Central banks roundup: latest interest rates and stances of 12 major central banks (November 2026)

The big picture

Higher energy prices linked to the Middle East conflict have pushed inflation back up in many countries and moved most major central banks towards tighter policy. Below is the latest from 12 central banks that matter for forex. See all rates on our central banks page.

Central bank	Currency	Current rate	Last decision	Next meeting
Federal Reserve	USD	3.75–4.00%	28 Oct: hold	9 Dec
European Central Bank	EUR	2.50%	29 Oct: hold	17 Dec
Bank of England	GBP	4.00%	5 Nov: +0.25	17 Dec
Bank of Japan	JPY	1.25%	30 Oct: hold	18 Dec
Swiss National Bank	CHF	0.00%	24 Sep: hold	10 Dec
People's Bank of China (1Y LPR)	CNY	3.00%	20 Oct: hold	20 Nov
Reserve Bank of Australia	AUD	4.85%	3 Nov: +0.25	8 Dec
Reserve Bank of New Zealand	NZD	2.75%	28 Oct: hold	9 Dec
Bank of Canada	CAD	2.50%	28 Oct: +0.25	9 Dec
Central Bank of Türkiye	TRY	36.00%	23 Oct: −1.00	—
Reserve Bank of India	INR	5.50%	7 Oct: +0.25	—
Saudi Central Bank	SAR	4.50%	Sep: +0.25	after the Fed

Federal Reserve (USD)

The Fed held its target range at 3.75%–4% on 28 October, after raising rates in September for the first time in three years. The vote was 10–2, with Lisa Cook and Beth Hammack preferring a quarter-point hike. Fed Chair Kevin Warsh said inflation has been above the 2% target for nearly six years and higher energy prices raise the risk that it spreads; he tied the next move to incoming data and said that while financial conditions are tighter, "I'm unwilling and unable to call them tight."

European Central Bank (EUR)

The ECB kept its deposit rate at 2.50% on 29 October after a 25 bp hike in September. Euro-area inflation rose to 3.8% in September, driven mainly by energy. Christine Lagarde said a hike was discussed but the Governing Council chose to wait, adding that "the direction of travel is clear". Lagarde also announced she will step down early, on 7 February 2027.

Bank of England (GBP)

The Bank of England raised Bank Rate from 3.75% to 4.00% on 5 November by an 8–1 vote; Catherine Mann wanted a 50 bp move. The Bank expects inflation to rise to around 5% by mid-2027. Governor Andrew Bailey said the rise "should not be interpreted as the start of an inevitable sequence of further rises."

Bank of Japan (JPY)

The BoJ held its policy rate at 1.25% on 30 October by an 8–1 vote, with Hajime Takata proposing 1.5%. The Bank said underlying inflation is now consistent with its 2% target and that it will keep raising rates. Governor Kazuo Ueda said the next meeting will focus on upside price risks — a strong signal of a possible hike to 1.5% in December.

Swiss National Bank (CHF)

The SNB kept its policy rate at 0% on 24 September. Swiss inflation is low at 0.8%, with average inflation forecast at around 0.7–0.8% for 2026 and 2027. The SNB said it remains willing to be active in the foreign exchange market as necessary.

People's Bank of China (CNY)

China's loan prime rates were unchanged for a 17th month: 3.0% for one year and 3.5% for five years. Governor Pan Gongsheng signalled a shift to an overnight rate as the main policy rate, and the PBoC has run daily operations at an overnight rate of 1.25% since 2 November — a change seen as a possible easing signal.

Reserve Bank of Australia (AUD)

The RBA raised the cash rate from 4.60% to 4.85% on 3 November, an 18-year high, in a 6–3 split vote. The Board said inflation is high and broad-based and warned of a growing risk that higher inflation expectations become embedded. Governor Michele Bullock signalled a possible pause after the decision.

Reserve Bank of New Zealand (NZD)

The RBNZ surprised markets by holding the OCR at 2.75% on 28 October in a 4–3 vote, with three members favouring a rise to 3%. The committee led by Governor Anna Breman said all members agreed tighter policy is likely to be required.

Bank of Canada (CAD)

The Bank of Canada raised its policy rate by 25 bp to 2.5% on 28 October. Governor Tiff Macklem said inflation is higher and more persistent than expected and high oil prices are lifting costs; the Bank said further increases may be needed.

Central Bank of Türkiye (TRY)

The CBRT cut its policy rate by one percentage point to 36% on 23 October, citing a slowdown in underlying inflation and weak domestic demand, while noting high energy prices remain an upside risk.

Reserve Bank of India (INR)

The RBI unanimously raised the repo rate from 5.25% to 5.50% on 7 October, its first hike in over three years. Governor Sanjay Malhotra said "rate cuts are off the table in the near term" and projected FY27 inflation at 5.2%.

Saudi Central Bank (SAR)

With the riyal pegged to the dollar, SAMA follows the Fed. After the Fed's September hike it raised the repo rate to 4.5% and the reverse repo rate to 4.0%.

Possible market impact

• Policy divergence: Rate gaps between central banks are a key driver of currency pairs; the December meetings of the Fed, BoJ and ECB are the main events ahead. EUR/USD daily analysis
• Japanese yen: A possible BoJ hike in December could support the yen.
• Gold: A global tightening cycle raises the opportunity cost of holding gold. Gold daily analysis

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Sources: official statements from the Fed, ECB, BoE, BoJ, SNB, RBA and BoC, and news agency reports.

This article is news and education, not trading advice. Questions? Support at @fibonacci_chart.