LONDON, April 20 (Reuters) - Central banks around the world have slashed interest rates over the past few months, providing in some cases unprecedented amounts of stimulus to help soften the blow to the world economy from the coronavirus pandemic and to keep markets functioning.
Interest rates set by that country's central bank listed are the usual benchmark policy rates unless stated otherwise. Asset purchases, or quantitative easing (QE) are cited as a brief overview of announced intended amounts. This item does not attempt to list all of what are in some cases large numbers of smaller policy announcements.
MAJOR GLOBAL CENTRAL BANKS
Country Policy
Current Date
Latest
Quantitative easing/asset purchases/
rate
rate
change/d market liquidity operations
ecision
United
Fed funds 0.00-0.2 March 3 -50 bps Buying unlimited quantities of U.S. States
target
5
March 15 -100 bps Treasuries, mortgage-backed and agency
securities after initially announcing an
additional $700 billion
Also buying municipal bonds, corporate
bonds and ETFs
Dollar swap lines set up with several
major central banks
$2.3 trillion in loan arrangements for
local governments, small and mid-sized
businesses
Euro
TLTRO rate -0.75
March 12 -25bps
750 billion euros in additional asset zone
purchases, taking the total to about 1.1
No
trillion euros this year, after initially
change
adding 120 billion euros to its existing
to main asset-purchase programme
-0.50%de
posit
Removes cap on how much in bonds it may
rate or purchase from any euro zone member
0% refi country
rate
Britain Bank Rate 0.10
March 11 -50 bps 200 billion pounds of additional asset
March 19 -15 bps purchases
Reduced capital buffer requirement for
banks
Will buy investment-grade commercial
paper with maturities up to 12 months
Japan
Interest
-0.10
March 16 No
Planned annual increase in the Bank's
on excess
change
government bond holdings held at 80
reserves
to -0.1% trillion yen
short-te
rm rate 2 trillion yen of commercial paper and
or
corporate bonds to be bought by
around
September, temporarily lift in target for
0% JGB
annual purchases of ETFs to 12 trillion
10-year yen.
yield
target
Introduces new lending facility worth 8
trillion yen Canada
Overnight 0.25
March 4 -50 bps To purchase C$5 billion of government
target
March 16 -50 bps securities weekly
rate
March 27 -50 bps
Eligible collateral for term repo
operations expanded
Launches C$50 billion insured mortgage
purchase programme; C$10 billion credit
support programme for businesses
China
1-year
3.85
Feb 20
-10 bps Lowers 1-year medium-term lending
Loan Prime
facility (MLF) rate on loans to financial
Rate
April 20 -20 bps institutions to 2.95% from 3.15%
Cuts the amount of cash that small banks
must hold as reserves by 50 basis points
to 6.50%, releasing around 400 billion
yuan
Cuts 7-day reverse repo rate to 2.20%
from 2.40%
Cuts 5-year LPR by 10 bps to 4.65% from
4.75%
Australi Cash rate 0.25
March 3 -25 bps Government bond purchases, targeting a
March 19 -25 bps around 0.25% for 3-year yields
A$15 billion purchases of residential
mortgage-backed and other asset-backed
securities
A$90 billion funding facility to banks at
fixed rate of 0.25%
New
Overnight 0.25
March 16 -75 bps To buy up to NZ$30 billion worth of Zealand Cash Rate
government bonds. Also will buy up to
NZ$3 billion of local government debt
Norway
Policy
0.25
March 13 -50 bps Central bank offers cheap loans to banks
rate
and financial institutions
March 20 -75 bps
Sweden
Repo rate 0
March 16 No
Central bank offers 500 billion crowns in
change
loans to companies via banks and boosts
its purchases of securities by 300
billion crowns
Switzerl Policy
-0.75
March 19 No
Sets up refinancing facility for and
rate
change
unlimited supply of credit to banking
system
OTHER G20 CENTRAL BANKS
India
Repo rate 4.40
March 27 -75 bps Targeted long-term repo operations and
other regulatory measures for banks worth
up to 500 billion rupees
Cuts reverse repo rate 25bps to 3.75%
Indonesi 7-day
4.50
March 19 -25 bps Cuts reserve requirement ratio by 200 bps a
reverse
for conventional banks and 50 bps for
repurchase
Islamic banks, both to 3.50%, tweaks
rate
liquidity rules, effective May 1
Brazil
Selic rate 3.75
March 18 -50 bps Announces 1.2 trillion reais of
liquidity, credit and capital measures
South
Base rate 0.75
March 16 -50 bps Central bank sets up plan for brokerages Korea
to borrow funds against collateral that
includes AA- rated corporate bonds
South
Repo rate 4.25
March 19 -100 bps Will buy South African government bonds Africa
on the secondary market
April 14 -100 bps
Mexico
Overnight 6.50
March 20 -50 bps Cuts rates on its additional ordinary
target
liquidity facility, reduces by 50 billion
rate
pesos in total private banks' reserve
requirement
Turkey
1-week
9.75
March 17 -100 bps Central bank doubles limit for bond
repo rate
buying this year to 10% of total central
bank assets. Extends 60 billion lira
worth of rediscount credits and adds more
lending options well below its 9.75%
policy rate.
