Fiatmap

Real policy rate

Does money at the central bank’s rate actually beat inflation?

Policy rate minus annual CPI inflation — positive means money in the bank beats inflation. Our calculation from separately sourced components.

Brazil leads with 8.73 %; Estonia sits last at -2.33 %. Best-for-you first — higher is better here.

Coverage: 53 of ~35 countries this field can reach — Derived — needs BOTH policy rate and inflation for the country

Free to republish — just credit us

Fiatmap, “Real policy rate by country”, fiatmap.com/rankings/real-rates. Licensed CC BY 4.0. Underlying data: official statistics (BIS, ECB, FRED, Eurostat, OECD, World Bank, SSB), each value dated at source.

⤓ CSV (CC BY 4.0)⤓ JSON⤓ PNG poster⤓ SVG map
Embed this on your own site

Top-10 table (live)

<iframe src="https://fiatmap.com/embed/ranking/real-rates" title="Real policy rate by country — Fiatmap" width="360" height="440" style="border:0" loading="lazy"></iframe>

World map

<iframe src="https://fiatmap.com/embed/map/real-rates" title="Real policy rate by country — Fiatmap" width="720" height="430" style="border:0" loading="lazy"></iframe>

2 of 53 countries between -1.92 % and -1.62 %1 of 53 countries between -1.62 % and -1.32 %4 of 53 countries between -1.32 % and -1.02 %1 of 53 countries between -1.02 % and -0.72 %1 of 53 countries between -0.72 % and -0.42 %3 of 53 countries between -0.42 % and -0.12 %7 of 53 countries between -0.12 % and 0.18 %7 of 53 countries between 0.18 % and 0.48 %4 of 53 countries between 0.78 % and 1.08 %5 of 53 countries between 1.08 % and 1.38 %3 of 53 countries between 1.38 % and 1.68 %1 of 53 countries between 1.68 % and 1.98 %1 of 53 countries between 1.98 % and 2.28 %2 of 53 countries between 2.28 % and 2.58 %4 of 53 countries between 2.58 % and 2.88 %1 of 53 countries between 2.88 % and 3.18 %1 of 53 countries between 3.18 % and 3.48 %2 of 53 countries between 3.78 % and 4.08 %3 of 53 countries between 4.98 % and 5.28 %median 0.88 %-1.92 %5.28 %
Half of all 53 countries sit between -0.06 % and 2.16 %. Axis trimmed to the 2nd–98th percentile; 3 values beyond it sit in the end bars.

