Saved policy rates for major countries
Interest is the extra money paid for borrowing or received for saving. A rate expresses it as a percentage of the starting money over time. For example, 3% a year means three parts out of every hundred over a year. The actual amount also depends on how much money is involved and the contract’s rules.
Choose a country, then read across its row: the rate, the rate’s full name, the date attached to it, and when its source was last checked. A central bank uses tools such as interest rates to influence rising prices and borrowing and spending. A policy rate is one it sets for that work, used in dealings with financial institutions. The table uses the map’s saved data; the snapshot time and the article’s editing date describe different updates.
The formal rate names identify different transactions involving banks. Two US numbers show the ends of its chosen range. The comparison midpoint is their average: add them and divide by two. The euro-area abbreviations MRO, DFR and MLF name different transactions, explained below. Read any old-data or delayed-check notice as well as the number. To compare with another site, first match the instrument and effective date, meaning the type of rate and the day it starts to apply.
Data snapshot: 2026-11-04 02:11 KST. Rate dates and successful check times can differ between rows.
Only rates with current confirmation appear as the main figures. If confirmation is lost or expires, the saved value is automatically kept as a dated reference and excluded from current comparisons and rankings.
Scroll the table horizontally to see instrument names, dates and source links.
| Country or policy area | Confirmed current rate | Policy instrument | Rate date and check time | Source and checking method |
|---|---|---|---|---|
| South Korea | 3%Official source checked manually | Bank of Korea Base Rate | Observation date 2026-10-24Last successful check 2026-10-26 21:54 KST | ECOS · Bank of Korea · sourceManually checked record · not automatic collectionAbout the sourceSource: ECOS (Bank of Korea), BOK Base Rate. The official statistics table was checked directly for the 3% observation dated 2026-10-24. The observation date is not a policy-decision date or the last rate-change date. We extracted the rate and observation date, adjusted the display format and calculated the rate gap separately. This is a manual check, not an automatic collection. The observation is excluded from current comparisons once it is more than 10 days old. |
| United States | 3.75% ~ 4%Comparison midpoint 3.875% · not EFFROfficial source checked automatically | Federal funds target range | Observation date 2026-11-02Last successful check 2026-11-04 02:11 KST | New York Fed Markets Data API · sourceAbout the sourceThe midpoint of the Fed target range 3.75–4%, not the effective federal funds rate (EFFR). The date is the API observation date. © 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. The federal funds target range is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the federal funds target range by FURRY RATES, does not sanction or endorse any particular republication, and has no liability for your use. |
| Japan | 1.25%BIS observation · reporting lag | Uncollateralized overnight call rate target | Observation date 2026-10-27Last successful check 2026-11-04 02:11 KST | BIS · Bank of Japan · sourceAbout the sourceDaily statistics for the Bank of Japan's uncollateralized overnight call rate target, provided by BIS. Observation date: 2026-10-27; the observation was 7 days old when collected. This is not an announcement date or the last rate-change date. It is not a record of an automatic direct check of the Bank of Japan announcement. Daily observations are published weekly, so new decisions may appear with a lag. Source: BIS and Bank of Japan. This explanation is not an official BIS translation. |
| Euro area (ECB) | 2.65%Deposit facility (DFR) 2.5% Marginal lending facility (MLF) 2.9%Official source checked automatically | Main refinancing operations rate (MRO) | Effective date 2026-09-16Last successful check 2026-11-04 02:11 KST | ECB Data Portal API · sourceAbout the sourceThe representative rate used for comparison is the main refinancing operations rate (MRO). It is distinct from the deposit facility rate (DFR) and marginal lending facility rate (MLF). DFR is central to the ECB's policy stance. |
