The world

Every central bank against its own inflation, who is cutting, who is hiking

The world's money

Every central bank the BIS records, its rate against its own inflation, and which way it last moved.

Sep 29, 2026
11

central banks whose last move, within 90 days, was a hike

3

central banks whose last move, within 90 days, was a cut

1.3%

median real policy rate · the rate less inflation, across 36 banks

The Fed sits at 3.88% against inflation of 3.4%, the ECB at 2.50% against inflation of 3.3%, the Bank of Japan at 1.25% against inflation of 1.9%. Money is dearest in Brazil, where the Selic target of 13.75% stands 9.5 points above inflation, and cheapest in Thailand, 1.5 points below it.

Money on the map

The policy rate of every central bank the BIS records, the area of each bubble the rate.

36 central banks, rates as of Sep 29, 2026
Turkey: 37.00%, one-week repo rateRussia: 14.00%, key rateBrazil: 13.75%, Selic targetColombia: 12.00%, policy rateIceland: 8.00%, seven-day deposit rateSouth Africa: 7.25%, repo rateMexico: 6.50%, overnight rate targetRomania: 6.50%, policy rateIndonesia: 5.75%, BI rateSerbia: 5.75%, key policy rateHungary: 5.50%, base ratePhilippines: 5.00%, overnight reverse repo rateChile: 4.50%, monetary policy rateNorway: 4.50%, policy rateAustralia: 4.35%, cash rate targetHong Kong: 4.25%, base rateNorth Macedonia: 4.25%, policy ratePeru: 4.25%, reference rateSaudi Arabia: 4.25%, repo rateUnited States: 3.88%, fed funds target, midpointCzechia: 3.75%, two-week repo ratePoland: 3.75%, reference rateUnited Kingdom: 3.75%, bank rateKuwait: 3.50%, discount rateChina: 3.00%, one-year loan prime rateSouth Korea: 3.00%, base rateMalaysia: 2.75%, overnight policy rateNew Zealand: 2.75%, official cash rateEuro area: 2.50%, deposit facility rateCanada: 2.25%, overnight rate targetMorocco: 2.25%, key rateDenmark: 2.10%, current-account rateSweden: 1.75%, policy rateJapan: 1.25%, overnight call rate targetThailand: 1.00%, one-day repo rateSwitzerland: 0.00%, SNB policy rate

Dearest money, in real terms

  1. Brazil9.5%
    13.75% against inflation of 4.2%
  2. Russia7.7%
    14.00% against inflation of 6.3%
  3. Colombia5.8%
    12.00% against inflation of 6.2%
  4. Turkey5.5%
    37.00% against inflation of 31.5%
  5. Hungary4.2%
    5.50% against inflation of 1.3%
  6. Serbia3.5%
    5.75% against inflation of 2.2%
  7. Mexico3.2%
    6.50% against inflation of 3.3%
  8. South Africa3.0%
    7.25% against inflation of 4.3%

Cutting

  1. Brazil13.75%
    cut 25 bp on Sep 17, 2026
  2. Hungary5.50%
    cut 25 bp on Aug 26, 2026
  3. Russia14.00%
    cut 25 bp on Jul 27, 2026

Hiking

  1. Norway4.50%
    raised 25 bp on Sep 25, 2026
  2. South Africa7.25%
    raised 25 bp on Sep 25, 2026
  3. Japan1.25%
    raised 25 bp on Sep 24, 2026
  4. Hong Kong4.25%
    raised 25 bp on Sep 17, 2026
  5. United States3.88%
    raised 25 bp on Sep 17, 2026
  6. Euro area2.50%
    raised 25 bp on Sep 16, 2026
  7. Denmark2.10%
    raised 25 bp on Sep 11, 2026
  8. New Zealand2.75%
    raised 25 bp on Sep 3, 2026

What governments pay for ten years

What each government pays to borrow for ten years, the latest month the OECD has.

