Home › By year

Policy rates worldwide in 2008: 108 hikes, 114 cuts

Areas38

Hikes108

Cuts114

Median at year end4.625%

Rate at year end

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%

Number of changes

Australia30

North Macedonia10

Israel10

Mexico7

Türkiye7

United States7

Hong Kong7

Hungary7

Indonesia7

Denmark7

Romania6

Peru6

Canada6

Poland6

Russia6

Serbia6

Sweden6

India6

Chile5

Philippines5

United Kingdom5

Norway5

South Korea5

China5

Kuwait4

Czechia4

Iceland4

Brazil4

Euro area4

New Zealand4

Switzerland4

Saudi Arabia4

Colombia3

South Africa3

Thailand3

Japan2

Morocco1

Malaysia1

All changes

Date	Country / region	From	To	Change
Jan 2, 2008	North Macedonia	4.81%	4.83%	hike +2 bp
Jan 2, 2008	Mexico	7.57%	7.51%	cut -6 bp
Jan 8, 2008	Mexico	7.51%	7.50%	cut -1 bp
Jan 8, 2008	Romania	7.50%	8.00%	hike +50 bp
Jan 9, 2008	North Macedonia	4.83%	4.82%	cut -1 bp
Jan 11, 2008	Chile	6.00%	6.25%	hike +25 bp
Jan 11, 2008	Peru	5.00%	5.25%	hike +25 bp
Jan 14, 2008	Mexico	7.50%	7.51%	hike +1 bp
Jan 16, 2008	North Macedonia	4.82%	4.88%	hike +6 bp
Jan 18, 2008	Türkiye	15.75%	15.50%	cut -25 bp
Jan 21, 2008	Mexico	7.51%	7.50%	cut -1 bp
Jan 22, 2008	Canada	4.25%	4.00%	cut -25 bp
Jan 22, 2008	United States	4.25%	3.50%	cut -75 bp
Jan 23, 2008	Hong Kong	5.75%	5.00%	cut -75 bp
Jan 23, 2008	Kuwait	6.25%	5.75%	cut -50 bp
Jan 23, 2008	North Macedonia	4.88%	4.95%	hike +7 bp
Jan 30, 2008	North Macedonia	4.95%	4.99%	hike +4 bp
Jan 30, 2008	United States	3.50%	3.00%	cut -50 bp
Jan 31, 2008	Hong Kong	5.00%	4.50%	cut -50 bp
Jan 31, 2008	Philippines	5.25%	5.00%	cut -25 bp
Jan 31, 2008	Poland	5.00%	5.25%	hike +25 bp
Feb 4, 2008	Romania	8.00%	9.00%	hike +100 bp
Feb 4, 2008	Russia	10.00%	10.25%	hike +25 bp
Feb 6, 2008	Australia	6.75%	7.00%	hike +25 bp
Feb 6, 2008	North Macedonia	4.99%	4.98%	cut -1 bp
Feb 6, 2008	Serbia	10.00%	10.75%	hike +75 bp
Feb 7, 2008	United Kingdom	5.50%	5.25%	cut -25 bp
Feb 8, 2008	Czechia	3.50%	3.75%	hike +25 bp
Feb 13, 2008	North Macedonia	4.98%	5.08%	hike +10 bp
Feb 15, 2008	Türkiye	15.50%	15.25%	cut -25 bp
Feb 18, 2008	Australia	7.00%	7.000%	cut 0 bp
Feb 19, 2008	Australia	7.000%	7.00%	cut 0 bp
Feb 20, 2008	North Macedonia	5.08%	5.25%	hike +17 bp
Feb 20, 2008	Sweden	4.00%	4.25%	hike +25 bp
Feb 25, 2008	Colombia	9.50%	9.75%	hike +25 bp
Feb 28, 2008	Israel	4.25%	3.75%	cut -50 bp
Feb 28, 2008	Poland	5.25%	5.50%	hike +25 bp
Feb 28, 2008	Serbia	10.75%	11.50%	hike +75 bp
Feb 29, 2008	Australia	7.00%	7.000%	cut 0 bp
Mar 3, 2008	Australia	7.000%	7.00%	cut 0 bp
Mar 4, 2008	Canada	4.00%	3.50%	cut -50 bp
Mar 5, 2008	Australia	7.00%	7.250%	hike +25 bp
Mar 6, 2008	Australia	7.250%	7.25%	cut 0 bp
Mar 11, 2008	Australia	7.25%	7.250%	cut 0 bp
