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Policy rates worldwide in 2023: 110 hikes, 22 cuts

Areas38

Hikes110

Cuts22

Median at year end5.75%

Rate at year end

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%

Number of changes

Türkiye8

Serbia6

Denmark6

Euro area6

North Macedonia6

Norway6

Peru5

Thailand5

United Kingdom5

Australia5

Russia5

Israel4

Colombia4

Saudi Arabia4

Hong Kong4

United States4

Iceland4

Sweden4

Chile4

Brazil4

Canada3

South Africa3

Philippines3

New Zealand3

Hungary3

Indonesia2

Kuwait2

Mexico2

Switzerland2

China2

Poland2

Romania1

South Korea1

India1

Morocco1

Malaysia1

Czechia1

All changes

Date	Country / region	From	To	Change
Jan 5, 2023	Israel	3.25%	3.75%	hike +50 bp
Jan 11, 2023	Romania	6.75%	7.00%	hike +25 bp
Jan 12, 2023	Serbia	5.00%	5.25%	hike +25 bp
Jan 13, 2023	South Korea	3.25%	3.50%	hike +25 bp
Jan 13, 2023	Peru	7.50%	7.75%	hike +25 bp
Jan 19, 2023	Indonesia	5.50%	5.75%	hike +25 bp
Jan 25, 2023	Kuwait	3.50%	4.00%	hike +50 bp
Jan 25, 2023	Thailand	1.25%	1.50%	hike +25 bp
Jan 26, 2023	Canada	4.25%	4.50%	hike +25 bp
Jan 27, 2023	South Africa	7.00%	7.25%	hike +25 bp
Jan 30, 2023	Colombia	12.00%	12.75%	hike +75 bp
Feb 1, 2023	Saudi Arabia	5.00%	5.25%	hike +25 bp
Feb 2, 2023	United Kingdom	3.50%	4.00%	hike +50 bp
Feb 2, 2023	Hong Kong	4.75%	5.00%	hike +25 bp
Feb 2, 2023	United States	4.375%	4.625%	hike +25 bp
Feb 3, 2023	Denmark	1.75%	2.10%	hike +35 bp
Feb 8, 2023	Australia	3.10%	3.35%	hike +25 bp
Feb 8, 2023	India	6.25%	6.50%	hike +25 bp
Feb 8, 2023	Iceland	6.00%	6.50%	hike +50 bp
Feb 8, 2023	Euro area	2.50%	3.00%	hike +50 bp
Feb 9, 2023	Serbia	5.25%	5.50%	hike +25 bp
Feb 10, 2023	Mexico	10.50%	11.00%	hike +50 bp
Feb 15, 2023	North Macedonia	4.75%	5.25%	hike +50 bp
Feb 15, 2023	Sweden	2.50%	3.00%	hike +50 bp
Feb 17, 2023	Philippines	5.50%	6.00%	hike +50 bp
Feb 23, 2023	Israel	3.75%	4.25%	hike +50 bp
Feb 23, 2023	New Zealand	4.25%	4.75%	hike +50 bp
Feb 24, 2023	Türkiye	9.00%	8.50%	cut -50 bp
Mar 8, 2023	Australia	3.35%	3.60%	hike +25 bp
Mar 9, 2023	Serbia	5.50%	5.75%	hike +25 bp
Mar 17, 2023	Denmark	2.10%	2.60%	hike +50 bp
Mar 22, 2023	Iceland	6.50%	7.50%	hike +100 bp
Mar 22, 2023	North Macedonia	5.25%	5.50%	hike +25 bp
Mar 22, 2023	Euro area	3.00%	3.50%	hike +50 bp
