January 28, 2022
South Africa became the fifth central bank to raise its main interest rate this week and the 15th central bank to raise rates so far in 2022 as monetary authorities worldwide continue last year’s tightening of monetary conditions to dampen inflationary pressures as the global economy continues to heal from the COVID-19 pandemic.
Central banks have raised their benchmark interest rates by a total of 11.25 percentage points so far, boosting the average interest rate by the 104 central banks tracked by Central Bank News to 5.58 percent this week from 5.51 percent at the end of 2021 and 4.18 percent at the end of 2020.
Central banks have raised their benchmark interest rates by a total of 11.25 percentage points so far, boosting the average interest rate by the 104 central banks tracked by Central Bank News to 5.58 percent this week from 5.51 percent at the end of 2021 and 4.18 percent at the end of 2020.
Meanwhile, three central banks – Congo, South Sudan and China – have cut rates a total of 4.10 percentage points.
As part of its coverage of global monetary policy, Central Bank News publishes a Global Interest Rate Monitor (GIRM) that tracks changes to central banks’ interest rates.
GIRM is continuously updated and can always be accessed on the Central Bank News website under the section for Interest Rates.
The first section of the table shows changes to policy rates in the current month, including the name of the country that changed its rate, the current policy rate, the latest change in the policy rate in basis points, the date of the change, the year-to-date net change and the change in basis points in the earlier years of 2021, 2020 and 2019.
The second section of the table shows changes year-to-date, starting with the Global Monetary Policy Rate (GMPR), or the average nominal rate of the 104 central banks covered by Central Bank News.
The second section of the table shows changes year-to-date, starting with the Global Monetary Policy Rate (GMPR), or the average nominal rate of the 104 central banks covered by Central Bank News.
This is followed by the change in GMPR year-to-date, and the date for the latest change. It also shows the total change in GMPR in basis points in 2021, 2020 and 2019.
| CHANGES IN JANUARY | |||||||
| COUNTRY | RATE | CHANGE | DATE | 2022 | 2021 | 2020 | 2019 |
| SOUTH AFRICA | 4.00% | 25 | 27-Jan-22 | 25 | 25 | -300 | -25 |
| COSTA RICA | 1.75% | 50 | 26-Jan-22 | 50 | 50 | -200 | -250 |
| CHILE | 5.50% | 150 | 26-Jan-22 | 150 | 350 | -125 | -100 |
| HUNGARY | 2.90% | 50 | 25-Jan-22 | 50 | 180 | -30 | 0 |
| KAZAKHSTAN | 10.25% | 50 | 24-Jan-22 | 50 | 75 | -25 | 0 |
