Spain Policy Rate
1999 - 2025 | Monthly | % pa | European Central Bank
Key information about Spain Policy Rate
- Spain cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.15 % pa in Dec 2025, compared with 2.15 % pa in the previous Nov 2025.
- Spain Policy Rate averaged 1.00 % pa and is updated monthly, available from Jan 1999 to Dec 2025.
- The data reached an all-time high of 4.75 % pa in Apr 2001 and a record low of 0.00 % pa in Jun 2022.
Spain joined the Euro Area on January 1st, 1999, thus adopting the European Central Bank (ECB) monetary policy mechanisms.
Related information about Spain Policy Rate
- In the latest reports, Spain Short Term Interest Rate: Month End: EURIBOR: 3 Months was reported at -0.57 % pa in Nov 2021.
- Its Long Term Interest Rate (Long Term Interest Rate: Month Avg: Spain: ECB Harmonised) was reported at 3.17 % pa in Nov 2025.
- Spain Exchange Rate against USD averaged 0.86 (USD/EUR) in Oct 2025.
- Its Real Effective Exchange Rate was 98.97 in Nov 2025.
View Spain's Policy Rate from Jan 1999 to Dec 2025 in the chart:
What was Spain's Policy Rate in Dec 2025?
Spain cash rate (Policy Rate: Month End: Main Refinancing Operations) was set at 2.15 % pa in Dec 2025, compared with 2.15 % pa in the previous Nov 2025. See the table below for more data.
| Last | Previous | Min | Max | Unit | Frequency | Range |
|---|---|---|---|---|---|---|
| 2.15 Dec 2025 | 2.15 Nov 2025 | 0.00 Jun 2022 | 4.75 Apr 2001 | % pa | monthly | Jan 1999 - Dec 2025 |
Policy Rate by Country Comparison
| country/region | Last | Frequency | Range |
|---|---|---|---|
| Albania (% pa) | 2.50 Jan 2026 | monthly | Jan 2000 - Jan 2026 |
| Algeria (% pa) | 2.75 Dec 2025 | monthly | Jan 1963 - Dec 2025 |
| Argentina (%) | 25.46 Dec 2025 | monthly | Jan 1985 - Dec 2025 |
| Armenia (% pa) | 6.50 Dec 2025 | monthly | May 2001 - Dec 2025 |
| Australia (% pa) | 3.60 Jan 2026 | monthly | Aug 1990 - Jan 2026 |
| Austria (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Azerbaijan (% pa) | 6.75 Dec 2025 | monthly | Jan 2005 - Dec 2025 |
| Bahrain (% pa) | 4.50 Dec 2025 | monthly | Jan 2007 - Dec 2025 |
| Bangladesh (% pa) | 10.00 Oct 2025 | monthly | Sep 2009 - Oct 2025 |
| Belarus (% pa) | 9.75 Dec 2025 | monthly | Jul 1991 - Dec 2025 |
| Belgium (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Bolivia (% pa) | 3.34 Jan 2026 | monthly | Jan 2013 - Jan 2026 |
| Botswana (% pa) | 3.75 Apr 2022 | monthly | Aug 1976 - Apr 2022 |
| Brazil (% pa) | 15.00 Dec 2025 | monthly | Mar 1999 - Dec 2025 |
| Bulgaria (% pa) | 1.81 Dec 2025 | monthly | Feb 1991 - Dec 2025 |
| Canada (% pa) | 2.25 Dec 2025 | monthly | Dec 1992 - Dec 2025 |
| Chile (% pa) | 4.50 Dec 2025 | monthly | May 1995 - Dec 2025 |
| China (% pa) | 1.40 Nov 2025 | monthly | May 2012 - Nov 2025 |
| Colombia (% pa) | 9.25 Jan 2026 | monthly | Apr 1995 - Jan 2026 |
| Croatia (% pa) | 3.00 Dec 2022 | monthly | Dec 1992 - Dec 2022 |
| Cyprus (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Czech Republic (% pa) | 2.50 Dec 2025 | monthly | Jan 1993 - Dec 2025 |
