Important: Countries in the following table (with the exception of Cuba and the Cayman Islands) are grouped according to their Monetary Policy Regime as reported in the IMF's "Annual Report on Exchange Arrangements and Exchange Restrictions, 2021".

Last update: June 23, 2023.
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Notes:

1/ ECCU stands for Eastern Caribbean Currency Union whose Central Bank is the ECCB.
2/ Honduras is in the process of establishing inflation targets as a monetary policy objective. According to the document “Revisión Programa Monetario 2020-2021 Julio”, the inflation target is 4 ± 1 percent for the annual percentage change of the CPI as of December. URL

Brief description of the monetary policy regimes:

Exchange Rate Anchor (USD): In this regime, the monetary authority buys or sells currencies (US dollars or USD) to maintain the exchange rate at a predetermined level or within a range. Thus, the exchange rate serves as a nominal anchor or intermediate target for monetary policy.

Monetary Aggregate Targeting: The intermediate monetary policy target is one of the monetary aggregates, although the country may also set inflation targets. The central bank can use an amount (central bank reserves or base currency) or a price variable (policy rate) as an operational target.

Inflation Targeting: This regime implies the public announcement of numerical inflation targets, with a commitment by the monetary authority to achieve them, generally in a medium-term horizon. Monetary policy decisions are usually determined by the deviations of inflation expectations from the announced inflation target. Thus, inflation expectations act (implicitly or explicitly) as the intermediate target of monetary policy.

Other: Includes countries that have not explicitly established a nominal anchor, but monitor various indicators in the conduct of monetary policy.

Specific notes for interest rates and sources by country:

Argentina: Annualized nominal monetary policy rate, corresponding to the lower limit of the LELIQ interest rate (7-day liquidity letters).
Sources: Haver Analytics, with data from The National Institute of Statistics and Censuses (INDEC) for inflation, Central Bank of the Argentine Republic for interest rates.

Aruba: Central Bank Lending Rate, is the discount rate of the central bank.
Sources: Centrale Bank van Aruba.

The Bahamas: Discount (Bank) Rate, is the central bank's discount rate.
Sources: Department of Statistics for inflation. Central Bank of The Bahamas for interest rate.

Barbados: Treasury Bill Rate, Interest rate on Barbados' treasury certificates reported to the IMF.
Sources: Barbados Statistical Service for inflation. International Financial Statistics (IMF) for interest rate.

Belize: T-Bills Yields (03-23), Treasury bills are discounted securities issued and guaranteed by the Government of Belize with a maturity period of less than one year at a variable interest rate.
Sources: Statistical Institute of Belize for inflation. Central Bank of Belize for the interest rate.

Bolivia: Reference Rate (TRe) for June 2023 in local currency This rate is calculated monthly with data from commercial banks' balance sheets, reflects the banks' real financial cost, and is the prime rate for variable rate loans.
Sources: Haver Analytics with data from the National Institute of Statistics for inflation. Central Bank of Bolivia for the interest rate.

Brazil: Selic. This rate refers to the interest rate calculated on overnight loan transactions between financial institutions using federal government securities as collateral.
Sources: Haver Analytics with data from the Brazilian Institute of Geography and Statistics for inflation. Central Bank of Brazil for the interest rate.

Chile: The Monetary Policy Rate (MPR) is the rate that determines the level of the interbank overnight lending rate, achieved through open market operations.
Sources: Haver Analytics with data from the National Institute of Statistics for inflation. Central Bank of Chile for the interest rate.

Colombia: The monetary policy intervention rate is the minimum interest rate that the Banco de la República charges to financial entities for the loans it makes to them through open market operations.
Sources: Haver Analytics with data from the National Administrative Department of Statistics for inflation. Banco de la República for the interest rate.

Costa Rica: The Monetary Policy Rate (MPR), is the interest rate charged by the BCCR on its overnight credit operations (loans) in the Interbank Money Market.
Sources: Haver Analytics with data from the National Institute of Statistics and Censuses of Costa Rica for inflation. Central Bank of Costa Rica for the interest rate.

Cuba: Reference Interest Rates for the Banking System - CUC Liability Rate at sight, is the yield charged by the customer of a financial institution to maintain their accounts in the financial system. The inflation data corresponds to the UNCTAD estimate.
Sources: Central Bank of Cuba for the interest rate, and UNCTAD for inflation.

