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global currencies

Central Bank Hub

Your one-stop-shop guide to our extensive insight into global monetary policymaking. Here you'll find links to our latest research, as well as policy rate and balance sheet forecasts, for the world's major developed and emerging market central banks.  

Click on the country/economy name to view the latest central bank research

Links to latest research Next meeting Policy rate (%) Next change End-2022 (%) End-2023 (%) End-2024 (%) Balance sheet
US 2 Nov. 3.00-3.25 +75bp (Nov. 2022) 4.25- 4.50 4.00-4.25 2.75-3.00 Balance sheet run-off has begun. Pace to reach $120bn per month next year
Euro-zone 27 Oct. 0.75 +75bp (Oct. 2022) 2.00 2.00 1.50 ECB will need to use its new Transmission Protection Instrument to keep peripheral spreads under control
Japan 28 Oct. -0.10 None on horizon -0.10 -0.10 -0.10 Balance sheet will shrink slightly as emergency loans are repaid and continued large gross bond purchases are broadly offset by bond redemptions
UK 3 Nov. 2.25 +50bp (Nov. 2022) 3.25 4.00 3.00 BoE selling £10bn of gilts per quarter
Canada 26 Oct. 3.25 +50bp (Oct. 2022) 4.00 3.00 2.50 Stopped reinvesting maturing bonds in April. With 40% of the Bank’s holdings set to mature within two years, active bond sales are unlikely.
Australia 4 Oct.  2.35 +50bp (Oct. 2022) 3.35 3.35 3.10 Bank will allow bond holdings to run off, but no outright sales.
Switzerland 15 Dec. 0.5 +50bp (Dec. 2022) 1.00 1.25 0.75 Very little anticipated, unless franc appreciates
Sweden 23 Nov. 1.75

+75bp (Nov. 2022)

2.00 2.00 1.50 Asset sales to begin by end-2022
Denmark 0.65 +35bp (Sep. 2022) 1.90 1.90 1.25
Norway 3 Nov. 2.25 +50bp (Nov. 2022) 2.50 2.50 2.25
New Zealand 23 Nov. 3.00 +50bp (Nov. 2022) 3.75 3.50 3.25 RBNZ to sell $5bn of it bond holdings every fiscal year
               
China 20 Oct. 2.00 -20bp (Dec. 2022) 1.80 1.80 1.80
India 30 Sep. 5.40 +50bp (Sep. 2022) 6.15 6.40 6.40
Brazil 7 Dec. 13.75 None on horizon 13.75 11.00 7.50
Russia 28 Oct. 8.50 -50bp (Oct. 2022) 7.00 5.50 5.50
Mexico 29 Sep. 8.50 +50bp (Sep. 2022) 10.00 9.50 8.50
South Korea 14 Oct. 2.50 +25bp (Oct. 2022) 3.00 2.50 2.25
Turkey 20 Oct 12.00 -50bp (Oct. 2022) 11.50 28.00 28.00
Indonesia 20 Oct. 3.75 +75bp (Q4 2022) 4.50 5.00 4.50
Poland

5 Oct.

6.75 +25bp (Oct. 2022) 6.75 6.25 5.00
South Africa 24 Nov. 6.25 +50bp (Nov. 2022) 6.75 7.75 6.75
Dollar with falling market

Will frontloading make hard landings less likely? Our latest Global Central Bank Watch explains how big rate hikes up front reduce the medium-term threat from inflation but come with significant economic risk.

Read this report