In September 2025, global inflation rates and central bank interest rates showed significant variation across major economies. Most economies initiated interest rate cuts from mid-2024 due to declining inflationary pressures. The U.S., UK, and EU central banks followed a consistent pattern of regular rate reductions throughout late 2024. In September 2025, Russia maintained the highest interest rate at 17 percent, while Japan retained the lowest at 0.5 percent. Varied inflation rates across major economies The inflation landscape varies considerably among major economies. China had the lowest inflation rate at -0.3 percent in September 2025. In contrast, Russia maintained a high inflation rate of 8 percent. These figures align with broader trends observed in early 2025, where China had the lowest inflation rate among major developed and emerging economies, while Russia's rate remained the highest. Central bank responses and economic indicators Central banks globally implemented aggressive rate hikes throughout 2022-23 to combat inflation. The European Central Bank exemplified this trend, raising rates from 0 percent in January 2022 to 4.5 percent by September 2023. A coordinated shift among major central banks began in mid-2024, with the ECB, Bank of England, and Federal Reserve initiating rate cuts, with forecasts suggesting further cuts through 2025 and 2026.

This dataset provides values for INTEREST RATE reported in several countries. The data includes current values, previous releases, historical highs and record lows, release frequency, reported unit and currency.

The average for 2024 based on 73 countries was 4.99 percent. The highest value was in Brazil: 35.09 percent and the lowest value was in Argentina: -47.48 percent. The indicator is available from 1961 to 2024. Below is a chart for all countries where data are available.

Real interest rate (%) by country from 1960-2022 from the World Bank. International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.

The International Bank for Reconstruction and Development (IBRD) loans are public and publicly guaranteed debt extended by the World Bank Group. IBRD loans are made to, or guaranteed by, countries that are members of IBRD. IBRD may also make loans to IFC. IBRD lends at market rates. Data are in U.S. dollars calculated using historical rates. This dataset contains the latest available snapshot of the Statement of Loans. The World Bank complies with all sanctions applicable to World Bank transactions.

From 2003 to 2025, the central banks of the United States, United Kingdom, and European Union exhibited remarkably similar interest rate patterns, reflecting shared global economic conditions. In the early 2000s, rates were initially low to stimulate growth, then increased as economies showed signs of overheating prior to 2008. The financial crisis that year prompted sharp rate cuts to near-zero levels, which persisted for an extended period to support economic recovery. The COVID-19 pandemic in 2020 led to further rate reductions to historic lows, aiming to mitigate economic fallout. However, surging inflation in 2022 triggered a dramatic policy shift, with the Federal Reserve, Bank of England, and European Central Bank significantly raising rates to curb price pressures. As inflation stabilized in late 2023 and early 2024, the ECB and Bank of England initiated rate cuts by mid-2024. Moreover, the Federal Reserve also implemented its first cut in three years, with forecasts suggesting a gradual decrease in all major interest rates between 2025 and 2026. Divergent approaches within the European Union While the ECB sets a benchmark rate for the Eurozone, individual EU countries have adopted diverse strategies to address their unique economic circumstances. For instance, Hungary set the highest rate in the EU at 13 percent in September 2023, gradually reducing it to 6.5 percent by October 2024. In contrast, Sweden implemented more aggressive cuts, lowering its rate to 2.15 percent by October 2025, the lowest among EU members. These variations highlight the complex economic landscape that European central banks must navigate, balancing inflation control with economic growth support. Global context and future outlook The interest rate changes in major economies have had far-reaching effects on global financial markets. Government bond yields, for example, reflect these policy shifts and investor sentiment. As of October 2025, the United States had the highest 10-year government bond yield among developed economies at 4.09 percent, while Switzerland had the lowest at 0.27 percent. These rates serve as important benchmarks for borrowing costs and economic expectations worldwide.

Since 2010, long-term interest rates generally declined across each of the ***** countries considered until 2021, but rose thereafter. In 2024, the long-term interest rate in the United States amounted to **** percent. That year, the long-term interest rate in Germany stood at **** percent.

From January 2022 to October 2025, a global trend emerged as almost all advanced and emerging economies increased their central bank policy rates. This widespread tightening of monetary policy was in response to inflationary pressures and economic challenges. However, a shift occurred in the latter half of 2025, with most countries beginning to lower their rates, signaling a new phase in the global economic cycle and monetary policy approach. Since September 2023, ****** has consistently held the highest interest rate among the observed countries.

Japan JP: Real Interest Rate data was reported at 0.769 % pa in 2016. This records an increase from the previous number of -0.978 % pa for 2015. Japan JP: Real Interest Rate data is updated yearly, averaging 2.802 % pa from Dec 1961 (Median) to 2016, with 56 observations. The data reached an all-time high of 6.125 % pa in 1983 and a record low of -12.450 % pa in 1970. Japan JP: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Japan – Table JP.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;

The average for 2024 based on 4 countries was 8.92 percent. The highest value was in Mozambique: 15.86 percent and the lowest value was in Sierra Leone: 0.36 percent. The indicator is available from 1961 to 2024. Below is a chart for all countries where data are available.

The average for 2023 based on 88 countries was 14.12 percent. The highest value was in Zimbabwe: 170.29 percent and the lowest value was in Switzerland: 2.86 percent. The indicator is available from 1960 to 2024. Below is a chart for all countries where data are available.