Mar 12, 2008	Australia	7.250%	7.25%	cut 0 bp
Mar 13, 2008	North Macedonia	5.25%	6.00%	hike +75 bp
Mar 13, 2008	Serbia	11.50%	14.50%	hike +300 bp
Mar 17, 2008	Australia	7.25%	7.250%	cut 0 bp
Mar 18, 2008	Australia	7.250%	7.25%	cut 0 bp
Mar 18, 2008	United States	3.00%	2.25%	cut -75 bp
Mar 19, 2008	Hong Kong	4.50%	3.75%	cut -75 bp
Mar 25, 2008	Australia	7.25%	7.250%	cut 0 bp
Mar 25, 2008	Iceland	13.75%	15.00%	hike +125 bp
Mar 26, 2008	Australia	7.250%	7.25%	cut 0 bp
Mar 26, 2008	Romania	9.00%	9.50%	hike +50 bp
Mar 27, 2008	Israel	3.75%	3.25%	cut -50 bp
Mar 27, 2008	Poland	5.50%	5.75%	hike +25 bp
Mar 31, 2008	Australia	7.25%	7.250%	cut 0 bp
Apr 1, 2008	Australia	7.250%	7.25%	cut 0 bp
Apr 1, 2008	Hungary	7.50%	8.00%	hike +50 bp
Apr 10, 2008	United Kingdom	5.25%	5.00%	cut -25 bp
Apr 10, 2008	Iceland	15.00%	15.50%	hike +50 bp
Apr 11, 2008	Australia	7.25%	7.250%	cut 0 bp
Apr 11, 2008	South Africa	11.00%	11.50%	hike +50 bp
Apr 14, 2008	Australia	7.250%	7.25%	cut 0 bp
Apr 14, 2008	Peru	5.25%	5.50%	hike +25 bp
Apr 17, 2008	Australia	7.25%	7.250%	cut 0 bp
Apr 17, 2008	Brazil	11.25%	11.75%	hike +50 bp
Apr 18, 2008	Australia	7.250%	7.25%	cut 0 bp
Apr 22, 2008	Canada	3.50%	3.00%	cut -50 bp
Apr 23, 2008	Australia	7.25%	7.250%	cut 0 bp
Apr 24, 2008	Australia	7.250%	7.25%	cut 0 bp
Apr 24, 2008	Norway	5.25%	5.50%	hike +25 bp
Apr 24, 2008	Serbia	14.50%	15.25%	hike +75 bp
Apr 29, 2008	Hungary	8.00%	8.25%	hike +25 bp
Apr 29, 2008	Russia	10.25%	10.50%	hike +25 bp
Apr 30, 2008	United States	2.25%	2.00%	cut -25 bp
May 2, 2008	Hong Kong	3.75%	3.50%	cut -25 bp
May 6, 2008	Indonesia	8.00%	8.25%	hike +25 bp
May 7, 2008	Romania	9.50%	9.75%	hike +25 bp
May 14, 2008	North Macedonia	6.00%	7.00%	hike +100 bp
May 16, 2008	Australia	7.25%	7.249%	cut 0 bp
May 16, 2008	Denmark	4.25%	4.35%	hike +10 bp
May 16, 2008	Türkiye	15.25%	15.75%	hike +50 bp
May 19, 2008	Australia	7.249%	7.250%	cut 0 bp
May 20, 2008	Australia	7.250%	7.25%	cut 0 bp
May 27, 2008	Hungary	8.25%	8.50%	hike +25 bp
May 29, 2008	Israel	3.25%	3.50%	hike +25 bp
May 29, 2008	Serbia	15.25%	15.75%	hike +50 bp
Jun 5, 2008	Brazil	11.75%	12.25%	hike +50 bp
Jun 5, 2008	Indonesia	8.25%	8.50%	hike +25 bp
Jun 5, 2008	Philippines	5.00%	5.25%	hike +25 bp
Jun 10, 2008	Russia	10.50%	10.75%	hike +25 bp
Jun 11, 2008	Chile	6.25%	6.75%	hike +50 bp
Jun 12, 2008	India	7.75%	8.00%	hike +25 bp
Jun 13, 2008	Peru	5.50%	5.75%	hike +25 bp
Jun 13, 2008	South Africa	11.50%	12.00%	hike +50 bp
Jun 17, 2008	Morocco	3.25%	3.50%	hike +25 bp
Jun 17, 2008	Türkiye	15.75%	16.25%	hike +50 bp
Jun 20, 2008	Mexico	7.50%	7.75%	hike +25 bp
Jun 25, 2008	India	8.00%	8.50%	hike +50 bp
Jun 26, 2008	Israel	3.50%	3.75%	hike +25 bp
Jun 26, 2008	Norway	5.50%	5.75%	hike +25 bp
