World Interest Rates
|Country||Current Rate||Last Change||Central Bank||Currency||Change Date|
|Russian Federation||7.50||-0.25||Central Bank of the Russian Federation (CBR)||RUB||09 Feb, 2018|
|Mexico||7.50||0.25||Banco de Mexico (Banxico)||MXN||08 Feb, 2018|
|Czech Republic||0.75||0.25||Czech National Bank (CNB)||CZK||01 Feb, 2018|
|Canada||1.25||0.25||Bank of Canada (BOC)||CAD||17 Jan, 2018|
|Brazil||6.75||-0.25||Banco Central do Brasil (BACEN)||BRL||07 Jan, 2018|
|United States||1.50||0.25||Federal Reserve (FED)||USD||13 Dec, 2017|
|South Korea||1.50||0.25||Bank of Korea (BOK)||KRW||30 Nov, 2017|
|United Kingdom||0.50||0.25||Bank of England (BOE)||GBP||02 Nov, 2017|
|India||6.00||-0.25||Reserve Bank of India (RBI)||INR||02 Aug, 2017|
|South Africa||6.75||-0.25||South African Reserve Bank (SARB)||ZAR||21 Jul, 2017|
|Chile||2.50||-0.25||Banco Central de Chile (BCC)||CLP||18 May, 2017|
|Turkey||8.00||0.50||Central Bank of the Republic of Turkey (CBRT)||TRY||24 Nov, 2016|
|New Zealand||1.75||-0.25||Reserve Bank of New Zealand (RBNZ)||NZD||10 Nov, 2016|
|Australia||1.50||-0.25||Reserve Bank of Australia (RBA)||AUD||02 Aug, 2016|
|Indonesia||6.50||-0.25||Bank Indonesia (BI)||IDR||16 Jun, 2016|
|Hungary||0.90||-0.15||Magyar Nemzeti Bank (MNB)||HUF||24 May, 2016|
|Norway||0.50||-0.25||Norges Bank (NB)||NOK||17 Mar, 2016|
|Europe||0.00||-0.05||European Central Bank (ECB)||EUR||10 Mar, 2016|
|Sweden||-0.50||-0.15||Bank of Sweden (BOS)||SEK||11 Feb, 2016|
|Japan||-0.10||-0.10||Bank of Japan (BOJ)||JPY||01 Feb, 2016|
|China||4.35||-0.25||People's Bank of China (PBC)||CNY||23 Oct, 2015|
|Poland||1.50||-0.50||Narodowy Bank Polski (NBP)||PLN||04 Mar, 2015|
|Israel||0.10||-0.15||Bank of Israel (BOI)||ILS||23 Feb, 2015|
|Denmark||0.05||-0.15||Danmarks Nationalbank (DN)||DKK||19 Jan, 2015|
|Switzerland||-0.75||-0.25||Swiss National Bank (SNB)||CHF||15 Jan, 2015|
Central Bank rate is the rate of interest which a central bank charges on the loans and advances to a commercial bank. The bank rate is known by a number of different terms depending on the country and has changed over time in some countries as the mechanism used to manage the rate have changed.
Whenever a bank has a shortage of funds, they can typically borrow from the central bank based on the monetary policy of the country.
The borrowing is commonly done via repos, where the repo rate is the rate at which the central bank lends short-term money to the banks against securities. A reduction in the repo rate will help banks to get money at a cheaper rate. When the repo rate increases, borrowing from the central bank becomes more expensive. It is more applicable when there is a liquidity crunch in the market.
In contrast, the reverse repo rate is the rate at which banks can park surplus funds with reserve bank. This is mostly done when there is surplus liquidity in the market as a high reverse repo rate will make it attractive to banks to park surplus funds with the central bank.
The interest rate that is charged by a country’s central or federal bank on loans and advances controls the money supply in the economy and the banking sector. This is typically done on a quarterly basis to control inflation and to stabilize the country’s exchange rates. A fluctuation in bank rates triggers a ripple-effect as it impacts every sphere of a country’s economy. For instance, the prices in stock markets tend to react to interest rate changes. A change in bank rates affects customers as it influences prime interest rates for the personal loan.