Spain central bank rate rises to 2.5% in September 2026

Spain's central bank policy rate was 2.5% in September 2026, according to Banco de España. That was 0.25 percentage points higher than in August 2026, when the rate stood at 2.25%, based on Housing Market Group calculations from Banco de España figures. The September reading ended a short spell in which the rate had held at its previous level.

The recent path shows a gradual upward move. Banco de España figures put the rate at 2.0% in May 2026. It then rose to 2.25% in June 2026 and stayed there through July 2026 and August 2026, before the latest increase to 2.5% in September 2026. Compared with September 2025, when the rate was 2.0%, the September 2026 figure was 0.5 percentage points higher, according to HMG calculations from Banco de España data.

Against the other countries in this comparison, Spain's rate sat at the lower end of the range in September 2026. Germany's rate was the same at 2.5%, according to the Deutsche Bundesbank, and it also rose by 0.5 percentage points over the year to September 2026. Canada's rate was slightly lower at 2.25%, according to the Bank of Canada, having fallen by 0.25 percentage points on a year earlier. The United Kingdom's rate was 3.75% in September 2026, according to the Bank of England, also down 0.25 percentage points on September 2025.

Elsewhere, rates were considerably higher. Australia's policy rate was 4.6% in September 2026, according to the Reserve Bank of Australia, after rising by 1 percentage points compared with September 2025. Indonesia's rate was 5.75% in September 2026, according to Bank Indonesia, and Brazil's was 13.75%, according to the Bank for International Settlements, although Brazil's rate was 1.25 percentage points lower than a year earlier.

Ranked by the change on a year earlier, Spain placed 3 of 6 among the countries in this comparison in September 2026, HMG calculations show. That position reflects a rise that matched Germany's but was smaller than Australia's, while Canada, the United Kingdom and Brazil all recorded falls between September 2025 and September 2026.

For people following Spain's housing market, the September 2026 figure means the policy rate has moved up from the 2.0% recorded in September 2025 and again in May 2026. Regional breakdowns and HMG platform data on search demand or listings for this period are not available here, so this article does not assess how the change has shown up in local market activity.