| United Kingdom | 3.75%Official source checked automatically | Bank Rate | Observation date 2026-11-02Last successful check 2026-11-04 02:11 KST | Bank of England IADB · sourceAbout the sourceThe Bank of England's official Bank Rate series. The date is an observation date and may differ from the last rate-change date. |
| China | —Historical published value · excluded from current comparisonsLast confirmed value 1.4% · Successful check 2026-10-13 22:19 KST | 7-day reverse repo policy rate | Effective date 2025-05-08Last successful check 2026-10-13 22:19 KST | Central Bank of the Republic of China (Taiwan), Issues of Concern to the Public at the Board Meeting (2026-09-17), p. 7 · sourceManually checked record · not automatic collectionAbout the sourceChina's 7-day reverse repo rate as reported by Taiwan's central bank on 17 September 2026. The report states that the rate had remained at 1.40% since 8 May 2025. This does not verify later Chinese policy decisions. The instrument is different from the Loan Prime Rate (LPR). |
| Canada | 2.5%Official source checked automatically | Overnight rate target | Observation date 2026-11-02Last successful check 2026-11-04 02:11 KST | Bank of Canada Valet API · sourceAbout the sourceThe overnight rate target (V39079). The date is an observation date in the official daily series, not the last date the rate was raised or cut. |
| Australia | —Current confirmation unavailable · reference onlyLast confirmed value 4.6% · Successful check 2026-11-03 04:38 KST | Cash rate target | Effective date 2026-09-30Last successful check 2026-11-03 04:38 KST | Source: Reserve Bank of Australia 2026 · sourceAbout the sourceThe Reserve Bank of Australia's cash rate target. The effective date is taken from its official overview and may change after a decision to hold the rate. |
| New Zealand | —Current confirmation unavailable · reference onlyLast confirmed value 2.75% · Successful check 2026-11-03 04:38 KST | Official Cash Rate (OCR) | Observation date 2026-10-23Last successful check 2026-11-03 04:38 KST | BIS · Reserve Bank of New Zealand · sourceAbout the sourceDaily New Zealand OCR statistics provided by BIS. Observation date: 2026-10-23; the observation was 10 days old when collected. This is not an announcement date or the last rate-change date. It is not a record of an automatic direct check of the RBNZ announcement. Daily observations are published weekly, so new decisions may appear with a lag. Source: BIS and Reserve Bank of New Zealand. This explanation is not an official BIS translation. |
| Switzerland | 0%BIS observation · reporting lag | SNB policy rate | Observation date 2026-10-27Last successful check 2026-11-04 02:11 KST | BIS · Swiss National Bank · sourceAbout the sourceDaily Swiss National Bank policy-rate statistics provided by BIS. Observation date: 2026-10-27; the observation was 7 days old when collected. This is not an announcement date or the last rate-change date. It is not a record of an automatic direct check of the Swiss National Bank announcement. Daily observations are published weekly, so new decisions may appear with a lag. Source: BIS and Swiss National Bank. This explanation is not an official BIS translation. |
| Taiwan | 2%Official source checked automatically | Discount rate | Effective date 2024-03-22Last successful check 2026-11-04 02:11 KST | Central Bank of the Republic of China (Taiwan) · sourceAbout the sourceThe discount rate from Taiwan's central bank. It is distinct from the rates on collateralized and uncollateralized lending. |
| India | —Historical published value · excluded from current comparisonsLast confirmed value 5.5% · Successful check 2026-11-04 02:11 KST | Policy repo rate | Observation date 2026-10-19Last successful check 2026-11-04 02:11 KST | BIS · Reserve Bank of India · sourceAbout the sourceDaily Reserve Bank of India policy repo rate statistics provided by BIS. Observation date: 2026-10-19; the observation was 15 days old when collected. This is not an announcement date or the last rate-change date. It is not a record of an automatic direct check of the Reserve Bank of India announcement. Daily observations are published weekly, so new decisions may appear with a lag. Source: BIS and Reserve Bank of India. This explanation is not an official BIS translation. This is a historical observation, older than the 10-day freshness limit, and is not verified as the currently applicable rate. Downloading it today does not verify the latest policy decision. |