| PARAGUAY | 5.50% | 25 | 21-Jan-22 | 25 | 450 | -325 | -125 |
| UKRAINE | 10.00% | 100 | 20-Jan-22 | 100 | 300 | -750 | -450 |
| SRI LANKA (deposit) | 5.50% | 50 | 20-Jan-22 | 50.00 | 50 | -250 | -100 |
| CHINA | 3.70% | -10 | 20-Jan-22 | -10 | -5 | -30 | -16 |
| SOUTH KOREA | 1.25% | 25 | 14-Jan-22 | 25 | 50 | -75 | -50 |
| MOLDOVA | 8.50% | 20 | 13-Jan-22 | 200 | 385 | -285 | -100 |
| SOUTH SUDAN | 12.00% | -300 | 11-Jan-22 | -300 | 0 | 0 | 0 |
| ROMANIA | 2.00% | 25 | 10-Jan-22 | 25 | 25 | -100 | 0 |
| PERU | 3.00% | 50 | 6-Jan-22 | 50 | 225 | -200 | -50 |
| ARGENTINA | 40.00% | 200 | 6-Jan-22 | 200 | 0 | -1700 | -750 |
| URUGUAY | 6.50% | 75 | 5-Jan-22 | 75 | 125 | 0 | 0 |
| POLAND | 2.25% | 50 | 4-Jan-22 | 50 | 165 | -140 | 0 |
| CONGO, DEM. REP. | 7.50% | -100 | 2-Jan-22 | -100 | -1000 | 950 | -500 |
| CHANGES YEAR TO DATE: | |||||||
| COUNTRY | RATE | CHANGE | DATE | YTD | 2021 | 2020 | 2019 |
| GLOBAL (GMPR) | 5.58% | 7 | 27-Jan-22 | 715 | 7765 | -16233 | -7276 |
| ALBANIA | 0.50% | -50 | 25-Mar-20 | 0 | -50 | 0 | |
| ANGOLA | 20.00% | 450 | 2-Jul-21 | 450 | 0 | -100 | |
| ARGENTINA | 40.00% | 200 | 6-Jan-22 | 200 | 0 | -1700 | -750 |
| ARMENIA | 7.75% | 50 | 14-Dec-21 | 250 | -25 | -50 | |
| AUSTRALIA | 0.10% | -15 | 3-Nov-20 | 0 | -65 | -75 | |
| AZERBAIJAN | 7.25% | 25 | 17-Dec-21 | 100 | -125 | -225 | |
| BAHAMAS | 4.00% | -50 | 22-Dec-16 | 0 | 0 | 0 | |
| BAHRAIN | 1.00% | -75 | 16-Mar-20 | 0 | -125 | -50 | |
| BANGLADESH | 4.75% | -50 | 29-Jul-20 | 0 | -125 | 0 | |
| BARBADOS | 2.00% | -500 | 30-Mar-20 | 0 | -500 | 0 | |
| BELARUS | 9.25% | 75 | 15-Jul-21 | 150 | -125 | -100 | |
| BOTSWANA | 3.75% | -50 | 8-Oct-20 | 0 | -100 | -25 | |
| BRAZIL | 9.25% | 150 | 8-Dec-21 | 725 | -250 | -200 | |
| BULGARIA | 0.00% | -1 | 29-Jan-16 | 0 | 0 | 0 | |
| CANADA | 0.25% | -50 | 27-Mar-20 | 0 | -150 | 0 | |
| CAPE VERDE | 1.00% | -450 | 26-Mar-20 | 0 | -450 | 0 | |
| CEN. AFRICAN STS. | 3.25% | -25 | 27-Mar-20 | 0 | -25 | 0 | |
| CHILE | 5.50% | 150 | 26-Jan-22 | 150 | 350 | -125 | -100 |
| CHINA | 3.70% | -10 | 20-Jan-22 | -10 | -5 | -30 | -16 |
| COLOMBIA | 3.00% | 50 | 17-Dec-21 | 125 | -250 | 0 | |
| CONGO, DEM. REP. | 7.50% | -100 | 2-Jan-22 | -100 | -1000 | 950 | -500 |
| COSTA RICA | 1.75% | 50 | 26-Jan-22 | 50 | 50 | -200 | -250 |
| CROATIA | 2.50% | -250 | 20-Oct-15 | 0 | 0 | 0 | |
| CZECH REPUBLIC | 3.75% | 100 | 22-Dec-21 | 350 | -175 | 25 | |
| DENMARK | -0.60% | -10 | 30-Sep-21 | 0 | 15 | -10 | |
| DOMINICAN REP. | 4.50% | 100 | 30-Dec-21 | 150 | -150 | -100 | |
| EAST. CARIBBEAN | 2.00% | -450 | 3-Apr-20 | 0 | -450 | 0 | |
| EGYPT | 8.25% | -50 | 12-Nov-20 | 0 | -400 | -450 | |
