global interest rate monitor

Global Interest Rate Monitor

Global Interest Rate:

worldbanks.news publishes inflation targets for central banks as a complement to the Global Interest Rate Monitor (GIRM). Price stability is a common goal for central banks with some inflation targets set by governments while other targets are set by central banks. Other goals may include maximizing economic growth, optimal employment, exchange rate stability and financial stability. See Wikipedia entry on inflation targeting for a primer.

 

 

COUNTRY CENTRAL BANK 2020 2019
ALBANIA Bank of Albania 3.00% +/-1% 3.00% +/-1%
ARGENTINA 3) Central Bank Rep. Argentina 0% mon. base 0% mon. base
ARMENIA Central Bank of Armenia 4.00% +/-1.5% 4.00% +/-1.5%
AUSTRALIA Reserve Bank of Australia 2.00% – 3.00% 2.00% – 3.00%
AZERBAIJAN C.B. of Rep. of Azerbaijan 4.00% +/-2.0% 4.00% +/-2.0%
BANGLADESH 10) Bangladesh Bank 5.50% 5.50%
BELARUS N.B. of Rep. of Belarus around 5.00% max. 5.00%
BOTSWANA Bank of Botswana 3.00% – 6.00% 3.00% – 6.00%
BRAZIL 12) Central Bank of Brazil 4.00% +/-1.5% 4.25% +/-1.50%
CANADA Bank of Canada 2.00% +/-1.0% 2.00% +/-1.0%
CHILE Central Bank of Chile 3.00% +/-1.0% 3.00% +/-1.0%
CHINA 5) People’s Bank of China around 3.00% around 3.00%
COLOMBIA Central Bank of Colombia 3.00% +/-1.0% 3.00% +/-1.0%
DEM. REP. CONGO Central Bank of Congo 7.00% 7.00%
COSTA RICA Central Bank of Costa Rica 3.00% +/-1.0% 3.00% +/-1.0%
CZECH REPUBLIC Czech National Bank 2.00% +/-1.0% 2.00% +/-1.0%
DOMINICAN REP. C.B. of Dominican Repl. 4.00% +/-1% 4.00% +/-1%
EGYPT 7) Central Bank of Egypt 9.0% +/-3% 9.0% +/-3%
ESWATINI Central Bank of Eswatini 3.00% – 7.00% 3.00% – 7.00%
EURO AREA 6) European Central Bank  <2.00%  <2.00%
GAMBIA Central Bank of the Gambia 5.00% 5.00%
GEORGIA National Bank of Georgia 3.00% 3.00%
GHANA Bank of Ghana 8.00% +/-2.0% 8.00% +/-2.0%
GUATEMALA Bank of Guatemala 4.00% +/-1.0% 4.00% +/-1.0%
HUNGARY Central Bank of Hungary 3.00% +/-1.0% 3.00% +/-1.0%
HONDURAS Central Bank of Honduras 4.00%+/-1.0% 4.00%+/-1.0%
ICELAND Central Bank of Iceland 2.50% 2.50%
INDIA Reserve Bank of India 4.00% +/-2.0% 4.00% +/-2.0%
INDONESIA 11) Bank Indonesia 3.00% +/-1.0% 3.50% +/-1.0%
ISRAEL Bank of Israel 1.00% – 3.00% 1.00% – 3.00%
JAMAICA Bank of Jamaica 4.0%-6.0% 4.0%-6.0%
JAPAN Bank of Japan 2.00% 2.00%
KAZAKHSTAN 4) National Bank of Kazakhstan 4.00%-6.00% 4.00%-6.00%
KENYA Central Bank of Kenya 5.00% +/-2.50% 5.00% +/-2.50%
KYRGYZSTAN N.B. of Kyrgyz Republic 5.00%-7.00% 5.00%-7.00%
MALAWI Resserve Bank of Malawi 5.00% 5.00%
MEXICO Bank of Mexico 3.00% +/-1.0% 3.00% +/-1.0%
MOLDOVA National Bank of Moldova 5.00% +/-1.5% 5.00% +/-1.5%
MONGOLIA 14) Bank of Mongolia <8.00% +/-2% <8.00% +/-2%
MOZAMBIQUE Bank of Mozambique 5.60% 5.60%
NEPAL Nepal Rastra Bank 6.00% 6.00%