| Denmark (% pa) | 1.60 Jan 2026 | monthly | Aug 1914 - Jan 2026 |
| Ecuador (% pa) | 7.74 Jan 2026 | monthly | Jul 1995 - Jan 2026 |
| Egypt (% pa) | 20.50 Jan 2026 | monthly | Jan 1991 - Jan 2026 |
| Estonia (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| European Union (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Finland (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| France (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Georgia (% pa) | 8.00 Dec 2025 | monthly | Jan 2008 - Dec 2025 |
| Germany (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Ghana (% pa) | 25.00 Nov 2025 | monthly | Nov 2002 - Nov 2025 |
| Greece (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Hong Kong SAR, China (% pa) | 4.00 Dec 2025 | monthly | Jun 1992 - Dec 2025 |
| Hungary (% pa) | 6.50 Nov 2025 | monthly | Oct 1990 - Nov 2025 |
| Iceland (% pa) | 8.00 Dec 2025 | monthly | Jan 1994 - Dec 2025 |
| India (% pa) | 5.25 Jan 2026 | monthly | Apr 2001 - Jan 2026 |
| Indonesia (% pa) | 4.75 Jan 2026 | monthly | Jun 2015 - Jan 2026 |
| Ireland (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Israel (% pa) | 4.25 Dec 2025 | monthly | Dec 1998 - Dec 2025 |
| Italy (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Ivory Coast (% pa) | 2.50 Mar 2017 | monthly | Jan 1964 - Mar 2017 |
| Japan (% pa) | 0.50 Nov 2025 | monthly | Mar 2006 - Nov 2025 |
| Jordan (% pa) | 6.75 Dec 2025 | monthly | Dec 1965 - Dec 2025 |
| Kazakhstan (% pa) | 18.00 Dec 2025 | monthly | Feb 1992 - Dec 2025 |
| Kenya (% pa) | 9.00 Jan 2026 | monthly | Jul 2003 - Jan 2026 |
| South Korea (% pa) | 2.50 Jan 2026 | monthly | May 1999 - Jan 2026 |
| Kosovo (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Kuwait (% pa) | 3.50 Dec 2025 | monthly | Jul 1999 - Dec 2025 |
| Kyrgyzstan (% pa) | 11.00 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Laos (% pa) | 8.50 Nov 2025 | monthly | Dec 1992 - Nov 2025 |
| Latvia (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Lebanon (% pa) | 20.00 Sep 2025 | monthly | Apr 1964 - Sep 2025 |
| Lithuania (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Luxembourg (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Macau SAR, China (% pa) | 4.00 Jan 2026 | monthly | Dec 1999 - Jan 2026 |
| North Macedonia (% pa) | 5.35 Oct 2025 | monthly | Jan 2002 - Oct 2025 |
| Malawi (% pa) | 26.00 Dec 2025 | monthly | Jan 1980 - Dec 2025 |
| Malaysia (% pa) | 2.75 Nov 2025 | monthly | Apr 2004 - Nov 2025 |
| Malta (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Mauritius (% pa) | 4.50 Dec 2025 | monthly | Dec 1999 - Dec 2025 |
| Mexico (% pa) | 7.00 Jan 2026 | monthly | Jan 2008 - Jan 2026 |
| Moldova (% pa) | 5.00 Dec 2025 | monthly | Feb 2001 - Dec 2025 |
| Mongolia (% pa) | 12.00 Jan 2026 | monthly | Jul 2007 - Jan 2026 |
| Montenegro (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Morocco (% pa) | 2.25 Nov 2025 | monthly | Jun 1995 - Nov 2025 |
| Myanmar (% pa) | 9.00 2025 | yearly | 1986 - 2025 |
| Nepal (% pa) | 5.75 Dec 2025 | monthly | Jul 2003 - Dec 2025 |
