Explore and compare policy interest rate data among nearly 200 nations with indispensable insights from FocusEconomics. Access precise historical data on policy interest rates throughout the years 2019, 2020, 2021, 2022 and 2023. This data is valuable for informing decision making, financial reporting, and assessments of countries’ economic performances; monetary authorities’ policy rates both respond to and influence several economic indicators.
Additionally, you can enhance your understanding even further by downloading our free sample report. This report not only provides historical data but also includes forecasts for policy interest rates and other monetary indicators covering the next several years. Our Consensus forecasts and comprehensive analysis bring these data points to life, empowering you to stay ahead of economic trends, make strategic decisions and kickstart your business.
What is a policy interest rate?
The policy interest rate is an interest rate that a country’s 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 rates 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.
Policy interest rates also tend to affect consumer behaviour. Consumers are more likely to spend on products and assets when policy interest rates are low and borrowing is cheaper, and more likely to save over spending when rates are high. At the same time, however, higher policy interest rates tend to drive inflation down over time, eventually increasing consumers’ spending capabilities.
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.
Why our interest rate forecasts are valuable for businesses
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Financial Planning
Businesses can use our reports containing monetary policy forecasts to anticipate future changes in the costs of borrowing and, via inflation, the costs of doing business. This information is crucial for financial planning and budgeting, allowing companies to adjust pricing strategies, allocate resources efficiently, and make informed investment decisions.
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Strategic Decision Making
Predicted interest rates and monetary policies provide insights into the overall economic environment and how favourable it will be for business. Businesses can use this information to make strategic decisions, such as expanding or contracting operations in a given country, entering new markets, or adjusting product and service offerings to align with expected changes in consumer spending.
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Investment Decisions
Businesses often make long-term investments in equipment, technology, and infrastructure. Predicted interest rates play a crucial role in determining the cost of these investments and evaluating the return on investment over time. Companies can adjust their investment strategies based on expected changes in the economic landscape.
Policy Interest Rates by Country
This chart displays Policy Interest Rate (%, eop) for South Asia, Major Economies, Latin America, Euro Area, Middle East & North Africa from 2010 to 2023.
