Upcoming Global Central Bank Rate Decisions: November 24 - 28
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.
Ghana: Bank of Ghana (BoG) 11-24-2025
Previous Decision: Cut the Monetary Policy Rate (MPR) by 350 basis points (bps).
Key Rate: 21.50% (Previous: 25.0%).
Summary: The BoG made a significant cut, citing sustained disinflation, robust economic growth (GDP expanding 6.3% in Q2 2025), and a strengthening external position, including a trade surplus and Cedi appreciation. The move was intended to support the recovery while inflation expectations remained broadly anchored.
Israel: Bank of Israel (BOI) 11-24-2025
Previous Decision: Hold the interest rate.
Key Rate: 4.50%
Summary: The Monetary Committee decided to maintain the rate for the eighth consecutive time. The decision focused on achieving the inflation target set by the government (1–3%). The hold aims to consolidate price stability, with attention paid to the ongoing economic uncertainty and the impact of the ongoing conflict on the domestic economy.
Kyrgyzstan: National Bank of the Kyrgyz Republic (NBKR) 11-24-2025
Previous Decision: Rate Hike by 75 basis points (bps).
New Key Rate (Discount Rate): 10.00% (Previous: 9.25%).
Date of Decision: October 27, 2025.
Summary:
The decision was a measure to curb accelerating inflationary pressures and ensure price stability.
Annual inflation was noted at 8.4%, which is above the NBKR’s 5–7% target range.
Inflation was being driven by factors including rising energy prices, strong domestic demand, and increasing costs in the service sector.
Economic activity remains robust, with strong GDP growth supported by construction, rising incomes, and remittances. The rate hike was intended to cool demand and guide inflation back toward the medium-term target.
Sri Lanka: Central Bank of Sri Lanka (CBSL) 11-25-2025
Previous Decision: Hold the Standing Deposit Facility Rate (SDFR) and Standing Lending Facility Rate (SLFR).
Key Rate (SDFR/SLFR): 7.75% / 8.25%
Summary: The CBSL maintained the rates to guide inflation towards its 5% target while supporting the ongoing economic recovery. The economy expanded and momentum was carrying forward, supported by private sector credit growth. The hold reflects a transition from aggressive easing to a cautious, watchful stance.
Nigeria: Central Bank of Nigeria (CBN) 11-25-2025
Previous Decision: Cut the Monetary Policy Rate (MPR) by 50 basis points (bps).
Key Rate: 27.00% (Previous: 27.5%).
Summary: The CBN enacted its first cut since 2020, following three consecutive holds. The decision was prompted by slowing inflation and the Naira’s recent strength, with the goal of supporting economic growth. Despite the cut, the rate remains highly restrictive to manage persistent inflationary pressures.
Lesotho: Central Bank of Lesotho (CBL) 11-25-2025
Previous Decision: Hold the Central Bank Policy Rate (CBPR).
Key Rate: 6.75%
Summary: Information suggests the CBL maintained its rate, likely as part of its strategy to align with South Africa’s Repo Rate (as Lesotho is a member of the Common Monetary Area) to maintain a stable peg of the Loti to the South African Rand, and to control domestic inflation and support macroeconomic stability.
Mozambique: Central Bank of Mozambique (MPC) 11-26-2025
Previous Decision: Cut the MIMO Interest Rate by 25 basis points (bps).
Key Rate: 9.50% (Previous: 9.75%).
Summary: This marked the twelfth consecutive rate reduction, reflecting continued expectations of single-digit inflation in the medium term. However, the MPC warned that risks remain high, specifically citing delays in the government’s payment of domestic public debt as a significant concern.
New Zealand: Reserve Bank of New Zealand (RBNZ) 11-26-2025
Previous Decision: Cut the Official Cash Rate (OCR) by 50 basis points (bps).
Key Rate: 2.50% (Previous: 3.00%).
Summary: The RBNZ delivered a large cut and explicitly signaled further reductions are possible, aiming to ensure inflation settles sustainably near the 2% target mid-point. The decision was influenced by the need to manage slowing economic activity and anchor inflation expectations amid global uncertainties.
South Korea: The Bank of Korea (BOK) 11-27-2025
Previous Decision: Hold (third consecutive hold)
New Base Rate: 2.50%
Rationale: The decision was a cautious one, balancing economic recovery with risks to financial stability.
Economic Stability: The BOK noted that economic growth has continued its improvement trend, supported by a sustained recovery in consumption and favorable export growth (especially the semiconductor sector).
Financial Stability Concerns: The primary reason for pausing further rate cuts was the need to further monitor financial stability conditions. Concerns remain high regarding:
Accelerating housing prices and transaction volumes, particularly in the Seoul area.
The persistence of high household debt.
Exchange rate volatility due to global factors.
Inflation Outlook: Inflation was assessed as stable and expected to remain near the 2.0% target.
Kazakhstan: National Bank of Kazakhstan (NBK) 11-28-2025
Decision: Rate Hike by 150 basis points.
New Base Rate: 18.00% (Previous: 16.50%).
Summary:
The sharp rate hike was an aggressive move to combat intensifying inflationary pressures and stabilize expectations.
Annual inflation had accelerated to 12.9% in September (well above the NBK’s medium-term target of 5%), driven by surging food and service prices, and strong domestic demand.
The economy was showing signs of overheating, with strong GDP growth (6.5% in January–August) fueled by consumption and construction, exceeding its sustainable potential.
The NBK emphasized that a decisive tightening step was necessary due to loose fiscal policy, rapid credit growth, and lingering pro-inflationary risks from reforms to utility tariffs and taxes.
Colombia: Central Bank of Colombia (Banrep) 11-28-2025
Previous Decision: Hold the benchmark rate.
Key Rate: 9.25%
Summary: The Banrep Board opted to keep the rate unchanged by a majority vote. The decision reflects a cautious stance, balancing the need to control inflation and anchor expectations against the need to avoid stifling domestic growth. The Board remains divided, with some members voting for a cut, indicating the policy cycle is likely nearing a pivot.