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Real interest rate
What this indicator measures
The rate on bank loans once the rise in prices is subtracted.
How to read this?
Negative = inflation "eats" the cost of credit; high = borrowing is truly expensive.
Ranking : ranked from highest to lowest
In brief
Real interest rate: across 146 countries and territories, values range from -89.5 % (Venezuela) to 57.6 % (Iraq), with a world median of 4.9 %. Data: 1988–2025. The top 10% of countries exceed 12.8 %, while the bottom 10% stay below -1.5 %. By continent, the median is highest in Asia (6.7 %) and lowest in Europe (1.8 %).
Median by continent
- Asia 6.7 % (38)
- Africa 6.1 % (39)
- South America 5 % (11)
- Oceania 4.5 % (9)
- North America 4 % (22)
- Europe 1.8 % (24)
Why this indicator matters
This indicator tells what a loan really costs once inflation is removed. It lets you compare countries where credit is expensive or almost free, which influences investment, saving and buying a home.
What makes this indicator vary
It rises when banks lend at high rates while prices increase little, or when the risk of default is high. It becomes negative when inflation exceeds the stated rate. Central bank policy plays a central role.
Reading precautions
It is calculated after the fact using past inflation: it can be surprising when prices move fast. It relies on bank lending rates, which vary by customer, and may be missing in some countries.
Full ranking
ranked from highest to lowest
| Rank | Country | Value | Year |
|---|---|---|---|
| 1er | 🇮🇶 Iraq | 57.6 % | 2015 |
| 2e | 🇲🇬 Madagascar | 47.6 % | 2025 |
| 3e | 🇧🇷 Brazil | 37.5 % | 2025 |
| 4e | 🇹🇯 Tajikistan | 19.2 % | 2019 |
| 5e | 🇲🇿 Mozambique | 18.7 % | 2025 |
| 6e | 🇸🇱 Sierra Leone | 18.3 % | 2025 |
| 7e | 🇬🇾 Guyana | 17.6 % | 2025 |
| 8e | 🇹🇱 Timor-Leste | 15.8 % | 2025 |
| 9e | 🇧🇭 Bahrain | 15.3 % | 2015 |
| 10e | 🇲🇷 Mauritania | 15.2 % | 2017 |
| 11e | 🇨🇩 Congo - Kinshasa | 15.1 % | 2025 |
| 12e | 🇺🇬 Uganda | 14.7 % | 2018 |
| 13e | 🇦🇿 Azerbaijan | 14.7 % | 2025 |
| 14e | 🇬🇲 Gambia | 13.1 % | 2025 |
| 15e | 🇰🇪 Kenya | 13 % | 2024 |
| 16e | 🇰🇬 Kyrgyzstan | 12.6 % | 2024 |
| 17e | 🇱🇦 Laos | 12.3 % | 2010 |
| 18e | 🇦🇫 Afghanistan | 12.1 % | 2017 |
| 19e | 🇾🇪 Yemen | 11.8 % | 2013 |
| 20e | 🇬🇳 Guinea | 10.9 % | 2001 |
| 21e | 🇬🇪 Georgia | 10.8 % | 2025 |
| 22e | 🇧🇳 Brunei | 10.7 % | 2025 |
| 23e | 🇫🇲 Micronesia | 10.6 % | 2021 |
| 24e | 🇩🇴 Dominican Republic | 10.5 % | 2024 |
| 25e | 🇰🇼 Kuwait | 10.5 % | 2025 |
| 26e | 🇲🇼 Malawi | 10 % | 2024 |
| 27e | 🇦🇲 Armenia | 9.9 % | 2025 |
| 28e | 🇭🇳 Honduras | 9.8 % | 2025 |
| 29e | 🇹🇿 Tanzania | 9.6 % | 2020 |
| 30e | 🇸🇿 Eswatini | 9.5 % | 2024 |
| 31e | 🇬🇹 Guatemala | 9.2 % | 2025 |
| 32e | 🇲🇲 Myanmar (Burma) | 9 % | 2020 |
| 33e | 🇭🇷 Croatia | 8.4 % | 2014 |
| 34e | 🇨🇴 Colombia | 8.4 % | 2025 |
| 35e | 🇧🇹 Bhutan | 8.3 % | 2025 |
| 36e | 🇧🇧 Barbados | 8.2 % | 2022 |
| 37e | 🇶🇦 Qatar | 8.2 % | 2025 |
| 38e | 🇱🇷 Liberia | 8.1 % | 2025 |
| 39e | 🇲🇻 Maldives | 8.1 % | 2025 |
| 40e | 🇺🇿 Uzbekistan | 7.9 % | 2024 |
| 41e | 🇵🇪 Peru | 7.7 % | 2022 |
