Real Policy Rate Explorer & Fisher Equation Calculator
A central bank’s nominal policy rate only reveals whether monetary policy is restrictive or accommodative when compared against inflation. Use this tool to inspect historical ex-post real interest rates across all 20 central banks or compute exact Fisher real yields for custom rate and inflation inputs.
Linear Real Policy Rate (r ≈ i − π)
+0.48%
Standard central bank spread Exact Fisher Equation Real Rate
+0.46%
((1 + i) / (1 + π)) − 1 Monetary Policy Stance
Positive Real Rate (Restrictive)
Target: 2.0% (PCE Price Index)
Current Global Real Policy Rate Ranking (20 Central Banks)
| Rank | Central Bank | Nominal Rate (i) | Headline CPI (π) | Real Rate (i − π) | Official Mandate Target |
|---|---|---|---|---|---|
| #1 | Central Bank of Brazil (BRL) | 13.75% | 4.22% | +9.53% | 3.0% (±1.5% Tolerance Interval) |
| #2 | Bank of Mexico (MXN) | 6.50% | 3.26% | +3.24% | 3.0% (±1.0% Variability Interval) |
| #3 | South African Reserve Bank (ZAR) | 7.25% | 4.26% | +2.99% | 3.0%-6.0% Target Range (4.5% Midpoint) |
| #4 | Bank Indonesia (IDR) | 5.75% | 3.19% | +2.56% | 2.5% (±1.0% Corridor) |
| #5 | People's Bank of China (CNY) | 3.00% | 0.80% | +2.20% | ~3.0% Annual CPI Ceiling |
| #6 | Sveriges Riksbank (SEK) | 1.75% | 0.31% | +1.44% | 2.0% CPIF Target |
| #7 | Norges Bank (NOK) | 4.50% | 3.29% | +1.21% | 2.0% Operational Target |
| #8 | Reserve Bank of India (INR) | 5.25% | 4.44% | +0.81% | 4.0% (±2.0% Tolerance Band) |
| #9 | Bank of England (GBP) | 3.75% | 3.09% | +0.66% | 2.0% (CPI 12-Month) |
| #10 | Reserve Bank of Australia (AUD) | 4.60% | 3.94% | +0.66% | 2.0%-3.0% Medium-Term Band |
| #11 | National Bank of Poland (PLN) | 3.75% | 3.26% | +0.49% | 2.5% (±1.0% Tolerance Band) |
| #12 | Federal Reserve (USD) | 3.88% | 3.40% | +0.48% | 2.0% (PCE Price Index) |
| #13 | Central Bank of Chile (CLP) | 4.50% | 4.13% | +0.37% | 3.0% Over Two-Year Horizon |
| #14 | Bank of Korea (KRW) | 3.00% | 2.79% | +0.21% | 2.0% CPI Target |
| #15 | Danmarks Nationalbank (DKK) | 2.10% | 2.05% | +0.05% | Fixed Exchange Rate Policy (ERM II EUR Peg) |
| #16 | Bank of Japan (JPY) | 1.25% | 1.90% | -0.65% | 2.0% Price Stability Target |
| #17 | European Central Bank (EUR) | 2.50% | 3.25% | -0.75% | 2.0% Medium-Term (HICP) |
| #18 | Bank of Canada (CAD) | 2.25% | 3.03% | -0.78% | 2.0% Midpoint (1.0%-3.0% Band) |
| #19 | Swiss National Bank (CHF) | 0.00% | 0.81% | -0.81% | 0.0%-2.0% Price Stability Range |
| #20 | Reserve Bank of New Zealand (NZD) | 2.75% | 4.06% | -1.31% | 1.0%-3.0% Medium-Term Band (2.0% Midpoint) |