| Netherlands (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| New Zealand (% pa) | 2.25 Nov 2025 | monthly | Mar 1999 - Nov 2025 |
| Nigeria (% pa) | 27.00 Dec 2025 | monthly | Jan 2006 - Dec 2025 |
| Norway (% pa) | 4.00 Nov 2025 | monthly | Jan 1991 - Nov 2025 |
| Oman (% pa) | 4.25 Dec 2025 | monthly | May 2007 - Dec 2025 |
| Pakistan (% pa) | 12.00 Nov 2025 | monthly | Feb 1992 - Nov 2025 |
| Paraguay (% pa) | 5.75 Jan 2026 | monthly | Jul 2010 - Jan 2026 |
| Peru (% pa) | 4.25 Jan 2026 | monthly | Sep 2003 - Jan 2026 |
| Philippines (% pa) | 5.25 Nov 2025 | monthly | Jun 2016 - Nov 2025 |
| Poland (% pa) | 4.00 Jan 2026 | monthly | Jan 2005 - Jan 2026 |
| Portugal (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Qatar (% pa) | 4.35 Jan 2026 | monthly | Mar 2003 - Jan 2026 |
| Romania (% pa) | 6.50 Nov 2025 | monthly | Jan 2003 - Nov 2025 |
| Russia (% pa) | 16.00 Jan 2026 | monthly | Sep 2013 - Jan 2026 |
| Saudi Arabia (% pa) | 4.25 Dec 2025 | monthly | Jan 2000 - Dec 2025 |
| Serbia (% pa) | 5.75 Jan 2026 | monthly | Jan 2001 - Jan 2026 |
| Singapore (% pa) | 1.05 Nov 2025 | monthly | Jul 2005 - Nov 2025 |
| Slovakia (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Slovenia (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| South Africa (% pa) | 6.75 Dec 2025 | monthly | Nov 1999 - Dec 2025 |
| Spain (% pa) | 2.15 Dec 2025 | monthly | Jan 1999 - Dec 2025 |
| Sri Lanka (% pa) | 7.25 Jan 2026 | monthly | Jan 1997 - Jan 2026 |
| Sweden (% pa) | 1.75 Dec 2025 | monthly | Jan 1987 - Dec 2025 |
| Switzerland (% pa) | -0.05 Jan 2026 | monthly | Jun 1999 - Jan 2026 |
| Syria (% pa) | 5.00 Dec 2025 | monthly | Jan 1962 - Dec 2025 |
| Taiwan, China (% pa) | 2.00 Nov 2025 | monthly | Jul 1961 - Nov 2025 |
| Tajikistan (% pa) | 7.50 Dec 2025 | monthly | Jun 1995 - Dec 2025 |
| Thailand (% pa) | 1.25 Jan 2026 | monthly | May 2000 - Jan 2026 |
| Tunisia (% pa) | 7.00 Jan 2026 | monthly | Jan 2000 - Jan 2026 |
| Turkey (% pa) | 37.00 Jan 2026 | monthly | Jun 1996 - Jan 2026 |
| Ukraine (% pa) | 15.50 Dec 2025 | monthly | Dec 1992 - Dec 2025 |
| United Arab Emirates (% pa) | 3.65 Dec 2025 | monthly | Nov 2007 - Dec 2025 |
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Learn more about what we doSpain Key Series
| Government and Public Finance | Last | Frequency | Range |
|---|---|---|---|
| Consolidated Fiscal Balance: % of GDP (%) | -2.9 Sep 2025 | quarterly | Dec 1995 - Sep 2025 |
| Consolidated Fiscal Balance (USD mn) | 18,617.397 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| Tax Revenue (USD mn) | 395,586.695 2024 | yearly | 1995 - 2024 |
| Tax Revenue: % of GDP (%) | 22.9 2024 | yearly | 1995 - 2024 |
| National Government Debt (USD mn) | 2,005,898.9 Sep 2025 | quarterly | Dec 1990 - Sep 2025 |
| Government Debt: % of GDP (%) | 103.2 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| Forecast: Government Expenditure (EUR bn) | 907.039 2030 | yearly | 1980 - 2030 |
| Forecast: Government Net Debt (EUR bn) | 1,899.352 2030 | yearly | 1980 - 2030 |
| Forecast: Government Revenue (EUR bn) | 865.656 2030 | yearly | 1980 - 2030 |
