The Overnight Borrowing Rate is a key monetary policy tool representing the interest rate at which commercial banks can borrow funds from the central bank for a single night. This rate serves as a floor or ceiling for short-term market rates and is used by the central bank to manage liquidity within the banking system. It is a primary indicator of the central bank's stance on inflation and economic stability.
The rate is determined and announced by the Central Bank's Monetary Policy Committee following their periodic review meetings. It is based on an assessment of macroeconomic indicators such as inflation, employment, and GDP growth.
| Date | Actual | Forecast | Surprise |
|---|---|---|---|
| Sep 10, 2026 | — | 35.50 | — |
| Jul 23, 2026 | 35.50 | 35.50 | 0.00 |
| Jun 11, 2026 | 35.50 | 35.50 | 0.00 |
| Apr 22, 2026 | 35.50 | 35.50 | 0.00 |
| Mar 12, 2026 | 35.50 | 35.50 | 0.00 |
| Jan 22, 2026 | 35.50 | 35.50 | 0.00 |
| Dec 11, 2025 | 36.50 | 37.00 | -0.50 |
| Oct 23, 2025 | 38.00 | 37.50 | +0.50 |
| Sep 11, 2025 | 39.00 | 39.50 | -0.50 |
| Jul 24, 2025 | 41.50 | 43.50 | -2.00 |
| Jun 19, 2025 | 44.50 | 44.50 | 0.00 |
| Apr 17, 2025 | 44.50 | 41.00 | +3.50 |
| Mar 6, 2025 | 41.00 | 41.00 | 0.00 |
| Jan 23, 2025 | 43.50 | 43.50 | 0.00 |
| Dec 26, 2024 | 46.00 | 45.50 | +0.50 |
| Nov 21, 2024 | 47.00 | 47.00 | 0.00 |
| Oct 17, 2024 | 47.00 | 47.00 | 0.00 |
| Sep 19, 2024 | 47.00 | 47.00 | 0.00 |
| Aug 20, 2024 | 47.00 | 47.00 | 0.00 |
| Jul 23, 2024 | 47.00 | 47.00 | 0.00 |
| Jun 27, 2024 | 47.00 | 47.00 | 0.00 |
| May 23, 2024 | 47.00 | 47.00 | 0.00 |
| Apr 25, 2024 | 47.00 | 48.50 | -1.50 |
| Mar 21, 2024 | 48.50 | 43.50 | +5.00 |
| Feb 22, 2024 | 43.50 | 43.50 | 0.00 |
| Jan 25, 2024 | 43.50 | 41.00 | +2.50 |
| Dec 21, 2023 | 41.00 | 41.00 | 0.00 |
| Nov 23, 2023 | 38.50 | 36.00 | +2.50 |
| Oct 26, 2023 | 33.50 | 33.50 | 0.00 |
| Sep 21, 2023 | 28.50 | 28.50 | 0.00 |
| Aug 24, 2023 | 23.50 | 18.50 | +5.00 |
| Jul 20, 2023 | 16.00 | 18.50 | -2.50 |
| Jun 22, 2023 | 13.50 | 18.50 | -5.00 |
| May 25, 2023 | 7.00 | 7.00 | 0.00 |
| Apr 27, 2023 | 7.00 | 7.00 | 0.00 |
| Mar 23, 2023 | 7.00 | 6.50 | +0.50 |
| Feb 23, 2023 | 7.00 | 7.50 | -0.50 |
| Jan 19, 2023 | 7.50 | 7.50 | 0.00 |
| Dec 22, 2022 | 7.50 | 7.50 | 0.00 |
| Nov 24, 2022 | 7.50 | 7.50 | 0.00 |
| Oct 20, 2022 | 9.00 | 9.50 | -0.50 |
| Sep 22, 2022 | 10.50 | 11.50 | -1.00 |
| Aug 18, 2022 | 11.50 | 12.50 | -1.00 |
| Jul 21, 2022 | 12.50 | 12.50 | 0.00 |
| Jun 23, 2022 | 12.50 | 12.50 | 0.00 |
| May 26, 2022 | 12.50 | 12.50 | 0.00 |
| Apr 14, 2022 | 12.50 | 12.50 | 0.00 |
| Mar 17, 2022 | 12.50 | 12.50 | 0.00 |
| Feb 17, 2022 | 12.50 | 12.50 | 0.00 |
| Jan 20, 2022 | 12.50 | 12.50 | 0.00 |
| Dec 16, 2021 | 12.50 | 12.50 | 0.00 |
