Overnight rate target since 1997
Source: BIS central bank policy rates
Every rate change
| Effective | New rate | Change |
|---|---|---|
| Oct 30, 2025 | 2.25% | −25 bp |
| Sep 18, 2025 | 2.50% | −25 bp |
| Mar 13, 2025 | 2.75% | −25 bp |
| Jan 30, 2025 | 3.00% | −25 bp |
| Dec 12, 2024 | 3.25% | −50 bp |
| Oct 24, 2024 | 3.75% | −50 bp |
| Sep 5, 2024 | 4.25% | −25 bp |
| Jul 25, 2024 | 4.50% | −25 bp |
| Jun 6, 2024 | 4.75% | −25 bp |
| Jul 13, 2023 | 5.00% | +25 bp |
| Jun 8, 2023 | 4.75% | +25 bp |
| Jan 26, 2023 | 4.50% | +25 bp |
| Dec 8, 2022 | 4.25% | +50 bp |
| Oct 27, 2022 | 3.75% | +50 bp |
| Sep 8, 2022 | 3.25% | +75 bp |
| Jul 14, 2022 | 2.50% | +100 bp |
| Jun 2, 2022 | 1.50% | +50 bp |
| Apr 14, 2022 | 1.00% | +50 bp |
| Mar 3, 2022 | 0.50% | +25 bp |
| Mar 27, 2020 | 0.25% | −50 bp |
| Mar 16, 2020 | 0.75% | −50 bp |
| Mar 4, 2020 | 1.25% | −50 bp |
| Oct 24, 2018 | 1.75% | +25 bp |
| Jul 11, 2018 | 1.50% | +25 bp |
| Jan 17, 2018 | 1.25% | +25 bp |
| Sep 6, 2017 | 1.00% | +25 bp |
| Jul 12, 2017 | 0.75% | +25 bp |
| Jul 15, 2015 | 0.50% | −25 bp |
| Jan 21, 2015 | 0.75% | −25 bp |
| Sep 8, 2010 | 1.00% | +25 bp |
| Jul 20, 2010 | 0.75% | +25 bp |
| Jun 1, 2010 | 0.50% | +25 bp |
| Apr 21, 2009 | 0.25% | −25 bp |
| Mar 3, 2009 | 0.50% | −50 bp |
| Jan 20, 2009 | 1.00% | −50 bp |
| Dec 9, 2008 | 1.50% | −75 bp |
| Oct 21, 2008 | 2.25% | −25 bp |
| Oct 8, 2008 | 2.50% | −50 bp |
| Apr 22, 2008 | 3.00% | −50 bp |
| Mar 4, 2008 | 3.50% | −50 bp |
| Jan 22, 2008 | 4.00% | −25 bp |
| Dec 4, 2007 | 4.25% | −25 bp |
| Jul 10, 2007 | 4.50% | +25 bp |
| May 24, 2006 | 4.25% | +25 bp |
| Apr 25, 2006 | 4.00% | +25 bp |
| Mar 7, 2006 | 3.75% | +25 bp |
| Jan 24, 2006 | 3.50% | +25 bp |
| Dec 6, 2005 | 3.25% | +25 bp |
| Oct 18, 2005 | 3.00% | +25 bp |
| Sep 7, 2005 | 2.75% | +25 bp |
| Oct 19, 2004 | 2.50% | +25 bp |
| Sep 8, 2004 | 2.25% | +25 bp |
| Apr 13, 2004 | 2.00% | −25 bp |
| Mar 2, 2004 | 2.25% | −25 bp |
| Jan 20, 2004 | 2.50% | −25 bp |
| Sep 3, 2003 | 2.75% | −25 bp |
| Jul 15, 2003 | 3.00% | −25 bp |
| Apr 15, 2003 | 3.25% | +25 bp |
| Mar 4, 2003 | 3.00% | +25 bp |
| Jul 16, 2002 | 2.75% | +25 bp |
| Jun 4, 2002 | 2.50% | +25 bp |
| Apr 16, 2002 | 2.25% | +25 bp |
| Jan 15, 2002 | 2.00% | −25 bp |
| Nov 27, 2001 | 2.25% | −50 bp |
| Oct 23, 2001 | 2.75% | −75 bp |
| Sep 17, 2001 | 3.50% | −50 bp |
| Aug 28, 2001 | 4.00% | −25 bp |
| Jul 17, 2001 | 4.25% | −25 bp |
| May 29, 2001 | 4.50% | −25 bp |
| Apr 17, 2001 | 4.75% | −25 bp |
| Mar 6, 2001 | 5.00% | −50 bp |
| Jan 23, 2001 | 5.50% | −25 bp |
| May 17, 2000 | 5.75% | +50 bp |
| Mar 22, 2000 | 5.25% | +25 bp |
| Feb 3, 2000 | 5.00% | +25 bp |
| Nov 17, 1999 | 4.75% | +25 bp |
| May 4, 1999 | 4.50% | −25 bp |
| Mar 31, 1999 | 4.75% | −25 bp |
| Nov 18, 1998 | 5.00% | −25 bp |
| Oct 16, 1998 | 5.25% | −25 bp |
| Sep 29, 1998 | 5.50% | −25 bp |
| Aug 27, 1998 | 5.75% | +100 bp |
| Jan 30, 1998 | 4.75% | +50 bp |
| Dec 12, 1997 | 4.25% | +50 bp |
| Nov 25, 1997 | 3.75% | +25 bp |
| Oct 1, 1997 | 3.50% | +25 bp |
| Jun 26, 1997 | 3.25% | +25 bp |
| Jan 2, 1997 | 3.00% | start of series |