Policy Interest Rate (%) Data
| 2019 | 2020 | 2021 | 2022 | 2023 | |
|---|---|---|---|---|---|
| Afghanistan | 0.50 | 0.81 | - | - | - |
| Albania | 1.00 | 0.50 | 0.50 | 2.75 | 3.25 |
| Algeria | 3.50 | 3.00 | 3.00 | 3.00 | 3.00 |
| Angola | 15.50 | 15.50 | 20.00 | 19.50 | 18.00 |
| Antigua and Barbuda | 8.53 | 7.58 | 7.51 | 7.52 | 6.88 |
| Argentina | 55.00 | 38.00 | 38.00 | 75.00 | 100.00 |
| Armenia | 5.50 | 5.25 | 7.75 | 10.75 | 9.25 |
| Aruba | 5.70 | 6.80 | 6.40 | 6.10 | 5.80 |
| Australia | 0.75 | 0.10 | 0.10 | 3.10 | 4.35 |
| Austria | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Azerbaijan | 7.50 | 6.25 | 7.25 | 8.25 | 8.00 |
| Bahrain | 2.25 | 1.00 | 1.00 | 5.25 | 6.25 |
| Bangladesh | 6.00 | 4.75 | 4.75 | 5.75 | 7.75 |
| Belarus | 9.00 | 7.75 | 9.25 | 12.00 | 9.50 |
| Belgium | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Benin | 4.50 | 4.00 | 4.00 | 4.75 | 5.50 |
| Bolivia | 8.40 | 7.59 | 8.02 | 7.76 | - |
| Botswana | 4.75 | 3.75 | 3.75 | 2.65 | 2.40 |
| Brazil | 4.50 | 2.00 | 9.25 | 13.75 | 11.75 |
| Brunei | 5.50 | 5.50 | 5.50 | 5.50 | 5.50 |
| Burkina Faso | 10.80 | 9.83 | 9.47 | 8.88 | 8.82 |
| Burundi | 14.53 | 12.20 | 12.86 | 11.77 | 11.23 |
| Cabo Verde | 9.14 | 8.19 | 7.62 | 7.83 | 7.53 |
| Cameroon | 3.50 | 3.25 | 3.50 | 4.50 | 5.00 |
| Canada | 1.75 | 0.25 | 0.25 | 4.25 | 5.00 |
| CdI | 2.50 | 2.00 | 2.00 | 2.75 | 3.50 |
| Chile | 1.75 | 0.50 | 4.00 | 11.25 | 8.25 |
| China | 4.15 | 3.85 | 3.80 | 3.65 | 3.45 |
| Colombia | 4.25 | 1.75 | 3.00 | 12.00 | 13.00 |
| Comoros | 1.75 | 1.75 | 1.75 | 2.06 | - |
| Congo | 9.00 | 18.50 | 8.50 | 8.25 | 25.00 |
| Costa Rica | 2.75 | 0.75 | 1.25 | 9.00 | 6.00 |
| Croatia | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Cyprus | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Czech Republic | 2.00 | 0.25 | 3.75 | 7.00 | 6.75 |
| Denmark | -0.75 | -0.60 | -0.60 | 1.75 | 3.60 |
| Dominica | 1.75 | 1.76 | 1.56 | 1.55 | 1.58 |
| Dominican Republic | 4.50 | 3.00 | 3.50 | 8.50 | 7.00 |
| DR Congo | 9.00 | 18.50 | 8.50 | 8.25 | 25.00 |
| Ecuador | 8.78 | 8.50 | 7.44 | 8.48 | 9.94 |
| Egypt | 12.25 | 8.25 | 8.25 | 16.25 | 19.25 |
| Estonia | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Ethiopia | 7.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Euro Area | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Fiji | 0.50 | 0.25 | 0.25 | 0.25 | 0.25 |
| Finland | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| France | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Gambia, The | 12.50 | 10.00 | 10.00 | 13.00 | 17.00 |
| Georgia | 9.00 | 8.00 | 10.50 | 11.00 | 9.50 |
| Germany | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Ghana | 16.00 | 14.50 | 14.50 | 27.00 | 30.00 |
| Greece | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Guatemala | 2.75 | 1.75 | 1.75 | 3.75 | 5.00 |
| Guinea | 12.50 | 11.50 | 11.50 | 11.50 | - |
| Guinea-Bissau | 9.40 | 9.20 | 9.20 | 9.00 | 9.00 |
