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.
10 banks tracked
Updated: 05:58 UTC
Highest rate
7.50%
National Bank of Moldova
Lowest rate
0.00%
Swiss National Bank
Next decision
tomorrow
Bank of Canada · September 2, 2026
Latest change
0 bp
Reserve Bank of Australia · August 11, 2026
Current rates
| Central bank | Current rate | Change | Change date | Next meeting |
|---|---|---|---|---|
National Bank of Moldova BNM · MDL | 7.50% | +50 bp | (in 16 days) | |
National Bank of Romania BNR · RON | 6.50% | 0 bp | (in 37 days) | |
Reserve Bank of Australia RBA · AUD | 4.35% | 0 bp | (in 28 days) | |
Federal Reserve FED · USD | 3.75% | 0 bp | (in 15 days) | |
Bank of England BOE · GBP | 3.75% | 0 bp | (in 16 days) | |
Reserve Bank of New Zealand RBNZ · NZD | 2.50% | +25 bp | (tomorrow) | |
European Central Bank ECB · EUR | 2.40% | 0 bp | (in 9 days) | |
Bank of Canada BOC · CAD | 2.25% | 0 bp | (tomorrow) | |
Bank of Japan BOJ · JPY | 1.00% | 0 bp | (in 17 days) | |
Swiss National Bank SNB · CHF | 0.00% | 0 bp | (in 23 days) |
- National Bank of MoldovaBNM · MDL7.50%+50 bpChange date: Next meeting: in 16 days
- National Bank of RomaniaBNR · RON6.50%0 bpChange date: Next meeting: in 37 days
- Reserve Bank of AustraliaRBA · AUD4.35%0 bpChange date: Next meeting: in 28 days
- Federal ReserveFED · USD3.75%0 bpChange date: Next meeting: in 15 days
- Bank of EnglandBOE · GBP3.75%0 bpChange date: Next meeting: in 16 days
- Reserve Bank of New ZealandRBNZ · NZD2.50%+25 bpChange date: Next meeting: tomorrow
- European Central BankECB · EUR2.40%0 bpChange date: Next meeting: in 9 days
- Bank of CanadaBOC · CAD2.25%0 bpChange date: Next meeting: tomorrow
- Bank of JapanBOJ · JPY1.00%0 bpChange date: Next meeting: in 17 days
- Swiss National BankSNB · CHF0.00%0 bpChange date: Next meeting: in 23 days
Updated at 05:58 UTC. 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
- BOC — Bank of Canada(tomorrow)This week
- RBNZ — Reserve Bank of New Zealand(tomorrow)This week
- ECB — European Central Bank(in 9 days)
- FED — Federal Reserve(in 15 days)
- BOE — Bank of England(in 16 days)
- BNM — National Bank of Moldova(in 16 days)
- BOJ — Bank of Japan(in 17 days)
- SNB — Swiss National Bank(in 23 days)
- RBA — Reserve Bank of Australia(in 28 days)
- BNR — National Bank of Romania(in 37 days)
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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