| ESWATINI | 3.75% | -25 | 24-Jul-20 | 0 | -275 | -25 | |
| EURO AREA | 0.00% | -5 | 10-Mar-16 | 0 | 0 | 0 | |
| FIJI | 0.25% | -25 | 18-Mar-20 | 0 | -25 | 0 | |
| GAMBIA | 10.00% | -200 | 28-May-20 | 0 | -250 | -100 | |
| GEORGIA | 10.50% | 50 | 8-Dec-21 | 250 | -100 | 200 | |
| GHANA | 14.50% | 100 | 22-Nov-21 | 0 | -150 | -100 | |
| GUATEMALA | 1.75% | -25 | 25-Jun-20 | 0 | -100 | 0 | |
| HONDURAS | 3.00% | -75 | 23-Nov-20 | 0 | -250 | 0 | |
| HONG KONG | 0.86% | -64 | 16-Mar-20 | 0 | -114 | -75 | |
| HUNGARY | 2.90% | 50 | 25-Jan-22 | 50 | 180 | -30 | 0 |
| ICELAND | 2.00% | 50 | 17-Nov-21 | 125 | -225 | -150 | |
| INDIA | 4.00% | -40 | 22-May-20 | 0 | -115 | -135 | |
| INDONESIA | 3.50% | -25 | 18-Feb-21 | -25 | -125 | -100 | |
| ISRAEL | 0.10% | -15 | 6-Apr-20 | 0 | -15 | 0 | |
| JAMAICA | 2.50% | 50 | 20-Dec-21 | 200 | 0 | -125 | |
| JAPAN | -0.10% | -20 | 29-Jan-16 | 0 | 0 | 0 | |
| JORDAN | 2.50% | -100 | 16-Mar-20 | 0 | -150 | -75 | |
| KAZAKHSTAN | 10.25% | 50 | 24-Jan-22 | 50 | 75 | -25 | 0 |
| KENYA | 7.00% | -25 | 29-Apr-20 | 0 | -150 | -50 | |
| KUWAIT | 1.50% | -100 | 16-Mar-20 | 0 | -125 | -25 | |
| KYRGYZSTAN | 8.00% | 50 | 29-Nov-21 | 300 | 75 | -50 | |
| LESOTHO | 3.75% | 25 | 22-Nov-21 | 25 | -300 | -25 | |
| LIBERIA | 20.00% | -500 | 20-Aug-21 | -500 | -500 | 0 | |
| MACAU | 0.86% | -64 | 16-Mar-20 | 0 | -114 | -75 | |
| MACEDONIA | 1.25% | -25 | 10-Mar-21 | -25 | -100 | -25 | |
| MALAWI | 12.00% | -150 | 6-Nov-20 | 0 | -150 | -250 | |
| MALAYSIA | 1.75% | -25 | 7-Jul-20 | 0 | -125 | -25 | |
| MAURITIUS | 1.85% | -100 | 16-Apr-20 | 0 | -150 | -15 | |
| MEXICO | 5.50% | 50 | 16-Dec-21 | 125 | -300 | -100 | |
| MOLDOVA | 8.50% | 20 | 13-Jan-22 | 200 | 385 | -285 | -100 |
| MONGOLIA | 6.00% | -200 | 23-Nov-20 | 0 | -500 | 0 | |
| MOROCCO | 1.50% | -50 | 16-Jun-20 | 0 | -75 | 0 | |
| MOZAMBIQUE | 13.25% | 300 | 27-Jan-21 | 300 | -250 | -150 | |
| MYANMAR | 7.00% | -150 | 27-Apr-20 | 0 | -300 | 0 | |
| NAMIBIA | 3.75% | -25 | 19-Aug-20 | 0 | -275 | -25 | |
| NEW ZEALAND | 0.75% | 25 | 24-Nov-21 | 50 | -75 | -75 | |
| NIGERIA | 11.50% | -100 | 22-Sep-20 | 0 | -200 | -50 | |
| NORWAY | 0.50% | 25 | 16-Dec-21 | 50 | -150 | 75 | |
| PAKISTAN | 9.75% | 100 | 14-Dec-21 | 275 | -625 | 325 | |
| PAPUA NEW GUINEA | 3.00% | -200 | 30-Mar-20 | 0 | -200 | -225 | |
| PARAGUAY | 5.50% | 25 | 21-Jan-22 | 25 | 450 | -325 | -125 |
| PERU | 3.00% | 50 | 6-Jan-22 | 50 | 225 | -200 | -50 |
| PHILIPPINES | 2.00% | -25 | 19-Nov-20 | 0 | -200 | -75 | |
| POLAND | 2.25% | 50 | 4-Jan-22 | 50 | 165 | -140 | 0 |
| QATAR | 2.50% | -100 | 16-Mar-20 | 0 | -175 | -75 | |
| ROMANIA | 2.00% | 25 | 10-Jan-22 | 25 | 25 | -100 | 0 |
