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Policy rates worldwide in 2004: 158 hikes, 125 cuts

Areas36

Hikes158

Cuts125

Median at year end4.75%

Rate at year end

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%

Number of changes

Mexico165

North Macedonia16

Hungary7

Romania7

Israel6

New Zealand6

Brazil6

Iceland6

Canada5

Saudi Arabia5

United States5

Kuwait5

Hong Kong5

United Kingdom4

Türkiye4

Chile3

Colombia3

Poland3

Thailand3

Russia2

Norway2

Sweden2

Switzerland2

Czechia2

Peru2

South Korea2

Serbia1

India1

Malaysia1

South Africa1

China1

All changes

Date	Country / region	From	To	Change
Jan 1, 2004	Israel	5.20%	4.80%	cut -40 bp
Jan 1, 2004	Serbia	9.00%	8.50%	cut -50 bp
Jan 5, 2004	Mexico	6.12%	5.84%	cut -28 bp
Jan 6, 2004	North Macedonia	6.65%	6.72%	hike +7 bp
Jan 6, 2004	Mexico	5.84%	5.66%	cut -18 bp
Jan 7, 2004	Mexico	5.66%	5.29%	cut -37 bp
Jan 8, 2004	Mexico	5.29%	5.05%	cut -24 bp
Jan 9, 2004	Chile	2.25%	1.75%	cut -50 bp
Jan 9, 2004	North Macedonia	6.72%	6.76%	hike +4 bp
Jan 9, 2004	Mexico	5.05%	5.10%	hike +5 bp
Jan 12, 2004	Mexico	5.10%	5.04%	cut -6 bp
Jan 13, 2004	Mexico	5.04%	4.87%	cut -17 bp
Jan 14, 2004	North Macedonia	6.76%	6.73%	cut -3 bp
Jan 14, 2004	Mexico	4.87%	4.84%	cut -3 bp
Jan 15, 2004	Mexico	4.84%	4.85%	hike +1 bp
Jan 15, 2004	Russia	16.00%	14.00%	cut -200 bp
Jan 16, 2004	North Macedonia	6.73%	6.78%	hike +5 bp
Jan 16, 2004	Mexico	4.85%	4.75%	cut -10 bp
Jan 19, 2004	Mexico	4.75%	4.73%	cut -2 bp
Jan 20, 2004	Canada	2.75%	2.50%	cut -25 bp
Jan 20, 2004	Mexico	4.73%	4.74%	hike +1 bp
Jan 21, 2004	North Macedonia	6.78%	6.72%	cut -6 bp
Jan 21, 2004	Mexico	4.74%	4.79%	hike +5 bp
Jan 22, 2004	Mexico	4.79%	4.99%	hike +20 bp
Jan 23, 2004	North Macedonia	6.72%	6.84%	hike +12 bp
Jan 23, 2004	Mexico	4.99%	5.18%	hike +19 bp
Jan 26, 2004	Mexico	5.18%	4.86%	cut -32 bp
Jan 27, 2004	Mexico	4.86%	4.85%	cut -1 bp
Jan 28, 2004	North Macedonia	6.84%	6.80%	cut -4 bp
Jan 28, 2004	Mexico	4.85%	4.80%	cut -5 bp
Jan 29, 2004	Israel	4.80%	4.50%	cut -30 bp
Jan 29, 2004	Mexico	4.80%	5.01%	hike +21 bp
Jan 29, 2004	Norway	2.25%	2.00%	cut -25 bp
Jan 29, 2004	New Zealand	5.00%	5.25%	hike +25 bp
Jan 30, 2004	North Macedonia	6.80%	6.74%	cut -6 bp
