Ranking: Key Policy Rate

  Tuesday, 3 December 2019, 10:52 am BST


Monetary policy is perhaps the single most important factor influencing the value of a currency. Central banks formulate monetary policy to achieve certain economic goals. They use monetary policy tools to promote economic growth and maintain price stability. One of the key instruments of monetary policy is the discount rate (or key policy rate), which is usually the minimum interest rate set by the central bank for lending to other banks.

In every country there are several interest rates that determine bank lending rates and the cost of credit for borrowers. We look at key policy rate and real interest rate.

  • Key Policy Rate – is a primary tool used by the central bank to control the cost of very short-term borrowing. In the United States, key policy rate is “federal funds rate”. In Australia, it is the “cash rate”. In Switzerland, it is “2-week repo rate”. In Czech Republic it is “discount window base rate” and so on.
  • Real Interest Rate – is simply key policy rate minus inflation. Note that it is possible for real interest rate to be negative. It happens when inflation rate is higher than key policy rate. The level of real interest rate can be used as a proxy for future changes in monetary policy.  

The Primary Chart shows historical and the latest available indicators for 23 central banks. You can select any number of central banks you wish to compare, but only one out of two indicators: Key Policy Rate or Real Interest Rate.

The Ranking Chart shows the latest results (for the selected central banks and a selected indicator), starting from the highest indicator and ending with the lowest indicator.


  • real interest rate data is subject to later revisions;
  • in periods when the latest data is not available, monthly estimates are extrapolated from previous periods.

Central Banks

  • RBA - Reserve Bank of Australia
  • CBB - Central Bank of Brazil
  • BoC - Bank of Canada
  • SNB - Swiss National Bank
  • CBC - Central Bank of Chile
  • PBoC - People's Bank of China
  • CNB - Czech National Bank
  • ECB - European Central Bank
  • BoE - Bank of England
  • MNB - Magyar Nemzeti Bank (Hungary)
  • BoI - Bank of Israel
  • RBI - Reserve Bank of India
  • BoJ - Bank of Japan
  • BoK - Bank of Korea
  • BoM - Bank of Mexico
  • BoN - Norges Bank (Norway)
  • RBNZ - Reserve Bank of New Zealand
  • NBP - National Bank of Poland
  • CBR - Central Bank of Russia
  • SRB - Sveriges Riksbank (Sweden)
  • TCMB - Central Bank of the Republic of Turkey
  • FED - Federal Reserve System
  • SARB - South African Reserve Bank

Data is reviewed and updated on a daily basis.