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.

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.

Real interest rate (%) in Nigeria was reported at 1.233 % in 2023, according to the World Bank collection of development indicators, compiled from officially recognized sources. Nigeria - Real interest rate - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

In June 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 the first half of 2025, Russia maintained the highest interest rate at 20 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 0.1 percent in June 2025. In contrast, Russia maintained a high inflation rate of 9.4 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.

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.; ;

Real interest rate (%) in Thailand was reported at 3.212 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. Thailand - Real interest rate - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

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.; ;

Iraq IQ: Real Interest Rate data was reported at 53.543 % pa in 2015. This records an increase from the previous number of 13.392 % pa for 2014. Iraq IQ: Real Interest Rate data is updated yearly, averaging 0.677 % pa from Dec 2004 (Median) to 2015, with 12 observations. The data reached an all-time high of 53.543 % pa in 2015 and a record low of -14.278 % pa in 2005. Iraq IQ: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Iraq – Table IQ.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.; ;

Note: IDs starting with IBRDB and IBRDG are "Guarantees" and the rest are "Loans". The loan types are as follows: NPL (Non-Pool Loan), CPL (Currency Pool Loan), SCPD (Single Currency Pool Loan - US), SCPM (Single Currency Pool Loan - EU), SCPY (Single Currency Pool Loan - YE), SCL (Single Currency Loan), FSL (Fixed Spread Loan), BLNR (IBRD Regular B-Loans), GURB (IBRD Guarantees), BLNC (IBRD Contingency B Loan), and GUBF (IBRD Guarantee Facility). 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 / economies 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 historical snapshots of the Statement of Loans including the latest available snapshots. The World Bank complies with all sanctions applicable to World Bank transactions.

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.

Vietnam VN: Real Interest Rate data was reported at 3.145 % pa in 2017. This records a decrease from the previous number of 5.785 % pa for 2016. Vietnam VN: Real Interest Rate data is updated yearly, averaging 4.167 % pa from Dec 1993 (Median) to 2017, with 23 observations. The data reached an all-time high of 12.577 % pa in 1993 and a record low of -6.553 % pa in 2005. Vietnam VN: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Vietnam – Table VN.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.; ;

Egypt EG: Interest Rate Spread data was reported at 6.083 % pa in 2017. This records an increase from the previous number of 5.742 % pa for 2016. Egypt EG: Interest Rate Spread data is updated yearly, averaging 5.000 % pa from Dec 1976 (Median) to 2017, with 41 observations. The data reached an all-time high of 8.328 % pa in 1992 and a record low of 3.654 % pa in 1998. Egypt EG: Interest Rate Spread data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Egypt – Table EG.World Bank.WDI: Interest Rates. Interest rate spread is the interest rate charged by banks on loans to private sector customers minus the interest rate paid by commercial or similar banks for demand, time, or savings deposits. The terms and conditions attached to these rates differ by country, however, limiting their comparability.; ; International Monetary Fund, International Financial Statistics and data files.; Median;

Real interest rate (%) in South Africa was reported at 7.4937 % in 2024, according to the World Bank collection of development indicators, compiled from officially recognized sources. South Africa - Real interest rate - actual values, historical data, forecasts and projections were sourced from the World Bank on July of 2025.

Philippines PH: Real Interest Rate data was reported at 3.232 % pa in 2017. This records a decrease from the previous number of 3.877 % pa for 2016. Philippines PH: Real Interest Rate data is updated yearly, averaging 4.691 % pa from Dec 1976 (Median) to 2017, with 42 observations. The data reached an all-time high of 14.163 % pa in 1986 and a record low of -16.396 % pa in 1984. Philippines PH: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Philippines – Table PH.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.; ;

Lending interest rate (%) in India was reported at 8.5671 % in 2022, according to the World Bank collection of development indicators, compiled from officially recognized sources. India - Lending interest rate - actual values, historical data, forecasts and projections were sourced from the World Bank on August of 2025.

Note: IDs starting with IBRDB and IBRDG are "Guarantees" and the rest are "Loans". The loan types are as follows: NPL (Non-Pool Loan), CPL (Currency Pool Loan), SCPD (Single Currency Pool Loan - US), SCPM (Single Currency Pool Loan - EU), SCPY (Single Currency Pool Loan - YE), SCL (Single Currency Loan), FSL (Fixed Spread Loan), BLNR (IBRD Regular B-Loans), GURB (IBRD Guarantees), BLNC (IBRD Contingency B Loan), and GUBF (IBRD Guarantee Facility). 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 / economies 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.

BI: Real Interest Rate data was reported at -0.131 % pa in 2023. This records an increase from the previous number of -5.543 % pa for 2022. BI: Real Interest Rate data is updated yearly, averaging 4.875 % pa from Dec 1978 (Median) to 2023, with 44 observations. The data reached an all-time high of 19.229 % pa in 1981 and a record low of -16.679 % pa in 2000. BI: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Burundi – Table BI.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.;;

FR.INR.RINR. 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. The World Development Indicators (WDI) is the primary World Bank collection of development indicators, compiled from officially-recognized international sources. It presents the most current and accurate global development data available, and includes national, regional and global estimates.

The average for 2023 based on 87 countries was 4.42 percent. The highest value was in Madagascar: 41.3 percent and the lowest value was in Zimbabwe: -73.54 percent. The indicator is available from 1961 to 2023. Below is a chart for all countries where data are available.

Zimbabwe ZW: Real Interest Rate data was reported at 5.728 % pa in 2016. This records a decrease from the previous number of 7.576 % pa for 2015. Zimbabwe ZW: Real Interest Rate data is updated yearly, averaging 34.675 % pa from Dec 1980 (Median) to 2016, with 32 observations. The data reached an all-time high of 572.936 % pa in 2007 and a record low of 4.257 % pa in 1980. Zimbabwe ZW: Real Interest Rate data remains active status in CEIC and is reported by World Bank. The data is categorized under Global Database’s Zimbabwe – Table ZW.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.; ;