| Brazil | 13.75%BIS observation · reporting lag | Selic target rate | Observation date 2026-10-27Last successful check 2026-11-04 02:11 KST | BIS · Central Bank of Brazil · sourceAbout the sourceDaily Central Bank of Brazil Selic target rate statistics provided by BIS. Observation date: 2026-10-27; the observation was 7 days old when collected. This is not an announcement date or the last rate-change date. It is not a record of an automatic direct check of the Central Bank of Brazil announcement. Daily observations are published weekly, so new decisions may appear with a lag. Source: BIS and Central Bank of Brazil. This explanation is not an official BIS translation. |
| Norway | 4.5%Official source checked automatically | Norges Bank policy rate | Observation date 2026-11-02Last successful check 2026-11-04 02:11 KST | Source: Norges Bank · sourceAbout the sourceNorges Bank's Key policy rate (KPRA), distinct from the reserve rate, overnight lending rate and NOWA market rate. The date is an end-of-business-day observation, not a decision date, effective date, last-change date or retrieval date. Source: Norges Bank. Contains data under the Norwegian licence for Open Government Data (NLOD) distributed by Norges Bank. NLOD 2.0: https://data.norge.no/nlod/en/2.0 FURRY RATES extracts the policy rate and observation date and reformats their display. The Korean explanation is not an official Norges Bank translation. No approval, endorsement or recommendation by Norges Bank is implied. |
| Sweden | 1.75%Official source checked automatically | Riksbank policy rate | Observation date 2026-11-03Last successful check 2026-11-04 02:11 KST | Source: Sveriges Riksbank · sourceAbout the sourceThe Riksbank's policy-rate series SECBREPOEFF. The date is the API observation date, not the last rate-change date. |
| Czech Republic | 3.75%Official source checked automatically | 2-week repo rate | Effective date 2026-06-19Last successful check 2026-11-04 02:11 KST | Source: the CNB · sourceAbout the sourceThe Czech National Bank's 2-week repo rate. It is distinct from the discount and Lombard rates. The date is the VALID_FROM effective date in the official table. |
The euro area's shared policy appears once in this table. BIS observations can reflect new decisions with a reporting lag. Source notes are translated for display; the underlying saved metadata is unchanged.
All countries and regions · Collection and checking methodology
Why can a US rate appear as two numbers?
A bank may pay one rate to borrow from a central bank and receive another when leaving money there. A loan repaid the next day also differs from one repaid later. The instrument is the particular transaction or policy measure named in the rate column. A discount rate concerns central-bank lending to banks; an overnight target concerns money borrowed until the next day. These are representative policy rates, with different terms rather than identical savings products.
The Bank of Korea Base Rate is a single number. The US federal funds target is a range with a lower and an upper bound. To colour the map or subtract one country's rate from another, FURRY RATES uses the average of those two US bounds and labels it “comparison midpoint.”
Take a hypothetical US range of 4.00–4.25%. The midpoint is 4.125%. A table that uses the upper boundary instead would show 4.25%, a difference of 0.125 percentage points. Subtract the same South Korean rate from both and that difference remains.
These example figures show how the choice affects the result. The saved US range is in the table above.
The effective federal funds rate, or EFFR, is based on reported overnight transactions. The New York Fed describes its volume-weighted-median calculation. It finds the middle transaction rate while taking the amount borrowed in each trade into account. It is not the average of the two target boundaries. A comparison using EFFR and one using the target midpoint therefore start with different instruments, even if their dates match.
You cannot work backwards from a midpoint to a unique range: many pairs of numbers have the same average. The width cannot safely be assumed, and an unlabelled number could refer to a different rate altogether. When the original range is unavailable, the site leaves it missing.