| 42e | 🇿🇦 South Africa | 7.7 % | 2025 |
| 43e | 🇨🇷 Costa Rica | 7.5 % | 2025 |
| 44e | 🇧🇿 Belize | 7.3 % | 2025 |
| 45e | 🇷🇼 Rwanda | 7.3 % | 2024 |
| 46e | 🇩🇿 Algeria | 7.2 % | 2025 |
| 47e | 🇱🇰 Sri Lanka | 7.1 % | 2019 |
| 48e | 🇱🇾 Libya | 7.1 % | 2014 |
| 49e | 🇸🇨 Seychelles | 7.1 % | 2025 |
| 50e | 🇻🇳 Vietnam | 7 % | 2023 |
| 51e | 🇯🇲 Jamaica | 7 % | 2025 |
| 52e | 🇨🇮 Côte d’Ivoire | 6.6 % | 2016 |
| 53e | 🇳🇦 Namibia | 6.4 % | 2024 |
| 54e | 🇵🇭 Philippines | 6.4 % | 2019 |
| 55e | 🇱🇧 Lebanon | 6.2 % | 2019 |
| 56e | 🇬🇩 Grenada | 6.2 % | 2025 |
| 57e | 🇧🇫 Burkina Faso | 6.1 % | 2021 |
| 58e | 🇻🇺 Vanuatu | 6.1 % | 2025 |
| 59e | 🇮🇩 Indonesia | 6 % | 2025 |
| 60e | 🇹🇭 Thailand | 5.9 % | 2025 |
| 61e | 🇨🇻 Cape Verde | 5.9 % | 2025 |
| 62e | 🇷🇺 Russia | 5.8 % | 2024 |
| 63e | 🇸🇧 Solomon Islands | 5.8 % | 2021 |
| 64e | 🇯🇴 Jordan | 5.8 % | 2025 |
| 65e | 🇮🇳 India | 5.6 % | 2022 |
| 66e | 🇺🇾 Uruguay | 5.5 % | 2025 |
| 67e | 🇹🇹 Trinidad & Tobago | 5.4 % | 2025 |
| 68e | 🇲🇾 Malaysia | 5.3 % | 2025 |
| 69e | 🇸🇹 São Tomé & Príncipe | 5.2 % | 2025 |
| 70e | 🇨🇳 China | 5.2 % | 2024 |
| 71e | 🇽🇰 Kosovo | 5.1 % | 2018 |
| 72e | 🇦🇷 Argentina | 5 % | 2025 |
| 73e | 🇲🇴 Macao SAR China | 5 % | 2025 |
| 74e | 🇱🇸 Lesotho | 4.9 % | 2024 |
| 75e | 🇲🇺 Mauritius | 4.9 % | 2025 |
| 76e | 🇵🇬 Papua New Guinea | 4.9 % | 2024 |
| 77e | 🇵🇦 Panama | 4.6 % | 2022 |
| 78e | 🇺🇦 Ukraine | 4.6 % | 2025 |
| 79e | 🇧🇯 Benin | 4.6 % | 2021 |
| 80e | 🇹🇴 Tonga | 4.5 % | 2025 |
| 81e | 🇳🇴 Norway | 4.4 % | 2025 |
| 82e | 🇸🇳 Senegal | 4.3 % | 2016 |
| 83e | 🇧🇼 Botswana | 4.2 % | 2024 |
| 84e | 🇭🇰 Hong Kong SAR China | 4.1 % | 2025 |
| 85e | 🇳🇬 Nigeria | 4 % | 2025 |
| 86e | 🇦🇱 Albania | 4 % | 2024 |
| 87e | 🇲🇽 Mexico | 4 % | 2025 |
| 88e | 🇧🇸 Bahamas | 4 % | 2024 |
| 89e | 🇮🇸 Iceland | 3.9 % | 2025 |
| 90e | 🇹🇬 Togo | 3.8 % | 2016 |
| 91e | 🇵🇾 Paraguay | 3.8 % | 2021 |
| 92e | 🇰🇳 St. Kitts & Nevis | 3.7 % | 2025 |
| 93e | 🇩🇲 Dominica | 3.7 % | 2025 |
| 94e | 🇲🇱 Mali | 3.6 % | 2016 |
| 95e | 🇱🇨 St. Lucia | 3.6 % | 2025 |
| 96e | 🇮🇷 Iran | 3.4 % | 2016 |
| 97e | 🇦🇬 Antigua & Barbuda | 3.3 % | 2025 |
| 98e | 🇦🇼 Aruba | 2.9 % | 2023 |
| 99e | 🇳🇪 Niger | 2.6 % | 2016 |
| 100e | 🇨🇱 Chile | 2.5 % | 2018 |
| 101e | 🇨🇭 Switzerland | 2.5 % | 2025 |
| 102e | 🇬🇼 Guinea-Bissau | 2.5 % | 2016 |
| 103e | 🇲🇹 Malta | 2.4 % | 2013 |
| 104e | 🇲🇩 Moldova | 2.3 % | 2025 |
| 105e | 🇲🇪 Montenegro | 2.2 % | 2025 |
| 106e | 🇼🇸 Samoa | 2.1 % | 2025 |
| 107e | 🇻🇨 St. Vincent & Grenadines | 2 % | 2025 |
| 108e | 🇧🇩 Bangladesh | 2 % | 2025 |
| 109e | 🇸🇪 Sweden | 1.9 % | 2006 |
| 110e | 🇭🇺 Hungary | 1.6 % | 2025 |
| 111e | 🇦🇺 Australia | 1.6 % | 2019 |
| 112e | 🇳🇮 Nicaragua | 1.4 % | 2025 |
| 113e | 🇲🇳 Mongolia | 1.4 % | 2021 |
| 114e | 🇸🇷 Suriname | 1.3 % | 2025 |
| 115e | 🇨🇿 Czechia | 1.1 % | 2025 |
| 116e | 🇧🇦 Bosnia & Herzegovina | 1.1 % | 2025 |
| 117e | 🇰🇷 South Korea | 1 % | 2025 |
| 118e | 🇯🇵 Japan | 1 % | 2017 |
| 119e | 🇲🇰 North Macedonia | 0.8 % | 2025 |
| 120e | 🇳🇱 Netherlands | 0.4 % | 2013 |
| 121e | 🇷🇴 Romania | 0.3 % | 2025 |
| 122e | 🇨🇦 Canada | 0.1 % | 2017 |
