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Policy rates worldwide in 2019: 17 hikes, 72 cuts

Areas38

Hikes17

Cuts72

Median at year end2.25%

Rate at year end

Türkiye12%

Mexico7.25%

South Africa6.5%

Russia6.25%

India5.15%

Indonesia5%

Brazil4.5%

Colombia4.25%

China4.15%

Philippines4%

Malaysia3%

Iceland3%

Kuwait2.75%

Romania2.5%

Hong Kong2.49%

Saudi Arabia2.25%

Serbia2.25%

Peru2.25%

North Macedonia2.25%

Morocco2.25%

Czechia2%

Chile1.75%

Canada1.75%

United States1.625%

Poland1.5%

Norway1.5%

Thailand1.25%

South Korea1.25%

New Zealand1%

Hungary0.9%

United Kingdom0.75%

Australia0.75%

Israel0.25%

Euro area0%

Japan-0.1%

Sweden-0.25%

Denmark-0.75%

Switzerland-0.75%

Number of changes

Hong Kong18

India5

Iceland5

Russia5

Chile4

Indonesia4

Türkiye4

Brazil4

Mexico4

Norway3

Philippines3

Australia3

Serbia3

Saudi Arabia3

United States3

China3

New Zealand2

South Korea2

Thailand2

Peru2

Sweden1

North Macedonia1

Czechia1

Malaysia1

South Africa1

Denmark1

Kuwait1

All changes

Date	Country / region	From	To	Change
Jan 9, 2019	Sweden	-0.50%	-0.25%	hike +25 bp
Jan 31, 2019	Chile	2.75%	3.00%	hike +25 bp
Feb 8, 2019	India	6.50%	6.25%	cut -25 bp
Mar 13, 2019	North Macedonia	2.50%	2.25%	cut -25 bp
Mar 22, 2019	Norway	0.75%	1.00%	hike +25 bp
Apr 4, 2019	India	6.25%	6.00%	cut -25 bp
May 3, 2019	Czechia	1.75%	2.00%	hike +25 bp
May 7, 2019	Malaysia	3.25%	3.00%	cut -25 bp
May 9, 2019	New Zealand	1.75%	1.50%	cut -25 bp
May 10, 2019	Philippines	4.75%	4.50%	cut -25 bp
May 22, 2019	Iceland	4.50%	4.00%	cut -50 bp
Jun 5, 2019	Australia	1.50%	1.25%	cut -25 bp
Jun 7, 2019	India	6.00%	5.75%	cut -25 bp
Jun 10, 2019	Chile	3.00%	2.50%	cut -50 bp
Jun 17, 2019	Russia	7.75%	7.50%	cut -25 bp
Jun 21, 2019	Norway	1.00%	1.25%	hike +25 bp
Jun 26, 2019	Iceland	4.00%	3.75%	cut -25 bp
Jul 3, 2019	Australia	1.25%	1.00%	cut -25 bp
Jul 11, 2019	Serbia	3.00%	2.75%	cut -25 bp
Jul 18, 2019	Indonesia	6.00%	5.75%	cut -25 bp
Jul 18, 2019	South Korea	1.75%	1.50%	cut -25 bp
Jul 19, 2019	South Africa	6.75%	6.50%	cut -25 bp
Jul 26, 2019	Türkiye	24.00%	19.75%	cut -425 bp
Jul 29, 2019	Russia	7.50%	7.25%	cut -25 bp
Jul 31, 2019	Saudi Arabia	3.00%	2.75%	cut -25 bp
Aug 1, 2019	Brazil	6.50%	6.00%	cut -50 bp
Aug 1, 2019	Hong Kong	2.75%	2.50%	cut -25 bp
Aug 1, 2019	United States	2.375%	2.125%	cut -25 bp
Aug 7, 2019	Thailand	1.75%	1.50%	cut -25 bp
Aug 8, 2019	India	5.75%	5.40%	cut -35 bp
Aug 8, 2019	New Zealand	1.50%	1.00%	cut -50 bp
Aug 8, 2019	Serbia	2.75%	2.50%	cut -25 bp
Aug 9, 2019	Peru	2.75%	2.50%	cut -25 bp