Jan 30, 2004	Mexico	5.01%	5.20%	hike +19 bp
Feb 2, 2004	Mexico	5.20%	4.91%	cut -29 bp
Feb 3, 2004	Mexico	4.91%	5.09%	hike +18 bp
Feb 4, 2004	North Macedonia	6.74%	6.81%	hike +7 bp
Feb 4, 2004	Mexico	5.09%	5.20%	hike +11 bp
Feb 5, 2004	United Kingdom	3.75%	4.00%	hike +25 bp
Feb 5, 2004	Türkiye	26.00%	24.00%	cut -200 bp
Feb 6, 2004	North Macedonia	6.81%	6.91%	hike +10 bp
Feb 6, 2004	Mexico	5.20%	5.35%	hike +15 bp
Feb 9, 2004	Mexico	5.35%	5.21%	cut -14 bp
Feb 10, 2004	Mexico	5.21%	5.51%	hike +30 bp
Feb 11, 2004	North Macedonia	6.91%	6.85%	cut -6 bp
Feb 11, 2004	Sweden	2.75%	2.50%	cut -25 bp
Feb 12, 2004	Mexico	5.51%	5.49%	cut -2 bp
Feb 13, 2004	North Macedonia	6.85%	7.15%	hike +30 bp
Feb 13, 2004	Mexico	5.49%	5.38%	cut -11 bp
Feb 16, 2004	Mexico	5.38%	5.42%	hike +4 bp
Feb 17, 2004	Mexico	5.42%	5.44%	hike +2 bp
Feb 18, 2004	North Macedonia	7.15%	8.00%	hike +85 bp
Feb 18, 2004	Mexico	5.44%	5.45%	hike +1 bp
Feb 19, 2004	Mexico	5.45%	5.50%	hike +5 bp
Feb 20, 2004	Mexico	5.50%	5.98%	hike +48 bp
Feb 23, 2004	Colombia	7.25%	7.00%	cut -25 bp
Feb 23, 2004	Mexico	5.98%	6.01%	hike +3 bp
Feb 24, 2004	Mexico	6.01%	6.25%	hike +24 bp
Feb 25, 2004	Mexico	6.25%	6.74%	hike +49 bp
Feb 26, 2004	Israel	4.50%	4.30%	cut -20 bp
Feb 26, 2004	Mexico	6.74%	6.66%	cut -8 bp
Feb 27, 2004	Mexico	6.66%	6.71%	hike +5 bp
Mar 1, 2004	Mexico	6.71%	6.66%	cut -5 bp
Mar 2, 2004	Canada	2.50%	2.25%	cut -25 bp
Mar 2, 2004	Mexico	6.66%	6.60%	cut -6 bp
Mar 3, 2004	Mexico	6.60%	6.43%	cut -17 bp
Mar 4, 2004	Mexico	6.43%	6.60%	hike +17 bp
Mar 5, 2004	Mexico	6.60%	6.35%	cut -25 bp
Mar 8, 2004	Mexico	6.35%	6.16%	cut -19 bp
Mar 9, 2004	Mexico	6.16%	6.25%	hike +9 bp
Mar 10, 2004	Mexico	6.25%	6.26%	hike +1 bp
Mar 11, 2004	Mexico	6.26%	6.35%	hike +9 bp
Mar 12, 2004	Mexico	6.35%	6.55%	hike +20 bp
Mar 12, 2004	Norway	2.00%	1.75%	cut -25 bp
Mar 15, 2004	Mexico	6.55%	6.61%	hike +6 bp
Mar 16, 2004	Mexico	6.61%	6.66%	hike +5 bp
Mar 17, 2004	Mexico	6.66%	6.70%	hike +4 bp
Mar 17, 2004	Türkiye	24.00%	22.00%	cut -200 bp
Mar 18, 2004	Brazil	16.50%	16.25%	cut -25 bp
Mar 18, 2004	Mexico	6.70%	6.60%	cut -10 bp
Mar 19, 2004	Mexico	6.60%	6.56%	cut -4 bp
Mar 22, 2004	Mexico	6.56%	6.55%	cut -1 bp
Mar 23, 2004	Colombia	7.00%	6.75%	cut -25 bp
