What a monetary policy rate is
The monetary policy rate is the main tool a central bank uses to influence the cost of credit in the economy. Changes to this rate send financial markets a clear signal about the desired direction of economic policy.
Central bank interest rates
Interest-rate differentials between major central banks and Moldova/Romania, with the last change date and the next scheduled meeting.
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Current rates
| Central bank | Current rate | Change | Change date | Next meeting |
|---|
Primary sources by bank: FED, ECB, BOE, BOJ, SNB, BOC, RBA, RBNZ, BNM, BNR.
bp = basis points; 100 bp = 1 percentage point.
Rate history since 2000
Policy-rate evolution — compare up to 4 central banks at once.
Sources: BIS (monthly series, end of period) and NBM. Data as of 2026-07-17.
Upcoming meetings
No meetings are scheduled for the next few weeks.
How interest rates influence the currency market
When a central bank raises its rate, its currency tends to strengthen in the short term by attracting capital seeking higher yields. The differential between two rates (carry) directly affects EUR/USD, USD/JPY and other major currency pairs.
How to read the rate differential (carry trade)
A carry trade means borrowing in a low-rate currency and investing in a higher-rate one. The table above helps identify the largest differentials quickly, but exchange-rate volatility, political risk and financing costs must also be considered.
Frequently asked questions
- How often is the data on this page updated?
- The data is updated automatically every 30 minutes, synced with central banks after their decisions are officially published.
- Why is the BNM rate different from the ECB rate?
- Each central bank sets its rate based on local inflation, economic growth and capital flows. BNM typically keeps rates higher than the ECB to counter inflation and support the Moldovan leu.
- What does a change expressed in “bp” mean?
- “bp” (basis points) means one hundredth of one percent. A 25 bp increase means the rate rose by 0.25 percentage points.
- What is a monetary policy meeting?
- It is a recurring meeting where the monetary policy committee decides whether to change the rate. These meeting calendars are published in advance and closely watched by financial markets.
- Can I use these rates for trading?
- The rate differential is one of the fundamental factors in Forex, but it is not enough on its own. Combine it with inflation, trade-balance and geopolitical analysis.
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