The decision in brief
The policy rate is unchanged at 2 per cent. The Executive Board sees some probability of a further interest rate cut this year.
Inflation has risen more than expected over the summer but is expected to fall back to 2 per cent.
The recovery is sluggish, but there are favourable conditions for stronger economic activity going forward.
Policy rate
2.00%
Applies from 27 August 2025
Decision documentation
- Press release 20 August 2025: Policy rate unchanged at 2 per cent
- Monetary Policy Update August 2025
- Monetary policy decision August 2025: Policy rate decision
- Numerical data, Monetary Policy Update Augusti 2025
- Slides from the press conference 20 August 2025
- Voting by the Executive Board on interest rate decisions
Next monetary policy decision?
The next monetary policy meeting will take place on 22 September 2025 and information on the monetary policy decision, including the policy rate, will be communicated the day after, 23 September 2025.
Thanks for your feedback!
Your comment could not be sent, please try again later