Aug 9, 2019	Philippines	4.50%	4.25%	cut -25 bp
Aug 15, 2019	Mexico	8.25%	8.00%	cut -25 bp
Aug 20, 2019	China	4.35%	4.25%	cut -10 bp
Aug 22, 2019	Indonesia	5.75%	5.50%	cut -25 bp
Aug 28, 2019	Iceland	3.75%	3.50%	cut -25 bp
Sep 4, 2019	Chile	2.50%	2.00%	cut -50 bp
Sep 9, 2019	Russia	7.25%	7.00%	cut -25 bp
Sep 13, 2019	Denmark	-0.65%	-0.75%	cut -10 bp
Sep 13, 2019	Türkiye	19.75%	16.50%	cut -325 bp
Sep 18, 2019	Saudi Arabia	2.75%	2.50%	cut -25 bp
Sep 19, 2019	Brazil	6.00%	5.50%	cut -50 bp
Sep 19, 2019	Hong Kong	2.50%	2.25%	cut -25 bp
Sep 19, 2019	Indonesia	5.50%	5.25%	cut -25 bp
Sep 19, 2019	United States	2.125%	1.875%	cut -25 bp
Sep 20, 2019	China	4.25%	4.20%	cut -5 bp
Sep 20, 2019	Norway	1.25%	1.50%	hike +25 bp
Sep 26, 2019	Mexico	8.00%	7.75%	cut -25 bp
Sep 27, 2019	Philippines	4.25%	4.00%	cut -25 bp
Oct 2, 2019	Australia	1.00%	0.75%	cut -25 bp
Oct 2, 2019	Iceland	3.50%	3.25%	cut -25 bp
Oct 5, 2019	India	5.40%	5.15%	cut -25 bp
Oct 16, 2019	South Korea	1.50%	1.25%	cut -25 bp
Oct 24, 2019	Chile	2.00%	1.75%	cut -25 bp
Oct 24, 2019	Indonesia	5.25%	5.00%	cut -25 bp
Oct 25, 2019	Türkiye	16.50%	14.00%	cut -250 bp
Oct 28, 2019	Russia	7.00%	6.50%	cut -50 bp
Oct 30, 2019	Kuwait	3.00%	2.75%	cut -25 bp
Oct 30, 2019	Saudi Arabia	2.50%	2.25%	cut -25 bp
Oct 31, 2019	Brazil	5.50%	5.00%	cut -50 bp
Oct 31, 2019	Hong Kong	2.25%	2.00%	cut -25 bp
Oct 31, 2019	United States	1.875%	1.625%	cut -25 bp
Nov 6, 2019	Iceland	3.25%	3.00%	cut -25 bp
Nov 6, 2019	Thailand	1.50%	1.25%	cut -25 bp
Nov 7, 2019	Serbia	2.50%	2.25%	cut -25 bp
Nov 8, 2019	Peru	2.50%	2.25%	cut -25 bp
Nov 14, 2019	Mexico	7.75%	7.50%	cut -25 bp
Nov 18, 2019	Hong Kong	2.00%	2.13%	hike +13 bp
Nov 19, 2019	Hong Kong	2.13%	2.23%	hike +10 bp
Nov 20, 2019	China	4.20%	4.15%	cut -5 bp
Nov 20, 2019	Hong Kong	2.23%	2.24%	hike +1 bp
Nov 21, 2019	Hong Kong	2.24%	2.26%	hike +2 bp
Nov 22, 2019	Hong Kong	2.26%	2.21%	cut -5 bp
Nov 25, 2019	Hong Kong	2.21%	2.12%	cut -9 bp
Nov 26, 2019	Hong Kong	2.12%	2.03%	cut -9 bp
Nov 27, 2019	Hong Kong	2.03%	2.00%	cut -3 bp
Dec 12, 2019	Brazil	5.00%	4.50%	cut -50 bp
Dec 13, 2019	Türkiye	14.00%	12.00%	cut -200 bp
Dec 16, 2019	Russia	6.50%	6.25%	cut -25 bp
Dec 19, 2019	Hong Kong	2.00%	2.07%	hike +7 bp
Dec 19, 2019	Mexico	7.50%	7.25%	cut -25 bp
Dec 20, 2019	Hong Kong	2.07%	2.14%	hike +7 bp
Dec 23, 2019	Hong Kong	2.14%	2.21%	hike +7 bp
Dec 24, 2019	Hong Kong	2.21%	2.24%	hike +3 bp
Dec 27, 2019	Hong Kong	2.24%	2.35%	hike +11 bp
Dec 30, 2019	Hong Kong	2.35%	2.43%	hike +8 bp
Dec 31, 2019	Hong Kong	2.43%	2.49%	hike +6 bp

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