A close up of the eagle statue on the the Marriner S. Eccles building / Credit: U.S. Government

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Influential Central Bank Rates – March 2020

Caproasia Institute | March 2020

Caproasia Institute releases the top 10 most influential central bank rates for the month of March 2020.  (The top 10 most influential central banks are selected by 2018 GDP ~ the 10 largest economy).

Data includes the latest central bank rates, previous rates, interest rate changes and effective date from last central bank announcement.

” The 10 central banks represent $64.97 trillion or 75.72% of 2018 global GDP “

The 10 most influential Central Banks:

  1. Fed – Federal Reserve (United States)
  2. ECB – European Central Bank* (European Union)
  3. PBOC – People’s Bank of China (China)
  4. BOJ – Bank of Japan (Japan)
  5. BOE – Bank of England (United Kingdom**)
  6. RBI – Reserve Bank of India (India)
  7. BCB – Banco Central do Brasil (Brazil)
  8. BOC – Bank of Canada (Canada)
  9. CBR – Central Bank of Russia (Russia)
  10. RBA – Reserve Bank of Australia^ (Australia)

Related: 2018 Most Influential Central Banks


The Marriner S. Eccles building built in 1937 / Credit: U.S. Government


Influential Central Bank Rates – February 2020

S/NCountryCentral BankPrevious RateNew RateChangeEffective from
1United StatesFed1.50% – 1.75%0.00% – 0.25%Decrease 1.5%15/3/20
2European Union*ECB0.00%-0.00%No Change12/3/20
3ChinaPBOC4.05%4.05%No Change20/3/20
4JapanBOJ-0.10%-0.10%No Change16/3/20
5United Kingdom**BOE0.75%0.10%Decrease 0.65%26/3/20
6IndiaRBI5.15%4.40%Decrease 0.75%27/3/20
7BrazilBCB4.50%3.75%Decrease 0.50%19/3/20
8CanadaBOC1.75%0.25%Decrease 1.50%27/3/20
9RussiaCBR6.00%6.00%No Change7/2/20
10Australia^RBA0.75%0.25%Decrease 0.50%19/3/20


Source: Caproasia Institute

March 2020 Meetings

All 10 influential central banks held meetings in March 2020.

  • US (Fed) decrease interest rate to 0% – 0.25% range
  • ECB* maintain interest rate at 0.00%
  • China (PBOC) maintain interest rate at 4.05%
  • Japan (BOJ) maintain interest rate at -0.10%
  • BOE** reduce interest rate to 0.10%
  • India (RBI) decrease interest rate by 0.75% from 5.15% to 4.40%
  • Brazil (BCB) decrease interest rate by 0.55% from 4.25% to 3.75%
  • Canada (BOC) decrease interest rate by 1.50% from 1.75% to 0.25%
  • Russia (CBR) maintain interest rate at 6.00%
  • Australia (RBA) decrease interest rate by 0.50% from 0.75% to 0.25%

*ECB – Main refinancing operations: 0%, Marginal lending facility: 0.25%, Deposit facility: – 0.50%



United States Central Bank (Fed) held 2 meetings in March 2020.

  • 3rd of March 2020 – decrease interest rate by 0.5% from 1.50% – 1.75% to 1% – 1.25% range
  • 15th of March 2020 – decrease interest rate by 1% to 0% to 0.25% range

In March 2020, the Fed decrease interest rate by a total of 1.5% from 1.50% – 1.75% range to 0% to 0.25% range.

Bank of England (BOE) held 3 meetings in March 2020.

  • 11th of March 2020 – BOE decrease interest rate by 0.25% from 0.75% to 0.50%.
  • 19th March 2020 – BOE decrease interest rate by 0.40% to 0.10%.
  • 26th March 2020 – BOE maintain interest rate at 0.10%.

In March 2020, BOE decrease interest rate by a total of 0.65% from 0.75% to 0.10%.

Reserve Bank of Australia (RBA) held 2 meetings in March 2020.

  • 3rd March 2020 – RBA reduce interest rate by 0.25% from 0.75% to 0.50%.
  • 19th March 2020 – RBA reduce interest rate by 0.25% from 0.50% to 0.25%.

Updated: 4th April 2020


March 2020 Reports:
February 2020 Reports:



* The European Central Bank represents 19 European nations using Euro (€) as official currency.  The 19 nations are Germany, Spain, France, Italy, Netherlands, Belgium, Estonia, Ireland, Greece, Cyprus, Latvia, Lithuania, Luxembourg, Malta, Austria, Portugal, Slovenia, Slovakia and Finland.  The European Union GDP and Population includes only the 19 European nations that are members of European Central Bank.

European Union (EU) comprises of 28 nations.  The 28 nations are Belgium, Bulgaria, Croatia, Cyprus, Czechia, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Ireland, Italy, Latvia, Lithuania, Luxembourg, Malta, Netherlands, Poland, Portugal, Romania, Slovakia, Slovenia, Spain, Sweden and United Kingdom.

On 29th March 2017, the UK notified the European Council of its intention to leave the EU by triggering of Article 50 of the Lisbon Treaty.  The United Kingdom currently remains a full member of the EU.  The total GDP of European Union including United Kingdom is $18.75 trillion (21.86% of global GDP).  The 19 nations that are members of European Central Bank has a total GDP of $13.67 trillion (15.94% of global GDP).

** United Kingdom comprises of 4 countries: England, Scotland, Wales and Northern Ireland.

^ The 10th spot of Bank of Korea (BOK) with 2018 GDP $1.61 trillion had been replaced with Reserve Bank of Australia (RBA) with 2018 GDP $1.43 trillion.  The replacement is due to RBA interest rate, debt instruments and currency (AUD) attracts higher international investment and trading demand.

GDP refers to Nominal GDP (US$). The data includes 219 countries or territories.


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