Policy rates at the centre and the periphery. 6 series: United States, Euro area, China, India, Brazil, South Africa. Latest, Sep 2026: United States 3.88%; Euro area 2.50%; China 3.00%; India 5.25%; Brazil 13.75%; South Africa 7.25%.
See also: Laurence Wilse-Samson, "Global Finance: A Money View", chapter 15, Central Bank Operations
Classroom exerciseFind the month the Fed began raising rates in 2022. Which of the other five central banks had already started tightening by then, and which followed? What does the order tell you about how much policy autonomy the periphery has? Teach page
Cite asBalance of Power, "Policy rates at the centre and the periphery", data through Sep 2026. Source: BIS central bank policy rates (WS_CBPOL).
| Date | United States | Euro area | China | India | Brazil | South Africa |
|---|---|---|---|---|---|---|
| Feb 2026 | 3.63 | 2.00 | 3.00 | 5.25 | 15.00 | 6.75 |
| Mar 2026 | 3.63 | 2.00 | 3.00 | 5.25 | 14.75 | 6.75 |
| Apr 2026 | 3.63 | 2.00 | 3.00 | 5.25 | 14.50 | 6.75 |
| May 2026 | 3.63 | 2.00 | 3.00 | 5.25 | 14.50 | 7.00 |
| Jun 2026 | 3.63 | 2.25 | 3.00 | 5.25 | 14.25 | 7.00 |
| Jul 2026 | 3.63 | 2.25 | 3.00 | 5.25 | 14.25 | 7.00 |
| Aug 2026 | 3.63 | 2.25 | 3.00 | 5.25 | 14.00 | 7.00 |
| Sep 2026 | 3.88 | 2.50 | 3.00 | 5.25 | 13.75 | 7.25 |
| Column | Source | Series key | Status | Data through |
|---|---|---|---|---|
us | bis | WS_CBPOL/M.US | live | Sep 2026 |
xm | bis | WS_CBPOL/M.XM | live | Sep 2026 |
cn | bis | WS_CBPOL/M.CN | live | Sep 2026 |
in | bis | WS_CBPOL/M.IN | live | Sep 2026 |
br | bis | WS_CBPOL/M.BR | live | Sep 2026 |
za | bis | WS_CBPOL/M.ZA | live | Sep 2026 |