Iceland policy rate in 2023 (4 changes)

Start of year6.00%

End of year9.25%Dec 29, 2023

Net change+325 bp4 hikes, 0 cuts

Average8.163%

Rank by level7 / 38

Changes in 2023

Date	From	To	Change
Feb 8, 2023	6.00%	6.50%	hike +50 bp
Mar 22, 2023	6.50%	7.50%	hike +100 bp
May 24, 2023	7.50%	8.75%	hike +125 bp
Aug 23, 2023	8.75%	9.25%	hike +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

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%

← 2022 2024 →

2023: hikes and cuts worldwide →

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