Mar 23, 2004	Hungary	12.50%	12.25%	cut -25 bp
Mar 23, 2004	Mexico	6.55%	6.41%	cut -14 bp
Mar 24, 2004	Mexico	6.41%	6.35%	cut -6 bp
Mar 25, 2004	Mexico	6.35%	6.27%	cut -8 bp
Mar 26, 2004	Mexico	6.27%	6.08%	cut -19 bp
Mar 29, 2004	Mexico	6.08%	6.11%	hike +3 bp
Mar 30, 2004	Mexico	6.11%	6.26%	hike +15 bp
Mar 31, 2004	India	7.00%	6.00%	cut -100 bp
Mar 31, 2004	Mexico	6.26%	6.13%	cut -13 bp
Apr 1, 2004	Israel	4.30%	4.10%	cut -20 bp
Apr 1, 2004	Mexico	6.13%	6.04%	cut -9 bp
Apr 2, 2004	Mexico	6.04%	6.12%	hike +8 bp
Apr 6, 2004	Hungary	12.25%	12.00%	cut -25 bp
Apr 6, 2004	Mexico	6.12%	6.07%	cut -5 bp
Apr 7, 2004	Mexico	6.07%	5.91%	cut -16 bp
Apr 7, 2004	Sweden	2.50%	2.00%	cut -50 bp
Apr 12, 2004	Mexico	5.91%	5.87%	cut -4 bp
Apr 13, 2004	Canada	2.25%	2.00%	cut -25 bp
Apr 13, 2004	Mexico	5.87%	5.90%	hike +3 bp
Apr 14, 2004	Mexico	5.90%	6.03%	hike +13 bp
Apr 15, 2004	Brazil	16.25%	16.00%	cut -25 bp
Apr 15, 2004	Mexico	6.03%	6.02%	cut -1 bp
Apr 16, 2004	Mexico	6.02%	6.00%	cut -2 bp
Apr 19, 2004	Mexico	6.00%	5.98%	cut -2 bp
Apr 21, 2004	Mexico	5.98%	6.04%	hike +6 bp
Apr 22, 2004	Mexico	6.04%	6.01%	cut -3 bp
Apr 23, 2004	Mexico	6.01%	5.68%	cut -33 bp
Apr 26, 2004	Mexico	5.68%	5.51%	cut -17 bp
Apr 26, 2004	Malaysia	4.50%	2.70%	cut -180 bp
Apr 27, 2004	Mexico	5.51%	5.52%	hike +1 bp
Apr 28, 2004	Mexico	5.52%	6.01%	hike +49 bp
Apr 29, 2004	Mexico	6.01%	6.13%	hike +12 bp
Apr 29, 2004	New Zealand	5.25%	5.50%	hike +25 bp
Apr 30, 2004	Mexico	6.13%	6.26%	hike +13 bp
May 4, 2004	Hungary	12.00%	11.50%	cut -50 bp
May 5, 2004	Mexico	6.26%	6.17%	cut -9 bp
May 6, 2004	United Kingdom	4.00%	4.25%	hike +25 bp
May 6, 2004	Iceland	5.16%	5.35%	hike +19 bp
May 6, 2004	Mexico	6.17%	6.10%	cut -7 bp
May 7, 2004	Mexico	6.10%	6.31%	hike +21 bp
May 10, 2004	Mexico	6.31%	6.52%	hike +21 bp
May 14, 2004	Mexico	6.52%	6.51%	cut -1 bp
May 17, 2004	Mexico	6.51%	6.52%	hike +1 bp
May 17, 2004	Saudi Arabia	1.75%	1.50%	cut -25 bp
May 21, 2004	Mexico	6.52%	6.51%	cut -1 bp
May 24, 2004	Mexico	6.51%	6.52%	hike +1 bp
May 25, 2004	Mexico	6.52%	6.38%	cut -14 bp
May 26, 2004	Mexico	6.38%	6.35%	cut -3 bp
May 28, 2004	Mexico	6.35%	6.36%	hike +1 bp
May 31, 2004	Mexico	6.36%	6.35%	cut -1 bp
Jun 1, 2004	Iceland	5.35%	5.59%	hike +24 bp
