central Bank stands pat at its August meeting

    August 13, 2018

    At its 9 August monetary policy meeting, the Central Bank of Peru (BCRP) decided to keep the policy interest rate unchanged at an eight-year low of 2.75%, matching market expectations.

    Read more

  • Serbia: NBS leaves key policy rate on hold in August

    August 9, 2018

    At its 9 August monetary policy meeting, the Executive Board of the National Bank of Serbia (NBS) voted to keep the key policy rate on hold at 3.0%, a decision that met market expectations. The NBS considered its decision appropriate in the context of increasing inflationary pressures, as the Bank aims to anchor inflation in its target range of 1.5%–4.5%.

    Read more

  • New Zealand: RBNZ keeps key rate on hold in August

    August 9, 2018

    At its 9 August meeting, the Reserve Bank of New Zealand (RBNZ) met market analysts’ expectations and kept the Official Cash Rate (OCR) unchanged at a record-low 1.75%, where it has been since November 2016.

    Read more

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