What does money cost?
The policy rate is a central bank’s benchmark for short-term financial conditions. The instrument differs by economy: it may be a cash, repo, deposit or overnight rate.
Monetary policy monitor
Global Central Bank Rates
Compare central bank interest rates across 32 economies with MarketSpeaker’s Global Central Bank Rates tracker. Explore benchmark policy rates, year-over-year inflation, real interest rates and the last recorded rate changes. Search by economy, filter by inflation trend or rate direction, and export the table for further analysis.
Global coverage
32economies
Policy · Inflation · Real rates
Median policy rate
3.88%
Midpoint of all 32 economies
Last change was a cut
20 / 32↘
Most recent change, excluding holds
Last change was a hike
12 / 32↗
Most recent change, excluding holds
Policy above inflation
21 / 32
Economies with a positive real rate
The global comparison
Interest rates by economy
Reference snapshot
Illustrative figures for comparison. See methodology and reference sources below.
About the data
Showing 32 of 32 economies
| Benchmark | CPI trend | |||||
|---|---|---|---|---|---|---|
SwitzerlandCHF · Target Rate
|
Target Rate | 0.00% | 0.8% | -0.80% | Higher | Cut |
JapanJPY · Policy Rate
|
Policy Rate | 1.00% | 1.9% | -0.90% | Higher | Hike |
ThailandTHB · Policy Rate
|
Policy Rate | 1.00% | 2.0% | -1.00% | Lower | Cut |
SwedenSEK · Repo Rate
|
Repo Rate | 1.75% | 0.2% | +1.55% | Lower | Cut |
DenmarkDKK · Current Account
|
Current Account | 1.85% | 1.7% | +0.15% | Lower | Hike |
TaiwanTWD · Discount Rate
|
Discount Rate | 2.00% | 2.5% | -0.50% | Lower | Hike |
EurozoneEUR · Deposit Rate
|
Deposit Rate | 2.25% | 3.3% | -1.05% | Higher | Hike |
CanadaCAD · Overnight Rate
|
Overnight Rate | 2.25% | 3.0% | -0.75% | Higher | Cut |
New ZealandNZD · Cash Rate
|
Cash Rate | 2.75% | 4.1% | -1.35% | Higher | Hike |
MalaysiaMYR · Policy Rate
|
Policy Rate | 2.75% | 1.8% | +0.95% | Lower | Cut |
South KoreaKRW · Repo Rate
|
Repo Rate | 3.00% | 3.1% | -0.10% | Higher | Hike |
ChinaCNY · Loan Prime Rate
|
Loan Prime Rate | 3.00% | 0.5% | +2.50% | Lower | Cut |
United StatesUSD · Fed Funds Rate
|
Fed Funds Rate | 3.63% | 3.4% | +0.23% | Lower | Cut |
Czech RepublicCZK · Repo Rate
|
Repo Rate | 3.75% | 1.9% | +1.85% | Higher | Hike |
United KingdomGBP · Bank Rate
|
Bank Rate | 3.75% | 2.9% | +0.85% | Higher | Cut |
PolandPLN · Repo Rate
|
Repo Rate | 3.75% | 3.0% | +0.75% | Higher | Cut |
Hong KongHKD · Base Rate
|
Base Rate | 4.00% | 1.7% | +2.30% | Lower | Cut |
NorwayNOK · Deposit Rate
|
Deposit Rate | 4.25% | 3.0% | +1.25% | Higher | Hike |
PeruPEN · Policy Rate
|
Policy Rate | 4.25% | 4.4% | -0.15% | Higher | Cut |
Saudi ArabiaSAR · Repo Rate
|
Repo Rate | 4.25% | 1.8% | +2.45% | Unchanged | Cut |
AustraliaAUD · Cash Rate
|
Cash Rate | 4.35% | 3.5% | +0.85% | Lower | Hike |
ChileCLP · Base Rate
|
Base Rate | 4.75% | 3.5% | +1.25% | Lower | Cut |
PhilippinesPHP · Key Policy Rate
|
Key Policy Rate | 4.75% | 6.1% | -1.35% | Lower | Cut |
IndiaINR · Repo Rate
|
Repo Rate | 5.25% | 4.5% | +0.75% | Higher | Cut |
IndonesiaIDR · Repo Rate
|
Repo Rate | 5.75% | 3.2% | +2.55% | Higher | Hike |
MexicoMXN · Overnight Rate
|
Overnight Rate | 6.50% | 3.1% | +3.40% | Lower | Cut |
South AfricaZAR · Repo Rate
|
Repo Rate | 7.00% | 4.3% | +2.70% | Lower | Hike |
ColombiaCOP · Repo Rate
|
Repo Rate | 12.00% | 6.0% | +6.00% | Lower | Hike |
RussiaRUB · Key Policy Rate
|
Key Policy Rate | 14.00% | 6.0% | +8.00% | Unchanged | Cut |
BrazilBRL · Target Rate
|
Target Rate | 14.00% | 4.4% | +9.60% | Lower | Cut |
ArgentinaARS · Overnight Repo Rate
|
Overnight Repo Rate | 29.00% | 33.8% | -4.80% | Higher | Cut |
TurkeyTRY · Repo Rate
|
Repo Rate | 37.00% | 31.5% | +5.50% | Lower | Cut |
No matching economies
Try another name, currency or combination of filters.
Real rate = policy rate − headline CPI. Summary cards describe the full dataset. “Last change” excludes decisions to hold rates.
Beyond the headline number
Three ways to read a rate.
A higher interest rate tells only part of the story. Inflation and the direction of policy give it context.
Is the rate above inflation?
Subtract year-over-year headline CPI from the policy rate for a simple, backward-looking real-rate estimate. A positive number is not, on its own, proof that policy is restrictive.
5.00% − 3.00% = +2.00%Illustrative policy rate, CPI and real rate
What changed last?
A cut lowers the policy rate; a hike raises it. The last change can predate several hold decisions. A lower CPI reading means slower annual inflation, not necessarily falling prices.
Data & methodology
Know what you’re comparing.
This reference snapshot offers an illustrative comparison of policy rates and inflation, rather than current market readings. For the latest figures, consult the official releases linked below and check each observation period.
Real rates are calculated from the displayed inputs to two decimal places. CPI trend compares the annual inflation reading with the prior reading. Different inflation periods and policy instruments limit direct comparisons.
Sources & further reading
BIS policy-rate databaseBenchmark definitions & historical series
IMF Consumer Price IndexHeadline CPI & national inflation data
OECD inflation indicatorsConsumer-price inflation & cross-country comparisons
These links are provided for research and context; they are not the source of the illustrative table above.
Flag assets: Flagpedia. The EU flag represents the euro area.
A little more context
Common questions
Why can a high policy rate still have a negative real rate?
If headline inflation is higher than the policy rate, the difference is negative. For example, a 10% policy rate with 12% annual inflation gives a simple real-rate estimate of −2%.
Is this the interest rate on my savings or loan?
No. Commercial deposit and lending rates also depend on maturity, credit risk, bank funding costs and competition. They can differ substantially from the central bank benchmark.
Does a rate cut mean inflation is falling?
Not necessarily. Central banks consider inflation expectations, employment, growth and financial stability. The CPI trend and last rate change describe different signals and may refer to different periods.
How should I compare countries fairly?
Start with the policy instrument, inflation measure and observation period. A simple real rate is useful context, but it is not an investment return or a complete measure of monetary-policy restraint.
What is included in the CSV download?
The export contains the visible economies in the selected order, with currency, region, benchmark, policy rate, CPI, calculated real rate, inflation trend, last rate change and data status.