| COUNTRY | CENTRAL BANK | 2022 | 2021 | | 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 | 5.30% | 5.40% | | BELARUS 19) | N.B. of Rep. of Belarus | 5.00% | 5.00% | | BOTSWANA | Bank of Botswana | 3.00% - 6.00% | 3.00% - 6.00% | | BRAZIL 12) | Central Bank of Brazil | 3.75% +/-1.5% | 3.75% +/-1.5% | | 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 | 7.00% +/-2% | 7.00% +/-2% | | ESWATINI | Central Bank of Eswatini | 3.00% - 7.00% | 3.00% - 7.00% | | EURO AREA 1) | 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 | Bank Indonesia | 3.00% +/-1.0% | 3.00% +/-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 | 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% | | LIBERIA 2) | Central Bank of Liberia | 8.50%/+-2% | 8.50%/+-2% | | 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 | Bank of Mongolia | 6.00% +/-2% | 6.00% +/-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 | 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 17) | 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 | N. B. of Tajikistan | 6.0% +/-2.0% | 6.0% +/-2.0% | | TANZANIA | Bank of Tanzania | 5.00% | 5.00% | | THAILAND | Bank of Thailand | 1.00% - 3.00% | 1.00% - 3.00% | | TONGA | National Res. Bank of Tonga | 5.00% | 5.00% | | TURKEY 18) | 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 | 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) symmetric medium-term target vs close to but below 2.0% | |
| 2) Q3 2021 forecast | | | |
| 3) Zero growth in monetary base as of Sep. 26, 2018. | |
| 5) CCP National Congress, unchanged since 2015 | | |
| 7) on average in Q4 2022 | | |
| 9) 14% credit growth | | |
| 10) 5.4% for FY20-21, 5.3% for FY 21-22, 5.2% FY 22-23 | |
| 12) 3.75% in 2021, 3.5% in 2022, all +/-1.5 pp | | |
| 13) 5.0% in 2023, 10% 2021 | | |
| 15) 2021 interim target below 10%, by 2023 5.0% | | |
| 16) August 2020 Fed adopts flexible form of inflation targeting that seeeks inflation that averages 2% over time. |
| 17) Until 2023 | | | |
| 18) 9.4% inflation by end-2021, 5% in 2023 | | |
| 19) end-2021 | | | |
