Upcoming Global Central Bank Rate Decisions: October 27 - 31
Enduring Markets Sunday Newsletter
Welcome to this week’s Enduring Market’s Sunday Newsletter, providing a look ahead at the crucial interest rate decisions from central banks across the globe.
We’ve compiled the schedule and a brief summary of the official press releases from each MPC’s most recent policy meetings.
Monday, October 27
State Bank of Pakistan (SBP) (Pakistan)
The Policy Rate is currently 11.00% p.a. The SBP’s Overnight Reverse Repo (Ceiling) Rate is 12.00% p.a., and the SBP Overnight Repo (Floor) Rate is 10.00% p.a.
National Bank of the Kyrgyz Republic (NBKR) (Kyrgyzstan)
The NBKR kept its policy rate unchanged at 9.25% at its meeting on August 26, 2025.
Tuesday, October 28
Banco Central de Chile (BCC) (Chile)
The Central Bank kept the interest rate at 4.75% at its September meeting. It was noted that headline inflation continued to fall, but core inflation exceeded previous projections. The BCC forecasts that inflation will converge to the 3% target during the third quarter of 2026.
Wednesday, October 29
Federal Reserve (FED) (USA)
The Federal Reserve cut its key interest rate by a quarter-point in September, bringing the short-term rate to about 4.1% (from 4.3%). Fed officials signaled they expect to reduce the rate twice more this year and once in 2026. The decision had one dissenter who preferred a larger cut.
Bank of Canada (BoC) (Canada)
The Bank of Canada cut the overnight interest rate by 25 basis points to 2.50% at its September 17, 2025, meeting.
National Bank of Tajikistan (NBT) (Tajikistan)
The National Bank of Tajikistan’s Monetary Policy Committee decided on April 30, 2025, to reduce the refinancing rate by 0.5 percentage points to 8.25 percent per annum, citing stable inflation expectations, relatively low inflation within the target range, and a stronger national currency.
Headline inflation stood at 3.6% year-on-year in April 2025, which is near the lower bound of the NBT’s target range of 5% (±2). The NBT is working on macroprudential measures to control risks posed by rapid credit growth.
Thursday, October 30
Bank of Japan (BOJ) (Japan)
At the September policy meeting, the BOJ kept policy unchanged. However, two board members dissented, calling for a 25 basis point hike.
European Central Bank (ECB) (Eurozone)
The ECB’s Governing Council left its key policy rates unchanged at its September meeting.
Bank of Botswana (BoB) (Botswana)
The Monetary Policy Committee of the Bank of Botswana maintained the Monetary Policy Rate (MoPR) at 1.9 percent on August 21, 2025, to keep policy accommodative despite inflation being projected to temporarily breach the objective range due to supply shocks and a recent widening of the Pula’s trading margins.
This decision came as the central bank addressed a liquidity squeeze caused by concentrated funding and banks bidding aggressively for deposits, which countered the accommodative policy by leading to a rise in prime lending rates.
Reserve Bank of Malawi (RBM) (Malawi)
The Reserve Bank of Malawi maintained its benchmark lending rate at 26% on May 8, 2025. This decision marked the fifth consecutive hold of the policy rate since February 2024.
Banco Central RD (BCRD) (Dominican Republic)
The Central Bank of the Dominican Republic (BCRD) maintained its monetary policy rate at 5.75% annual in August 2025, taking into account persistent global uncertainty and restrictive international financial conditions. This hold was supported by domestic inflation remaining within the 4.0% +- 1.0% target range since the first half of 2023, while the BCRD also implemented a liquidity program to promote credit growth in the productive sectors.
Friday, October 31
Central Bank of Colombia (Colombia)
The Board of Directors of Banco de la República opted by a majority vote to maintain the benchmark rate unchanged at 9.25% at its last meeting (late September/early October). The decision highlighted the stability of core inflation and inflation expectations despite the ease in headline inflation.