Names also matter in Chinese data. This site's representative figure is the People's Bank of China's seven-day reverse repo operation rate. A reverse repo operation supplies money through a securities purchase with an agreement to sell the securities back later. This rate is different from the loan prime rate, or LPR; LPR also has different maturities, meaning loan lengths. Before comparing the decimal places, check the original column name and term.
The ECB's MRO, DFR and MLF have separate roles
The ECB’s official table separates money banks leave overnight, regular lending to banks, and overnight lending to banks. The Eurosystem means the European Central Bank and the national central banks of the euro area. Where the table says ‘collateral’, it means property or financial claims pledged as backup if a loan is not repaid. The three abbreviations below identify which transaction uses each rate.
Scroll wide tables sideways. Keyboard: focus the table, then use the arrow keys.
| Rate | What it applies to | Use on FURRY RATES |
|---|---|---|
| Main refinancing operations (MRO) | Regular collateralised refinancing operations for banks | Euro-area comparison value on the map and in calculations |
| Deposit facility (DFR) | Banks' overnight deposits with the Eurosystem | A separate figure in details and the policy-rate table |
| Marginal lending facility (MLF) | Overnight borrowing by banks against collateral | A separate figure in details and the policy-rate table |
The ECB's 13 March 2024 operating-framework statement describes steering its policy stance through DFR. In other words, it uses DFR to guide borrowing and spending conditions. This explains why news coverage may focus on the deposit facility rate.
FURRY RATES retains MRO to preserve its existing comparison method; that choice does not mean MRO is the ECB's only rate or the main signal of its stance.
If a news article and this site disagree, locate both numbers in the ECB table. Different columns can explain the difference. If the column and effective date are the same, then compare the source record and the last successful check.
Germany and France share the ECB's policy, so their policy comparison values can be equal. Their banks need not offer the same household savings or loan rates. Euro use alone also does not establish euro-area membership; the site's coverage notes (Korean) explain how countries and regions are mapped.
An old effective date can belong to a current rate
Imagine a central bank has kept the same rate for several months. Its start date can still be months ago, even if the site checked a source today. A statistical record may attach last week’s date to the same unchanged number. The labels below tell you which event each date describes. An old start date alone does not tell you whether a figure has fallen out of date.
- Decision date
- When the policy decision was made. If the meeting and announcement dates differ, use the meaning stated in the original document.
- Effective date
- When a new rate starts to apply. This can be later than the decision.
- Observation date
- The date assigned to a value in a statistical series. The same rate can appear on many observation dates during a hold.
- Last successful check
- When the stored value was successfully checked against its source. It is not a policy-change date or the time of a failed retry.
A dataset downloaded today may still be missing today's central bank announcement. Statistical series can be published with a delay. The download time tells you when the site received the file, not how recent every decision in it is. Likewise, an automatic collection run does not update the date of a manual check.
If the original source does not provide an effective date, leaving it unspecified is more accurate than borrowing a date from another part of the page. A currency quote dated today, for example, does not date the policy-rate decision next to it.
When two tables disagree, compare them in this order
First match the country, instrument and maturity. The US upper boundary and midpoint are different choices; ECB MRO and DFR are different instruments. If these match, check which rate is currently in effect.
Suppose a hypothetical announcement on the 10th says a new rate takes effect on the 12th. On the 11th, the currently effective rate is still the previous one. An article reporting the new decision and a table showing the rate in effect can both be describing their dates correctly. Do not mix a pending decision into current-rate observations.
If the instrument and timing match but a difference remains, open the original table and check the last successful source record. An older educational page may remain online after a new decision appears elsewhere. To report a remaining discrepancy, include the country, instrument, date and source URL through the correction contact page (Korean).