Mar 23, 2023	United Kingdom	4.00%	4.25%	hike +25 bp
Mar 23, 2023	Hong Kong	5.00%	5.25%	hike +25 bp
Mar 23, 2023	Morocco	2.50%	3.00%	hike +50 bp
Mar 23, 2023	Saudi Arabia	5.25%	5.50%	hike +25 bp
Mar 23, 2023	United States	4.625%	4.875%	hike +25 bp
Mar 24, 2023	Switzerland	1.00%	1.50%	hike +50 bp
Mar 24, 2023	Norway	2.75%	3.00%	hike +25 bp
Mar 24, 2023	Philippines	6.00%	6.25%	hike +25 bp
Mar 29, 2023	Thailand	1.50%	1.75%	hike +25 bp
Mar 31, 2023	Colombia	12.75%	13.00%	hike +25 bp
Mar 31, 2023	Mexico	11.00%	11.25%	hike +25 bp
Mar 31, 2023	South Africa	7.25%	7.75%	hike +50 bp
Apr 6, 2023	New Zealand	4.75%	5.25%	hike +50 bp
Apr 6, 2023	Serbia	5.75%	6.00%	hike +25 bp
Apr 7, 2023	Israel	4.25%	4.50%	hike +25 bp
May 2, 2023	Colombia	13.00%	13.25%	hike +25 bp
May 3, 2023	Australia	3.60%	3.85%	hike +25 bp
May 3, 2023	Malaysia	2.75%	3.00%	hike +25 bp
May 3, 2023	Saudi Arabia	5.50%	5.75%	hike +25 bp
May 3, 2023	Sweden	3.00%	3.50%	hike +50 bp
May 4, 2023	Hong Kong	5.25%	5.50%	hike +25 bp
May 4, 2023	United States	4.875%	5.125%	hike +25 bp
May 5, 2023	Norway	3.00%	3.25%	hike +25 bp
May 8, 2023	Denmark	2.60%	2.85%	hike +25 bp
May 10, 2023	North Macedonia	5.50%	5.75%	hike +25 bp
May 10, 2023	Euro area	3.50%	3.75%	hike +25 bp
May 11, 2023	United Kingdom	4.25%	4.50%	hike +25 bp
May 24, 2023	Iceland	7.50%	8.75%	hike +125 bp
May 25, 2023	Israel	4.50%	4.75%	hike +25 bp
May 25, 2023	New Zealand	5.25%	5.50%	hike +25 bp
May 26, 2023	South Africa	7.75%	8.25%	hike +50 bp
May 31, 2023	Thailand	1.75%	2.00%	hike +25 bp
Jun 7, 2023	Australia	3.85%	4.10%	hike +25 bp
Jun 8, 2023	Canada	4.50%	4.75%	hike +25 bp
Jun 8, 2023	Serbia	6.00%	6.25%	hike +25 bp
Jun 16, 2023	Denmark	2.85%	3.10%	hike +25 bp
Jun 20, 2023	China	3.65%	3.55%	cut -10 bp
Jun 21, 2023	North Macedonia	5.75%	6.00%	hike +25 bp
Jun 21, 2023	Euro area	3.75%	4.00%	hike +25 bp
Jun 22, 2023	United Kingdom	4.50%	5.00%	hike +50 bp
Jun 23, 2023	Switzerland	1.50%	1.75%	hike +25 bp
Jun 23, 2023	Norway	3.25%	3.75%	hike +50 bp
Jun 23, 2023	Türkiye	8.50%	15.00%	hike +650 bp
Jul 5, 2023	Sweden	3.50%	3.75%	hike +25 bp
Jul 13, 2023	Canada	4.75%	5.00%	hike +25 bp
Jul 13, 2023	Serbia	6.25%	6.50%	hike +25 bp
Jul 21, 2023	Türkiye	15.00%	17.50%	hike +250 bp
Jul 25, 2023	Russia	7.50%	8.50%	hike +100 bp
Jul 26, 2023	Kuwait	4.00%	4.25%	hike +25 bp
