The Hong Kong Monetary Authority (HKMA) raised the base rate by 75 basis points to 2.0 percent on June 16th, 2022, the third time this year, hours after the US Federal Reserve delivered a rate hike of the same margin as it seeks to cool surging inflation. Monetary policy in the financial hub moves in lockstep with the Fed given the Hong Kong dollar’s peg with the US currency in a tight range of 7.75-7.85 per dollar. The rate hikes comes just as the economy gradually rebounds from the impact of strict COVID-19 restrictions, with the government recently downgraded its annual economic growth forecast to a range of 1-2%. Meantime, Bloomberg News said that local banks will decide later in the day whether to change their best lending rates in line with the HKMA. source: Hong Kong Monetary Authority
Interest Rate in Hong Kong averaged 3.10 percent from 1998 until 2022, reaching an all time high of 8 percent in May of 2000 and a record low of 0.50 percent in December of 2008. This page provides the latest reported value for - Hong Kong Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Hong Kong Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on June of 2022.
Interest Rate in Hong Kong is expected to be 2.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Hong Kong Interest Rate is projected to trend around 3.75 percent in 2023, according to our econometric models.