From January 2022 to October 2025, a global trend emerged as almost all advanced and emerging economies increased their central bank policy rates. This widespread tightening of monetary policy was in response to inflationary pressures and economic challenges. However, a shift occurred in the latter half of 2025, with most countries beginning to lower their rates, signaling a new phase in the global economic cycle and monetary policy approach. Since September 2023, ****** has consistently held the highest interest rate among the observed countries.

Graph and download economic data for Interest Rates: Immediate Rates (< 24 Hours): Central Bank Rates: Total for China (IRSTCB01CNM156N) from Mar 1990 to Nov 2023 about overnight, China, banks, interest rate, depository institutions, interest, and rate.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024. Moreover, the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to 2.15 percent by October 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of October 2025, the United States had the highest 10-year government bond yield among developed economies at 4.09 percent, while Switzerland had the lowest at 0.27 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Graph and download economic data for Interest Rates: Immediate Rates (< 24 Hours): Central Bank Rates: Total for Indonesia (IRSTCB01IDA156N) from 1990 to 2023 about Indonesia, overnight, interest rate, banks, depository institutions, interest, and rate.

Policy interest rates in the U.S. and Europe are forecasted to decrease gradually between 2024 and 2027, following exceptional increases triggered by soaring inflation between 2021 and 2023. The U.S. federal funds rate stood at **** percent at the end of 2023, the European Central Bank deposit rate at **** percent, and the Swiss National Bank policy rate at **** percent. With inflationary pressures stabilizing, policy interest rates are forecast to decrease in each observed region. The U.S. federal funds rate is expected to decrease to *** percent, the ECB refi rate to **** percent, the Bank of England bank rate to **** percent, and the Swiss National Bank policy rate to **** percent by 2025. An interesting aspect to note is the impact of these interest rate changes on various economic factors such as growth, employment, and inflation. The impact of central bank policy rates The U.S. federal funds effective rate, crucial in determining the interest rate paid by depository institutions, experienced drastic changes in response to the COVID-19 pandemic. The subsequent slight changes in the effective rate reflected the efforts to stimulate the economy and manage economic factors such as inflation. Such fluctuations in the federal funds rate have had a significant impact on the overall economy. The European Central Bank's decision to cut its fixed interest rate in June 2024 for the first time since 2016 marked a significant shift in attitude towards economic conditions. The reasons behind the fluctuations in the ECB's interest rate reflect its mandate to ensure price stability and manage inflation, shedding light on the complex interplay between interest rates and economic factors. Inflation and real interest rates The relationship between inflation and interest rates is critical in understanding the actions of central banks. Central banks' efforts to manage inflation through interest rate adjustments reveal the intricate balance between economic growth and inflation. Additionally, the concept of real interest rates, adjusted for inflation, provides valuable insights into the impact of inflation on the economy.

The benchmark interest rate in Poland was last recorded at 4.25 percent. This dataset provides - Poland Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

This dataset tracks the policy interest rates of the world’s top 8 central banks from 1980 to 2025, offering a unique longitudinal view into global monetary trends. Central banks included are: the Federal Reserve (USA), European Central Bank (ECB), Bank of England (BoE), Bank of Japan (BoJ), Bank of Canada (BoC), Reserve Bank of Australia (RBA), Swiss National Bank (SNB), and Sveriges Riksbank (Sweden). Note: The ECB's data begins in 1999, aligning with its establishment.

Ideal for time-series analysis, forecasting, and macroeconomic research, this dataset can be used to study inflation targeting regimes, financial crises, and policy divergence/convergence across developed economies.

Dataset

This dataset was created by Muhammad Ajmal

Contents

Graph and download economic data for Interest Rates: Immediate Rates (< 24 Hours): Central Bank Rates: Total for India (IRSTCB01INQ156N) from Q1 1968 to Q4 2023 about overnight, India, interest rate, banks, depository institutions, interest, and rate.

