The US was not alone in hiking interest rates. The 6 other countries that hiked interest rates by 0.25% in line with the US were United Arab Emirates, Bahrain, Kuwait, Saudi Arabia, Hong Kong and Macau – all of which peg their interest rates in line with the one in the US.
Meanwhile Russia, Brazil, Mongolia, Tajikistan, Kenya, Serbia and Peru all lowered their interest rate.
![Map of interest rate changes](https://thistimeitisdifferent.com/wp-content/uploads/2018/03/interest-rate-changes-since-20180310-3-2.png)
The Cooperation Council for the Arab States of the Gulf (originally known as the Gulf Cooperation Council) countries (most did, not all) hiked interest rates by 0.25%. The UAE dirham for instance is pegged to the US dollar and follows Federal Reserve monetary policy. The UAE uses certificates of deposit – which was hiked to 2% as a monetary policy instrument through which rates are set in the absence of an independent monetary policy.
The Hong Kong Monetary Authority raised its base rate by 0.25% to 2%. They too track the US Federal Reserve as its currency is pegged to the US dollar.
The Russian central bank cut its main interest rate by 0.25% to prop up a stalling economic recovery through cheaper lending, and lower inflation possibly means it can reduce rates even more going forward.
Brazil cut its interest rate to a record low of 6.50% as inflation in February was the lowest since 1999.
Here are all recent interest rate changes between March 10, 2018 and March 23, 2018,
Mongolia Change: -1% (New: 10% Old: 11%)
Tajikistan Change: -0.75% (New: 14% Old: 14.75%)
Kenya Change: -0.5% (New: 9.5% Old: 10%)
Brazil Change: -0.25% (New: 6.5% Old: 6.75%)
Peru Change: -0.25% (New: 2.75% Old: 3%)
Russia Change: -0.25% (New: 7.25% Old: 7.5%)
Serbia Change: -0.25% (New: 3.25% Old: 3.5%)
United Arab Emirates Change: 0.25% (New: 2% Old: 1.75%)
Bahrain Change: 0.25% (New: 2% Old: 1.75%)
Hong Kong Change: 0.25% (New: 2% Old: 1.75%)
Kuwait Change: 0.25% (New: 3% Old: 2.75%)
Macau Change: 0.25% (New: 2% Old: 1.75%)
Saudi Arabia Change: 0.25% (New: 2.25% Old: 2%)
United States Change: 0.25% (New: 1.75% Old: 1.5%)
![Interest Rates Map](https://thistimeitisdifferent.com/wp-content/uploads/2018/03/interest-rates-20180310.png)
And here are interest rates (in %) around the world as of March 23, 2018 (in increasing order),
Switzerland -0.75%
Denmark -0.65%
Sweden -0.5%
Japan -0.1%
Austria 0%
Belgium 0%
Bulgaria 0%
Cyprus 0%
Estonia 0%
Finland 0%
France 0%
Germany 0%
Greece 0%
Ireland 0%
Italy 0%
Latvia 0%
Lithuania 0%
Luxembourg 0%
Malta 0%
Netherlands 0%
Portugal 0%
Slovakia 0%
Slovenia 0%
Spain 0%
Israel 0.1%
New Caledonia 0.25%
Fiji 0.5%
Norway 0.5%
United Kingdom 0.5%
Singapore 0.59%
Czech Republic 0.75%
Hungary 0.9%
Comoros 1.16%
Panama 1.18%
Albania 1.25%
Canada 1.25%
Taiwan 1.38%
Cambodia 1.49%
Australia 1.5%
Poland 1.5%
South Korea 1.5%
Thailand 1.5%
New Zealand 1.75%
United States 1.75%
United Arab Emirates 2%
Bahrain 2%
Hong Kong 2%
Macau 2%
Oman 2.15%
Cuba 2.25%
Morocco 2.25%
Romania 2.25%
Saudi Arabia 2.25%
Belize 2.5%
Chile 2.5%
Croatia 2.5%
Guatemala 2.75%
Jamaica 2.75%
Peru 2.75%
Cameroon 2.95%
Central African Republic 2.95%
Chad 2.95%
Equatorial Guinea 2.95%
Gabon 2.95%
Republic of the Congo 2.95%
Bolivia 2.96%
Libya 3%
Philippines 3%
Kuwait 3%
Macedonia 3.25%
Malaysia 3.25%
Serbia 3.25%
Mauritius 3.5%
Barbados 3.61%
Algeria 3.75%
Bosnia and Herzegovina 3.88%
Bahamas 4%
Iraq 4%
Iceland 4.25%
Indonesia 4.25%
Laos 4.25%
El Salvador 4.31%
China 4.35%
Benin 4.5%
Burkina Faso 4.5%
Colombia 4.5%
Guinea Bissau 4.5%
Ivory Coast 4.5%
Mali 4.5%
Niger 4.5%
Senegal 4.5%
Togo 4.5%
Trinidad and Tobago 4.75%
Botswana 5%
Costa Rica 5%
Guyana 5%
Jordan 5%
Kyrgyzstan 5%
Qatar 5%
Dominican Republic 5.25%
Paraguay 5.25%
Brunei 5.5%
Cape Verde 5.5%
Honduras 5.5%
Rwanda 5.5%
Tunisia 5.75%
Armenia 6%
Bhutan 6%
India 6%
Pakistan 6%
Papua New Guinea 6.25%
Vietnam 6.25%
Lesotho 6.27%
Brazil 6.5%
Moldova 6.5%
Bangladesh 6.75%
Namibia 6.75%
South Africa 6.75%
Ethiopia 7%
Maldives 7%
Nepal 7%
Swaziland 7%
Georgia 7.25%
Russia 7.25%
Sri Lanka 7.25%
Ecuador 7.41%
Mexico 7.5%
Turkey 8%
Burundi 8.19%
Mauritania 9%
Sao Tome and Principe 9%
Tanzania 9%
Uganda 9%
Uruguay 9.25%
Zimbabwe 9.39%
Kenya 9.5%
Kazakhstan 9.5%
Madagascar 9.5%
Zambia 9.75%
Mongolia 10%
Lebanon 10%
Myanmar 10%
Belarus 10.5%
Djibouti 11.3%
Seychelles 11.98%
Guinea 12.5%
Azerbaijan 13%
Sierra Leone 13%
Liberia 13.3%
Sudan 13.5%
Tajikistan 14%
Nigeria 14%
Uzbekistan 14%
Afghanistan 15%
Gambia 15%
Yemen 15%
Malawi 16%
Ukraine 17%
Egypt 17.75%
Angola 18%
Iran 18%
Mozambique 18%
Congo 20%
Ghana 20%
Haiti 20%
Venezuela 21.19%
Suriname 25%
Argentina 27.25%