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Countries by central bank policy rate

Türkiye had the highest central bank policy rate of 37 countries in September 2025, at 40.5%. Switzerland had the lowest, at 0%. The median was 4.5%. Source: Bank for International Settlements.

Highest40.5Türkiye
Lowest0Switzerland
Median4.537 countries

All countries, September 2025

CSVChart (SVG)

TürkiyeTürkiye: 40.5 %40.5RussiaRussia: 17 %17BrazilBrazil: 15 %15ColombiaColombia: 9.25 %9.25IcelandIceland: 7.5 %7.5MexicoMexico: 7.5 %7.5South AfricaSouth Africa: 7 %7HungaryHungary: 6.5 %6.5RomaniaRomania: 6.5 %6.5SerbiaSerbia: 5.75 %5.75IndiaIndia: 5.5 %5.5North MacedoniaNorth Macedonia: 5.35 %5.35PhilippinesPhilippines: 5 %5ChileChile: 4.75 %4.75IndonesiaIndonesia: 4.75 %4.75PolandPoland: 4.75 %4.75Saudi ArabiaSaudi Arabia: 4.75 %4.75Hong KongHong Kong: 4.5 %4.5IsraelIsrael: 4.5 %4.5PeruPeru: 4.25 %4.25United StatesUnited States: 4.125 %4.125NorwayNorway: 4 %4United KingdomUnited Kingdom: 4 %4KuwaitKuwait: 3.75 %3.75AustraliaAustralia: 3.6 %3.6CzechiaCzechia: 3.5 %3.5ChinaChina: 3 %3New ZealandNew Zealand: 3 %3MalaysiaMalaysia: 2.75 %2.75CanadaCanada: 2.5 %2.5South KoreaSouth Korea: 2.5 %2.5MoroccoMorocco: 2.25 %2.25SwedenSweden: 2 %2DenmarkDenmark: 1.6 %1.6ThailandThailand: 1.5 %1.5JapanJapan: 0.5 %0.5SwitzerlandSwitzerland: 0 %0
%. Source: BIS. Retrieved 2026-10-09.

Full ranking

RankCountriesSeptember 2025 (%)Change on September 2024
1Türkiye40.5-9.5 pts
2Russia17-2 pts
3Brazil15+4.25 pts
4Colombia9.25-1.5 pts
5Iceland7.5-1.75 pts
5Mexico7.5-3 pts
7South Africa7-1 pts
8Hungary6.50 pts
8Romania6.50 pts
10Serbia5.750 pts
11India5.5-1 pts
12North Macedonia5.35-0.7 pts
13Philippines5-1.25 pts
14Chile4.75-0.75 pts
14Indonesia4.75-1.25 pts
14Poland4.75-1 pts
14Saudi Arabia4.75-0.75 pts
18Hong Kong4.5-0.75 pts
18Israel4.50 pts
20Peru4.25-1 pts
21United States4.125-0.75 pts
22Norway4-0.5 pts
22United Kingdom4-1 pts
24Kuwait3.75-0.25 pts
25Australia3.6-0.75 pts
26Czechia3.5-0.75 pts
27China3-0.35 pts
27New Zealand3-2.25 pts
29Malaysia2.75-0.25 pts
30Canada2.5-1.75 pts
30South Korea2.5-1 pts
32Morocco2.25-0.5 pts
33Sweden2-1.5 pts
34Denmark1.6-1.5 pts
35Thailand1.5-1 pts
36Japan0.5+0.25 pts
37Switzerland0-1 pts

Other periods

About this ranking

The rate a central bank sets to steer monetary policy, or its operational target, in percent per year. United States: effective federal funds rate, monthly average of daily rates (Federal Reserve H.15). Euro area: ECB deposit facility rate in force on the last day of the month. Other countries: the policy rate in force at the end of the month as reported by the national central bank and compiled by the BIS.

Timing differs by source: the US figure is a monthly average of the market rate that the Federal Reserve targets (the target range is set by the FOMC; the BIS copy uses its midpoint), while ECB and BIS figures are end-of-month levels. The euro area series is the deposit facility rate for its whole history; the ECB has steered with it since September 2024, and before that the BIS series and most press coverage used the main refinancing rate (see ecb_main_refinancing_rate). Euro area members have no national policy rate since 1999, so their BIS series end in 1998. Each BIS series names its central bank and the instrument used in each period.

Every value in the ranking comes from the same publisher and the same period, so the countries are compared on one definition. 11 countries with data in other periods have no value for September 2025 and are left out rather than filled from another source. Equal values share a rank.

How to cite

Bank for International Settlements (BIS), from national central bank data. Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). https://stats.bis.org/api/v2/data/dataflow/BIS/WS_CBPOL/1.0/M.TR?format=csv. Retrieved 2026-10-09.

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Questions

Which country has the highest central bank policy rate?

Türkiye, with 40.5% in September 2025, according to Bank for International Settlements.

Which country has the lowest central bank policy rate?

Switzerland, with 0% in September 2025.

Where does this ranking come from?

Every value comes from one source and one period, so the places are comparable: Bank for International Settlements, Central bank policy rates (WS_CBPOL), monthly, end of period, as reported by the national central bank named in the series (SOURCE_REF). Retrieved 2026-10-09. 11 countries have no value for September 2025 and are not ranked.

Central bank policy rate: other rankings

Countries: more rankings