Curaçao and Sint Maarten: Official (Legal) Interest Rates (January 1 - June 30, 2023).
Sources: Central Bureau of Statistics of Curaçao for inflation. Centrale Bank of Curaçao and Sint Maarten for interest rate.

ECCU: ECCB Discount Rate.
Source: ECCB.

Ecuador: The Central Bank of Ecuador's Basic Rate is the weighted average nominal yield of securities with a term of less than one year, issued and placed by the Central Bank of Ecuador in the 4 weeks prior to the week of publication.
Sources: Haver Analytics with data from the National Institute of Statistics and Censuses for inflation. Central Bank of Ecuador for the interest rate.

El Salvador: Repo Rate (1-7 days term) from June 23, 2023.
Sources: Haver Analytics with data from the Central Reserve Bank of El Salvador for inflation. Central Reserve Bank of El Salvador for the interest rate.

Guatemala: Leading Interest Rate. This is the interest rate for the placement of term deposits applied by the Banco de Guatemala in its 1-day monetary stabilization operations.
Sources: Haver Analytics with data from the National Institute of Statistics for inflation. Bank of Guatemala for the interest rate.

Guyana: Bank Rate is the central bank's discount rate.
Sources: Bureau of Statistics for inflation. Bank of Guyana for the interest rate.

Haiti: The Mise in pension is the central bank's repo rate.
Sources: Banque de la République d'Haïti for the interest rate. Institut Haïtien de Statistique et d'Informatique for inflation.

Honduras: The Monetary Policy Rate (MPR) will be the maximum rate accepted for purchase bids in liquidity auctions directed to the institutions of the national financial system, and will be the minimum for sale bids, serving as a reference for interbank operations.
Sources: Haver Analytics with data from the Central Bank of Honduras for inflation. Central Bank of Honduras for the interest rate.

Cayman Islands:
Source: Economics and Statistics Office for inflation.

Jamaica: The Policy Interest Rate is the overnight funding interest rate paid by the Bank of Jamaica.
Sources: Haver Analytics with data from the Statistics Institute of Jamaica for inflation. Bank of Jamaica for the interest rate.

Mexico: The Target Rate is the goal established by the Bank of Mexico for the interest rate on overnight interbank funding operations.
Sources: Haver Analytics with data from the National Institute of Statistics and Geography for inflation. Bank of Mexico for the interest rate.

Nicaragua: The Monetary Repo Reference Rate (TRM) is the interest rate used by the BCN to signal the cost of overnight operations in monetary repo auctions.
Sources: Haver Analytics with data from the National Institute of Information for Development for inflation. Central Bank of Nicaragua for the interest rate.

Paraguay: The Monetary Policy Target Rate is the target interest rate for overnight interbank loans.
Sources: Haver Analytics with data from the Central Bank of Paraguay for inflation. Central Bank of Paraguay for the interest rate.

Peru: The Reference Interest Rate is the one that establishes a reference level for the interbank market interest rate.
Sources: Haver Analytics with data from the National Institute of Statistics and Information for inflation. Central Reserve Bank of Peru for the interest rate.

Dominican Republic: The Monetary Policy Rate is an indicative rate which defines the rates of the permanent facilities of monetary contraction and expansion at a 1-day term with the purpose of influencing the inter-bank interest rates.
Sources: Haver Analytics with data from the Central Bank of the Dominican Republic for inflation. Central Bank of the Dominican Republic for the interest rate.

Suriname: Suriname: Weighted average interest rate of open market operations. It is calculated based on auctions of one-week term deposits held on Wednesdays. This interest rate serves as the policy rate and reference rate for determining the interest rate on the Bank's standing credit lines, including the credit line and Emergency Liquidity Assistance, the interbank money market and the bank credit market. Rate as of June 08, 2023.
Sources: Haver Analytics with data from the Centrale Bank van Suriname for inflation. Centrale Bank van Suriname for the interest rate.

Trinidad and Tobago: The Repo Rate is the central bank's repo rate.
Sources: Haver Analytics with data from the Central Bank of Trinidad and Tobago for inflation. Central Bank of Trinidad and Tobago for the interest rate.

Uruguay: The Monetary Policy rate corresponds to the reference rate for overnight placements.
Sources: Haver Analytics with data from the National Institute of Statistics for inflation. Central Bank of Uruguay for the interest rate.

Venezuela: The Passive Term Deposit Rate is the weighted average nominal annual passive interest rate for term deposits of less than 30 days.
Sources: Haver Analytics with data from the Central Bank of Venezuela for inflation. Banco Central de Venezuela for the interest rate.