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Policy rates worldwide in 2014: 30 hikes, 48 cuts

Areas37

Hikes30

Cuts48

Median at year end2.50%

Rate at year end

Russia17%

Brazil11.75%

Türkiye8.25%

Serbia8%

India8%

Indonesia7.75%

South Africa5.75%

China5.6%

Iceland4.5%

Colombia4.5%

Philippines4%

Peru3.5%

New Zealand3.5%

Malaysia3.25%

North Macedonia3.25%

Mexico3%

Chile3%

Romania2.75%

Morocco2.5%

Australia2.5%

Hungary2.1%

Thailand2%

Saudi Arabia2%

Poland2%

Kuwait2%

South Korea2%

Norway1.25%

Canada1%

Hong Kong0.5%

United Kingdom0.5%

Israel0.25%

United States0.125%

Euro area0.05%

Czechia0.05%

Sweden0%

Denmark-0.05%

Switzerland-0.25%

Number of changes

Hungary7

Chile6

Russia6

Romania5

Brazil5

Colombia5

Türkiye4

New Zealand4

Israel3

Serbia3

Iceland3

Indonesia3

South Africa2

Denmark2

Euro area2

Sweden2

Peru2

Philippines2

South Korea2

Morocco2

India1

Thailand1

Mexico1

Malaysia1

Poland1

China1

Norway1

Switzerland1

All changes

Date	Country / region	From	To	Change
Jan 9, 2014	Romania	4.00%	3.75%	cut -25 bp
Jan 16, 2014	Brazil	10.00%	10.50%	hike +50 bp
Jan 22, 2014	Hungary	3.00%	2.85%	cut -15 bp
Jan 28, 2014	India	7.75%	8.00%	hike +25 bp
Jan 29, 2014	Türkiye	4.50%	10.00%	hike +550 bp
Jan 30, 2014	South Africa	5.00%	5.50%	hike +50 bp
Feb 5, 2014	Romania	3.75%	3.50%	cut -25 bp
Feb 19, 2014	Chile	4.50%	4.25%	cut -25 bp
Feb 19, 2014	Hungary	2.85%	2.70%	cut -15 bp
Feb 27, 2014	Brazil	10.50%	10.75%	hike +25 bp
Feb 27, 2014	Israel	1.00%	0.75%	cut -25 bp
Mar 3, 2014	Russia	5.50%	7.00%	hike +150 bp
Mar 12, 2014	Thailand	2.25%	2.00%	cut -25 bp
Mar 13, 2014	New Zealand	2.50%	2.75%	hike +25 bp
Mar 14, 2014	Chile	4.25%	4.00%	cut -25 bp
Mar 26, 2014	Hungary	2.70%	2.60%	cut -10 bp
Apr 3, 2014	Brazil	10.75%	11.00%	hike +25 bp
Apr 24, 2014	New Zealand	2.75%	3.00%	hike +25 bp
Apr 25, 2014	Denmark	-0.10%	0.05%	hike +15 bp
Apr 28, 2014	Colombia	3.25%	3.50%	hike +25 bp
Apr 28, 2014	Russia	7.00%	7.50%	hike +50 bp
Apr 30, 2014	Hungary	2.60%	2.50%	cut -10 bp
May 8, 2014	Serbia	9.50%	9.00%	cut -50 bp
May 21, 2014	Iceland	5.375%	5.25%	cut -12 bp
May 23, 2014	Türkiye	10.00%	9.50%	cut -50 bp
May 28, 2014	Hungary	2.50%	2.40%	cut -10 bp
Jun 3, 2014	Colombia	3.50%	3.75%	hike +25 bp
Jun 6, 2014	Mexico	3.50%	3.00%	cut -50 bp