44 economies, to Aug 2026
Colombia: ten-year yield 12.15% in Aug 2026, −18 bp on the yearMexico: ten-year yield 9.16% in Aug 2026, +2 bp on the yearBrazil: ten-year yield 9.14% in Aug 2026, +18 bp on the yearSouth Africa: ten-year yield 8.75% in Aug 2026, −140 bp on the yearIndia: ten-year yield 6.78% in Jul 2026, +43 bp on the yearCosta Rica: ten-year yield 6.28% in Aug 2026, −26 bp on the yearRomania: ten-year yield 6.09% in Jul 2026, −104 bp on the yearChile: ten-year yield 5.55% in Jul 2026, −7 bp on the yearPoland: ten-year yield 5.50% in Jul 2026, +16 bp on the yearHungary: ten-year yield 5.46% in Aug 2026, −157 bp on the yearAustralia: ten-year yield 5.01% in Aug 2026, +74 bp on the yearUnited Kingdom: ten-year yield 4.99% in Aug 2026, +35 bp on the yearCzechia: ten-year yield 4.91% in Aug 2026, +56 bp on the yearNew Zealand: ten-year yield 4.71% in Aug 2026, +30 bp on the yearUnited States: ten-year yield 4.68% in Aug 2026, +42 bp on the yearNorway: ten-year yield 4.29% in Aug 2026, +41 bp on the yearSouth Korea: ten-year yield 4.29% in Aug 2026, +147 bp on the yearBulgaria: ten-year yield 4.09% in Jul 2026, +16 bp on the yearIsrael: ten-year yield 3.93% in Aug 2026, −24 bp on the yearItaly: ten-year yield 3.88% in Jul 2026, +34 bp on the yearGreece: ten-year yield 3.87% in Aug 2026, +50 bp on the yearFrance: ten-year yield 3.85% in Jul 2026, +49 bp on the yearBelgium: ten-year yield 3.76% in Aug 2026, +53 bp on the yearEstonia: ten-year yield 3.75% in Jul 2026, +52 bp on the yearLatvia: ten-year yield 3.73% in Jul 2026, +56 bp on the yearSlovakia: ten-year yield 3.73% in Jul 2026, +30 bp on the yearCanada: ten-year yield 3.67% in Aug 2026, +25 bp on the yearEuro area: ten-year yield 3.67% in Aug 2026, +46 bp on the yearSpain: ten-year yield 3.63% in Aug 2026, +38 bp on the yearCroatia: ten-year yield 3.58% in Jul 2026, +53 bp on the yearFinland: ten-year yield 3.52% in Aug 2026, +43 bp on the yearPortugal: ten-year yield 3.44% in Jul 2026, +34 bp on the yearSlovenia: ten-year yield 3.37% in Jul 2026, +33 bp on the yearAustria: ten-year yield 3.32% in Jul 2026, +31 bp on the yearLuxembourg: ten-year yield 3.30% in Jul 2026, +39 bp on the yearIreland: ten-year yield 3.25% in Jul 2026, +33 bp on the yearNetherlands: ten-year yield 3.19% in Jul 2026, +35 bp on the yearGermany: ten-year yield 3.18% in Aug 2026, +51 bp on the yearSweden: ten-year yield 3.02% in Aug 2026, +59 bp on the yearJapan: ten-year yield 2.94% in Aug 2026, +134 bp on the yearDenmark: ten-year yield 2.93% in Jul 2026, +38 bp on the yearLithuania: ten-year yield 2.88% in Jul 2026, 0 bp on the yearChina: ten-year yield 1.71% in Jul 2026, +1 bp on the yearSwitzerland: ten-year yield 0.47% in Aug 2026, +15 bp on the year

Ten-year money costs the US Treasury 4.68%, Germany 3.18% and Japan 2.94% as of Aug 2026, Japan +134 bp on the year. 5 curves are inverted, the ten-year below the policy rate: Brazil, China, Romania, Norway, Hungary.

