This is a list of countries by annualized interest rate set by the central bank for charging commercial, depository banks for loans to meet temporary shortages of funds.
Country or currency union | Central bank interest rate (%) | Change | Effective date of last change | Average inflation rate 2017–2021 (%) by WB and IMF [1] [2] as in the List | Central bank interest rate minus average inflation rate (2017–2021) |
---|---|---|---|---|---|
Afghanistan | 6.00 | 3.00 | 24 July 2021 [3] | 3.38 | 2.62 |
Albania | 3.25 | 0.25 | 1 November 2023 [4] | 1.78 | 1.47 |
Algeria | 3.00 | 0.25 | 29 April 2020 [5] | 4.14 | -1.14 |
Angola | 18.00 | 1.00 | 21 November 2023 [6] | 22.64 | -4.64 |
Argentina | 50.00 | 10.00 | 3 May 2024 [7] | 40.85 | 9.15 |
Armenia | 8.50 | 0.25 | 12 March 2024 [8] | 2.62 | 5.88 |
Australia | 4.35 | 0.25 | 8 November 2023 [9] | 1.78 | 2.57 |
Azerbaijan | 7.25 | 0.25 | 2 May 2024 [10] | 5.02 | 2.23 |
Bahamas | 4.00 | 0.50 | 22 December 2016 [11] | 1.86 | 2.14 |
Bahrain | 6.25 | 0.25 | 26 July 2023 [12] | 0.63 | 5.62 |
Bangladesh | 6.50 | 0.50 | 1 July 2023 [13] | 5.58 | 0.92 |
Barbados | 2.00 | 5.00 | 1 April 2020 [14] | 3.51 | -1.51 |
Belarus | 9.75 | 0.25 | 31 May 2023 [15] | 6.25 | 3.50 |
Bolivia | 2.77 | 0.33 | 1 July 2023 [16] | 1.83 | 0.94 |
Botswana | 2.40 | 0.25 | 7 December 2023 [17] | 3.40 | -1.00 |
Brazil | 10.75 | 0.50 | 20 March 2024 [18] | 4.35 | 6.40 |
Bulgaria | 3.80 | 0.16 | 1 December 2023 [19] | 1.92 | 1.88 |
Canada | 5.00 | 0.25 | 12 July 2023 [20] | 1.94 | 3.06 |
Cape Verde | 1.25 | 0.25 | 31 October 2023 [21] | 1.05 | 0.20 |
Central African States | 5.00 | 0.50 | 27 March 2023 [22] | ||
Chile | 6.50 | 0.75 | 2 April 2024 [23] | 2.80 | 3.70 |
China | 3.45 | 0.10 | 21 August 2023 [24] | 2.00 | 1.45 |
Colombia | 11.75 | 0.50 | 30 April 2024 [25] | 3.36 | 8.39 |
Costa Rica | 4.75 | 0.50 | 26 April 2024 [26] | 1.60 | 3.15 |
DR Congo | 25.00 | 14.00 | 8 August 2023 [27] | 18.09 | 6.91 |
Curacao | 5.50 | 0.75 | 10 March 2023 [28] | ||
Czech Republic | 5.25 | 0.50 | 3 May 2024 [29] | 2.67 | 2.58 |
Denmark | 3.60 | 0.25 | 15 September 2023 [30] | 0.85 | 2.75 |
Dominican Republic | 7.00 | 0.25 | 30 November 2023 [31] | 4.05 | 2.95 |
Eastern Caribbean | 3.00 | 1.00 | 28 January 2024 [32] | ||
Egypt | 27.25 | 6.00 | 6 March 2024 [33] | 13.69 | 13.56 |
Eswatini | 7.50 | 0.25 | 21 July 2023 [34] | 4.36 | 3.14 |
Eurozone | 4.50 | 0.25 | 20 September 2023 [35] | ||
Fiji | 0.25 | 0.25 | 18 March 2020 [36] | 1.54 | -1.29 |
Gambia | 17.00 | 1.00 | 29 August 2023 [37] | 6.93 | 10.07 |
Georgia | 8.25 | 0.75 | 15 March 2024 [38] | 5.59 | 2.66 |
Ghana | 29.00 | 1.00 | 29 January 2024 [39] | 9.70 | 19.30 |
Guatemala | 5.00 | 0.25 | 26 April 2023 [40] | 3.97 | 1.03 |
Honduras | 3.00 | 0.75 | 27 November 2020 [41] | 4.14 | -1.14 |
Hong Kong | 5.75 | 0.25 | 27 July 2023 [42] | 1.79 | 3.96 |
Hungary | 7.75 | 0.50 | 24 April 2024 [43] | 3.30 | 4.45 |
Iceland | 9.25 | 0.50 | 23 August 2023 [44] | 2.91 | 6.34 |
India | 6.50 | 0.25 | 8 February 2023 [45] | 4.70 | 1.80 |
Indonesia | 6.25 | 0.25 | 24 April 2024 [46] | 2.70 | 3.05 |
Iran | 23.00 | 31 January 2023 [47] | 30.05 | -7.05 | |
