Upcoming Global Central Bank Rate Decisions: November 17 - 21
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.
Hungary: The Magyar Nemzeti Bank (MNB)
The MNB held its Base Rate steady at 6.50% in its most recent decision (October 21, 2025).
Decision: Hold (13th consecutive meeting).
Key Rate: 6.50%.
Summary: The Monetary Council maintained the rate to ensure a restrictive monetary stance and consolidate price stability, despite slowing domestic demand and declining industrial output. While inflation (4.3% in September) has moderated significantly, it remains above the MNB’s 2–4% tolerance band. The MNB aims to achieve its 3% inflation target sustainably by early 2027.
Uruguay: Central Bank of Uruguay (BCU)
The BCU cut its Monetary Policy Rate by 50 basis points (bps) to 8.25% in its most recent decision (October 7, 2025).
Decision: Cut (Continues easing cycle).
Key Rate: 8.25%.
Summary: The BCU continued its easing cycle, moving gradually towards a neutral policy stance. The decision was supported by the consolidation of inflation around the 4.5% objective (4.25% in September) and the sustained decline in inflation expectations. The Board is confident that inflation will converge toward the target over the policy horizon.
Indonesia: Bank Indonesia (BI)
Bank Indonesia held the benchmark seven-day Reverse Repo Rate steady at 4.75% in its most recent decision (October 22, 2025).
Decision: Hold (Surprising many market analysts).
Key Rate: 4.75%.
Summary: After a series of cuts, BI paused its easing cycle. The decision was primarily driven by the need to maintain Rupiah stability amidst global financial market uncertainties, particularly a hawkish Fed outlook. While domestic economic conditions are sound and inflation is manageable (2.65% in September), the hold provides time to assess the impact of previous cuts and shore up the currency.
Iceland: Central Bank of Iceland (SI)
The Central Bank of Iceland kept the key interest rate unchanged at 7.5% in its most recent decision (October 8, 2025).
Decision: Hold (Third consecutive hold).
Key Rate: 7.5%.
Summary: The Monetary Policy Committee (MPC) maintained the rate to combat persistent, above-target inflation (4.1% in September, target 2.5%). Despite domestic demand cooling under tighter monetary conditions, the economy shows resilience, and wage growth remains strong. The MPC awaits clearer evidence that inflation and inflation expectations are firmly on track toward the target before considering further easing.
South Africa: South African Reserve Bank (SARB)
The SARB’s Monetary Policy Committee held the Repo Rate steady at 7.0% in its most recent decision (September 18, 2025).
Decision: Hold (Extends hold for the year).
Key Rate: 7.0%.
Summary: The SARB continued its pause, prioritizing the anchoring of inflation expectations near the midpoint of the previous 3–6% target range. The recent announcement of a new, lower target of 3% with a $\pm 1$ percentage point tolerance band reinforces a commitment to price stability. The hold balances persistent inflation risks (from currency volatility and fuel prices) against a weak domestic economic growth outlook.
Egypt: Central Bank of Egypt (CBE)
The CBE’s Monetary Policy Committee cut the overnight deposit rate by 100 basis points (bps) to 21.00% in its most recent meeting (October 2, 2025).
Decision: Cut (Fourth cut of the year).
Key Rate: 21.00% (Overnight Deposit Rate).
Summary: This significant reduction followed an unexpected period of relative stability in the Egyptian Pound and a positive reassessment of the domestic inflation outlook. The cut was aimed at boosting private investment and easing the government’s debt servicing costs, which had become extremely high due to the previously elevated rates.
Jamaica: Bank of Jamaica (BOJ)
The BOJ’s Monetary Policy Committee held the Policy Rate steady at 5.75% in its most recent decision (September 29, 2025).
Decision: Hold (Maintains a tight stance).
Key Rate: 5.75%.
Summary: The BOJ maintained the rate to ensure that inflation returns to and remains within the 4.0% – 6.0% target band over the medium term. The decision was supported by strong foreign exchange market stability, but the BOJ remains watchful of external factors and wage pressures that could pose risks to the inflation forecast.
Paraguay: Central Bank of Paraguay (BCP)
The BCP’s Monetary Policy Committee (CPM) left the Policy Interest Rate unchanged at 6.0% in its most recent decision (October 24, 2025).
Decision: Hold.
Key Rate: 6.0%.
Summary: The BCP paused its easing cycle, choosing to maintain its restrictive stance. The decision noted a stable domestic economy and moderate inflation (annual inflation at 4.3% in October) which is still slightly above the 3.5% target. The pause allows the BCP to monitor the global environment and ensure a firm convergence of inflation and expectations toward the target in 2026.