Dearest ten-year money

  1. Colombia12.15%
    −18 bp on the year
  2. Mexico9.16%
    +2 bp on the year
  3. Brazil9.14%
    +18 bp on the year
  4. South Africa8.75%
    −140 bp on the year
  5. India6.78%
    +43 bp on the year
  6. Costa Rica6.28%
    −26 bp on the year

Risen most in a year

  1. South Korea+147 bp
    to 4.29%
  2. Japan+134 bp
    to 2.94%
  3. Australia+74 bp
    to 5.01%
  4. Sweden+59 bp
    to 3.02%
  5. Czechia+56 bp
    to 4.91%
  6. Latvia+56 bp
    to 3.73%

Fallen most in a year

  1. Hungary−157 bp
    to 5.46%
  2. South Africa−140 bp
    to 8.75%
  3. Romania−104 bp
    to 6.09%
  4. Costa Rica−26 bp
    to 6.28%
  5. Israel−24 bp
    to 3.93%
  6. Colombia−18 bp
    to 12.15%

Every central bank

Two years of each policy rate, the last move, and the latest inflation print. Dearest money first.

39 banks
  • Turkey37.00%

    cut 100 bp to 37.00% on Jan 23, 2026 · inflation 31.5% in Aug 2026

  • Argentina29.00%

    last recorded Jul 10, 2025 · inflation 33.7% in Aug 2026

  • Russia14.00%

    cut 25 bp to 14.00% on Jul 27, 2026 · inflation 6.3% in Aug 2026

  • Brazil13.75%

    cut 25 bp to 13.75% on Sep 17, 2026 · inflation 4.2% in Aug 2026

  • Colombia12.00%

    raised 75 bp to 12.00% on Jul 1, 2026 · inflation 6.2% in Aug 2026

  • Iceland8.00%

    raised 25 bp to 8.00% on Aug 19, 2026 · inflation 5.6% in Aug 2026

  • South Africa7.25%

    raised 25 bp to 7.25% on Sep 25, 2026 · inflation 4.3% in Jul 2026

  • Mexico6.50%

    cut 25 bp to 6.50% on May 8, 2026 · inflation 3.3% in Aug 2026

  • Romania6.50%

    no move in two years · inflation 6.2% in Aug 2026

  • Indonesia5.75%

    raised 25 bp to 5.75% on Jun 18, 2026 · inflation 3.2% in Aug 2026

  • Serbia5.75%

    no move in two years · inflation 2.2% in Aug 2026

  • Hungary5.50%

    cut 25 bp to 5.50% on Aug 26, 2026 · inflation 1.3% in Aug 2026

  • India5.25%

    last recorded Jul 23, 2026 · inflation 4.4% in Jul 2026

  • Philippines5.00%

    raised 25 bp to 5.00% on Aug 28, 2026 · inflation 6.2% in Aug 2026

  • Chile4.50%

    cut 25 bp to 4.50% on Dec 17, 2025 · inflation 4.1% in Aug 2026

  • Norway4.50%

    raised 25 bp to 4.50% on Sep 25, 2026 · inflation 3.3% in Aug 2026

  • Australia4.35%

    raised 25 bp to 4.35% on May 6, 2026 · inflation 3.9% in Jun 2026

  • Hong Kong4.25%

    raised 25 bp to 4.25% on Sep 17, 2026 · inflation 1.6% in Jul 2026

  • North Macedonia4.25%

    raised 25 bp to 4.25% on Jun 17, 2026 · inflation 2.6% in Aug 2026

  • Peru4.25%

    cut 25 bp to 4.25% on Sep 12, 2025 · inflation 4.4% in Aug 2026

  • Saudi Arabia4.25%

    cut 25 bp to 4.25% on Dec 10, 2025 · inflation 1.8% in Aug 2026

  • United States3.88%

    raised 25 bp to 3.88% on Sep 17, 2026 · inflation 3.4% in Aug 2026

  • Czechia3.75%

    raised 25 bp to 3.75% on Jun 19, 2026 · inflation 1.9% in Aug 2026

  • Poland3.75%

    cut 25 bp to 3.75% on Mar 5, 2026 · inflation 3.3% in Aug 2026

  • United Kingdom3.75%

