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.
Tuesday, December 09, 2025
Australia: Reserve Bank of Australia (RBA)
Previous Decision: Hold (November 4, 2025)
Key Rate: 3.60% (Cash Rate Target)
Summary: The RBA Board decided to leave the cash rate unchanged, maintaining a restrictive stance to ensure inflation returns to the 2–3% target range. While inflation has moderated, it remains “sticky” in the services sector. The Board explicitly noted it is “not ruling anything in or out” regarding future moves, prioritizing the return of inflation to target by 2026.
Latest Press Release: Statement by the Monetary Policy Board: Monetary Policy Decision
Wednesday, December 10, 2025
USA: Federal Reserve (FED)
Previous Decision: Cut by 25 bps (October 29, 2025)
Key Rate: 4.00% (Federal Funds Rate Target Range)
Summary: The FOMC lowered the target range, continuing its calibration of policy to support the labor market while inflation continues to move toward 2%. The Committee noted that risks to achieving its employment and inflation goals are roughly in balance.
Latest Press Release: Federal Reserve Board - Press Releases
Canada: Bank of Canada (BoC)
Previous Decision: Cut by 25 bps (October 29, 2025)
Key Rate: 2.25% (Overnight Rate)
Summary: The Bank of Canada lowered its policy rate, signalling it may be “done cutting for now” if the economy evolves as forecast. The decision was driven by weakness rippling through the Canadian economy and the expectation that inflation will hover close to the 2% target.
Latest Press Release: Bank of Canada official press releases
Azerbaijan: Central Bank of Azerbaijan (CBA)
Previous Decision: Hold (October 22, 2025)
Key Rate: 7.00% (Refinancing Rate)
Summary: The CBA kept the refinancing rate steady, citing stable inflation dynamics that are aligning with the 4±2% target range. The decision reflects balanced risks in the external and domestic environment. The interest rate corridor was also maintained (Floor: 6%, Ceiling: 8%).
Latest Press Release: Central Bank keeps refinancing rate unchanged
Thursday, December 11, 2025
Brazil: Banco Central do Brasil (BCB)
Previous Decision: Hold (November 5, 2025)
Key Rate: 15.00% (Selic Rate)
Summary: The Copom maintained the Selic rate at 15.00%, emphasizing a cautious stance in a “scenario of heightened uncertainty.” The Committee noted that inflation expectations remain deanchored and that a restrictive policy is necessary for a “very prolonged period” to ensure convergence to the target.
Latest Press Release: Copom Statements
Switzerland: The Swiss National Bank (SNB)
Previous Decision: Hold (September 25, 2025)
Key Rate: 0.00% (SNB Policy Rate)
Summary: The SNB left its policy rate unchanged at 0.00%. The bank assessed that inflationary pressure has barely changed and remains within the range consistent with price stability. The SNB remains willing to be active in the foreign exchange market as necessary to ensure appropriate monetary conditions.
Latest Press Release: Monetary policy assessment of 25 September 2025
Philippines: Bangko Sentral ng Pilipinas (BSP)
Previous Decision: Cut by 25 bps (October 9, 2025)
Key Rate: 4.75% (Target Reverse Repurchase Rate)
Summary: The Monetary Board reduced the key rate to 4.75%, continuing its easing cycle. The decision was based on the assessment that price pressures remain manageable and the inflation outlook is well-anchored, allowing the BSP to support economic growth.
Latest Press Release: Monetary Policy Decisions - BSP
Moldova: National Bank of Moldova (NBM)
Previous Decision: Hold (November 6, 2025)
Key Rate: 6.00% (Base Rate)
Summary: The NBM Executive Board maintained the base rate at 6.00% but decided to lower the required reserve ratios for banks to inject liquidity and lower credit costs. The decision aims to support aggregate demand and keep inflation near the 5.0% target.
Latest Press Release: Monetary Policy Decision, 06.11.2025
Ukraine: National Bank of Ukraine (NBU)
Previous Decision: Hold (October 23, 2025)
Key Rate: 15.50% (Key Policy Rate)
Summary: The NBU kept the rate steady to maintain control over inflation expectations and protect the attractiveness of hryvnia assets. While inflation has declined, underlying price pressures and risks related to energy shortages and the budget remain high.
Latest Press Release: NBU Leaves Its Key Policy Rate Unchanged at 15.5%
Uzbekistan: Central Bank of the Rep. of Uzbekistan
Previous Decision: Hold (October 26, 2025)
Key Rate: 14.00%
Summary: The Board of the Central Bank of Uzbekistan decided to maintain the policy rate at 14.00% to preserve relatively tight monetary conditions. The decision was driven by the need to ensure a continued decline in inflation toward the 5% medium-term target, despite positive signs of disinflation.
Latest Press Release: Central Bank of Uzbekistan Press Releases
Turkiye: Central Bank of Turkiye (TCMB)
Previous Decision: Cut by 100 bps (October 23, 2025)
Key Rate: 39.50% (One-Week Repo Auction Rate)
Summary: The TCMB cut its policy rate to 39.5% (down from 40.5% in September). The Committee stated that while the tight monetary stance will be maintained until price stability is fully achieved, the reduction reflects an improvement in the underlying inflation trend and a need to support the disinflation process through a balanced approach.
Latest Press Release: Press Releases - TCMB
Serbia: National Bank of Serbia (NBS)
Previous Decision: Hold (November 13, 2025)
Key Rate: 5.75%
Summary: The NBS Executive Board kept the key policy rate unchanged, marking a continued pause. The decision was driven by the significant slowdown in inflation (to 2.8% in October) and the need to remain cautious amidst global geopolitical instability.
Latest Press Release: Key policy rate kept unchanged
Peru: Central Reserve Bank of Peru (BCRP)
Previous Decision: Hold (November 13, 2025)
Key Rate: 4.25% (Reference Rate)
Summary: The BCRP Board maintained the reference rate at 4.25%. Inflation remains within the target range (1.4% headline in October), and economic activity is close to potential. The Board reaffirmed it will remain data-dependent and ready to adjust the monetary stance if necessary.
Latest Press Release: Monetary Policy Statement November 2025