Argentina has the highest interest rate globally, as it raised its key interest rate in May by six percentage points to 97% in an effort to tackle soaring inflation that has reached 30-year highs.
The Central Bank of Nigeria (CBN) on May 24th raised the Monetary Policy Rate (MPR), which measures interest rate, from 18 percent to 18.5 percent.
Although countries around the world have been increasing interest rates in the bid to curtail rising inflation, Japan still has negative interest rate of -0.1 per cent.
Negative interest rates are a form of monetary policy that sees interest rates fall below 0%. This policy implies that money savers would pay interest instead of receiving whereas borrowers would be paid instead of them paying the lender. Policy makers use negative interest rates to stimulate the economy as people would have incentive to borrow large amount of money for investment.
Here is the list of countries and their interest rates:
- Argentina: 97%
- Venezuela: 57.5%
- Ghana: 29.5%
- Pakistan: 21%
- Nigeria: 18.5%
- Egypt: 18.25%
- Iran: 18%
- Brazil: 13.75%
- Colombia: 13.25%
- Mexico: 11.25%
- Kenya: 9.5%
- Turkey: 8.5%
- South Africa: 8.25%
- Russia: 7.5%
- India: 6.5%
- Bahrain: 6%
- Qatar: 6%
- Indonesia: 5.75%
- Saudi Arabia: 5.75%
- US: 5.25%
- UAE: 5.15%
- Israel: 4.75%
- Canada: 4.75%
- UK: 4.5%
- Singapore: 4%
- Australia: 4.1%
- Eurozone: 3.75%
- China: 3.65%
- South Korea: 3.5%
- Sweden: 3.5%
- Norway: 3.25%
- Malaysia: 3%
- Denmark: 2.85%
- Thailand: 2%
- Switzerland: 1.5%
- Japan: -0.1%
Ifunanya Ikueze is an Engineer, Safety Professional, Writer, Investor, Entrepreneur and Educator.
