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Central banks that cut rates below zero

Five central banks have cut their policy rate below zero: Denmark's, the European Central Bank, Switzerland's, Sweden's and Japan's. None still had one below zero in October 2026.

The full list

First below zero, 2012 to 2014 3

Denmark cut below zero in July 2012, the ECB in June 2014, and the SNB announced its negative rate in December 2014.

• 🇩🇰Danmarks Nationalbank
• European Central Bank
• 🇨🇭Swiss National Bank

Followed in 2015 and 2016 2

Sweden cut its repo rate below zero in February 2015 and Japan announced its negative rate in January 2016.

• 🇸🇪Sveriges Riksbank
• 🇯🇵Bank of Japan

Not on the list

• Magyar Nemzeti Bank (Hungary): Only its overnight deposit rate went negative.
• Bulgarian National Bank (Bulgaria): Under its currency board it set no policy rate.
• Norges Bank (Norway): Its policy rate fell no lower than 0%.
• Swiss National Bank, 2025-26 (no second entry): The SNB policy rate has been 0% since 20 June 2025.

Questions

How many central banks have had negative interest rates?

Five central banks have cut their policy rate below zero: Denmark's, the European Central Bank, Switzerland's, Sweden's and Japan's. None still had one below zero in October 2026.

Which central banks are on the list?

Danmarks Nationalbank, European Central Bank, Swiss National Bank, Sveriges Riksbank and Bank of Japan.

What is an easy way to remember them?

Four in Europe, plus Japan, which was the last to go back above zero, in March 2024.

More lists

Each name checked against at least two sources, one of them Danmarks Nationalbank, on 3 October 2026. Next review by 3 April 2027.
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