NEW ZEALAND Res. Bank of New Zealand 2.00% +/-1.0% 2.00% +/-1.0%
NIGERIA Central Bank of Nigeria 6.00% – 9.00% 6.00% – 9.00%
NORWAY Norges Bank 2.00% 2.00%
PAKISTAN 2) State Bank of Pakistan 6.00% 6.00%
PARAGUAY Central Bank of Paraguay 4.00% +/-2.0% 4.00% +/-2.0%
PERU Central Reserve Bank of Peru 2.00% +/-1% 2.00% +/-1%
PHILIPPINES Bangko Sentral ng Pilipinas 3.00% +/- 1.0 3.00% +/- 1.0
POLAND National Bank of Poland 2.50% +/-1.0% 2.50% +/-1.0%
ROMANIA National Bank of Romania 2.5% +/-1.0% 2.5% +/-1.0%
RUSSIA Bank of Russia 4.00% 4.00%
RWANDA National Bank of Rwanda 5.00% +/-3% 5.00% +/-3%
SAMOA Central Bank of Samoa 3.00% 3.00%
SERBIA National Bank of Serbia 3.00% +/-1.5% 3.00% +/-1.5%
SOUTH AFRICA South African Reserve Bank 3.00% – 6.0% 3.00% – 6.0%
SOUTH KOREA Bank of Korea 2.00% 2.00%
SRI LANKA Central Bank of Sri Lanka 4.00% – 6.00% 4.00% – 6.00%
SWEDEN The Riksbank 2.00% 2.00%
SWITZERLAND Swiss National Bank <2.00% <2.00%
TAJIKISTAN 8) N. B. of Tajikistan 7.0% +/-2.0% 7.0% +/-2.0%
TANZANIA Bank of Tanzania 5.00% 5.00%
THAILAND Bank of Thailand 1.00% – 3.00% 2.50% +/-1.5%
TONGA National Res. Bank of Tonga 5.00% 5.00%
TURKEY C.B. of Rep. of Turkey 5.00% +/-2% 5.00% +/-2%
UGANDA Bank of Uganda 5.00% +/-2.0% 5.00% +/-2.0%
UKRAINE 1) National Bank of Ukraine 5.00 +/- 1% 5.00 +/- 1%
UNITED KINGDOM Bank of England 2.00% 2.00%
URUGUAY Central Bank of Uruguay 3.00% – 7.00% 3.00% – 7.00%
USA 16) Federal Reserve 2.00% 2.00%
UZBEKISTAN 15) C. B. of Rep. Of Uzbekistan 5.00% 5.00%
VIETNAM 9) State Bank of Vietnam <4% <4%
WEST AFRICAN STATES Central Bank of West African States 2.00% +/-1% 2.00% +/-1%
ZAMBIA Bank of Zambia 6.0% – 8.0% 6.0% – 8.0%
NOTES:
1) Slowdown path: 6.3% ( +/-2%), Q4 2019, 5.0% (+/-1%) 2020
2) Inflation targeting by 2020
3) Zero growth in monetary base as of Sep. 26, 2018.
4) close to 4% end-2020
5) CCP National Congress, unchanged since 2015
6) below, but close to, 2% over medium term
7) by Q4 2020
8) target for 2020: 6.0% +/-2%
9) 14% credit growth
10) 5.50% ceiling in FY19-20
11) 3.0%, +/- 1% in 2021
12) 3.75% in 2021, 3.5% in 2022, all +/-1.5 pp
13) 5.0% in 2023, 10% 2021
14) around 6% in medium term
15) by 2023
16) August 2020 Fed adopts flexible form of inflation targeting which seeeks inflation that averages 2% over time.

 

worldbanks.news makes every effort to ensure accuracy of the information in the above table at the time of publication, however as policy, rates and mechanisms change over time we cannot guarantee the accuracy of the information above. If you have any corrections to make please contact us. You may replicate the table above in full but under the strict condition that you cite worldbanks.news as the source, and if online, provide a link back to www.worldbanks.news

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