LONDON, April 23 (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 the central banks listed are their 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.
For a FACTBOX detailing global central bank interest rate cuts since the crisis began: 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 zone
TLTRO rate -0.75
March 12 -25bps
750 billion euros in additional asset
purchases, taking the total to about
No
1.1 trillion euros this year, after
change
initially adding 120 billion euros to
to main its existing asset-purchase programme
-0.50%de
posit
Removes cap on how much in bonds it
rate or may 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
0% JGB
for annual purchases of ETFs to 12
10-year trillion 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 13 -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
Rate
April 20 -20 bps financial 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%
Australia
Cash rate 0.25
March 3 -25 bps Government bond purchases, targeting
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 Zealand Overnight 0.25
March 16 -75 bps To buy up to NZ$30 billion worth of
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
rate
banks and financial institutions
March 20 -75 bps
Sweden
Repo rate 0
March 16 No
Central bank offers 500 billion crowns
change
in loans to companies via banks and
boosts its purchases of securities by
300 billion crowns
Switzerland Policy
-0.75
March 19 No
Sets up refinancing facility for
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%
Indonesia
7-day
4.50
Feb. 20 -25 bps Cuts reserve requirement ratio by 200
reverse
bps for conventional banks and 50 bps
repurchase
March 19 -25 bps for Islamic banks, both to 3.50%,
rate
tweaks 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 Korea Base rate 0.75
March 16 -50 bps Central bank sets up plan for
brokerages 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 Africa
bonds on the secondary market
April 14 -100 bps
Mexico
Overnight 6.00
March 20 -50 bps Announced liquidity and credit steps
target
worth $31 billion, cut rates on its
rate
additional ordinary liquidity
facility, reduced by 50 billion pesos
April 21 -50 bps in total private banks' reserve
requirement
Turkey
1-week
8.75
March 17 -100 bps Central bank doubles limit for bond
repo rate
buying this year to 10% of total
April 22 -100 bps 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 3 -50 bps Saudi Arabian Monetary Authority sets Arabia
up 50 billion riyal package to help
March 16 -75 bps 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 Kong
Base Rate 0.86
March 4 -50 bps Cuts financial institutions' reserve
requirements to 1% from 2% of
March 16 -64 bps risk-weighted assets, estimated to be
worth HK$500 billion
Iceland
Deposit
1.75
March 11 -50 bps Announces asset purchases, cuts
rate
capital reserve buffer to 0% from 2%,
March 18 -50 bps sets up credit facility to offer
collateralized loans to banks
Israel
BOI
0.10
April 6 -15 bps Central bank expands repo transactions
Interest
to include corporate bonds; will
Rate
provide loans to banks to increase
credit to SMEs for 5 billion shekels
Jordan
CBJ Main
2.50
March 4 -50 bps Cuts compulsory reserves for
Rate
commercial banks to 5% from 7%, worth
March 16 -100 bps more than 500 million dinars of
liquidity
Kazakhstan Base rate 9.50
April 3 -250 bps
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 bps 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
March 24 -150 bps
April 16 -200 bps
Peru
Reference 0.25
March 19 -100 bps
rate
April 9 -100 bps
Philippines RRP Rate
2.75
Feb. 6
-25 bps Reserve requirement ratio cut by 200
bps to 12%
March 19 -50 bps
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 Lanka
Standing
7.00
March 16 -25 bps Cuts its bank rate, the emergency
Lending
funding rate for commercial banks, to
Facility
April 3 -25 bps 10%, an effective 500bps reduction
Rate
Taiwan
Policy
1.125
March 19 -25 bps T$200 billion for banks to support
rate
SMEs 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
Uzbekistan Policy
15.00
April 14 -100 bps
rate
Vietnam
Refinancin 5.00
March 17 -100 bps
g rate