| General Govt Debt: Securities excl Shares: Long Term (EUR mn) | 1,449,048.924 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt: Loans: Long Term (EUR mn) | 179,872.851 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt: Securities excl Shares: Short Term (EUR mn) | 69,053.565 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| Public Debt: % of Nominal GDP (%) | 103.200 Sep 2025 | quarterly | Mar 1995 - Sep 2025 |
| General Govt Debt: Loans: Short Term (EUR mn) | 5,864.587 Sep 2025 | quarterly | Dec 1994 - Sep 2025 |
| General Govt Debt (EUR mn) | 1,709,330.098 Sep 2025 | quarterly | Mar 1994 - Sep 2025 |
| State Government Revenue: ytd (EUR mn) | 284,376.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Budget Balance: ytd (EUR mn) | -30,917.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd: Current (EUR mn) | 290,175.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Revenue: ytd: Current: Taxes on Production: Products Tax: VAT (EUR mn) | 92,031.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd: Capital (EUR mn) | 25,118.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| State Government Expenditure: ytd (EUR mn) | 315,293.000 Nov 2025 | monthly | Jan 2004 - Nov 2025 |
| Foreign Trade | Last | Frequency | Range |
|---|---|---|---|
| Forecast: Exports of Goods Growth (%) | 3.385 2030 | yearly | 1980 - 2030 |
| Trade Balance (USD mn) | -6,368.1 Nov 2025 | monthly | Dec 1975 - Nov 2025 |
| Total Exports (USD mn) | 39,820.9 Oct 2025 | monthly | Nov 1975 - Oct 2025 |
| Total Exports Growth (%) | -1.0 Nov 2025 | monthly | Dec 1976 - Nov 2025 |
| Aluminum: Exports (USD th) | 3,641,071.563 2024 | yearly | 1995 - 2024 |
| Exports: Medicament (USD th) | 13,790,056.105 2024 | yearly | 1995 - 2024 |
| Exports: Medicinal and Pharmaceutical Product (USD th) | 5,248,398.853 2024 | yearly | 1995 - 2024 |
| Total Imports (USD mn) | 41,933.6 Nov 2025 | monthly | Dec 1975 - Nov 2025 |
| Total Imports Growth (%) | 4.4 Oct 2025 | monthly | Nov 1976 - Oct 2025 |
| Imports: Medicament (USD th) | 15,521,418.858 2024 | yearly | 1995 - 2024 |
| Imports: Medicinal and Pharmaceutical Product (USD th) | 8,121,038.202 2024 | yearly | 1995 - 2024 |
| Total Exports to USA (USD mn) | 1,586.316 Oct 2025 | monthly | Jan 1960 - Oct 2025 |
| Total Imports from USA (USD mn) | 2,462.603 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Total Exports to China (USD mn) | 704.637 Nov 2025 | monthly | Jan 1970 - Nov 2025 |
| Total Imports from China (USD mn) | 5,129.675 Nov 2025 | monthly | Jan 1970 - Nov 2025 |
| Exports: Consumer Goods: Others: Durable: Automobiles (EUR th) | 3,621,911.549 Oct 2025 | monthly | Jan 1981 - Oct 2025 |
| Exports: Intermediate Goods: Industrial Products: Minerals (EUR th) | 2,985,688.801 Nov 2025 | monthly | Jan 1981 - Nov 2025 |
| Exports: Intermediate Goods: Industrial Products: Chemicals (EUR th) | 3,873,894.026 Oct 2025 | monthly | Jan 1981 - Oct 2025 |
| Exports (EUR th) | 32,158,422.710 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Exports: Consumer Goods: Food, Beverages and Tobacco (EUR th) | 5,101,084.721 Nov 2025 | monthly | Jan 1981 - Nov 2025 |