Jul 26, 2023	Saudi Arabia	5.75%	6.00%	hike +25 bp
Jul 27, 2023	Hong Kong	5.50%	5.75%	hike +25 bp
Jul 27, 2023	United States	5.125%	5.375%	hike +25 bp
Jul 28, 2023	Denmark	3.10%	3.35%	hike +25 bp
Jul 31, 2023	Chile	11.25%	10.25%	cut -100 bp
Aug 2, 2023	Thailand	2.00%	2.25%	hike +25 bp
Aug 2, 2023	Euro area	4.00%	4.25%	hike +25 bp
Aug 3, 2023	Brazil	13.75%	13.25%	cut -50 bp
Aug 3, 2023	United Kingdom	5.00%	5.25%	hike +25 bp
Aug 3, 2023	North Macedonia	6.00%	6.15%	hike +15 bp
Aug 15, 2023	Russia	8.50%	12.00%	hike +350 bp
Aug 18, 2023	Norway	3.75%	4.00%	hike +25 bp
Aug 20, 2023	China	3.55%	3.45%	cut -10 bp
Aug 23, 2023	Iceland	8.75%	9.25%	hike +50 bp
Aug 25, 2023	Türkiye	17.50%	25.00%	hike +750 bp
Sep 6, 2023	Chile	10.25%	9.50%	cut -75 bp
Sep 7, 2023	Poland	6.75%	6.00%	cut -75 bp
Sep 15, 2023	Denmark	3.35%	3.60%	hike +25 bp
Sep 15, 2023	Peru	7.75%	7.50%	cut -25 bp
Sep 18, 2023	Russia	12.00%	13.00%	hike +100 bp
Sep 20, 2023	North Macedonia	6.15%	6.30%	hike +15 bp
Sep 20, 2023	Euro area	4.25%	4.50%	hike +25 bp
Sep 21, 2023	Brazil	13.25%	12.75%	cut -50 bp
Sep 22, 2023	Norway	4.00%	4.25%	hike +25 bp
Sep 22, 2023	Türkiye	25.00%	30.00%	hike +500 bp
Sep 27, 2023	Sweden	3.75%	4.00%	hike +25 bp
Sep 27, 2023	Thailand	2.25%	2.50%	hike +25 bp
Oct 5, 2023	Poland	6.00%	5.75%	cut -25 bp
Oct 6, 2023	Peru	7.50%	7.25%	cut -25 bp
Oct 19, 2023	Indonesia	5.75%	6.00%	hike +25 bp
Oct 25, 2023	Hungary	13.00%	12.25%	cut -75 bp
Oct 27, 2023	Philippines	6.25%	6.50%	hike +25 bp
Oct 27, 2023	Türkiye	30.00%	35.00%	hike +500 bp
Oct 30, 2023	Chile	9.50%	9.00%	cut -50 bp
Oct 30, 2023	Russia	13.00%	15.00%	hike +200 bp
Nov 2, 2023	Brazil	12.75%	12.25%	cut -50 bp
Nov 8, 2023	Australia	4.10%	4.35%	hike +25 bp
Nov 10, 2023	Peru	7.25%	7.00%	cut -25 bp
Nov 22, 2023	Hungary	12.25%	11.50%	cut -75 bp
Nov 24, 2023	Türkiye	35.00%	40.00%	hike +500 bp
Dec 14, 2023	Brazil	12.25%	11.75%	cut -50 bp
Dec 15, 2023	Norway	4.25%	4.50%	hike +25 bp
Dec 15, 2023	Peru	7.00%	6.75%	cut -25 bp
Dec 18, 2023	Russia	15.00%	16.00%	hike +100 bp
Dec 20, 2023	Chile	9.00%	8.25%	cut -75 bp
Dec 20, 2023	Colombia	13.25%	13.00%	cut -25 bp
Dec 20, 2023	Hungary	11.50%	10.75%	cut -75 bp
Dec 22, 2023	Czechia	7.00%	6.75%	cut -25 bp
Dec 22, 2023	Türkiye	40.00%	42.50%	hike +250 bp

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