On the map

Fiji — no data yetTanzania — no data yetW. Sahara — no data yetCanada — Real policy rate: 0.18 %United States — Real policy rate: 0.92 %Kazakhstan — no data yetUzbekistan — no data yetPapua New Guinea — no data yetIndonesia — Real policy rate: 3.84 %Argentina — no data yetChile — Real policy rate: 0.29 %Dem. Rep. Congo — no data yetSomalia — no data yetKenya — no data yetSudan — no data yetChad — no data yetHaiti — no data yetDominican Rep. — no data yetRussia — Real policy rate: 5.28 %Bahamas — no data yetFalkland Is. — no data yetNorway — Real policy rate: 1.44 %Greenland — no data yetFr. S. Antarctic Lands — no data yetTimor-Leste — no data yetSouth Africa — Real policy rate: 4.04 %Lesotho — no data yetMexico — Real policy rate: 2.69 %Uruguay — no data yetBrazil — Real policy rate: 8.73 %Bolivia — no data yetPeru — Real policy rate: 2.72 %Colombia — Real policy rate: 6.86 %Panama — no data yetCosta Rica — no data yetNicaragua — no data yetHonduras — no data yetEl Salvador — no data yetGuatemala — no data yetBelize — no data yetVenezuela — no data yetGuyana — no data yetSuriname — no data yetFrance — Real policy rate: 1.56 %Ecuador — no data yetPuerto Rico — no data yetJamaica — no data yetCuba — no data yetZimbabwe — no data yetBotswana — no data yetNamibia — no data yetSenegal — no data yetMali — no data yetMauritania — no data yetBenin — no data yetNiger — no data yetNigeria — no data yetCameroon — no data yetTogo — no data yetGhana — no data yetCôte d'Ivoire — no data yetGuinea — no data yetGuinea-Bissau — no data yetLiberia — no data yetSierra Leone — no data yetBurkina Faso — no data yetCentral African Rep. — no data yetCongo — no data yetGabon — no data yetEq. Guinea — no data yetZambia — no data yetMalawi — no data yetMozambique — no data yeteSwatini — no data yetAngola — no data yetBurundi — no data yetIsrael — Real policy rate: 0.21 %Lebanon — no data yetMadagascar — no data yetPalestine — no data yetGambia — no data yetTunisia — no data yetAlgeria — no data yetJordan — no data yetUnited Arab Emirates — no data yetQatar — no data yetKuwait — Real policy rate: 1.14 %Iraq — no data yetOman — no data yetVanuatu — no data yetCambodia — no data yetThailand — Real policy rate: 1.13 %Laos — no data yetMyanmar — no data yetVietnam — no data yetNorth Korea — no data yetSouth Korea — Real policy rate: 0.88 %Mongolia — no data yetIndia — Real policy rate: 2.85 %Bangladesh — no data yetBhutan — no data yetNepal — no data yetPakistan — no data yetAfghanistan — no data yetTajikistan — no data yetKyrgyzstan — no data yetTurkmenistan — no data yetIran — no data yetSyria — no data yetArmenia — no data yetSweden — Real policy rate: 1.07 %Belarus — no data yetUkraine — no data yetPoland — Real policy rate: -0.06 %Austria — Real policy rate: -1.03 %Hungary — Real policy rate: 1.09 %Moldova — no data yetRomania — Real policy rate: -0.69 %Lithuania — Real policy rate: -1.29 %Latvia — Real policy rate: -1.25 %Estonia — Real policy rate: -2.33 %Germany — Real policy rate: 0.33 %Bulgaria — no data yetGreece — Real policy rate: 0.02 %Turkey — no data yetAlbania — no data yetCroatia — Real policy rate: -1.19 %Switzerland — Real policy rate: -0.15 %Luxembourg — Real policy rate: 0.24 %Belgium — Real policy rate: 0.03 %Netherlands — Real policy rate: -0.76 %Portugal — Real policy rate: 0.16 %Spain — Real policy rate: -0.20 %Ireland — Real policy rate: 0.29 %New Caledonia — no data yetSolomon Is. — no data yetNew Zealand — Real policy rate: -0.09 %Australia — Real policy rate: 1.73 %Sri Lanka — no data yetChina — Real policy rate: 2.94 %Taiwan — no data yetItaly — Real policy rate: 0.97 %Denmark — Real policy rate: 0.21 %United Kingdom — Real policy rate: -0.13 %Iceland — no data yetAzerbaijan — no data yetGeorgia — no data yetPhilippines — Real policy rate: 3.34 %Malaysia — Real policy rate: 1.37 %Brunei — no data yetSlovenia — Real policy rate: 0.13 %Finland — Real policy rate: 2.16 %Slovakia — Real policy rate: -1.50 %Czech Republic — Real policy rate: 1.29 %Eritrea — no data yetJapan — Real policy rate: -1.92 %Paraguay — no data yetYemen — no data yetSaudi Arabia — Real policy rate: 2.42 %N. Cyprus — no data yetCyprus — Real policy rate: 2.37 %Morocco — Real policy rate: 1.55 %Egypt — no data yetLibya — no data yetEthiopia — no data yetDjibouti — no data yetSomaliland — no data yetUganda — no data yetRwanda — no data yetBosnia and Herz. — no data yetMacedonia — no data yetSerbia — no data yetMontenegro — no data yetKosovo — no data yetTrinidad and Tobago — no data yetS. Sudan — no data yetIsrael — Real policy rate: 0.21 %Kuwait — Real policy rate: 1.14 %South Korea — Real policy rate: 0.88 %Austria — Real policy rate: -1.03 %Hungary — Real policy rate: 1.09 %Lithuania — Real policy rate: -1.29 %Latvia — Real policy rate: -1.25 %Estonia — Real policy rate: -2.33 %Croatia — Real policy rate: -1.19 %Switzerland — Real policy rate: -0.15 %Luxembourg — Real policy rate: 0.24 %Belgium — Real policy rate: 0.03 %Netherlands — Real policy rate: -0.76 %Portugal — Real policy rate: 0.16 %Ireland — Real policy rate: 0.29 %Denmark — Real policy rate: 0.21 %Slovenia — Real policy rate: 0.13 %Slovakia — Real policy rate: -1.50 %Czech Republic — Real policy rate: 1.29 %Cyprus — Real policy rate: 2.37 %Real policy rate8.73 %-2.33 %

