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Real interest rate

The lending rate less inflation — the true cost of borrowed money.

Unit: % per annum Period: 1961–2025 Source: World Economic Outlook (IMF)
Source: IMF · About the indicator
Average: 4.36% Countries: 148

The ranking uses the latest available value for each country — the year is shown in the row. The table spans 1988 to 2025.

Real interest rate, 1988–2025

Top-20 · % per annum

Real interest rate, 1988–20250204060IraqIraq: 57.63%57.63MadagascarMadagascar: 47.63%47.63BrazilBrazil: 37.46%37.46TajikistanTajikistan: 19.19%19.19MozambiqueMozambique: 18.75%18.75Sierra LeoneSierra Leone: 18.27%18.27GuyanaGuyana: 17.56%17.56LiberiaLiberia: 16.29%16.29Timor-LesteTimor-Leste: 15.85%15.85BahrainBahrain: 15.25%15.25MauritaniaMauritania: 15.18%15.18UgandaUganda: 14.75%14.75AzerbaijanAzerbaijan: 14.68%14.68GambiaGambia: 13.08%13.08KenyaKenya: 13.02%13.02KyrgyzstanKyrgyzstan: 12.58%12.58LaosLaos: 12.29%12.29AfghanistanAfghanistan: 12.14%12.14YemenYemen: 11.79%11.79GuineaGuinea: 10.93%10.93
Real interest rate — 1988–2025 Current breakdown Full series CSV XLSX JSON
# Year Subregion World rank
1 IQ Iraq 57.63 2015 1
2 MG Madagascar 47.63 2025 2
3 BR Brazil 37.46 2025 3
4 TJ Tajikistan 19.19 2019 4
5 MZ Mozambique 18.75 2025 5
6 SL Sierra Leone 18.27 2025 6
7 GY Guyana 17.56 2025 7
8 LR Liberia 16.29 2017 8
9 TL Timor-Leste 15.85 2025 9
10 BH Bahrain 15.25 2015 10
11 MR Mauritania 15.18 2017 11
12 UG Uganda 14.75 2018 12
13 AZ Azerbaijan 14.68 2025 13
14 GM Gambia 13.08 2025 14
15 KE Kenya 13.02 2024 15
16 KG Kyrgyzstan 12.58 2024 16
17 LA Laos 12.29 2010 17
18 AF Afghanistan 12.14 2017 18
19 YE Yemen 11.79 2013 19
20 GN Guinea 10.93 2001 20
21 BN Brunei Darussalam 10.75 2025 21
22 GE Georgia 10.66 2025 22
23 FM Micronesia 10.57 2021 23
24 DO Dominican Republic 10.53 2024 24
25 KW Kuwait 10.52 2025 25
26 MW Malawi 9.96 2024 26
27 AM Armenia 9.86 2025 27
28 HN Honduras 9.78 2025 28
29 TZ Tanzania 9.64 2020 29
30 SZ Eswatini 9.45 2024 30
31 GT Guatemala 9.16 2025 31
32 MM Myanmar 9.01 2020 32
33 HR Croatia 8.44 2014 33
34 CO Colombia 8.43 2025 34
35 BT Bhutan 8.34 2025 35
36 BB Barbados 8.22 2022 36
37 QA Qatar 8.16 2025 37
38 MV Maldives 8.07 2025 38
39 UZ Uzbekistan 7.95 2024 39
40 PE Peru 7.74 2022 40
41 ZA South Africa 7.68 2025 41
42 TT Trinidad and Tobago 7.64 2024 42
43 CR Costa Rica 7.45 2025 43
44 BZ Belize 7.34 2025 44
45 RW Rwanda 7.28 2024 45
46 DZ Algeria 7.16 2025 46
47 LK Sri Lanka 7.1 2019 47
48 LY Libya 7.08 2014 48
49 SC Seychelles 7.07 2025 49
50 VN Vietnam 7.01 2023 50
51 JM Jamaica 7 2025 51
52 CI Côte d'Ivoire 6.55 2016 52
53 NA Namibia 6.38 2024 53
54 PH Philippines 6.35 2019 54
55 LB Lebanon 6.17 2019 55
56 GD Grenada 6.16 2025 56
57 BF Burkina Faso 6.13 2021 57
58 VU Vanuatu 6.13 2025 58
59 ID Indonesia 5.99 2025 59
60 CV Cabo Verde 5.9 2025 60
61 RU Russia 5.82 2024 61
62 SB Solomon Islands 5.8 2021 62
63 JO Jordan 5.75 2025 63
64 IN India 5.56 2022 64
65 UY Uruguay 5.49 2025 65
66 MY Malaysia 5.3 2025 66
67 CN China 5.15 2024 67
68 XK Kosovo 5.08 2018 68
69 AR Argentina 4.98 2025 69
70 MO Macao 4.97 2025 70
71 LS Lesotho 4.92 2024 71
72 MU Mauritius 4.89 2025 72