Jun 26, 2008	Poland	5.75%	6.00%	hike +25 bp
Jun 27, 2008	Romania	9.75%	10.00%	hike +25 bp
Jul 3, 2008	Indonesia	8.50%	8.75%	hike +25 bp
Jul 4, 2008	Denmark	4.35%	4.60%	hike +25 bp
Jul 9, 2008	Sweden	4.25%	4.50%	hike +25 bp
Jul 9, 2008	Euro area	4.00%	4.25%	hike +25 bp
Jul 11, 2008	Chile	6.75%	7.25%	hike +50 bp
Jul 11, 2008	Peru	5.75%	6.00%	hike +25 bp
Jul 14, 2008	Russia	10.75%	11.00%	hike +25 bp
Jul 16, 2008	Thailand	3.25%	3.50%	hike +25 bp
Jul 17, 2008	Philippines	5.25%	5.75%	hike +50 bp
Jul 18, 2008	Mexico	7.75%	8.00%	hike +25 bp
Jul 18, 2008	Türkiye	16.25%	16.75%	hike +50 bp
Jul 24, 2008	Brazil	12.25%	13.00%	hike +75 bp
Jul 24, 2008	New Zealand	8.25%	8.00%	cut -25 bp
Jul 28, 2008	Colombia	9.75%	10.00%	hike +25 bp
Jul 30, 2008	India	8.50%	9.00%	hike +50 bp
Jul 31, 2008	Israel	3.75%	4.00%	hike +25 bp
Aug 1, 2008	Romania	10.00%	10.25%	hike +25 bp
Aug 5, 2008	Indonesia	8.75%	9.00%	hike +25 bp
Aug 7, 2008	South Korea	5.00%	5.25%	hike +25 bp
Aug 8, 2008	Czechia	3.75%	3.50%	cut -25 bp
Aug 8, 2008	Peru	6.00%	6.25%	hike +25 bp
Aug 15, 2008	Mexico	8.00%	8.25%	hike +25 bp
Aug 18, 2008	Chile	7.25%	7.75%	hike +50 bp
Aug 27, 2008	Thailand	3.50%	3.75%	hike +25 bp
Aug 28, 2008	Israel	4.00%	4.25%	hike +25 bp
Aug 28, 2008	Philippines	5.75%	6.00%	hike +25 bp
Sep 3, 2008	Australia	7.25%	7.00%	cut -25 bp
Sep 4, 2008	Indonesia	9.00%	9.25%	hike +25 bp
Sep 5, 2008	Chile	7.75%	8.25%	hike +50 bp
Sep 10, 2008	Sweden	4.50%	4.75%	hike +25 bp
Sep 11, 2008	Brazil	13.00%	13.75%	hike +75 bp
Sep 11, 2008	New Zealand	8.00%	7.50%	cut -50 bp
Sep 12, 2008	Peru	6.25%	6.50%	hike +25 bp
Sep 16, 2008	China	7.47%	7.20%	cut -27 bp
Oct 7, 2008	Indonesia	9.25%	9.50%	hike +25 bp
Oct 8, 2008	Australia	7.00%	6.00%	cut -100 bp
Oct 8, 2008	Canada	3.00%	2.50%	cut -50 bp
Oct 8, 2008	Switzerland	2.75%	2.50%	cut -25 bp
Oct 8, 2008	Denmark	4.60%	5.00%	hike +40 bp
Oct 8, 2008	United Kingdom	5.00%	4.50%	cut -50 bp
Oct 8, 2008	Kuwait	5.75%	4.50%	cut -125 bp
Oct 8, 2008	United States	2.00%	1.50%	cut -50 bp
Oct 9, 2008	China	7.20%	6.93%	cut -27 bp
Oct 9, 2008	Hong Kong	3.50%	2.00%	cut -150 bp
Oct 9, 2008	South Korea	5.25%	5.00%	cut -25 bp
Oct 12, 2008	Israel	4.25%	3.75%	cut -50 bp
Oct 12, 2008	Saudi Arabia	5.50%	5.00%	cut -50 bp
Oct 15, 2008	Iceland	15.50%	12.00%	cut -350 bp
Oct 15, 2008	Sweden	4.75%	4.25%	cut -50 bp
Oct 15, 2008	Euro area	4.25%	3.75%	cut -50 bp
Oct 16, 2008	Norway	5.75%	5.25%	cut -50 bp
Oct 20, 2008	India	9.00%	8.00%	cut -100 bp
Oct 21, 2008	Canada	2.50%	2.25%	cut -25 bp
Oct 22, 2008	Hungary	8.50%	11.50%	hike +300 bp
Oct 23, 2008	New Zealand	7.50%	6.50%	cut -100 bp
Oct 24, 2008	Denmark	5.00%	5.50%	hike +50 bp
Oct 27, 2008	South Korea	5.00%	4.25%	cut -75 bp
Oct 28, 2008	Iceland	12.00%	18.00%	hike +600 bp