United States US: Real Interest Rate data was reported at 2.208 % pa in 2016. This records an increase from the previous number of 2.152 % pa for 2015. United States US: Real Interest Rate data is updated yearly, averaging 3.162 % pa from Dec 1961 (Median) to 2016, with 56 observations. The data reached an all-time high of 8.720 % pa in 1981 and a record low of -1.280 % pa in 1975. United States US: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s United States – Table US.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.; ;

From 2010 to 2017, Australia had the highest short-term interest rate among selected countries worldwide. Afterward, its rates became more aligned with those of Canada and the United States. The lowest short-term interest rates during this period were found in the Euro area and Japan, as well as in the United States until 2015, where rates remained below *** percent. In 2021, all regions except Japan experienced a decrease in interest rates. However, in the following years, rates increased. As of 2024 short term interest rates rested as roughly *** percent for Australia and Canada, *** in the Euro area, and over **** percent in the U.S.. Japan had the lowest rate at **** percent.

The benchmark interest rate in Japan was last recorded at 0.50 percent. This dataset provides - Japan Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news.

With average lending interest rates of **** percent in 2024, Switzerland was the country with the lowest cost of borrowing money among the ones selected here. The average lending interest rate in China was **** percent, and in South Korea it was roughly **** percent. The average interest rate in Israel was **** in 2022, the latest available data, but the prime rate charged by banks in that country has increased since then.

Argentina AR: Real Interest Rate data was reported at -16.227 % pa in 2023. This records a decrease from the previous number of -10.074 % pa for 2022. Argentina AR: Real Interest Rate data is updated yearly, averaging -7.321 % pa from Dec 2010 (Median) to 2023, with 14 observations. The data reached an all-time high of 12.104 % pa in 2019 and a record low of -16.227 % pa in 2023. Argentina AR: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Argentina – Table AR.World Bank.WDI: Interest Rates. Real interest rate is the lending interest rate adjusted for inflation as measured by the GDP deflator. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.;International Monetary Fund, International Financial Statistics and data files using World Bank data on the GDP deflator.;;

Policy interest rates in the U.S. and Europe are forecasted to decrease gradually between 2024 and 2027, following exceptional increases triggered by soaring inflation between 2021 and 2023. The U.S. federal funds rate stood at **** percent at the end of 2023, the European Central Bank deposit rate at **** percent, and the Swiss National Bank policy rate at **** percent. With inflationary pressures stabilizing, policy interest rates are forecast to decrease in each observed region. The U.S. federal funds rate is expected to decrease to *** percent, the ECB refi rate to **** percent, the Bank of England bank rate to **** percent, and the Swiss National Bank policy rate to **** percent by 2025. An interesting aspect to note is the impact of these interest rate changes on various economic factors such as growth, employment, and inflation. The impact of central bank policy rates The U.S. federal funds effective rate, crucial in determining the interest rate paid by depository institutions, experienced drastic changes in response to the COVID-19 pandemic. The subsequent slight changes in the effective rate reflected the efforts to stimulate the economy and manage economic factors such as inflation. Such fluctuations in the federal funds rate have had a significant impact on the overall economy. The European Central Bank's decision to cut its fixed interest rate in June 2024 for the first time since 2016 marked a significant shift in attitude towards economic conditions. The reasons behind the fluctuations in the ECB's interest rate reflect its mandate to ensure price stability and manage inflation, shedding light on the complex interplay between interest rates and economic factors. Inflation and real interest rates The relationship between inflation and interest rates is critical in understanding the actions of central banks. Central banks' efforts to manage inflation through interest rate adjustments reveal the intricate balance between economic growth and inflation. Additionally, the concept of real interest rates, adjusted for inflation, provides valuable insights into the impact of inflation on the economy.

Real interest rate (%) in India was reported at 2.5213 % in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Real interest rate - actual values, historical data, forecasts and projections were sourced from the World Bank on October of 2025.

View yearly updates and historical trends for Russia Real Interest Rate. Source: World Bank. Track economic data with YCharts analytics.

Abstract

The Survey on Interest Rate Controls 2020 was conducted as a World Bank Group study on interest rate controls (IRCs) in lending and deposit markets around the world. The study aims to identify the different types of formal (or de jure) controls, the countries that apply then, how they implement them, and the reasons for doing so. The objective of the study is to advance knowledge on this topic by providing an evidence base for investigating the impact of IRCs on economic outcomes.

The survey investigates present IRCs in each surveyed country, the reasons why they have been applied, the framework and resources associated with their application and the details as to their level and functioning. The focus is on legal forms of control (i.e. codified into law) as opposed to de facto controls. The new database on interest rate controls, a popular form of financial repression is based on a survey of 108 countries, representing 88 percent of global gross domestic product. The interest rate controls presented in this dataset were in effect in 2019.

Geographic coverage

Global Survey, covering 108 countries, representing 88 percent of global GDP.

Analysis unit

Regulation at the national level.

Universe

Banking supervisors and Local Banking Associations.

Kind of data

Sample survey data [ssd]

Mode of data collection

Mail Questionnaire [mail]

Research instrument

Bank supervisors and banking associations were provided with a standard excel file with five parts. The survey was structured in five parts, each placed in a different excel sheet. Part A: Introduction. Countries with no IRCs in place were asked to only answer this sheet and leave the rest blank. Part B: Presented the definitions of controls, institutions, products and additional aspects that will be covered in the survey. Part C: Introduced a set of qualitative questions to describe the IRCs in place. Part D: Displayed a set of tables to quantitatively describe the IRCs in place. Part E: Laid out the final set of questions, covering sanctions and control mechanisms that support the IRCs' enforcement. The questionnaire is provided in the Documentation section in pdf and excel.