| 123e | 🇰🇲 Comoros | 0 % | 2022 |
| 124e | 🇧🇾 Belarus | 0 % | 2025 |
| 125e | 🇷🇸 Serbia | -0.2 % | 2010 |
| 126e | 🇦🇴 Angola | -0.9 % | 2025 |
| 127e | 🇬🇧 United Kingdom | -1.1 % | 2014 |
| 128e | 🇺🇸 United States | -1.3 % | 2021 |
| 129e | 🇮🇹 Italy | -1.3 % | 2023 |
| 130e | 🇵🇰 Pakistan | -1.5 % | 2021 |
| 131e | 🇫🇯 Fiji | -1.5 % | 2024 |
| 132e | 🇸🇲 San Marino | -1.6 % | 2023 |
| 133e | 🇮🇱 Israel | -1.8 % | 2022 |
| 134e | 🇧🇬 Bulgaria | -3 % | 2025 |
| 135e | 🇳🇿 New Zealand | -3.5 % | 2025 |
| 136e | 🇿🇲 Zambia | -3.9 % | 2020 |
| 137e | 🇧🇮 Burundi | -4.9 % | 2025 |
| 138e | 🇸🇬 Singapore | -5.2 % | 2021 |
| 139e | 🇴🇲 Oman | -5.9 % | 2021 |
| 140e | 🇪🇬 Egypt | -7 % | 2024 |
| 141e | 🇧🇴 Bolivia | -8.1 % | 2025 |
| 142e | 🇭🇹 Haiti | -15.9 % | 2025 |
| 143e | 🇪🇹 Ethiopia | -17.1 % | 2008 |
| 144e | 🇸🇴 Somalia | -18.5 % | 1988 |
| 145e | 🇿🇼 Zimbabwe | -20.1 % | 2025 |
| 146e | 🇻🇪 Venezuela | -89.5 % | 2017 |
Frequently asked questions
Which country has the highest value for "Real interest rate"?
The highest value is in Iraq, at 57.6 % (2015).
Which country has the lowest value for "Real interest rate"?
The lowest value is in Venezuela, at -89.5 % (2017).
What is the world median value of "Real interest rate"?
The world median is 4.9 %, calculated across 146 countries: half of the countries are above it, the other half below.
Where does the "Real interest rate" data come from?
It comes from Banque mondiale – Indicateurs du développement dans le monde (FR.INR.RINR). Site last updated: November 8, 2026. Each country is shown with the year of its most recent value.
What is the difference between the nominal rate and the real rate?
The nominal rate is the one advertised by the bank. The real rate is that rate minus inflation. It shows the true cost of borrowing, or the true gain from saving, in terms of purchasing power.
What does a negative real rate mean?
It means prices are rising faster than the loan rate. The borrower repays in money worth less than at the start, which favors debtors but penalizes savers.
Source and update
Source : Banque mondiale – Indicateurs du développement dans le monde (FR.INR.RINR). Site last updated: November 8, 2026.
Indicators in the same category : Prices, Inflation & Currency
- Inflation (GDP deflator)The rise in prices of everything the country produces (not just what households consume) over one year.
- Inflation (consumer prices)The average rise over one year in the prices of the things people buy every day.
- Broad money supply (M3)The amount of money in circulation (banknotes, current accounts, short-term savings), compared with the country's wealth.
- Price of a Big MacThe price of a McDonald's Big Mac sandwich, converted into US dollars at the current exchange rate. It is the same product everywhere in the world, which makes it a simple way to compare the cost of living between countries. Recorded twice a year by The Economist magazine.
- Lending interest rateThe rate banks charge their customers for a loan.
- Official exchange rateHow many units of the country's currency it takes to buy 1 US dollar.