Israel | 4.50 | 0.25 | 1 January 2024 [48] | 0.55 | 3.95 |
Jamaica | 7.00 | 0.50 | 18 November 2022 [49] | 4.57 | 2.43 |
Japan | 0.10 | 0.20 | 21 March 2024 [50] | 0.35 | -0.25 |
Jordan | 7.50 | 0.50 | 30 July 2023 [51] | 2.16 | 5.34 |
Kazakhstan | 14.75 | 0.50 | 23 February 2024 [52] | 6.61 | 8.14 |
Kenya | 13.00 | 0.50 | 6 February 2024 [53] | 5.81 | 7.19 |
Kuwait | 4.25 | 0.25 | 26 July 2023 [54] | 1.69 | 2.56 |
Kyrgyzstan | 11.00 | 2.00 | 30 April 2024 [55] | 5.03 | 5.97 |
Lebanon | 20.00 | 10.00 | April 2023 [56] | 39.55 | -19.55 |
Lesotho | 7.75 | 0.25 | 29 May 2023 [57] | 5.04 | 2.71 |
Malawi | 26.00 | 2.00 | 1 February 2024 [58] | 9.65 | 16.35 |
Malaysia | 3.00 | 0.25 | 3 May 2023 [59] | 1.36 | 1.64 |
Mauritius | 4.50 | 0.50 | 14 December 2022 [60] | 3.01 | 1.49 |
Mexico | 11.00 | 0.25 | 22 March 2024 [61] | 4.67 | 6.33 |
Moldova | 3.75 | 0.50 | 21 March 2024 [62] | 4.34 | -0.59 |
Mongolia | 12.00 | 1.00 | 16 December 2022 [63] | 5.50 | 6.50 |
Morocco | 3.00 | 0.50 | 23 March 2023 [64] | 0.92 | 2.08 |
Mozambique | 15.75 | 0.75 | 27 March 2024 [65] | 6.22 | 9.53 |
Namibia | 7.75 | 0.50 | 14 June 2023 [66] | 4.08 | 3.67 |
New Zealand | 5.50 | 0.25 | 24 May 2023 [67] | 1.95 | 3.55 |
Nicaragua | 7.00 | 0.50 | 15 December 2022 [68] | 4.40 | 2.60 |
Nigeria | 24.75 | 2.00 | 27 February 2024 [69] | 14.03 | 10.72 |
North Macedonia | 6.30 | 0.15 | 20 August 2023 [70] | 1.58 | 4.72 |
Norway | 4.50 | 0.25 | 15 December 2023 [71] | 2.14 | 2.36 |
Oman | 6.00 | 0.25 | July 26, 2023 [12] | 0.94 | 5.06 |
Pakistan | 22.00 | 1.00 | 27 June 2023 [72] | 6.89 | 15.11 |
Papua New Guinea | 3.00 | 0.50 | September 2023 [73] | 4.46 | -1.46 |
Paraguay | 6.00 | 0.25 | 21 March 2024 [74] | 3.12 | 2.88 |
Peru | 6.00 | 0.25 | 11 April 2024 [75] | 2.25 | 3.75 |
Philippines | 6.50 | 0.25 | 27 October 2023 [76] | 3.50 | 3.00 |
Poland | 5.75 | 0.25 | 5 October 2023 [77] | 2.74 | 3.01 |
Qatar | 6.00 | 0.25 | 26 July 2023 [78] | -0.04 | 6.04 |
Romania | 7.00 | 0.25 | 11 January 2023 [79] | 3.35 | 3.65 |
Russia | 16.00 | 1.00 | 15 December 2023 [80] | 4.07 | 11.93 |
Rwanda | 7.50 | 0.50 | 17 August 2023 [81] | 3.75 | 3.75 |
Samoa | 0.20 | 0.02 | 18 August 2023 [82] | 1.13 | -0.93 |
Saudi Arabia | 6.00 | 0.25 | 26 July 2023 [12] | 1.24 | 4.76 |
Serbia | 6.50 | 0.25 | 8 June 2023 [83] | 2.31 | 4.19 |
Seychelles | 2.00 | 1.00 | 5 July 2021 [84] | 3.91 | -1.91 |
Sierra Leone | 19.25 | 0.50 | 10 July 2023 [85] | 14.77 | 4.48 |
Sint Maarten | 5.50 | 0.75 | 10 March 2023 [86] | ||
South Africa | 8.25 | 0.50 | 26 May 2023 [87] | 4.34 | 3.91 |
South Korea | 3.50 | 0.25 | 13 January 2023 [88] | 1.31 | 2.19 |
South Sudan | 15.00 | 3.00 | 22 March 2023 [89] | 73.91 | -58.91 |
Sri Lanka | 8.50 | 0.50 | 26 March 2024 [90] | 4.97 | 3.53 |
Sudan | 100.90 | ||||
Suriname | 10.00 | 1.00 | September 18, 2013 [91] | 24.53 | -14.53 |
Sweden | 4.00 | 0.25 | 27 September 2023 [92] | 1.66 | 2.34 |
Switzerland | 1.50 | 0.25 | 22 March 2024 [93] | 0.31 | 1.19 |
Taiwan | 1.875 | 0.125 | 24 March 2023 [94] | 0.91 | 0.965 |
Tajikistan | 9.25 | 0.25 | 1 May 2024 [95] | 7.10 | 2.15 |