Jun 4, 2004	Mexico	6.35%	6.36%	hike +1 bp
Jun 7, 2004	Mexico	6.36%	6.35%	cut -1 bp
Jun 7, 2004	Romania	21.25%	20.75%	cut -50 bp
Jun 10, 2004	United Kingdom	4.25%	4.50%	hike +25 bp
Jun 10, 2004	Mexico	6.35%	6.34%	cut -1 bp
Jun 10, 2004	New Zealand	5.50%	5.75%	hike +25 bp
Jun 11, 2004	Mexico	6.34%	6.36%	hike +2 bp
Jun 14, 2004	Mexico	6.36%	6.35%	cut -1 bp
Jun 15, 2004	Russia	14.00%	13.00%	cut -100 bp
Jun 17, 2004	Switzerland	0.375%	0.50%	hike +12 bp
Jun 18, 2004	Mexico	6.35%	6.36%	hike +1 bp
Jun 21, 2004	Mexico	6.36%	6.35%	cut -1 bp
Jun 25, 2004	Czechia	2.00%	2.25%	hike +25 bp
Jun 25, 2004	Mexico	6.35%	6.36%	hike +1 bp
Jun 28, 2004	Mexico	6.36%	6.35%	cut -1 bp
Jun 30, 2004	Mexico	6.35%	6.53%	hike +18 bp
Jun 30, 2004	United States	1.00%	1.25%	hike +25 bp
Jul 1, 2004	Iceland	5.59%	6.06%	hike +47 bp
Jul 1, 2004	Kuwait	3.25%	3.50%	hike +25 bp
Jul 1, 2004	Mexico	6.53%	6.60%	hike +7 bp
Jul 1, 2004	Poland	5.25%	5.75%	hike +50 bp
Jul 2, 2004	Hong Kong	2.50%	2.75%	hike +25 bp
Jul 2, 2004	Mexico	6.60%	6.61%	hike +1 bp
Jul 5, 2004	Mexico	6.61%	6.60%	cut -1 bp
Jul 9, 2004	Mexico	6.60%	6.61%	hike +1 bp
Jul 12, 2004	Romania	20.75%	20.00%	cut -75 bp
Jul 13, 2004	Mexico	6.61%	6.60%	cut -1 bp
Jul 16, 2004	Mexico	6.60%	6.61%	hike +1 bp
Jul 20, 2004	Mexico	6.61%	6.60%	cut -1 bp
Jul 21, 2004	Mexico	6.60%	6.61%	hike +1 bp
Jul 23, 2004	Mexico	6.61%	6.76%	hike +15 bp
Jul 26, 2004	Mexico	6.76%	6.75%	cut -1 bp
Jul 28, 2004	Mexico	6.75%	6.74%	cut -1 bp
Jul 29, 2004	Mexico	6.74%	6.75%	hike +1 bp
Jul 29, 2004	New Zealand	5.75%	6.00%	hike +25 bp
Jul 29, 2004	Poland	5.75%	6.00%	hike +25 bp
Jul 30, 2004	Mexico	6.75%	6.76%	hike +1 bp
Aug 2, 2004	Mexico	6.76%	6.75%	cut -1 bp
Aug 3, 2004	Mexico	6.75%	6.78%	hike +3 bp
Aug 4, 2004	Kuwait	3.50%	4.00%	hike +50 bp
Aug 4, 2004	Mexico	6.78%	6.76%	cut -2 bp
Aug 5, 2004	United Kingdom	4.50%	4.75%	hike +25 bp
Aug 5, 2004	Romania	20.00%	19.25%	cut -75 bp
Aug 6, 2004	Mexico	6.76%	6.85%	hike +9 bp
Aug 6, 2004	Peru	2.50%	2.75%	hike +25 bp
Aug 9, 2004	Mexico	6.85%	6.77%	cut -8 bp
Aug 10, 2004	Mexico	6.77%	6.76%	cut -1 bp
Aug 10, 2004	United States	1.25%	1.50%	hike +25 bp
Aug 11, 2004	Hong Kong	2.75%	3.00%	hike +25 bp
Aug 11, 2004	Mexico	6.76%	6.98%	hike +22 bp