| Exports: Europe: France (EUR th) | 4,380,606.167 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Europe: Germany (EUR th) | 3,507,606.564 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Europe: Italy (EUR th) | 2,704,537.465 Nov 2025 | monthly | Jan 1960 - Nov 2025 |
| Exports: Intermediate Goods: Industrial Products: Materials for Transportation P... (EUR th) | 1,741,198.381 Dec 2024 | monthly | Jan 1981 - Dec 2024 |
| Monetary | Last | Frequency | Range |
|---|---|---|---|
| Non Performing Loans Ratio (%) | 2.8 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Household Debt: % of GDP (%) | 47.8 Jun 2025 | quarterly | Dec 1989 - Jun 2025 |
| Non-Performing Loans (USD mn) | 39,684.370 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Money Supply M1 (USD mn) | 1,624,886.232 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| Money Supply M2 (USD mn) | 1,927,382.910 Nov 2025 | monthly | Jan 1962 - Nov 2025 |
| M2 Growth (%) | 4.7 Nov 2025 | monthly | Jan 1963 - Nov 2025 |
| Reserve Requirement Ratio (%) | 1.0 Nov 2025 | monthly | Jan 1999 - Nov 2025 |
| Foreign Exchange Reserves (USD mn) | 68,859.7 Nov 2025 | monthly | Jan 1987 - Nov 2025 |
| Foreign Exchange Reserves: % of GDP (%) | 3.471 Sep 2025 | quarterly | Dec 1995 - Sep 2025 |
| Foreign Exchange Reserves: Months of Import (NA) | 1.6 Nov 2025 | monthly | Jan 1987 - Nov 2025 |
| Gold Reserves (USD mn) | 37,913.252 Nov 2025 | monthly | Dec 1956 - Nov 2025 |
| Total Deposits (USD mn) | 1,674,615.017 Sep 2025 | monthly | Jan 2003 - Sep 2025 |
| Total Deposits Growth (%) | 5.1 Sep 2025 | monthly | Jan 2004 - Sep 2025 |
| Domestic Credit (USD mn) | 0.0 May 2025 | monthly | Jan 1999 - May 2025 |
| Domestic Credit Growth (%) | -100.0 May 2025 | monthly | Jan 2000 - May 2025 |
| Debt Service Ratio: Households (%) | 5.100 Jun 2025 | quarterly | Mar 1999 - Jun 2025 |
| Debt Service Ratio: Private Non-Financial Sector (%) | 12.100 Jun 2025 | quarterly | Mar 1999 - Jun 2025 |
| Credit to Households (USD bn) | 842.867 Jun 2025 | quarterly | Dec 1980 - Jun 2025 |
| Credit to Private Non-Financial Sector (USD bn) | 2,355.362 Jun 2025 | quarterly | Mar 1970 - Jun 2025 |
| Household Debt (USD mn) | 907,978.6 Sep 2025 | quarterly | Dec 1989 - Sep 2025 |
| Total Loans (USD mn) | 2,589,702.151 Dec 2025 | monthly | Dec 1989 - Dec 2025 |
| Total Loans Growth (%) | 5.86 Oct 2025 | monthly | Dec 1990 - Oct 2025 |
| Private Debt: % of Nominal GDP (%) | 70.64 Sep 2025 | quarterly | Mar 2003 - Sep 2025 |
| Money Supply: Spain Contribution: M2 (EUR mn) | 1,661,537.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Money Supply: Spain Contribution: M3 (EUR mn) | 1,751,503.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Money Supply: Spain Contribution: M1 (EUR mn) | 1,400,764.000 Nov 2025 | monthly | Sep 1997 - Nov 2025 |
| Reserve Assets (EUR th) | 109,008,645.000 Dec 2025 | monthly | Jan 1987 - Dec 2025 |
| Reserve Assets: Foreign Exchange (EUR th) | 58,709,086.000 Dec 2025 | monthly | Jan 1987 - Dec 2025 |
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