Upcoming Global Central Bank Rate Decisions: December 01 - 05
Enduring Markets Sunday Newsletter
Upcoming Rate Decisions
Welcome to this week’s Enduring Markets’ 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.
December 3, 2025
Namibia: Bank of Namibia (BoN)
Decision (Most Recent): Hold (Rate was maintained in the last decision on October 13-14, 2025).
Key Rate (Repo Rate): 6.50%
Summary: The Bank of Namibia typically adjusts its Repo Rate to maintain the one-to-one peg between the Namibia Dollar (NAD) and the South African Rand (ZAR). Namibia’s rate is often maintained at or slightly below South Africa’s Repo Rate (currently 6.75% as of the last available data) to support domestic growth without jeopardizing capital flows. Given the October decision to reduce the rate, the December decision is anticipated to be a hold, maintaining stability and supporting a domestic economy that is showing moderate growth, while inflation remains contained.
Poland: National Bank of Poland (NBP)
Decision (Most Recent): Cut by 25 basis points (bps) (Decision on November 4-5, 2025).
Key Rate (Reference Rate): 4.25%
Summary: The NBP’s Monetary Policy Council (MPC) continued its easing cycle into November, citing a successful approach to inflation control. Annual CPI inflation fell to 2.8% in October, placing it close to the central bank’s 2.5% target. The MPC signaled that the cumulative 150 bps of cuts in 2025 were aimed at supporting economic growth, which remains robust, and reducing the cost of debt service. The December decision is expected to follow this cautious easing path, potentially with a small cut, as the NBP believes its policy is now close to a “neutral” level.
December 4, 2025
Botswana: Bank of Botswana (BoB)
Decision (Most Recent): Hike by 160 basis points (bps) (Decision on October 30, 2025).
Key Rate (Monetary Policy Rate - MoPR): 3.50%
Summary: In a surprising move, the Bank of Botswana enacted its first rate hike since June 2022. This aggressive move was not primarily aimed at controlling inflation (which was near the 3–6% target range at 3.7%), but rather to enhance monetary policy transmission. The hike significantly reduced the gap between the policy rate and commercial bank lending rates, which had become inefficiently wide. Given the sharpness of the recent adjustment, the December meeting is widely expected to result in a hold, allowing the market to absorb the effects of the recent large increase while monitoring the still-struggling non-mining sector of the economy.