Oct 29, 2008	Sweden	4.25%	3.75%	cut -50 bp
Oct 29, 2008	United States	1.50%	1.00%	cut -50 bp
Oct 30, 2008	China	6.93%	6.66%	cut -27 bp
Oct 30, 2008	Hong Kong	2.00%	1.50%	cut -50 bp
Oct 30, 2008	Israel	3.75%	3.50%	cut -25 bp
Oct 30, 2008	Kuwait	4.50%	4.25%	cut -25 bp
Oct 30, 2008	Norway	5.25%	4.75%	cut -50 bp
Oct 31, 2008	Japan	0.50%	0.30%	cut -20 bp
Nov 1, 2008	Saudi Arabia	5.00%	4.00%	cut -100 bp
Nov 3, 2008	India	8.00%	7.50%	cut -50 bp
Nov 3, 2008	Serbia	15.75%	17.75%	hike +200 bp
Nov 5, 2008	Australia	6.00%	5.25%	cut -75 bp
Nov 6, 2008	Switzerland	2.50%	2.00%	cut -50 bp
Nov 6, 2008	United Kingdom	4.50%	3.00%	cut -150 bp
Nov 7, 2008	Czechia	3.50%	2.75%	cut -75 bp
Nov 7, 2008	Denmark	5.50%	5.00%	cut -50 bp
Nov 7, 2008	South Korea	4.25%	4.00%	cut -25 bp
Nov 10, 2008	Australia	5.25%	5.253%	cut 0 bp
Nov 11, 2008	Australia	5.253%	5.25%	cut 0 bp
Nov 12, 2008	Russia	11.00%	12.00%	hike +100 bp
Nov 12, 2008	Euro area	3.75%	3.25%	cut -50 bp
Nov 14, 2008	Israel	3.50%	3.00%	cut -50 bp
Nov 20, 2008	Switzerland	2.00%	1.00%	cut -100 bp
Nov 20, 2008	Türkiye	16.75%	16.25%	cut -50 bp
Nov 23, 2008	Saudi Arabia	4.00%	3.00%	cut -100 bp
Nov 24, 2008	Malaysia	3.50%	3.25%	cut -25 bp
Nov 25, 2008	Hungary	11.50%	11.00%	cut -50 bp
Nov 27, 2008	China	6.66%	5.58%	cut -108 bp
Nov 27, 2008	Israel	3.00%	2.50%	cut -50 bp
Nov 27, 2008	Poland	6.00%	5.75%	cut -25 bp
Dec 1, 2008	Russia	12.00%	13.00%	hike +100 bp
Dec 3, 2008	Australia	5.25%	4.25%	cut -100 bp
Dec 3, 2008	Thailand	3.75%	2.75%	cut -100 bp
Dec 4, 2008	United Kingdom	3.00%	2.00%	cut -100 bp
Dec 4, 2008	Indonesia	9.50%	9.25%	cut -25 bp
Dec 4, 2008	New Zealand	6.50%	5.00%	cut -150 bp
Dec 5, 2008	Denmark	5.00%	4.25%	cut -75 bp
Dec 8, 2008	India	7.50%	6.50%	cut -100 bp
Dec 9, 2008	Canada	2.25%	1.50%	cut -75 bp
Dec 9, 2008	Hungary	11.00%	10.50%	cut -50 bp
Dec 10, 2008	Sweden	3.75%	2.00%	cut -175 bp
Dec 10, 2008	Euro area	3.25%	2.50%	cut -75 bp
Dec 11, 2008	Switzerland	1.00%	0.50%	cut -50 bp
Dec 11, 2008	South Korea	4.00%	3.00%	cut -100 bp
Dec 12, 2008	South Africa	12.00%	11.50%	cut -50 bp
Dec 16, 2008	Saudi Arabia	3.00%	2.50%	cut -50 bp
Dec 16, 2008	United States	1.00%	0.125%	cut -88 bp
Dec 17, 2008	Hong Kong	1.50%	0.50%	cut -100 bp
Dec 17, 2008	Kuwait	4.25%	3.75%	cut -50 bp
Dec 18, 2008	Czechia	2.75%	2.25%	cut -50 bp
Dec 18, 2008	Norway	4.75%	3.00%	cut -175 bp
Dec 18, 2008	Philippines	6.00%	5.50%	cut -50 bp
Dec 19, 2008	Denmark	4.25%	3.75%	cut -50 bp
Dec 19, 2008	Japan	0.30%	0.10%	cut -20 bp
Dec 19, 2008	Türkiye	16.25%	15.00%	cut -125 bp
Dec 22, 2008	Colombia	10.00%	9.50%	cut -50 bp
Dec 23, 2008	China	5.58%	5.31%	cut -27 bp
Dec 23, 2008	Hungary	10.50%	10.00%	cut -50 bp
Dec 24, 2008	Poland	5.75%	5.00%	cut -75 bp

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