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Countries by central bank policy rate

Türkiye had the highest central bank policy rate of 37 countries in May 2026, at 37%. Switzerland had the lowest, at 0%. The median was 4%. Source: Bank for International Settlements.

Highest37Türkiye
Lowest0Switzerland
Median437 countries

All countries, May 2026

CSVChart (SVG)

TürkiyeTürkiye: 37 %37BrazilBrazil: 14.5 %14.5RussiaRussia: 14.5 %14.5ColombiaColombia: 11.25 %11.25IcelandIceland: 7.75 %7.75South AfricaSouth Africa: 7 %7MexicoMexico: 6.5 %6.5RomaniaRomania: 6.5 %6.5HungaryHungary: 6.25 %6.25SerbiaSerbia: 5.75 %5.75IndiaIndia: 5.25 %5.25IndonesiaIndonesia: 5.25 %5.25ChileChile: 4.5 %4.5PhilippinesPhilippines: 4.5 %4.5AustraliaAustralia: 4.35 %4.35NorwayNorway: 4.25 %4.25PeruPeru: 4.25 %4.25Saudi ArabiaSaudi Arabia: 4.25 %4.25Hong KongHong Kong: 4 %4North MacedoniaNorth Macedonia: 4 %4IsraelIsrael: 3.75 %3.75PolandPoland: 3.75 %3.75United KingdomUnited Kingdom: 3.75 %3.75United StatesUnited States: 3.625 %3.625CzechiaCzechia: 3.5 %3.5KuwaitKuwait: 3.5 %3.5ChinaChina: 3 %3MalaysiaMalaysia: 2.75 %2.75South KoreaSouth Korea: 2.5 %2.5CanadaCanada: 2.25 %2.25MoroccoMorocco: 2.25 %2.25New ZealandNew Zealand: 2.25 %2.25SwedenSweden: 1.75 %1.75DenmarkDenmark: 1.6 %1.6ThailandThailand: 1 %1JapanJapan: 0.75 %0.75SwitzerlandSwitzerland: 0 %0
%. Source: BIS. Retrieved 2026-10-09.

Full ranking

RankCountriesMay 2026 (%)Change on May 2025
1Türkiye37-9 pts
2Brazil14.5-0.25 pts
2Russia14.5-6.5 pts
4Colombia11.25+2 pts
5Iceland7.75+0.25 pts
6South Africa7-0.25 pts
7Mexico6.5-2 pts
7Romania6.50 pts
9Hungary6.25-0.25 pts
10Serbia5.750 pts
11India5.25-0.75 pts
11Indonesia5.25-0.25 pts
13Chile4.5-0.5 pts
13Philippines4.5-1 pts
15Australia4.35+0.5 pts
16Norway4.25-0.25 pts
16Peru4.25-0.25 pts
16Saudi Arabia4.25-0.75 pts
19Hong Kong4-0.75 pts
19North Macedonia4-1.35 pts
21Israel3.75-0.75 pts
21Poland3.75-1.5 pts
21United Kingdom3.75-0.5 pts
24United States3.625-0.75 pts
25Czechia3.50 pts
25Kuwait3.5-0.5 pts
27China30 pts
28Malaysia2.75-0.25 pts
29South Korea2.50 pts
30Canada2.25-0.5 pts
30Morocco2.250 pts
30New Zealand2.25-1 pts
33Sweden1.75-0.5 pts
34Denmark1.6-0.25 pts
35Thailand1-0.75 pts
36Japan0.75+0.25 pts
37Switzerland0-0.25 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 May 2026 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 37% in May 2026, according to Bank for International Settlements.

Which country has the lowest central bank policy rate?

Switzerland, with 0% in May 2026.

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 May 2026 and are not ranked.

Central bank policy rate: other rankings

Countries: more rankings