Jun 11, 2014	Euro area	0.25%	0.15%	cut -10 bp
Jun 12, 2014	New Zealand	3.00%	3.25%	hike +25 bp
Jun 12, 2014	Serbia	9.00%	8.50%	cut -50 bp
Jun 24, 2014	Colombia	3.75%	4.00%	hike +25 bp
Jun 25, 2014	Hungary	2.40%	2.30%	cut -10 bp
Jun 25, 2014	Türkiye	9.50%	8.75%	cut -75 bp
Jul 9, 2014	Sweden	0.75%	0.25%	cut -50 bp
Jul 10, 2014	Malaysia	3.00%	3.25%	hike +25 bp
Jul 11, 2014	Peru	4.00%	3.75%	cut -25 bp
Jul 17, 2014	Chile	4.00%	3.75%	cut -25 bp
Jul 18, 2014	Türkiye	8.75%	8.25%	cut -50 bp
Jul 18, 2014	South Africa	5.50%	5.75%	hike +25 bp
Jul 23, 2014	Hungary	2.30%	2.10%	cut -20 bp
Jul 24, 2014	New Zealand	3.25%	3.50%	hike +25 bp
Jul 28, 2014	Russia	7.50%	8.00%	hike +50 bp
Jul 31, 2014	Israel	0.75%	0.50%	cut -25 bp
Jul 31, 2014	Philippines	3.50%	3.75%	hike +25 bp
Aug 1, 2014	Colombia	4.00%	4.25%	hike +25 bp
Aug 5, 2014	Romania	3.50%	3.25%	cut -25 bp
Aug 14, 2014	South Korea	2.50%	2.25%	cut -25 bp
Aug 18, 2014	Chile	3.75%	3.50%	cut -25 bp
Aug 28, 2014	Israel	0.50%	0.25%	cut -25 bp
Sep 1, 2014	Colombia	4.25%	4.50%	hike +25 bp
Sep 5, 2014	Denmark	0.05%	-0.05%	cut -10 bp
Sep 10, 2014	Euro area	0.15%	0.05%	cut -10 bp
Sep 11, 2014	Peru	3.75%	3.50%	cut -25 bp
Sep 11, 2014	Philippines	3.75%	4.00%	hike +25 bp
Sep 12, 2014	Chile	3.50%	3.25%	cut -25 bp
Sep 23, 2014	Morocco	3.00%	2.75%	cut -25 bp
Oct 1, 2014	Romania	3.25%	3.00%	cut -25 bp
Oct 9, 2014	Poland	2.50%	2.00%	cut -50 bp
Oct 15, 2014	South Korea	2.25%	2.00%	cut -25 bp
Oct 17, 2014	Chile	3.25%	3.00%	cut -25 bp
Oct 29, 2014	Sweden	0.25%	0.00%	cut -25 bp
Oct 30, 2014	Brazil	11.00%	11.25%	hike +25 bp
Nov 5, 2014	Iceland	5.25%	5.00%	cut -25 bp
Nov 5, 2014	Romania	3.00%	2.75%	cut -25 bp
Nov 5, 2014	Russia	8.00%	9.50%	hike +150 bp
Nov 13, 2014	Serbia	8.50%	8.00%	cut -50 bp
Nov 18, 2014	Indonesia	7.50%	7.75%	hike +25 bp
Nov 22, 2014	China	6.00%	5.60%	cut -40 bp
Nov 25, 2014	Indonesia	7.75%	7.50%	cut -25 bp
Dec 1, 2014	Indonesia	7.50%	7.75%	hike +25 bp
Dec 4, 2014	Brazil	11.25%	11.75%	hike +50 bp
Dec 10, 2014	Iceland	5.00%	4.50%	cut -50 bp
Dec 12, 2014	Norway	1.50%	1.25%	cut -25 bp
Dec 12, 2014	Russia	9.50%	10.50%	hike +100 bp
Dec 16, 2014	Morocco	2.75%	2.50%	cut -25 bp
Dec 16, 2014	Russia	10.50%	17.00%	hike +650 bp
Dec 18, 2014	Switzerland	0.125%	-0.25%	cut -38 bp

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