In September 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In September 2025, Russia maintained the highest interest rate at 17 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.3 percent in September 2025. In contrast, Russia maintained a high inflation rate of 8 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

The benchmark interest rate in Indonesia was last recorded at 4.75 percent. This dataset provides - Indonesia Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The benchmark interest rate in Turkey was last recorded at 39.50 percent. This dataset provides the latest reported value for - Turkey Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

United States US: Central Bank Policy Rate: End of Period data was reported at 0.875 % pa in 2017. This records an increase from the previous number of 0.625 % pa for 2016. United States US: Central Bank Policy Rate: End of Period data is updated yearly, averaging 4.250 % pa from Dec 1982 (Median) to 2017, with 36 observations. The data reached an all-time high of 9.380 % pa in 1983 and a record low of 0.125 % pa in 2014. United States US: Central Bank Policy Rate: End of Period data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s United States – Table US.IMF.IFS: Money Market and Policy Rates: Annual.

The benchmark interest rate in Hungary was last recorded at 6.50 percent. This dataset provides the latest reported value for - Hungary Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Ivory Coast CI: Central Bank Policy Rate: End of Period data was reported at 2.500 % pa in 2017. This stayed constant from the previous number of 2.500 % pa for 2016. Ivory Coast CI: Central Bank Policy Rate: End of Period data is updated yearly, averaging 3.250 % pa from Dec 2001 (Median) to 2017, with 17 observations. The data reached an all-time high of 5.000 % pa in 2002 and a record low of 2.500 % pa in 2017. Ivory Coast CI: Central Bank Policy Rate: End of Period data remains active status in CEIC and is reported by International Monetary Fund. The data is categorized under Global Database’s Ivory Coast – Table CI.IMF.IFS: Money Market and Policy Rates: Annual.

The benchmark interest rate in Russia was last recorded at 16.50 percent. This dataset provides the latest reported value for - Russia Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news.

Key information about France Policy Rate

• France cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.15 % pa in Nov 2025, compared with 2.15 % pa in the previous Oct 2025.
• France Policy Rate averaged 1.00 % pa and is updated monthly, available from Jan 1999 to Nov 2025.
• The data reached an all-time high of 4.75 % pa in Apr 2001 and a record low of 0.00 % pa in Jun 2022.

• In the latest reports, France Short Term Interest Rate: Month End: EURIBOR: 3 Months was reported at -0.57 % pa in Nov 2021.
• Its Long Term Interest Rate (Long Term Interest Rate: Month Avg: France: ECB Harmonised ) was reported at 3.44 % pa in Oct 2025.
• France Exchange Rate against USD averaged 0.86 (USD/EUR) in Oct 2025.
• Its Real Effective Exchange Rate was 91.25 in Oct 2025.

Key information about Italy Policy Rate

• Italy cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.15 % pa in Nov 2025, compared with 2.15 % pa in the previous Oct 2025.
• Italy Policy Rate averaged 0.00 % pa and is updated monthly, available from Jan 1999 to Nov 2025.

• In the latest reports, Italy Short Term Interest Rate: Month End: EURIBOR: 3 Months was reported at -0.57 % pa in Nov 2021.
• Its Long Term Interest Rate (Long Term Interest Rate: Month Avg: Italy: ECB Harmonised ) was reported at 3.44 % pa in Oct 2025.
• Italy Exchange Rate against USD averaged 0.86 (USD/EUR) in Oct 2025.
• Its Real Effective Exchange Rate was 93.99 in Oct 2025.

The benchmark interest rate In the Euro Area was last recorded at 2.15 percent. This dataset provides - Euro Area Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

The central bank policy rate in Japan stood at *** percent in October 2025. In March 2024, the Bank of Japan raised short-term interest rates for the first time in 17 years, ending its negative interest rate policy. From August 2024 onwards, the central bank encouraged the uncollateralized overnight call rate to remain at **** percent. A third rate hike to *** percent was implemented in January 2025. In 2016, the Bank of Japan had introduced a policy of quantitative and qualitative monetary easing (QQE) with yield curve control, one component of which included controlling short-term and long-term interest rates through market operations.