[F13] International official interest rates

F13 INTERNATIONAL OFFICIAL INTEREST RATES

All data sourced from the respective central banks. Rates shown are month-ended, except as outlined below.

Prior to February 1996, the Canadian official rate was known as the bank rate. Since that time, the number is the target for the overnight rate.

Prior to March 1997, the UK official rate was the base rate. This is the yield equivalent to the discount rate on band 1 bills (5–37 days remaining maturity). From March 1997 to May 2006, the official rate was the 2-week repo rate. Since this time, the official rate has been the Official Bank Rate paid on commercial bank reserves.

Since January 2016, the Bank of Japan has adopted a three-tier system for outstanding balances on institutions current accounts. The policy interest rate shown is the interest rate on the policy-rate balance, which is the marginal cost of new deposits. From April 2013 to January 2016, the monetary base was the main operating target for the Bank of Japan and the policy interest rate was the rate on Bank of Japan funds-supplying operations. From September 1998 to March 2013, the key Japanese official rate was the uncollateralised overnight call rate. Prior to September 1998, the key Japanese official rate was the official discount rate.

From July 1989 to December 2008, the US official rate was the target for the federal funds rate. Since this time, the number in the table is the mid point of the target range for the federal funds rate.

Euro area refers to the member countries of the European Union that use the euro. From 1 January 1999, the key official rate of the euro area is the 1-week repo rate, set by the Governing Council of the European Central Bank (ECB).