| Guyana | 5.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Honduras | 5.50 | 3.00 | 3.00 | 3.00 | 3.00 |
| Hong Kong | 2.49 | 0.50 | 0.50 | 4.75 | 5.75 |
| Hungary | 0.90 | 0.60 | 2.40 | 13.00 | 10.75 |
| Iceland | 3.00 | 0.75 | 2.00 | 6.00 | 9.25 |
| India | 4.40 | 4.00 | 4.00 | 6.50 | 6.50 |
| Indonesia | 5.00 | 3.75 | 3.50 | 5.50 | 6.00 |
| Iran | - | - | 22.00 | 22.00 | 24.00 |
| Iraq | 4.00 | 4.00 | 4.00 | 4.00 | 7.50 |
| Ireland | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Israel | 0.25 | 0.10 | 0.10 | 3.25 | 4.75 |
| Italy | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Jamaica | 0.50 | 0.50 | 2.50 | 7.00 | 7.00 |
| Japan | -0.10 | -0.10 | -0.10 | -0.10 | -0.10 |
| Jordan | 5.00 | 3.50 | 3.50 | 7.50 | 8.50 |
| Kazakhstan | 9.25 | 9.00 | 9.75 | 16.75 | 15.75 |
| Kenya | 8.50 | 7.00 | 7.00 | 8.75 | 12.50 |
| Korea | 1.25 | 0.50 | 1.00 | 3.25 | 3.50 |
| Kosovo | 6.42 | 6.01 | 5.80 | 6.29 | 6.35 |
| Kuwait | 2.75 | 1.50 | 1.50 | 3.50 | 4.25 |
| Kyrgyzstan | 4.25 | 5.00 | 8.00 | 13.00 | 13.00 |
| Laos | 4.00 | 3.00 | 3.00 | 6.50 | 7.50 |
| Latvia | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Lebanon | 10.00 | 10.00 | 10.00 | 10.00 | 20.00 |
| Lesotho | 11.19 | 8.19 | 8.44 | 10.50 | 11.25 |
| Lithuania | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Luxembourg | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Macao | 2.00 | 0.50 | 0.50 | 4.75 | 5.75 |
| Malawi | 13.50 | 12.00 | 12.00 | 18.00 | 24.00 |
| Malaysia | 3.00 | 1.75 | 1.75 | 2.75 | 3.00 |
| Maldives | 11.52 | 11.60 | 11.57 | 10.93 | 11.68 |
| Mali | 8.78 | 8.76 | 8.27 | 7.86 | 8.50 |
| Malta | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Mauritania | 6.50 | 5.00 | 5.00 | 7.00 | 8.00 |
| Mauritius | 3.35 | 1.85 | 1.85 | 4.50 | 4.50 |
| Mexico | 7.25 | 4.25 | 5.50 | 10.50 | 11.25 |
| Moldova | 5.50 | 2.65 | 6.50 | 20.00 | 4.75 |
| Mongolia | 11.00 | 6.00 | 6.00 | 13.00 | 13.00 |
| Montenegro | 6.18 | 5.91 | 5.76 | 5.64 | 6.35 |
| Morocco | 2.26 | 1.50 | 1.50 | 2.50 | 3.00 |
| Mozambique | 12.75 | 10.25 | 13.25 | 17.25 | 17.25 |
| Myanmar | 10.00 | 7.00 | 7.00 | 7.00 | 7.00 |
| Namibia | 6.50 | 3.75 | 3.75 | 6.75 | 7.75 |
| Nepal | 6.00 | 5.00 | 5.00 | 8.50 | 7.00 |
| Netherlands | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| New Zealand | 1.00 | 0.25 | 0.75 | 4.25 | 5.50 |
| Niger | 8.67 | 8.77 | 8.77 | 8.77 | 8.70 |
| Nigeria | 13.50 | 11.50 | 11.50 | 16.50 | 18.75 |
| North Macedonia | 2.25 | 1.50 | 1.25 | 4.75 | 6.30 |
| Norway | 1.50 | 0.00 | 0.50 | 2.75 | 4.50 |
| Oman | 2.28 | 0.50 | 0.50 | 5.00 | 6.00 |
| Pakistan | 13.25 | 7.00 | 9.75 | 16.00 | 22.00 |
| Papua New Guinea | 5.00 | 3.00 | 3.00 | 3.25 | 2.50 |
| Paraguay | 4.00 | 0.75 | 5.25 | 8.50 | 6.75 |
| Peru | 2.25 | 0.25 | 2.50 | 7.50 | 6.75 |
| Philippines | 4.00 | 2.00 | 2.00 | 5.50 | 6.50 |
| Poland | 1.50 | 0.10 | 1.75 | 6.75 | 5.75 |
| Portugal | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Qatar | 4.25 | 2.50 | 2.50 | 5.50 | 6.25 |
| Romania | 2.50 | 1.50 | 1.75 | 6.75 | 7.00 |
| Russia | 6.25 | 4.25 | 8.50 | 7.50 | 16.00 |
