Brazil policy rate in 2023 (4 changes)

Start of year13.75%

End of year11.75%Dec 31, 2023

Net change-200 bp0 hikes, 4 cuts

Average13.297%

Rank by level4 / 38

Changes in 2023

Date	From	To	Change
Aug 3, 2023	13.75%	13.25%	cut -50 bp
Sep 21, 2023	13.25%	12.75%	cut -50 bp
Nov 2, 2023	12.75%	12.25%	cut -50 bp
Dec 14, 2023	12.25%	11.75%	cut -50 bp

Compared with other areas at the end of 2023

Türkiye42.5%

Russia16%

Colombia13%

Brazil11.75%

Mexico11.25%

Hungary10.75%

Iceland9.25%

South Africa8.25%

Chile8.25%

Romania7%

Peru6.75%

Czechia6.75%

Serbia6.5%

Philippines6.5%

India6.5%

North Macedonia6.3%

Saudi Arabia6%

Indonesia6%

Poland5.75%

Hong Kong5.75%

New Zealand5.5%

United States5.375%

United Kingdom5.25%

Canada5%

Israel4.75%

Euro area4.5%

Norway4.5%

Australia4.35%

Kuwait4.25%

Sweden4%

Denmark3.6%

South Korea3.5%

China3.45%

Malaysia3%

Morocco3%

Thailand2.5%

Switzerland1.75%

Japan-0.1%

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%

← 2022 2024 →

2023: hikes and cuts worldwide →

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