Brazil policy rate in 2004 (6 changes)

Start of year16.50%

End of year17.75%Dec 31, 2004

Net change+125 bp4 hikes, 2 cuts

Average16.378%

Rank by level2 / 36

Changes in 2004

Date	From	To	Change
Mar 18, 2004	16.50%	16.25%	cut -25 bp
Apr 15, 2004	16.25%	16.00%	cut -25 bp
Sep 16, 2004	16.00%	16.25%	hike +25 bp
Oct 21, 2004	16.25%	16.75%	hike +50 bp
Nov 18, 2004	16.75%	17.25%	hike +50 bp
Dec 16, 2004	17.25%	17.75%	hike +50 bp

Compared with other areas at the end of 2004

Türkiye18%

Brazil17.75%

Romania17%

Russia13%

North Macedonia10%

Hungary9.5%

Mexico8.75%

Serbia8.5%

Iceland7.92%

South Africa7.5%

Philippines6.75%

Poland6.5%

New Zealand6.5%

Colombia6.5%

India6%

China5.58%

Australia5.25%

Kuwait4.75%

United Kingdom4.75%

Hong Kong3.75%

Israel3.7%

Morocco3.25%

South Korea3.25%

Peru3%

Malaysia2.7%

Saudi Arabia2.5%

Czechia2.5%

Canada2.5%

United States2.25%

Chile2.25%

Denmark2.15%

Euro area2%

Thailand2%

Sweden2%

Norway1.75%

Switzerland0.75%

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%

← 2003 2005 →

2004: hikes and cuts worldwide →

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