Saudi
Repo rate 1.00
March 16 -75 bps Saudi Arabian Monetary Authority sets up Arabia
50 billion riyal package to help SMEs
OTHER WORLD CENTRAL BANKS
Armenia Refinancin 5.25
March 17 -25 bps
g rate
Bahrain 1-week
1.00
March 16 -75 bps Cuts overnight lending ratio to 1.70%
deposit
from 2.45%
rate
Chile
Monetary
0.50
March 16 -75 bps
Policy
Rate
March 31 -50 bps
Colombia Interventi 3.75
March 27 -50 bps Adds nearly 30 trillion pesos of
on Rate
liquidity, including reductions in
reserve requirements, debt purchases and
repos
Czech
2-week
1.00
March 16 -50 bps
Republic repo rate
March 26 -75 bps
Egypt
Overnight 10.25
March 16 -300 bps
lending
rate
Ghana
MPC Rate
14.50
March 18 -150 bps
Hong
Base Rate 1.50
March 4 -50 bps Cuts financial institutions' reserve Kong
requirements to 1% from 2% of
risk-weighted assets, estimated to be
worth HK$500 billion
Iceland Deposit
1.75
March 11 -50 bps Announces asset purchases, cuts capital
rate
reserve buffer to 0% from 2%, sets up
March 18 -50 bps credit facility to offer collateralized
loans to banks
Israel
BOI
0.10
April 6 -15 bps Central bank expands repo transactions to
Interest
include corporate bonds; will provide
Rate
loans to banks to increase credit to SMEs
for 5 billion shekels
Jordan
CBJ Main
2.50
March 5 -50 bps Cuts compulsory reserves for commercial
Rate
banks to 5% from 7%, worth more than 500
March 16 -100 bps million dinars of liquidity
Kazakhst Base rate 9.50
April 3 -250 bps
an
Kenya
Central
7.25
March 23 -100 bps Cuts cash reserve ratio for commercial
Bank rate
banks to 4.25% from 5.25%, releasing an
extra 35.2 billion shillings; triples
duration of repurchase agreement
transactions with banks to 90 days
Malaysia Overnight 2.50
March 3 -25 baps Cuts statutory reserve ratio (SRR) by
policy
100bps to 2.00%, releasing 30 billion
rate
ringgit
Mongolia Policy
9.00
April 13 -100 bps
Interest
Rate
Morocco Policy
2.00
March 17 -25 bps
rate
Namibia Lending
4.25
April 15 -100 bps
rate
Pakistan SBP Policy 9.00
March 17 -75 bps
Rate
April 16 -200 bps
Peru
Reference 0.25
March 19 -100 bps
rate
April 9 -100 bps
Philippi RRP Rate
2.75
March 19 -50 bps Reserve requirement ratio cut by 200 bps nes
to 12%
April 16 -50 bps
Poland
Reference 0.50
March 17 -50 bps Government bond purchases
rate
April 8 -50 bps
Qatar
Repo rate 1.00
March 16 -50 bps
Romania Policy
2.00
March 20 -50 bps Central bank narrows corridor between
rate
lending and deposit facilities, provides
liquidity to banks via repo transactions,
purchases leu-denominated debt on
secondary market
Serbia
NBS
1.50
March 11 -50 bps
Interest
Rates
-25 bps
April 9
Sri
Standing
7.00
March 16 -25 bps Cuts its bank rate, the emergency funding Lanka
Lending
rate for commercial banks, to 10%, an
Facility
April 3 -25 bps effective 500bps reduction
Rate
Taiwan
Policy
1.125
March 19 -25 bps T$200 billion for banks to support SMEs
rate
Thailand 1-day
0.75
Feb 5
-25 bps Central bank will provide soft loans
repurchase
worth 500 billion baht plus a loan
rate
March 20 -25 bps payment holiday to help SMEs; sets up
corporate bond stabilisation fund worth
400 billion baht and another one to
provide liquidity for mutual funds;
government bond purchase program
amounting more than 100 billion baht
during 13-20 March 2020
Uganda
Central
8.00
April 6 -100 bps
Bank rate
Uzbekist Policy
15.00
April 14 -100 bps
an
rate
Vietnam Refinancin 5.00
March 17 -100 bps
g rate