Thailand | 2.50 | 0.25 | 27 September 2023 [96] | 0.49 | 2.01 |
Trinidad and Tobago | 3.50 | 1.50 | 17 March 2020 [97] | 1.11 | 2.39 |
Tunisia | 8.00 | 0.75 | 2 January 2023 [98] | 6.14 | 1.86 |
Turkey | 50.00 | 5.00 | 21 March 2024 [99] | 14.38 | 35.62 |
Uganda | 10.25 | 0.25 | 8 April 2024 [100] | 3.11 | 7.14 |
Ukraine | 13.50 | 1.00 | 24 April 2024 [101] | 9.11 | 4.39 |
UAE | 5.40 | 0.25 | 26 July 2023 [12] | 0.61 | 4.79 |
United Kingdom | 5.25 | 0.25 | 3 August 2023 [102] | 2.00 | 3.25 |
United States | 5.50 | 0.50 | 26 July 2023 [103] | 2.46 | 3.04 |
Uruguay | 9.00 | 0.25 | 29 December 2023 [104] | 7.80 | 1.20 |
Uzbekistan | 14.00 | 1.00 | 17 March 2023 [105] | 13.95 | 0.05 |
Vietnam | 4.50 | 0.50 | 16 June 2023 [106] | 3.02 | 1.48 |
West African States | 3.50 | 0.25 | 16 December 2023 [107] | ||
Zambia | 14.75 | 0.50 | 26 February 2024 [108] | 12.25 | 2.50 |
Zimbabwe | 150.00 | 50.00 | 2 February 2023 [109] | 183.31 | -33.31 |
A central bank, reserve bank, national bank, or monetary authority is an institution that manages the currency and monetary policy of a country or monetary union. In contrast to a commercial bank, a central bank possesses a monopoly on increasing the monetary base. Many central banks also have supervisory or regulatory powers to ensure the stability of commercial banks in their jurisdiction, to prevent bank runs, and in some cases also to enforce policies on financial consumer protection and against bank fraud, money laundering, or terrorism financing.
The European Central Bank (ECB) is the prime component of the Eurosystem and the European System of Central Banks (ESCB) as well as one of seven institutions of the European Union. It is one of the world's most important central banks.
The Federal Reserve System is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, after a series of financial panics led to the desire for central control of the monetary system in order to alleviate financial crises. Over the years, events such as the Great Depression in the 1930s and the Great Recession during the 2000s have led to the expansion of the roles and responsibilities of the Federal Reserve System.
The Reserve Bank of India, abbreviated as RBI, is India's central bank and regulatory body responsible for regulation of the Indian banking system. Owned by the Ministry of Finance, Government of India, it is responsible for the control, issue and maintaining supply of the Indian rupee. It also manages the country's main payment systems and works to promote its economic development. Bharatiya Reserve Bank Note Mudran (BRBNM) is a specialised division of RBI through which it prints and mints Indian currency notes (INR) in two of its currency printing presses located in Mysore and Salboni. The RBI, along with the Indian Banks' Association, established the National Payments Corporation of India to promote and regulate the payment and settlement systems in India. Deposit Insurance and Credit Guarantee Corporation was established by RBI as one of its specialized division for the purpose of providing insurance of deposits and guaranteeing of credit facilities to all Indian banks.