Aug 11, 2004	Saudi Arabia	1.50%	1.75%	hike +25 bp
Aug 12, 2004	South Korea	3.75%	3.50%	cut -25 bp
Aug 12, 2004	Mexico	6.98%	7.00%	hike +2 bp
Aug 13, 2004	Mexico	7.00%	7.01%	hike +1 bp
Aug 13, 2004	South Africa	8.00%	7.50%	cut -50 bp
Aug 16, 2004	Mexico	7.01%	7.00%	cut -1 bp
Aug 17, 2004	Hungary	11.50%	11.00%	cut -50 bp
Aug 18, 2004	North Macedonia	8.00%	8.50%	hike +50 bp
Aug 20, 2004	Mexico	7.00%	7.01%	hike +1 bp
Aug 23, 2004	Mexico	7.01%	7.00%	cut -1 bp
Aug 25, 2004	Mexico	7.00%	7.09%	hike +9 bp
Aug 25, 2004	Thailand	1.25%	1.50%	hike +25 bp
Aug 26, 2004	Mexico	7.09%	7.10%	hike +1 bp
Aug 26, 2004	Poland	6.00%	6.50%	hike +50 bp
Aug 27, 2004	Czechia	2.25%	2.50%	hike +25 bp
Aug 27, 2004	Mexico	7.10%	7.15%	hike +5 bp
Aug 27, 2004	Romania	19.25%	18.75%	cut -50 bp
Aug 30, 2004	Mexico	7.15%	7.17%	hike +2 bp
Sep 3, 2004	Mexico	7.17%	7.15%	cut -2 bp
Sep 6, 2004	Mexico	7.15%	7.16%	hike +1 bp
Sep 8, 2004	Canada	2.00%	2.25%	hike +25 bp
Sep 8, 2004	Chile	1.75%	2.00%	hike +25 bp
Sep 8, 2004	Türkiye	22.00%	20.00%	cut -200 bp
Sep 9, 2004	New Zealand	6.00%	6.25%	hike +25 bp
Sep 16, 2004	Brazil	16.00%	16.25%	hike +25 bp
Sep 16, 2004	Switzerland	0.50%	0.75%	hike +25 bp
Sep 17, 2004	Iceland	6.06%	6.53%	hike +47 bp
Sep 17, 2004	Mexico	7.16%	7.19%	hike +3 bp
Sep 20, 2004	Mexico	7.19%	7.16%	cut -3 bp
Sep 21, 2004	United States	1.50%	1.75%	hike +25 bp
Sep 22, 2004	Hong Kong	3.00%	3.25%	hike +25 bp
Sep 22, 2004	Kuwait	4.00%	4.25%	hike +25 bp
Sep 22, 2004	Mexico	7.16%	7.41%	hike +25 bp
Sep 22, 2004	Saudi Arabia	1.75%	2.00%	hike +25 bp
Sep 24, 2004	Mexico	7.41%	7.61%	hike +20 bp
Sep 29, 2004	North Macedonia	8.50%	9.00%	hike +50 bp
Sep 30, 2004	Mexico	7.61%	7.62%	hike +1 bp
Oct 1, 2004	Mexico	7.62%	7.61%	cut -1 bp
Oct 8, 2004	Peru	2.75%	3.00%	hike +25 bp
Oct 12, 2004	Mexico	7.61%	7.62%	hike +1 bp
Oct 19, 2004	Canada	2.25%	2.50%	hike +25 bp
Oct 19, 2004	Hungary	11.00%	10.50%	cut -50 bp
Oct 20, 2004	Thailand	1.50%	1.75%	hike +25 bp
Oct 21, 2004	Brazil	16.25%	16.75%	hike +50 bp
Oct 21, 2004	Mexico	7.62%	7.63%	hike +1 bp
Oct 22, 2004	Mexico	7.63%	7.76%	hike +13 bp
Oct 25, 2004	Mexico	7.76%	7.82%	hike +6 bp
Oct 27, 2004	Mexico	7.82%	7.81%	cut -1 bp
Oct 28, 2004	New Zealand	6.25%	6.50%	hike +25 bp