73 PG Papua New Guinea 4.86 2024 73
74 TH Thailand 4.85 2025 74
75 PA Panama 4.61 2022 75
76 UA Ukraine 4.57 2025 76
77 BJ Benin 4.56 2021 77
78 TO Tonga 4.47 2025 78
79 NO Norway 4.4 2025 79
80 SN Senegal 4.3 2016 80
81 BW Botswana 4.24 2024 81
82 HK Hong Kong 4.11 2025 82
83 AL Albania 4 2024 83
84 MX Mexico 3.97 2025 84
85 BS Bahamas 3.95 2024 85
86 IS Iceland 3.87 2025 86
87 TG Togo 3.78 2016 87
88 PY Paraguay 3.76 2021 88
89 KN Saint Kitts and Nevis 3.74 2025 89
90 DM Dominica 3.73 2025 90
91 ML Mali 3.64 2016 91
92 LC Saint Lucia 3.6 2025 92
93 IR Iran 3.45 2016 93
94 AG Antigua and Barbuda 3.31 2025 94
95 AW Aruba 2.88 2023 95
96 NG Nigeria 2.87 2023 96
97 NE Niger 2.58 2016 97
98 CL Chile 2.55 2018 98
99 GW Guinea-Bissau 2.51 2016 99
100 MT Malta 2.4 2013 100
101 MD Moldova 2.28 2025 101
102 ME Montenegro 2.2 2025 102
103 WS Samoa 2.09 2025 103
104 VC Saint Vincent and the Grenadines 2.05 2025 104
105 IT Italy 2.04 2025 105
106 CH Switzerland 1.99 2024 106
107 BD Bangladesh 1.97 2025 107
108 SE Sweden 1.9 2006 108
109 HU Hungary 1.64 2025 109
110 AU Australia 1.57 2019 110
111 NI Nicaragua 1.44 2025 111
112 MN Mongolia 1.39 2021 112
113 SR Suriname 1.33 2025 113
114 BA Bosnia and Herzegovina 1.17 2025 114
115 CZ Czechia 1.12 2025 115
116 NZ New Zealand 1.07 2017 116
117 KR South Korea 1.03 2025 117
118 JP Japan 0.97 2017 118
119 MK North Macedonia 0.75 2025 119
120 NL Netherlands 0.35 2013 120
121 RO Romania 0.29 2025 121
122 ST Sao Tome and Principe 0.15 2024 122
123 CA Canada 0.13 2017 123
124 KM Comoros 0.05 2022 124
125 BY Belarus 0.03 2025 125
126 RS Serbia -0.18 2010 126
127 AO Angola -0.93 2025 127
128 GB United Kingdom -1.08 2014 128
129 US United States -1.26 2021 129
130 PK Pakistan -1.45 2021 130
131 FJ Fiji -1.45 2024 131
132 SM San Marino -1.6 2023 132
133 IL Israel -1.81 2022 133
134 BG Bulgaria -2.96 2025 134
135 PS Palestine -3.12 2021 135
136 CD Democratic Republic of the Congo -3.53 2021 136
137 ZM Zambia -3.89 2020 137
138 BI Burundi -4.95 2025 138
139 SG Singapore -5.21 2021 139
140 OM Oman -5.92 2021 140
141 EG Egypt -7.03 2024 141
142 BO Bolivia -8.11 2025 142
143 HT Haiti -15.91 2025 143
144 ET Ethiopia -17.12 2008 144
145 SO Somalia -18.46 1988 145
146 ZW Zimbabwe -20.07 2025 146
147 SS South Sudan -55 2025 147
148 VE Venezuela -89.47 2017 148
Nothing found. Check the spelling of the name.
Maximum 57.63%
Median 4.73%
Minimum -89.47%

About the indicator

The lending interest rate adjusted for inflation by the GDP deflator. It shows the real cost of borrowed funds for the economy. Negative values mean that inflation erodes debt faster than interest accrues on it — a situation that favors borrowers and works against lenders and depositors.

Important: There are no aggregates for country groups: a weight by the volume of credit is needed, and we do not have it. The rate is already net of inflation, so negative values are normal — they mean borrowing costs less than inflation erodes.

Updates
twice a year: April and October
Unit of measurement
% per annum
Observation period
1961–2025
License
IMF open data
Dataset
World Economic Outlook

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