How have interest rates changed over the last five years?

Over the last five years, interest rates have experienced significant fluctuations, particularly influenced by the COVID-19 pandemic and subsequent economic recovery. In 2018 and 2019, rates were gradually increased by central banks in response to a growing economy. However, in 2020, rates were slashed to near zero to combat the economic downturn caused by the pandemic. As of 2023, many central banks have begun raising rates again to address rising inflation, leading to a tightening of monetary policy.