Iceland policy rate in 2008 (4 changes)

Start of year13.75%

End of year18.00%Dec 31, 2008

Net change+425 bp3 hikes, 1 cuts

Average15.424%

Rank by level1 / 38

Changes in 2008

Date	From	To	Change
Mar 25, 2008	13.75%	15.00%	hike +125 bp
Apr 10, 2008	15.00%	15.50%	hike +50 bp
Oct 15, 2008	15.50%	12.00%	cut -350 bp
Oct 28, 2008	12.00%	18.00%	hike +600 bp

Compared with other areas at the end of 2008

Iceland18%

Serbia17.75%

Türkiye15%

Brazil13.75%

Russia13%

South Africa11.5%

Romania10.25%

Hungary10%

Colombia9.5%

Indonesia9.25%

Mexico8.25%

Chile8.25%

North Macedonia7%

Peru6.5%

India6.5%

Philippines5.5%

China5.31%

Poland5%

New Zealand5%

Australia4.25%

Kuwait3.75%

Denmark3.75%

Morocco3.5%

Malaysia3.25%

Norway3%

South Korea3%

Thailand2.75%

Euro area2.5%

Saudi Arabia2.5%

Israel2.5%

Czechia2.25%

Sweden2%

United Kingdom2%

Canada1.5%

Hong Kong0.5%

Switzerland0.5%

United States0.125%

Japan0.1%

Year-end rate over time

20268%

20257.25%

20248.5%

20239.25%

20226%

20212%

20200.75%

20193%

20184.5%

20174.25%

20165%

20155.75%

20144.5%

20135.375%

20125.375%

20114.125%

20103.875%

20099.125%

200818%

200713.75%

200613.3%

20059.97%

20047.92%

20035.16%

20025.63%

20019.6%

200010.77%

← 2007 2009 →

2008: hikes and cuts worldwide →

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