Upcoming Global Central Bank Rate Decisions: December 08 - 12
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.
Monday, December 15, 2025
Pakistan: State Bank of Pakistan (SBP)
Previous Decision: Cut (November 4, 2025)
Key Rate: 15.00% (Target Rate)
Summary: The SBP continued its easing cycle, citing a fifth consecutive month of declining inflation and improved external buffers. The committee noted that real interest rates remain positive, allowing room to support industrial growth.
Latest Press Release: Monetary Policy Statements
Tuesday, December 16, 2025
Armenia: Central Bank of Armenia (CBA)
Previous Decision: Hold (October 29, 2025)
Key Rate: 7.25% (Refinancing Rate)
Summary: The CBA maintained its rate, noting that while inflation is low, strong domestic demand and wage growth pose upside risks. The Board emphasized a data-driven approach to ensure inflation stabilizes near the 3% target.
Latest Press Release: CBA News & Press Releases
Hungary: The Magyar Nemzeti Bank (MNB)
Previous Decision: Hold (November 19, 2025)
Key Rate: 6.50% (Base Rate)
Summary: The Monetary Council kept the base rate unchanged, extending its pause. The decision reflects a cautious stance amidst global financial market volatility and a desire to anchor inflation expectations firmly within the tolerance band.
Latest Press Release: Press releases of the Monetary Council
Morocco: Central Bank of Morocco (BAM)
Previous Decision: Hold (September 24, 2025)
Key Rate: 2.75% (Key Rate)
Summary: Bank Al-Maghrib left the key rate steady, assessing that the current level is appropriate to facilitate the return of inflation to levels below 2% while supporting post-earthquake reconstruction efforts and economic activity.
Latest Press Release: Monetary Policy Press Releases
Chile: Banco Central de Chile (BCC)
Previous Decision: Hold (October 28, 2025)
Key Rate: 4.75% (Monetary Policy Interest Rate)
Summary: The Board voted unanimously to hold the rate, pausing its aggressive easing cycle. The decision was driven by external volatility and a depreciation of the peso, which required a prudent pause to assess inflationary convergence.
Latest Press Release: Monetary Policy Meetings
Wednesday, December 17, 2025
Thailand: Bank of Thailand (BoT)
Previous Decision: Hold (October 16, 2025)
Key Rate: 1.50% (Policy Rate)
Summary: The MPC voted to maintain the policy rate. Despite negative inflation prints (-0.49% in November), the committee prioritized financial stability and “policy space” over immediate stimulus, though pressure for a cut in December is mounting.
Latest Press Release: Monetary Policy Committee Decisions
Indonesia: Bank Indonesia (BI)
Previous Decision: Hold (November 20, 2025)
Key Rate: 4.75% (BI-Rate)
Summary: BI kept its rate unchanged to ensure the stability of the Rupiah amidst a strengthening US dollar. The decision aims to keep imported inflation in check while maintaining momentum for sustainable economic growth.
Latest Press Release: Press Releases
Georgia: National Bank of Georgia (NBG)
Previous Decision: Hold (November 5, 2025)
Key Rate: 8.00% (Refinancing Rate)
Summary: The NBG maintained a tight monetary stance to manage inflationary risks arising from strong domestic demand. The committee noted that while headline inflation is moderate, core prices remain sticky.
Latest Press Release: Monetary Policy Committee Decisions
Albania: Bank of Albania (BoA)
Previous Decision: Hold (November 5, 2025)
Key Rate: 2.50% (Policy Rate)
Summary: The Supervisory Council kept the policy rate unchanged. The decision was based on the assessment that the current monetary stance remains adequate to guarantee price stability in the medium term, with inflation fluctuating near the 3% target.
Latest Press Release: Monetary Policy Decisions
Thursday, December 18, 2025
Taiwan: Central Bank of the Republic of China (CBC)
Previous Decision: Hold (September 19, 2025)
Key Rate: 2.00% (Discount Rate)
Summary: The CBC Board decided to leave the discount rate unchanged. The bank cited mild domestic inflation and steady economic growth as reasons to maintain the current accommodative-to-neutral policy stance.
Latest Press Release: Press Releases
Sweden: Sveriges Riksbank (SRB)
Previous Decision: Cut (November 7, 2025)
Key Rate: 2.75% (Policy Rate)
Summary: The Riksbank cut the policy rate by 50 basis points to support the Swedish economy, which has remained sluggish. The Executive Board signaled that if the inflation outlook remains favorable, the policy rate could be cut further in December.