    cut 25 bp to 3.75% on Dec 18, 2025 · inflation 3.1% in Aug 2026

  • Israel3.50%

    last recorded Jul 31, 2026 · inflation 1.6% in Jun 2026

  • Kuwait3.50%

    cut 25 bp to 3.50% on Dec 11, 2025 · inflation 2.2% in Jun 2026

  • China3.00%

    cut 10 bp to 3.00% on May 20, 2025 · inflation 0.8% in Aug 2026

  • South Korea3.00%

    raised 25 bp to 3.00% on Aug 27, 2026 · inflation 2.8% in Jul 2026

  • Malaysia2.75%

    cut 25 bp to 2.75% on Jul 9, 2025 · inflation 1.9% in Aug 2026

  • New Zealand2.75%

    raised 25 bp to 2.75% on Sep 3, 2026 · inflation 4.1% in Jun 2026

  • Euro area2.50%

    raised 25 bp to 2.50% on Sep 16, 2026 · inflation 3.3% in Aug 2026

  • Canada2.25%

    cut 25 bp to 2.25% on Oct 30, 2025 · inflation 3.0% in Aug 2026

  • Morocco2.25%

    cut 25 bp to 2.25% on Mar 20, 2025 · inflation −0.6% in Jul 2026

  • Denmark2.10%

    raised 25 bp to 2.10% on Sep 11, 2026 · inflation 2.0% in Aug 2026

  • Sweden1.75%

    cut 25 bp to 1.75% on Oct 1, 2025 · inflation 0.3% in Aug 2026

  • Japan1.25%

    raised 25 bp to 1.25% on Sep 24, 2026 · inflation 1.9% in Jul 2026

  • Thailand1.00%

    cut 25 bp to 1.00% on Feb 25, 2026 · inflation 2.5% in Aug 2026

  • Switzerland0.00%

    cut 25 bp to 0.00% on Jun 20, 2025 · inflation 0.8% in Aug 2026

Inflation elsewhere

The economies without a policy rate of their own, most of them under the ECB: prices against a year ago.

AlgeriaJun 2026
8.4%
LithuaniaAug 2026 · ECB at 2.50%
6.0%
BulgariaAug 2026 · ECB at 2.50%
5.1%
SpainAug 2026 · ECB at 2.50%
4.3%
BelgiumAug 2026 · ECB at 2.50%
4.0%
CroatiaJul 2026 · ECB at 2.50%
3.9%
GreeceAug 2026 · ECB at 2.50%
3.8%
IrelandJul 2026 · ECB at 2.50%
3.4%
ItalyAug 2026 · ECB at 2.50%
3.3%
PortugalAug 2026 · ECB at 2.50%
3.3%
SlovakiaJul 2026 · ECB at 2.50%
3.3%
AustriaAug 2026 · ECB at 2.50%
3.2%
NetherlandsJul 2026 · ECB at 2.50%
3.2%
LatviaAug 2026 · ECB at 2.50%
3.1%
SloveniaJul 2026 · ECB at 2.50%
2.9%
CyprusJul 2026 · ECB at 2.50%
2.9%
GermanyAug 2026 · ECB at 2.50%
2.9%
MaltaJul 2026 · ECB at 2.50%
2.7%
FranceAug 2026 · ECB at 2.50%
2.4%
SingaporeJul 2026
2.2%
LuxembourgAug 2026 · ECB at 2.50%
2.2%
FinlandJul 2026 · ECB at 2.50%
2.1%
United Arab EmiratesDec 2025
2.0%
EstoniaAug 2026 · ECB at 2.50%
1.5%

Policy rates and consumer prices from the Bank for International Settlements’ data portal, which records what each central bank calls its policy rate: the midpoint of the Fed’s target range, the ECB’s deposit facility rate, the Bank of Japan’s overnight call rate target, China’s one-year loan prime rate. Euro-area members are shown at the ECB’s rate against their own prices. A real rate is the policy rate less the latest year-on-year inflation print, so it looks back, not forward; a bank the BIS has not updated in 45 days is shown with its last date and kept out of the lists. Ten-year yields are the OECD’s long-term interest rates, monthly, the yield on ten-year or nearest government bonds. The US desk, with the auctions and overnight money, is Treasury desk.