Zero, a negative rate and no figure mean different things
A confirmed 0% is an actual number, as is a confirmed negative rate. A blank or unavailable figure means there is no usable number for this calculation. Replacing it with zero would invent a rate difference that the source never gave. The following status labels explain why a number is missing or whether a saved one can enter the current comparison.
| Status | What it means |
|---|---|
| 0% or a negative rate | A numerical value found in the source; still check its instrument, date and source status. |
| Publicly unconfirmed | A current representative value could not be established from the available public sources. This does not prove no rate exists. |
| Source review · figure withheld | The figure is withheld while a reusable source for the same policy instrument is being established. This does not mean there is no policy rate. Country search and explanations remain available; the source transition notes (Korean) list the affected entries and reasons. |
| No independent policy rate | The country or region does not operate a conventional independent policy rate, for example because it uses another currency. |
| No single representative policy rate | The policy framework does not supply one number suited to this site's comparison. |
| Other policy instruments | The framework relies on exchange-rate, currency-board or liquidity instruments that cannot simply be replaced with one interest rate. |
| Last known value / delayed check | A previous successful value remains, but a recent check failed or is overdue. Read the reason and the actual check date. |
| Historical value | An older figure, kept separate from confirmed current data and excluded from current summary statistics. |
If a source stops responding, the last successfully checked value stays visible with its date and a warning. Once a figure loses current confirmation, it is left out of current comparisons and rankings. Keeping a dated record lets you read the earlier setting without presenting it as today's rate.
A search result may have a country description but no rate. Its source may be difficult to access, or its monetary system may not have a single policy rate suitable for this comparison. The country stays in the list with an explanation of the missing figure.
A supporting source can help locate a rate without confirming the latest central bank release. Check the source label even if the number looks plausible. Where a record was checked manually, its original check date remains visible; the next automatic run does not mean someone checked it again.
Read the direction of the two-country calculation
Open the South Korea–US comparison. Country A is South Korea and country B is the United States. The result is A − B. Read each instrument name and the US comparison midpoint before interpreting the sign.
For a hypothetical South Korean rate of 3.00% and US target range of 4.00–4.25%, the comparison uses the US midpoint of 4.125%. South Korea − United States is 3.00 − 4.125 = −1.125 percentage points: South Korea is 1.125 percentage points lower. These figures are hypothetical; the saved rates appear above.
Swap the countries and the size of the gap stays the same, but its sign and the higher/lower wording reverse. Select the same country twice and the gap is zero, provided its rate can be compared. If either side lacks a usable number, the tool explains why it cannot calculate a gap.
Check the dates and any delayed-check warning alongside the result. The BIS series currently used for South Korea and the US API both supply observation dates, which may differ. These are not central-bank decision dates or dates of the last rate change. The two figures can appear on the same screen even when their sources were checked at different times.
The homepage’s median is the middle of the eligible country and region figures when put in order. Its high-rate count uses the same current-data rules. Only current numbers confirmed through eligible official sources enter; secondary references do not. Each entry counts equally, including euro-area members that share a rate. Larger economies get no extra weight. These summaries therefore describe the listed entries, rather than the world’s average borrowing cost or a return someone can earn.
If a country is too small to select comfortably on the map, search its name or code, or choose it in the full table. All three routes open the same detail panel, where the instrument and source status sit beside the figure. The methodology page explains which records enter the calculations.
Sources and assumptions
- Federal Reserve: target-rate history
- New York Fed: EFFR methodology
- ECB: DFR, MRO and MLF
- ECB: operating-framework statement, 13 March 2024
Each saved rate keeps its source and successful-check time in the table above. The ranges and subtraction examples in the explanation are hypothetical.
© 2026 Federal Reserve Bank of New York. Content from the New York Fed subject to the Terms of Use at newyorkfed.org. The Effective Federal Funds Rate (EFFR) methodology and related information is subject to the Terms of Use posted at newyorkfed.org. The New York Fed is not responsible for publication of the Effective Federal Funds Rate (EFFR) methodology and related information by FURRY RATES, does not sanction or endorse any particular republication, and has no liability for your use. FURRY RATES is not affiliated with the New York Fed. The New York Fed does not sanction, endorse, or recommend any products or services offered by FURRY RATES.