| Rwanda | 5.00 | 4.50 | 4.50 | 6.50 | 7.50 |
| Saint Kitts and Nevis | 2.04 | 2.31 | 2.18 | 2.07 | 2.06 |
| Saint Lucia | 9.00 | 9.00 | 9.00 | 9.00 | 9.00 |
| Saint Vincent and the Grenadines | 8.30 | 7.80 | 7.50 | 7.27 | 7.16 |
| Samoa | 8.79 | 8.50 | 8.38 | 8.28 | 8.43 |
| San Marino | 3.98 | 3.73 | 3.53 | 3.80 | 5.63 |
| Sao Tome and Principe | 9.00 | 9.00 | 9.00 | 10.00 | 10.00 |
| Saudi Arabia | 2.25 | 1.00 | 1.00 | 5.00 | 6.00 |
| Senegal | 2.50 | 2.00 | 2.00 | 2.75 | 3.50 |
| Serbia | 2.25 | 1.00 | 1.00 | 5.00 | 6.50 |
| Seychelles | 12.60 | 11.61 | 9.16 | 9.10 | 9.53 |
| Sierra Leone | 17.97 | 17.94 | 18.86 | 19.31 | 19.64 |
| Slovakia | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Slovenia | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Solomon Islands | 10.60 | 10.68 | 5.18 | - | - |
| South Africa | 6.50 | 3.50 | 3.75 | 7.00 | 8.25 |
| South Sudan | 15.65 | 16.09 | 16.09 | 16.29 | 16.36 |
| Spain | 0.00 | 0.00 | 0.00 | 2.50 | 4.50 |
| Sri Lanka | 8.00 | 5.50 | 6.00 | 15.50 | 10.00 |
| Sudan | 26.80 | 30.60 | 28.20 | 41.78 | - |
| Suriname | 8.65 | 7.85 | 8.49 | 8.18 | 7.93 |
| Swaziland | 6.50 | 3.75 | 3.75 | 6.50 | 7.50 |
| Sweden | -0.25 | 0.00 | 0.00 | 2.50 | 4.00 |
| Switzerland | -0.75 | -0.75 | -0.75 | 1.00 | 1.75 |
| Taiwan | 1.38 | 1.13 | 1.13 | 1.75 | 1.88 |
| Tajikistan | 12.25 | 10.75 | 13.25 | 13.00 | 10.00 |
| Tanzania | 7.00 | 5.00 | 5.00 | 5.00 | 5.00 |
| Thailand | 1.25 | 0.50 | 0.50 | 1.25 | 2.50 |
| Togo | 8.92 | 8.81 | 8.74 | 8.51 | 9.01 |
| Trinidad and Tobago | 5.00 | 3.50 | 3.50 | 3.50 | 3.50 |
| Tunisia | 7.75 | 6.25 | 6.25 | 7.25 | 8.00 |
| Turkey | 12.00 | 17.00 | 14.00 | 9.00 | 42.50 |
| UAE | 2.00 | 1.25 | 1.50 | 4.40 | 5.40 |
| Uganda | 9.00 | 7.00 | 6.50 | 10.00 | 9.50 |
| Ukraine | 13.50 | 6.00 | 9.00 | 25.00 | 15.00 |
| United Kingdom | 0.75 | 0.10 | 0.25 | 3.50 | 5.25 |
| United States | 1.75 | 0.25 | 0.25 | 4.50 | 5.50 |
| Uruguay | 9.25 | 4.50 | 5.75 | 11.25 | 9.25 |
| Uzbekistan | 16.00 | 14.00 | 14.00 | 15.00 | 14.00 |
| Venezuela | 133.98 | 181.73 | 39.74 | 0.70 | 14.07 |
| Vietnam | 6.00 | 4.00 | 4.00 | 6.00 | 4.50 |
| West Bank and Gaza | 5.93 | 5.52 | 5.56 | - | - |
| Yemen | 27.00 | 27.00 | 27.00 | 27.00 | 27.00 |
| Zambia | 11.50 | 8.00 | 9.00 | 9.00 | 11.00 |
| Zimbabwe | 35.00 | 35.00 | 60.00 | 200.00 | 130.00 |
FAQs
Policy interest rates affect borrowing costs, influencing consumer spending, business investments, and housing markets. They impact inflation by influencing the cost of credit. Central banks adjust these rates to control economic growth, inflation, and employment, making them a crucial tool for shaping a country’s overall economic conditions.
Yes, policy interest rates significantly impact mortgages. When central banks adjust their policy rates, it influences the cost of borrowing for individuals. Higher rates can increase mortgage payments, while lower rates make home loans more affordable, impacting the housing market and homeowners’ financial decisions.
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