Latest Press Release: Monetary policy decisions
Norway: Norges Bank (NB)
Previous Decision: Hold (November 6, 2025)
Key Rate: 4.00% (Policy Rate)
Summary: Norges Bank kept the rate unchanged, noting that while inflation is curbing, the depreciation of the Krone and high wage growth argue against a premature cut. The committee signaled a “higher for longer” approach compared to European peers.
Latest Press Release: Interest rate decisions
Czech Republic: Czech National Bank (CNB)
Previous Decision: Cut (November 7, 2025)
Key Rate: 3.75% (2-Week Repo Rate)
Summary: The CNB Board lowered the key interest rate by 25 basis points. The Board noted that inflation is close to the 2% target, allowing for a gradual easing of restrictive monetary conditions to support economic recovery.
Latest Press Release: Bank Board decisions
United Kingdom: Bank of England (BoE)
Previous Decision: Hold (November 6, 2025)
Key Rate: 4.00% (Bank Rate)
Summary: The MPC voted to maintain Bank Rate at 4.00%. The Committee emphasized the need to ensure that inflation returns sustainably to the 2% target, noting that services inflation remains elevated despite the headline rate falling.
Latest Press Release: Monetary Policy Committee dates and minutes
Eurozone: European Central Bank (ECB)
Previous Decision: Hold (October 23, 2025)
Key Rate: 2.00% (Deposit Facility Rate)
Summary: The Governing Council kept the three key ECB interest rates unchanged. Having achieved the 2% inflation target earlier in the year, the Council is now in a “monitoring” phase to ensure price stability does not turn into deflationary risk.
Latest Press Release: Monetary policy decisions
Costa Rica: Central Bank of Costa Rica (BCCR)
Previous Decision: Cut (October 17, 2025)
Key Rate: 3.25% (Monetary Policy Rate)
Summary: The Board reduced the rate by 25 bps (following a cut to 3.50% in September), citing a benign inflation outlook where expectations are anchored near the lower bound of the tolerance range (2%).
Latest Press Release: Comunicados de Política Monetaria
Mexico: Banco de Mexico (Banxico)
Previous Decision: Cut (November 13, 2025)
Key Rate: 7.25% (Overnight Interbank Rate)
Summary: Banxico cut the reference rate by 25 basis points (following a cut to 7.50% in September). The Board cited progress in the disinflation process and a weakening of economic activity as justifications for reducing the degree of restriction.
Latest Press Release: Anuncios de política monetaria
Friday, December 19, 2025
Japan: Bank of Japan (BOJ)
Previous Decision: Hold (October 31, 2025)
Key Rate: 0.50% (Uncollateralized Overnight Call Rate)
Summary: The BOJ maintained its policy rate. Governor Ueda noted that while the economy is recovering, the bank needs to confirm a “virtuous cycle” of wages and prices before hiking further. Markets are pricing in a high chance of a hike at the upcoming December meeting.
Latest Press Release: Monetary Policy Statements
Mongolia: Central Bank of Mongolia (CBM)
Previous Decision: Hold (September 16, 2025)
Key Rate: 10.00% (Policy Rate)
Summary: The MPC kept the policy rate unchanged to stabilize inflation around the target level. The decision reflected a balance between supporting non-mining sector growth and managing potential supply-driven price shocks.
Latest Press Release: Monetary Policy Statements
Russia: Central Bank of Russia (CBR)
Previous Decision: Cut (October 24, 2025)
Key Rate: 16.50% (Key Rate)
Summary: In an unexpected move, the CBR cut the key rate by 50 bps. The Bank noted that while inflationary risks remain, the tightness of monetary conditions had sufficiently cooled demand, and a slight easing was necessary to support critical sectors of the economy.
Latest Press Release: Key rate press releases
Jamaica: Bank of Jamaica (BOJ)
Previous Decision: Hold (November 24, 2025)
Key Rate: 5.75% (Policy Interest Rate)
Summary: The BOJ maintained its policy rate following the passage of Hurricane Melissa. The Bank emphasized that the “hold” was necessary to gauge the inflationary impact of the storm damage before making further adjustments to the monetary stance.
Latest Press Release: Monetary Policy Press Releases
Colombia: Central Bank of Colombia (BanRep)
Previous Decision: Hold (October 31, 2025)
Key Rate: 9.25% (Intervention Rate)
Summary: The Board voted to keep the rate unchanged, reiterating its commitment to the 3% inflation target. The decision reflected caution regarding fiscal uncertainty and the persistence of indexation mechanisms in key prices.
Latest Press Release: Press releases, minutes and news