Race for rate hikes: Here’s how much central banks have hiked interest rates in 2022

Sep 21, 2022

By: Rounak Jain

How major central banks have hiked interest rates

Credit: Business-Insider-India

US Fed

Announced 225 bps rate hikes in total so far, with another 75 bps rate hike expected today.

Credit: Wikimedia

Reserve Bank of India

India’s central bank has announced 140 bps rate hikes this year so far, and another 35-50 bps rate hike is expected at the end of September 2022.

Credit: BCCL

Bank of England

Bank of England hiked interest rates five times this year, totaling to 150 bps. Reports suggest another 50 bps hike is on the horizon.

Credit: Bank-of-England

European Central Bank

The ECB raised interest rates for the first time in 11 years this July, with a 50 bps hike, followed by a 75 bps hike in September. ECB president Christine Lagarde said more rate hikes are expected.

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European Central Bank

For eight years, Europe had negative deposit rates as the economic bloc encouraged spending to spur economic growth.

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Bank of Canada

Hiked interest rates by 300 bps so far, with more hikes expected.

Credit: Wikimedia

Bank of Russia

Following its Ukraine invasion, the Russian central bank more than doubled interest rate by 1050 bps to 20 percent, but weak consumer demand forced rates to be cut to 7.5 percent.

Credit: Wikimedia

People's Bank of China

China defied other major economies by slashing interest rates to rejuvenate its economy hamstrung by the Zero Covid policy. It has slashed one year loan prime rate by 20 bps in 2022 so far.

Credit: Wikimedia

Bank of Japan

Bank of Japan has been an outlier amongst developed economies – it has not announced any interest rate hikes in 2022 so far. In fact, it has stuck to the -0.1 percent interest rate since 2016.

Credit: Wikimedia

India's foreign exchange reserves rose by USD 2.6 billion in the week ending May 10: RBI