World central bank interest rates
Policy rate 0 Central bank, latest change, next meeting and rate history. Source: BIS
{0} interest rate history
Each step is a central bank decision. Source: BIS
Interest rate difference between two currencies
The direction is approximate; each broker sets the actual swap with its own fee.
All central banks
| Country | Central bank | Previous | Change (bp) | Last change | Next meeting | |
|---|---|---|---|---|---|---|
| No country matches this search. | ||||||
100 bp = 1%. ▲ rise, ▼ cut against the previous rate. Tap a country to see its history.
Why do interest rates matter to traders?
The interest rate is a central bank's main tool against inflation and directly affects the national currency, stocks, gold and crypto. A higher rate makes money more expensive and the country's currency more attractive; that is why central bank meetings are among the most volatile moments in the market. Economic calendar and see trading hours in the Market hours .
FAQ
What is the policy rate?
The rate a central bank sets for short-term loans to banks (the federal funds rate in the US, the deposit rate in the euro area). The economy's other rates, from deposits to mortgages, follow it.
How do interest rates affect currencies?
A higher interest rate makes holding a country's currency more rewarding and usually raises its value. That is why central bank decisions are among the most volatile forex events; see when they are in the economic calendar.
What does bp (basis point) mean?
A basis point is one hundredth of a percent: 25 bp = 0.25% and 100 bp = 1%. Central banks usually move rates by 25 or 50 bp.
What does the rate difference have to do with swap?
When you hold a position overnight, the broker charges or pays a swap based on the rate difference between the two currencies. If the currency you bought has the higher rate, the swap is usually positive or less negative (carry trade). Each broker sets the exact amount.
How do nominal and real interest rates differ?
The nominal rate is the figure the central bank announces. The real rate is roughly the nominal rate minus inflation; if inflation is above the interest rate, the real rate is negative and cash loses value.
Where does this page's data come from?
The rates of 38 central banks are read every day from the Bank for International Settlements (BIS), which collects them straight from the central banks and usually publishes them a few days later. Rates of countries BIS does not cover (such as Iran) are entered by the Teagle team from the official source and marked «manual».