| RUSSIA | 8.50% | 100 | 17-Dec-21 | 425 | -200 | -150 | |
| RWANDA | 4.50% | -50 | 30-Apr-20 | 0 | -50 | -50 | |
| SAMOA | 0.14% | -1 | 1-Jul-16 | 0 | 0 | 0 | |
| SAUDI ARABIA | 1.00% | -75 | 16-Mar-20 | 0 | -125 | -75 | |
| SERBIA | 1.00% | -25 | 10-Dec-20 | 0 | -125 | -75 | |
| SEYCHELLES | 2.00% | -100 | 30-Jun-21 | -100 | -200 | -50 | |
| SIERRA LEONE | 14.25% | 25 | 24-Dec-22 | 25 | -250 | 0 | |
| SOUTH AFRICA | 4.00% | 25 | 27-Jan-22 | 25 | 25 | -300 | -25 |
| SOUTH KOREA | 1.25% | 25 | 14-Jan-22 | 25 | 50 | -75 | -50 |
| SOUTH SUDAN | 12.00% | -300 | 11-Jan-22 | -300 | 0 | 0 | 0 |
| SRI LANKA (deposit) | 5.50% | 50 | 20-Jan-22 | 50 | 50 | -250 | -100 |
| SWEDEN | 0.00% | 25 | 19-Dec-19 | 0 | 0 | 25 | |
| SWITZERLAND | -0.75% | -50 | 15-Jan-15 | 0 | 0 | 0 | |
| TAIWAN | 1.125% | -25 | 19-Mar-20 | 0 | -25 | 0 | |
| TAJIKISTAN | 13.25% | 25 | 22-Oct-21 | 250 | -150 | -175 | |
| THAILAND | 0.50% | -25 | 20-May-20 | 0 | -75 | -50 | |
| TRINIDAD & TOBAGO | 3.50% | -150 | 17-Mar-20 | 0 | -150 | 0 | |
| TUNISIA | 6.25% | -50 | 30-Sep-20 | 0 | -100 | 100 | |
| TURKEY | 14.00% | -100 | 16-Dec-21 | -300 | 500 | -1,200 | |
| UAE | 1.25% | -75 | 16-Mar-20 | 0 | -125 | -75 | |
| UGANDA | 6.50% | -50 | 16-Jun-21 | -50 | -200 | -100 | |
| UKRAINE | 10.00% | 100 | 20-Jan-22 | 100 | 300 | -750 | -450 |
| UNITED KINGDOM | 0.25% | 15 | 16-Dec-21 | 15 | -65 | 0 | |
| URUGUAY | 6.50% | 75 | 5-Jan-22 | 75 | 125 | 0 | 0 |
| UNITED STATES | 0.25% | -100 | 15-Mar-20 | 0 | -150 | -75 | |
| UZBEKISTAN | 14.00% | -100 | 10-Sep-20 | 0 | -200 | 0 | |
| VIETNAM | 4.00% | -50 | 30-Sep-20 | 0 | -200 | -25 | |
| WEST AFRICAN STATES | 2.00% | -50 | 22-Jun-20 | 0 | -50 | 0 | |
| ZAMBIA | 9.00% | 50 | 24-Nov-21 | 100 | -350 | 175 | |
| ZIMBABWE | 60.00% | 2000 | 28-Oct-21 | 2500 | 0 | 0 | |
- The Middle East conflict is already driving inflation higher across the world Apr 24, 2026
- Gold Falls Nearly 3.0% Over the Week Amid Geopolitical Pressure Apr 24, 2026
- The diplomatic deadlock between the US and Iran is undermining investors’ appetite for risk Apr 23, 2026
- EUR/USD Falls for Third Day as Geopolitics and Strong Dollar Dictate Terms Apr 23, 2026
- Negotiations between the US and Iran have failed. Oil prices are back above 90 dollars per barrel Apr 22, 2026
- USD/JPY Pulls Higher: Yen Doubts Bank of Japan Apr 22, 2026
- NZD and CAD strengthen amid rising inflationary pressure Apr 21, 2026
- Pound Declines Amid Geopolitics and Political Risks Apr 21, 2026
- EUR/USD Starts the Week Higher, but the Outlook Remains Unstable Apr 20, 2026
- The situation in the Strait of Hormuz remains uncertain Apr 20, 2026
