Monetary policy benchmarks – the latest data and analysis
Monetary policy
Monetary Policy Benchmarks 2025 report – risk-based policy
Benchmarks highlight main risks and how central banks analyse them, as balance sheets normalise
The Monetary Policy Benchmarks 2025 show a continued process of normalisation after the crises of recent years. Asset purchase programmes, which were widespread five years ago, are now only in operation in 14.6% of central banks. New benchmark questions this year also explore risk-based policy-making. One widespread element of this is scenario analysis, which informs policy in 89.4% of central banks. However, there is wide variation in how risks to the monetary policy outlook are communicated externally.
Charts
Changing balance sheet composition
One in three benchmark respondents changed the composition of their balance sheet for monetary policy purposes in the past year. The most common reason, mentioned by about half of these banks, was normalisation after crisis. However, several made adjustments due to foreign exchange intervention needs and some for other reasons, including because of gold purchases and remittances to the Treasury.
Model banks analysis – Monetary Policy 2024
Further breakdowns of the data reveal patterns in staffing, liquidity tools and transparency
Monetary policy data
View the full breakdown of responses to the Monetary policy Benchmarks.
Monetary Policy Benchmarks 2025 report – risk-based policy
Benchmarks highlight main risks and how central banks analyse them, as balance sheets normalise
Working group minutes: central banks face balance sheet challenges
Some institutions are struggling to absorb large amounts of excess liquidity
Changing balance sheet composition mostly reflects normalisation
Gold buying and FX interventions drive changes in some jurisdictions
Inflation targeters mainly use corridor systems to set interest rates
But many central banks with exchange rate controls also use corridor systems
Policy impact widely gauged by macro and market indicators
Policy-making frameworks commonly reviewed on ad hoc basis
Quarter of central banks have government reps on MPC
Only one such committee publishes policy-makers’ votes
Monetary Policy Benchmarks 2025 Charts
Take a deep dive into the Monetary Policy Benchmarks charts, which have just been released for 2025.
Half of central banks offer no forward guidance
MPCs that meet at above-average frequency less likely to observe blackout period
MPCs with more frequent meetings tend to be more transparent
Just under three-tenths of central banks publish current level of r-star
Geopolitics and supply shocks top monetary policy risks outlook
Risk factors vary by nominal anchors and geographical regions
Committees of exchange rate targeting central banks meet most often
Inflation targeters have the average highest number of committee members
Targeted liquidity facilities decline year on year
Lending to small businesses and other goals are top criteria for access