FACTBOX: Global interest rates in 2008

LONDON (Reuters) - The Federal Reserve cut its main interest rate by three quarters of a percentage point on January 22 to 3.5 percent. On the same day the Bank of Canada lowered its key rate by a quarter of a percentage point to 4.0 percent.

As a result of these moves the average rate set by central banks of the Group of Seven nations fell to 3.50 percent from 3.70 percent while the average rate set by 11 leading central banks -- the five that decide monetary policy for the G7 nations plus six other major banks -- fell to 4.43 percent from 4.52 percent.

The following table of average rates is aimed at reflecting the movement of official policy rates during the economic cycle rather than actual borrowing costs.

2008 MONTH: END06..END07..01...02...03...04...05...06...07...08...09...10...11...12 ------------------------------------------------------------------------------ G7 AVG: 3.65 3.70 3.50 - - - - - - - - - - - 11 AVG: 4.00 4.52 4.43 - - - - - - - - - - - ------------------------------------------------------------------------------ FED 5.25 4.25 3.5 - - - - - - - - - - - BOJ 1) 0.25 0.50 - - - - - - - - - - - - ECB 3.50 4.00 - - - - - - - - - - - - BOE 5.00 5.50 - - - - - - - - - - - - BOC 4.25 4.25 4.0 - - - - - - - - - - - ------------------------------------------------------------------------------ SNB 2) 2.00 2.75 - - - - - - - - - - - - RBA 6.25 6.75 - - - - - - - - - - - - RBNZ 7.25 8.25 - - - - - - - - - - - - RIKSBK 3.00 4.00 - - - - - - - - - - - - NORWAY 3.50 5.25 - - - - - - - - - - - - DENMARK 3.75 4.25 - - - - - - - - - - - - ------------------------------------------------------------------------------ NO. OF RATE CHANGES: 2007: 34 2 - - - - - - - - - - - ------------------------------------------------------------------------------ MONTH: END06..END07..01...02...03...04...05...06...07...08...09...10...11...12 ------------------------------------------------------------------------------ EASTERN EUROPE: POLAND 4.00 5.00 - - - - - - - - - - - - HUNG 8.00 7.50 - - - - - - - - - - - - CZECH 2.50 3.50 - - - - - - - - - - - - SLOVAK 4.75 4.25 - - - - - - - - - - - - RUSSIA 11.0 10.0 - - - - - - - - - - - - UKRAINE 8.5 8.0 10.0 - - - - - - - - - - - ROMANIA 8.75 7.5 8.0 - - - - - - - - - - - ------------------------------------------------------------------------------ LATIN AMERICA: BRAZIL 18.00 11.25 - - - - - - - - - - - - MEX 3) 7.0 7.5 - - - - - - - - - - - - CHILE 5.25 6.0 6.25 - - - - - - - - - - - ------------------------------------------------------------------------------ ASIA KOREA 4.50 5.00 - - - - - - - - - - - - THAI 4) 5.00 3.25 - - - - - - - - - - - - PHIL 7.50 5.25 - - - - - - - - - - - - TAIWAN 2.75 3.375 - - - - - - - - - - - - INDS 9.75 8.00 - - - - - - - - - - - - INDIA 6.00 6.00 - - - - - - - - - - - - CHINA 6.12 7.47 - - - - - - - - - - - - ------------------------------------------------------------------------------ MIDDLE EAST/AFRICA: SARB 9.0 11.0 - - - - - - - - - - - - ISRAEL 4.5 4.25 - - - - - - - - - - - - TURKEY 17.5 15.75 15.5 - - - - - - - - - - - ------------------------------------------------------------------------------ MONTH:DEC06..DEC07..01...02...03...04...05...06...07...08...09...10...11...12

NOTES:

If rates change more than once a month, the last rate for that month is listed.

1. On March 9, 2006 the BOJ said it would no longer set a target for the amount of surplus funds in the money market, ending its "quantitative easing" policy, and adopted a more conventional tactic of guiding the unsecured overnight call rate. On July 14, 2006 it raised interest rates for the first time in six years.

2. The Swiss National Bank targets a range for the three-month Swiss franc LIBOR rate. It currently targets roughly the midpoint of that range.

3. Table shows the Bank of Mexico's overnight lending rate. This replaces monthly averages of yields on 28-day Cetes treasury bills at weekly open market operations, as shown in past tables.

4. On January 17, 2007 the Bank of Thailand set a new policy rate based on the 1-day repurchase rate, instead of the 14-day rate. The rate was set at 4.75 percent, compared with the market close that day of 4.9375 percent. Comparison in the table for the end of 2006 shows the 14-day rate. ------------------------------------------------------------------------------

INTEREST RATES. (All the interest rates are policy rates identified by each central bank):

GROUP OF SEVEN CENTRAL BANKS:

U.S FEDERAL RESERVE = federal funds rate

BANK OF JAPAN = overnight call rate

EUROPEAN CENTRAL BANK = refi rate

BANK OF ENGLAND = bank rate

BANK OF CANADA = overnight funding rate

MAJOR CENTRAL BANKS:

SWISS NATIONAL BANK = 3-month Swiss Libor

RESERVE BANK OF AUSTRALIA = cash rate

RESERVE BANK OF NEW ZEALAND = cash rate

SWEDISH RIKSBANK = repo rate

NORGES BANK = deposit rate

DENMARKS NATIONALBANK = 2-week cd rate

CENTRAL AND EASTERN EUROPE:

NATIONAL BANK OF POLAND (NBP): 28-day intervention rate

NATIONAL BANK OF HUNGARY: (NBH) 2-week deposit rate

CZECH NATIONAL BANK (CNB): 2-week repo rate

NATIONAL BANK OF SLOVAKIA (NBS): 2-week limit repo rate

CENTRAL BANK OF RUSSIAN FEDERATION (CBR): refinancing rate

NATIONAL BANK OF UKRAINE (NBU): discount rate

NATIONAL BANK OF ROMANIA (NBR): monetary policy rate

LATIN AMERICA:

CENTRAL BANK OF BRASIL (BCB): Selic rate

CENTRAL BANK OF CHILE (BCC): Discount rate

BANK OF MEXICO: Overnight lending rate

ASIA:

BANK OF KOREA: Overnight call rate

BANK OF THAILAND: 1-day repurchase (repo) rate. End-05 and end-06 comparisons are for the 14-day repo rate (see note 4 above)

CENTRAL BANK OF PHILIPPINES: Overnight borrowing rate

CENTRAL BANK OF CHINA (TAIWAN): Discount rate

BANK INDONESIA: Bank Indonesia (BI) reference rate

RESERVE BANK OF INDIA: Reverse repo rate

PEOPLE'S BANK OF CHINA: One-year yuan lending rate

MIDDLE EAST/AFRICA:

SOUTH AFRICAN RESERVE BANK: Repurchase rate

BANK OF ISRAEL: Short-term lending rate

CENTRAL BANK OF TURKEY: Overnight borrowing

(editing by David Stamp)