Upcoming Global Central Bank Rate Decisions: November 3 - 7
Enduring Markets Sunday Newsletter
Upcoming Rate Decisions
Welcome to this week’s Enduring Market’s 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.
Reserve Bank of Australia (RBA) - Nov 04-05, 2025
Last Decision: Unchanged (Hold) on September 30, 2025.
Policy Rate: 3.60% (Cash Rate Target).
Summary: The RBA maintained its cash rate target, holding steady as it assesses the continued progress toward its inflation and employment goals. The decision came as annual Consumer Price Index (CPI) inflation was at 3.2% (September 2025 quarter), slightly above the 2-3% target band. The focus remains on achieving sustainable low inflation alongside full employment.
Central Bank of Armenia (CBA) - Nov 04, 2025
Last Decision: Unchanged (Hold) on September 16, 2025.
Policy Rate: 6.75% (Refinancing Rate).
Summary: The CBA opted to keep its key rate steady for the fourth consecutive meeting in its pause from an earlier easing cycle. This decision was made despite annual headline inflation easing to 3.4% in July, with policymakers maintaining a cautious stance.
Sveriges Riksbank (SRB) - Nov 04-05, 2025
Last Decision: Cut 0.25% on September 23, 2025.
Policy Rate: 1.75% (Policy Rate).
Summary: The Riksbank delivered another 25 basis point rate cut, bringing the policy rate to 1.75%. The move aims to support the weak economy, as growth is sluggish and the labor market turnaround is taking longer than expected, despite inflation being expected to fall back towards the target.
The National Bank of North Macedonia - Nov 05, 2025
Last Decision: Unchanged (Hold) on September 17, 2025.
Policy Rate: 5.35% (Benchmark Interest Rate).
Summary: The National Bank maintained its benchmark rate at 5.35% for the fifth consecutive meeting. This cautious stance balances steady domestic growth (GDP expanded 3.4% in Q2) with persistent inflation risks from global uncertainties and commodity price volatility, with August inflation at 4.4%.
National Bank of Georgia (NBG) - Nov 05, 2025
Last Decision: Unchanged (Hold) on March 12, 2025.
Policy Rate: 8.0% (Monetary Policy Rate).
Summary: The NBG kept the rate at 8.0% in its last available decision. The bank remains focused on addressing risks to long-term price stability, despite inflation sitting below the 3% target (February 2025 inflation was 2.4%). Future adjustments will depend on updated risk assessments and macroeconomic forecasts.
National Bank of Poland (NBP) - Nov 05, 2025
Last Decision: Cut 0.25% on September 2-3, 2025.
Policy Rate: 4.75% (Reference Rate).
Summary: The Monetary Policy Council decided to decrease the NBP interest rates by 25 basis points, setting the reference rate at 4.75%. The cut was justified by the continued decline in inflation, with CPI at 2.8% in August 2025, which is within the target range, despite elevated wage growth.
Bank of Albania (BoA) - Nov 05, 2025
Last Decision: Unchanged (Hold) on October 1, 2025.
Policy Rate: 2.5% (Policy Rate).
Summary: The Bank of Albania held its policy rate steady at 2.5% for the second consecutive meeting, following a cut in July. The pause is to assess the balance between modest domestic inflationary pressures and a resilient economy, with annual inflation slightly above 2.0% but still below the 3% target.
Banco Central do Brasil (BCB) - Nov 05, 2025
Last Decision: Unchanged on September 17, 2025.
Policy Rate: 15.00% (Selic Rate).
Summary: The BCB maintained the Selic rate at a significantly restrictive 15.00%, pausing its tightening cycle after recent hikes. The decision reflects the commitment to anchoring inflation expectations, which remain above target for 2025 (4.8%) and 2026 (4.3%), citing persistent uncertainty and upside risks.
Norges Bank (NB) - Nov 06, 2025
Last Decision: Cut 0.25% on September 17, 2025.
Policy Rate: 4.0% (Policy Rate).
Summary: Norges Bank announced a 25 basis point rate cut, reducing the policy rate from 4.25% to 4.0%. This marks a cautious continuation of the monetary policy normalization process that began in June, with inflation having fallen but still above target. Future cuts are expected to be gradual.
National Bank of Moldova (NBM) - Nov 06, 2025
Last Decision: Cut on August 7, 2025.
Policy Rate: 6.25% (Base Rate).
Summary: The NBM resumed its easing measures by cutting the base rate to 6.25%. This move was supported by a confirmed disinflationary trend, despite annual inflation 8.2% in June 2025 remaining above the 5.0% target. The easing aims to transmit through lower interest rates to the credit market.
Central Bank of Malaysia (BNM) - Nov 06, 2025
Last Decision: Unchanged (Hold) on September 4, 2025.
Policy Rate: 2.75% (Overnight Policy Rate - OPR).
Summary: BNM held the OPR steady at 2.75%. The monetary policy stance is considered appropriate to support the Malaysian economy, which expanded by 4.4% in H1 2025. Both headline and core inflation remain moderate, averaging 1.4% and 1.9% year-to-date, respectively, with no excessive demand pressures.
Czech National Bank (CNB) - Nov 06, 2025
Last Decision: Unchanged (Hold) on September 24, 2025.
Policy Rate: 3.5% (Two-week Repo Rate).
Summary: The CNB kept the two-week repo rate unchanged at 3.5% for the fourth consecutive meeting. While headline inflation 2.5% in August is within the tolerance band of the 2% target, policymakers maintained a tight policy stance due to persistent strength in domestic demand and elevated core inflation (2.8%).
Bank of Uganda (BoU) - Nov 06, 2025
Last Decision: Unchanged (Hold) on August 12, 2025.
Policy Rate: 9.75% (Central Bank Rate - CBR).
Summary: The BoU maintained the CBR at 9.75% for the fourth straight meeting. The decision was driven by global economic uncertainties and inflation risks, even though headline and core inflation 3.8% and 4.1% in July remain below the 5% medium-term target. The economy shows resilience, with strong growth projected for FY 2025/26.
Bank of England (BoE) - Nov 06, 2025
Last Decision: Unchanged (Hold) on September 17, 2025.
Policy Rate: 4.0% (Bank Rate).
Summary: The Monetary Policy Committee (MPC) voted 7-2 to maintain the Bank Rate at 4.0%. After a series of cuts earlier in the year, the BoE paused its easing cycle to ensure underlying disinflationary pressures continue to ease. Twelve-month CPI inflation was 3.8% in August, and the MPC remains focused on squeezing out persistent inflationary pressures to return inflation sustainably to the 2% target.
Banco de México (BdM) - Nov 06, 2025
Last Decision: Cut 0.50% on May 15, 2025.
Policy Rate: 8.50% (Overnight Interbank Interest Rate).
Summary: Banxico unanimously decided to cut the key interest rate by 50 basis points to 8.50%. The decision reflected that the disinflation process remained on track, with core inflation consistently below 4%, and acknowledged a weak economic activity. The Board signaled an intention to continue the rate-cutting cycle while maintaining a restrictive stance.