Brazil policy rate in 2003 (9 changes)

Start of year25.00%

End of year16.50%Dec 31, 2003

Net change-850 bp2 hikes, 7 cuts

Average23.515%

Rank by level3 / 36

Changes in 2003

Date	From	To	Change
Jan 23, 2003	25.00%	25.50%	hike +50 bp
Feb 20, 2003	25.50%	26.50%	hike +100 bp
Jun 20, 2003	26.50%	26.00%	cut -50 bp
Jul 24, 2003	26.00%	24.50%	cut -150 bp
Aug 21, 2003	24.50%	22.00%	cut -250 bp
Sep 18, 2003	22.00%	20.00%	cut -200 bp
Oct 23, 2003	20.00%	19.00%	cut -100 bp
Nov 20, 2003	19.00%	17.50%	cut -150 bp
Dec 18, 2003	17.50%	16.50%	cut -100 bp

Compared with other areas at the end of 2003

Türkiye26%

Romania21.25%

Brazil16.5%

Russia16%

Hungary12.5%

Serbia9%

South Africa8%

Colombia7.25%

India7%

Philippines6.75%

North Macedonia6.65%

Mexico6.12%

China5.31%

Poland5.25%

Australia5.25%

Israel5.2%

Iceland5.16%

New Zealand5%

Malaysia4.5%

South Korea3.75%

United Kingdom3.75%

Morocco3.25%

Kuwait3.25%

Sweden2.75%

Canada2.75%

Peru2.5%

Hong Kong2.5%

Norway2.25%

Chile2.25%

Denmark2.15%

Euro area2%

Czechia2%

Saudi Arabia1.75%

Thailand1.25%

United States1%

Switzerland0.375%

Year-end rate over time

202613.75%

202515%

202412.25%

202311.75%

202213.75%

20219.25%

20202%

20194.5%

20186.5%

20177%

201613.75%

201514.25%

201411.75%

201310%

20127.25%

201111%

201010.75%

20098.75%

200813.75%

200711.25%

200613.25%

200518%

200417.75%

200316.5%

200225%

200119%

200015.75%

← 2002 2004 →

2003: hikes and cuts worldwide →

Daily policy-rate data compiled by the BIS. Not investment advice.