Central Banks
Monetary policy decisions, interest rate changes, and central bank communications worldwide.
National Bank of Ethiopia Holds Policy Rate at 15.00% and Raises Credit Growth Target to 24%
Ethiopia's central bank held its National Bank Rate at 15.00% while lifting the credit growth target for FY 2025/26 from 18% to 24%.
People's Bank of China Cuts Reserve Requirement Ratio by 50 Basis Points to Counter Trade Headwinds
The PBoC announced a 50 basis point cut to the reserve requirement ratio effective September 2025, its second RRR reduction of the year, bringing cumulative 2025 easing via this tool to 100 basis points.
Swiss National Bank Holds Policy Rate at Zero in First Pause After Six Consecutive Cuts
The SNB kept its policy rate at 0.00% at its September 2025 meeting, marking the first hold after six straight reductions, and flagged US tariff risks to Swiss exports.
Sweden's Riksbank Cuts Policy Rate by 25 Basis Points to 1.75% in September 2025
Sweden's Riksbank cut its policy rate by 25 basis points to 1.75% in September 2025, the fifth consecutive reduction, bringing borrowing costs to their lowest level since 2022.
Bank of Japan Holds Policy Rate at 0.50% and Approves ETF and J-REIT Disposal Plan
The BoJ left its policy rate unchanged at 0.50% and formally approved a framework for disposing of exchange-traded funds and J-REITs acquired during its quantitative easing era.
Bank of England Holds Bank Rate at 4.00% as Cumulative 150bp of Cuts Filter Through Economy
The Bank of England's MPC held Bank Rate at 4.00% in September 2025, judging that cumulative cuts of 150bp since August 2024 are still working through the economy.
South African Reserve Bank Holds Repo Rate at 7.00% Amid Rand Volatility and Global Uncertainty
The SARB kept its repo rate at 7.00% at the September 2025 MPC meeting, citing rand volatility and global uncertainty as grounds for a pause in easing.
Hong Kong Monetary Authority Cuts Base Rate to 4.25% in Line with Federal Reserve
The HKMA reduced its Base Rate by 25 basis points to 4.25%, automatically following the Federal Reserve's September cut under the Linked Exchange Rate System.
Norges Bank Cuts Policy Rate by 25 Basis Points to 4.00% in September 2025
Norges Bank lowered its policy rate to 4.00% in its second cut of 2025, citing an improving inflation outlook.
Bank of Ghana Cuts Monetary Policy Rate by 350 Basis Points to 21.50% in Accelerated Easing
The Bank of Ghana cut its benchmark policy rate by 350 basis points to 21.50% on 17 September 2025, part of a 650-basis-point cumulative reduction from 28% over two meetings.
Federal Reserve Cuts Federal Funds Rate by 25 Basis Points to 4.00–4.25% in 11-1 Vote
The FOMC voted 11-1 to cut the federal funds rate to a target range of 4.00–4.25%, citing downside risks to employment; the rate is now at its lowest since February 2023.
Bank of Canada Cuts Overnight Rate by 25 Basis Points to 2.50% After Two Consecutive Holds
The Bank of Canada reduced its overnight rate to 2.50% on 17 September 2025, resuming easing after two consecutive holds as the labour market softened and inflation fell below target.