Oct 29, 2004	China	5.31%	5.58%	hike +27 bp
Oct 29, 2004	Iceland	6.53%	6.99%	hike +46 bp
Nov 2, 2004	Romania	18.75%	18.25%	cut -50 bp
Nov 4, 2004	Mexico	7.81%	7.82%	hike +1 bp
Nov 5, 2004	Mexico	7.82%	7.83%	hike +1 bp
Nov 9, 2004	Mexico	7.83%	7.85%	hike +2 bp
Nov 10, 2004	United States	1.75%	2.00%	hike +25 bp
Nov 11, 2004	Hong Kong	3.25%	3.50%	hike +25 bp
Nov 11, 2004	South Korea	3.50%	3.25%	cut -25 bp
Nov 11, 2004	Kuwait	4.25%	4.50%	hike +25 bp
Nov 11, 2004	Mexico	7.85%	8.08%	hike +23 bp
Nov 12, 2004	Chile	2.00%	2.25%	hike +25 bp
Nov 12, 2004	North Macedonia	9.00%	10.00%	hike +100 bp
Nov 12, 2004	Mexico	8.08%	8.07%	cut -1 bp
Nov 15, 2004	Mexico	8.07%	8.06%	cut -1 bp
Nov 18, 2004	Brazil	16.75%	17.25%	hike +50 bp
Nov 21, 2004	Saudi Arabia	2.00%	2.25%	hike +25 bp
Nov 22, 2004	Romania	18.25%	17.75%	cut -50 bp
Nov 23, 2004	Hungary	10.50%	10.00%	cut -50 bp
Nov 23, 2004	Mexico	8.06%	8.07%	hike +1 bp
Nov 25, 2004	Israel	4.10%	3.90%	cut -20 bp
Nov 25, 2004	Mexico	8.07%	8.06%	cut -1 bp
Nov 26, 2004	Mexico	8.06%	8.27%	hike +21 bp
Dec 2, 2004	Iceland	6.99%	7.92%	hike +93 bp
Dec 2, 2004	Mexico	8.27%	8.26%	cut -1 bp
Dec 7, 2004	Mexico	8.26%	8.27%	hike +1 bp
Dec 9, 2004	Mexico	8.27%	8.26%	cut -1 bp
Dec 10, 2004	Mexico	8.26%	8.38%	hike +12 bp
Dec 13, 2004	Mexico	8.38%	8.41%	hike +3 bp
Dec 14, 2004	Mexico	8.41%	8.47%	hike +6 bp
Dec 14, 2004	United States	2.00%	2.25%	hike +25 bp
Dec 15, 2004	Hong Kong	3.50%	3.75%	hike +25 bp
Dec 15, 2004	Kuwait	4.50%	4.75%	hike +25 bp
Dec 15, 2004	Mexico	8.47%	8.72%	hike +25 bp
Dec 15, 2004	Thailand	1.75%	2.00%	hike +25 bp
Dec 16, 2004	Brazil	17.25%	17.75%	hike +50 bp
Dec 16, 2004	Mexico	8.72%	8.74%	hike +2 bp
Dec 18, 2004	Saudi Arabia	2.25%	2.50%	hike +25 bp
Dec 20, 2004	Colombia	6.75%	6.50%	cut -25 bp
Dec 20, 2004	Romania	17.75%	17.00%	cut -75 bp
Dec 20, 2004	Türkiye	20.00%	18.00%	cut -200 bp
Dec 21, 2004	Hungary	10.00%	9.50%	cut -50 bp
Dec 23, 2004	Mexico	8.74%	8.72%	cut -2 bp
Dec 24, 2004	Mexico	8.72%	8.75%	hike +3 bp
Dec 27, 2004	Mexico	8.75%	8.73%	cut -2 bp
Dec 28, 2004	Mexico	8.73%	8.74%	hike +1 bp
Dec 30, 2004	Israel	3.90%	3.70%	cut -20 bp
Dec 31, 2004	Mexico	8.74%	8.75%	hike +1 bp

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