Central Bank News publishes inflation targets for central banks as a complement to the
Global Interest Rate Monitor (GIRM). Price stability is a common goal for central banks with some inflation targets set by governments while other targets are set by central banks. Other goals may include maximizing economic growth, optimal employment, exchange rate stability and financial stability. See Wikipedia entry on
inflation targeting for a primer.
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| COUNTRY | CENTRAL BANK | 2020 | 2019 | | ALBANIA | Bank of Albania | 3.00% +/-1% | 3.00% +/-1% | | ARGENTINA 3) | Central Bank Rep. Argentina | 0% mon. base | 0% mon. base | | ARMENIA | Central Bank of Armenia | 4.00% +/-1.5% | 4.00% +/-1.5% | | AUSTRALIA | Reserve Bank of Australia | 2.00% - 3.00% | 2.00% - 3.00% | | AZERBAIJAN | C.B. of Rep. of Azerbaijan | 4.00% +/-2.0% | 4.00% +/-2.0% | | BANGLADESH 10) | Bangladesh Bank | 5.50% | 5.50% | | BELARUS | N.B. of Rep. of Belarus | around 5.00% | max. 5.00% | | BOTSWANA | Bank of Botswana | 3.00% - 6.00% | 3.00% - 6.00% | | BRAZIL 12) | Central Bank of Brazil | 4.00% +/-1.5% | 4.25% +/-1.50% | | CANADA | Bank of Canada | 2.00% +/-1.0% | 2.00% +/-1.0% | | CHILE | Central Bank of Chile | 3.00% +/-1.0% | 3.00% +/-1.0% | | CHINA 5) | People's Bank of China | around 3.00% | around 3.00% | | COLOMBIA | Central Bank of Colombia | 3.00% +/-1.0% | 3.00% +/-1.0% | | DEM. REP. CONGO | Central Bank of Congo | 7.00% | 7.00% | | COSTA RICA | Central Bank of Costa Rica | 3.00% +/-1.0% | 3.00% +/-1.0% | | CZECH REPUBLIC | Czech National Bank | 2.00% +/-1.0% | 2.00% +/-1.0% | | DOMINICAN REP. | C.B. of Dominican Repl. | 4.00% +/-1% | 4.00% +/-1% | | EGYPT 7) | Central Bank of Egypt | 9.0% +/-3% | 9.0% +/-3% | | ESWATINI | Central Bank of Eswatini | 3.00% - 7.00% | 3.00% - 7.00% | | EURO AREA 6) | European Central Bank | <2.00% | <2.00% | | GAMBIA | Central Bank of the Gambia | 5.00% | 5.00% | | GEORGIA | National Bank of Georgia | 3.00% | 3.00% | | GHANA | Bank of Ghana | 8.00% +/-2.0% | 8.00% +/-2.0% | | GUATEMALA | Bank of Guatemala | 4.00% +/-1.0% | 4.00% +/-1.0% | | HUNGARY | Central Bank of Hungary | 3.00% +/-1.0% | 3.00% +/-1.0% | | HONDURAS | Central Bank of Honduras | 4.00%+/-1.0% | 4.00%+/-1.0% | | ICELAND | Central Bank of Iceland | 2.50% | 2.50% | | INDIA | Reserve Bank of India | 4.00% +/-2.0% | 4.00% +/-2.0% | | INDONESIA 11) | Bank Indonesia | 3.00% +/-1.0% | 3.50% +/-1.0% | | ISRAEL | Bank of Israel | 1.00% - 3.00% | 1.00% - 3.00% | | JAMAICA | Bank of Jamaica | 4.0%-6.0% | 4.0%-6.0% | | JAPAN | Bank of Japan | 2.00% | 2.00% | | KAZAKHSTAN 4) | National Bank of Kazakhstan | 4.00%-6.00% | 4.00%-6.00% | | KENYA | Central Bank of Kenya | 5.00% +/-2.50% | 5.00% +/-2.50% | | KYRGYZSTAN | N.B. of Kyrgyz Republic | 5.00%-7.00% | 5.00%-7.00% | | MALAWI | Resserve Bank of Malawi | 5.00% | 5.00% | | MEXICO | Bank of Mexico | 3.00% +/-1.0% | 3.00% +/-1.0% | | MOLDOVA | National Bank of Moldova | 5.00% +/-1.5% | 