In the United States, the federal funds rate is the interest rate at which depository institutions lend reserve balances to other depository institutions overnight on an uncollateralized basis. Reserve balances are amounts held at the Federal Reserve. Institutions with surplus balances in their accounts lend those balances to institutions in need of larger balances. The federal funds rate is an important benchmark in financial markets and central to the conduct of monetary policy in the United States as it influences a wide range of market interest rates.
The Monetary Policy Committee (MPC) is a committee of the Bank of England, which meets for three and a half days, eight times a year, to decide the official interest rate in the United Kingdom.
The discount window is an instrument of monetary policy that allows eligible institutions to borrow money from the central bank, usually on a short-term basis, to meet temporary shortages of liquidity caused by internal or external disruptions.
Kristin J. Forbes is an American macroeconomist and policy adviser currently serving as the Jerome and Dorothy Lemelson Professor of Management and Global Economics at the MIT Sloan School of Management. She was formerly a member of the White House Council of Economic Advisers, and an external member of the Monetary Policy Committee of the Bank of England. Forbes' research focuses on international macroeconomics, monetary economics, and macroprudential policy. Alongside her academic appointments, she sits on advisory boards to the Federal Reserve Bank of New York, International Monetary Fund, and Bank for International Settlements.
The Central Bank of the Argentine Republic is the central bank of Argentina, being an autarchic entity.
In macroeconomics, inflation targeting is a monetary policy where a central bank follows an explicit target for the inflation rate for the medium-term and announces this inflation target to the public. The assumption is that the best that monetary policy can do to support long-term growth of the economy is to maintain price stability, and price stability is achieved by controlling inflation. The central bank uses interest rates as its main short-term monetary instrument.
Bank rate, also known as discount rate in American English, is the rate of interest which a central bank charges on its loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country, and has changed over time in some countries as the mechanisms used to manage the rate have changed.
The Central Bank of the Dominican Republic was established by the Monetary and Banking Law of 1947 as the central bank of the Dominican Republic, responsible for regulating the country's monetary and banking system. The Bank's headquarters is in Santo Domingo, and its current governor is Héctor Valdez Albizu.
Quantitative easing (QE) is a monetary policy action where a central bank purchases predetermined amounts of government bonds or other financial assets in order to stimulate economic activity. Quantitative easing is a novel form of monetary policy that came into wide application after the financial crisis of 2007–2008. It is used to mitigate an economic recession when inflation is very low or negative, making standard monetary policy ineffective. Quantitative tightening (QT) does the opposite, where for monetary policy reasons, a central bank sells off some portion of its holdings of government bonds or other financial assets.
The Bank of Mozambique is the central bank of Mozambique. The bank does not function as a commercial bank, and has the responsibility of governing the monetary policies of the country. The president of the Republic appoints the governor. The bank is situated in the capital, Maputo, and has two branches, one in Beira and one in Nampula. The Bank of Mozambique is active in developing financial inclusion policy and is a member of the Alliance for Financial Inclusion.
This is a list of historical rate actions by the United States Federal Open Market Committee (FOMC). The FOMC controls the supply of credit to banks and the sale of treasury securities.
James Brian Bullard is the former chief executive officer and 12th president of the Federal Reserve Bank of St. Louis, a position he held from 2008 until August 14, 2023. In July 2023, he was named dean of the Mitchell E. Daniels Jr. School of Business at Purdue University.
Sveriges Riksbank, or simply the Riksbank, is the central bank of Sweden. Founded in 1668, it is the world's oldest surviving central bank, and the third oldest bank in continuous operation. Until the 20th century, it was also the only state-owned central bank outside of the Russian Empire.
Guido Sandleris is an Argentine economist who was President of the Central Bank of Argentina.
A worldwide surge in inflation began in mid-2021, with many countries seeing their highest inflation rates in decades. It has been attributed to various causes, including COVID-19 pandemic-related economic dislocation, supply chain disruptions, the fiscal and monetary stimuli provided in 2020 and 2021 by governments and central banks around the world in response to the pandemic, and price gouging. Recovery in demand from the COVID-19 recession had by 2020 led to significant supply shortages across many business and consumer economic sectors. The inflation rate in the United States and the eurozone peaked in the second half of 2022 and sharply declined in 2023 and into 2024. Despite its decline, significantly higher price levels across various goods and services relative to pre-pandemic levels persist, which some economists speculate is permanent.
The Monetary Policy Committee is a department established by the Central Bank of Brazil on June 20, 1996, through Circular No. 2698 in order to define monetary policy guidelines and set the basic interest rate. It regulates the liquidity of the economy through monetary policy instruments.