5.00% +/-1.5% | | MONGOLIA 14) | Bank of Mongolia | <8.00% +/-2% | <8.00% +/-2% | | MOZAMBIQUE | Bank of Mozambique | 5.60% | 5.60% | | NEPAL | Nepal Rastra Bank | 6.00% | 6.00% | | NEW ZEALAND | Res. Bank of New Zealand | 2.00% +/-1.0% | 2.00% +/-1.0% | | NIGERIA | Central Bank of Nigeria | 6.00% - 9.00% | 6.00% - 9.00% | | NORWAY | Norges Bank | 2.00% | 2.00% | | PAKISTAN 2) | State Bank of Pakistan | 6.00% | 6.00% | | PARAGUAY | Central Bank of Paraguay | 4.00% +/-2.0% | 4.00% +/-2.0% | | PERU | Central Reserve Bank of Peru | 2.00% +/-1% | 2.00% +/-1% | | PHILIPPINES | Bangko Sentral ng Pilipinas | 3.00% +/- 1.0 | 3.00% +/- 1.0 | | POLAND | National Bank of Poland | 2.50% +/-1.0% | 2.50% +/-1.0% | | ROMANIA | National Bank of Romania | 2.5% +/-1.0% | 2.5% +/-1.0% | | RUSSIA | Bank of Russia | 4.00% | 4.00% | | RWANDA | National Bank of Rwanda | 5.00% +/-3% | 5.00% +/-3% | | SAMOA | Central Bank of Samoa | 3.00% | 3.00% | | SERBIA | National Bank of Serbia | 3.00% +/-1.5% | 3.00% +/-1.5% | | SOUTH AFRICA | South African Reserve Bank | 3.00% - 6.0% | 3.00% - 6.0% | | SOUTH KOREA | Bank of Korea | 2.00% | 2.00% | | SRI LANKA | Central Bank of Sri Lanka | 4.00% - 6.00% | 4.00% - 6.00% | | SWEDEN | The Riksbank | 2.00% | 2.00% | | SWITZERLAND | Swiss National Bank | <2.00% | <2.00% | | TAJIKISTAN 8) | N. B. of Tajikistan | 7.0% +/-2.0% | 7.0% +/-2.0% | | TANZANIA | Bank of Tanzania | 5.00% | 5.00% | | THAILAND | Bank of Thailand | 1.00% - 3.00% | 2.50% +/-1.5% | | TONGA | National Res. Bank of Tonga | 5.00% | 5.00% | | TURKEY | C.B. of Rep. of Turkey | 5.00% +/-2% | 5.00% +/-2% | | UGANDA | Bank of Uganda | 5.00% +/-2.0% | 5.00% +/-2.0% | | UKRAINE 1) | National Bank of Ukraine | 5.00 +/- 1% | 5.00 +/- 1% | | UNITED KINGDOM | Bank of England | 2.00% | 2.00% | | URUGUAY | Central Bank of Uruguay | 3.00% - 7.00% | 3.00% - 7.00% | | USA 16) | Federal Reserve | 2.00% | 2.00% | | UZBEKISTAN 15) | C. B. of Rep. Of Uzbekistan | 5.00% | 5.00% | | VIETNAM 9) | State Bank of Vietnam | <4% | <4% | | WEST AFRICAN STATES | Central Bank of West African States | 2.00% +/-1% | 2.00% +/-1% | | ZAMBIA | Bank of Zambia | 6.0% - 8.0% | 6.0% - 8.0% |
| | | | | | | | | NOTES: | | | | | 1) Slowdown path: 6.3% ( +/-2%), Q4 2019, 5.0% (+/-1%) 2020 | | | | | 2) Inflation targeting by 2020 | | | | 3) Zero growth in monetary base as of Sep. 26, 2018. | | | 4) close to 4% end-2020 | | | | | 5) CCP National Congress, unchanged since 2015 | | | | 6) below, but close to, 2% over medium term | | | | 7) by Q4 2020 | | | | | 8) target for 2020: 6.0% +/-2% | | | | 9) 14% credit growth | | | | 10) 5.50% ceiling in FY19-20 | | | | 11) 3.0%, +/- 1% in 2021 | | | | 12) 3.75% in 2021, 3.5% in 2022, all +/-1.5 pp | | | | 13) 5.0% in 2023, 10% 2021 | | | | 14) around 6% in medium term | | | | 15) by 2023 | | | | | 16) August 2020 Fed adopts flexible form of inflation targeting which seeeks inflation that averages 2% over time. |
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