The full ranking

1Brazil8.73 %September 2026Checked 24 Oct 2026
2Colombia6.86 %September 2026Checked 24 Oct 2026
3Russia5.28 %September 2026Checked 24 Oct 2026
4South Africa4.04 %September 2026Checked 24 Oct 2026
5Indonesia3.84 %September 2026Checked 24 Oct 2026
6Philippines3.34 %September 2026Checked 24 Oct 2026
7China2.94 %September 2026Checked 24 Oct 2026
8India2.85 %September 2026Checked 24 Oct 2026
9Hong Kong2.81 %September 2026Checked 24 Oct 2026
10Peru2.72 %September 2026Checked 24 Oct 2026
11Mexico2.69 %September 2026Checked 24 Oct 2026
12Saudi Arabia2.42 %September 2026Checked 24 Oct 2026
13Cyprus2.37 %September 2026Checked 24 Oct 2026
14Finland2.16 %September 2026Checked 24 Oct 2026
15Australia1.73 %September 2026Checked 24 Oct 2026
16France1.56 %September 2026Checked 24 Oct 2026
17Morocco1.55 %August 2026Checked 24 Oct 2026
18Norway1.44 %September 2026Checked 24 Oct 2026
19Malaysia1.37 %September 2026Checked 24 Oct 2026
20Czech Republic1.29 %September 2026Checked 24 Oct 2026
21Kuwait1.14 %September 2026Checked 24 Oct 2026
22Thailand1.13 %September 2026Checked 24 Oct 2026
23Hungary1.09 %September 2026Checked 24 Oct 2026
24Sweden1.07 %September 2026Checked 24 Oct 2026
25Italy0.97 %September 2026Checked 24 Oct 2026
26United States0.92 %September 2026Checked 24 Oct 2026
27South Korea0.88 %September 2026Checked 24 Oct 2026
28Germany0.33 %September 2026Checked 24 Oct 2026
29Chile0.29 %September 2026Checked 24 Oct 2026
30Ireland0.29 %September 2026Checked 24 Oct 2026
31Luxembourg0.24 %September 2026Checked 24 Oct 2026
32Denmark0.21 %September 2026Checked 24 Oct 2026
33Israel0.21 %September 2026Checked 24 Oct 2026
34Canada0.18 %September 2026Checked 24 Oct 2026
35Portugal0.16 %September 2026Checked 24 Oct 2026
36Malta0.14 %September 2026Checked 24 Oct 2026
37Slovenia0.13 %September 2026Checked 24 Oct 2026
38Belgium0.03 %September 2026Checked 24 Oct 2026
39Greece0.02 %September 2026Checked 24 Oct 2026
40Poland-0.06 %September 2026Checked 24 Oct 2026
41New Zealand-0.09 %September 2026Checked 24 Oct 2026
42United Kingdom-0.13 %September 2026Checked 24 Oct 2026
43Switzerland-0.15 %September 2026Checked 24 Oct 2026
44Spain-0.20 %September 2026Checked 24 Oct 2026
45Romania-0.69 %September 2026Checked 24 Oct 2026
46Netherlands-0.76 %September 2026Checked 24 Oct 2026
47Austria-1.03 %September 2026Checked 24 Oct 2026
48Croatia-1.19 %September 2026Checked 24 Oct 2026
49Latvia-1.25 %September 2026Checked 24 Oct 2026
50Lithuania-1.29 %September 2026Checked 24 Oct 2026
51Slovakia-1.50 %September 2026Checked 24 Oct 2026
52Japan-1.92 %September 2026Checked 24 Oct 2026
53Estonia-2.33 %September 2026Checked 24 Oct 2026

Regional averages

Europe (30)

0.27 %

Americas (7)

3.20 %

Asia (12)

1.75 %

Unweighted mean of the published values in each region — our aggregation, not an official statistic.

How to read this figure

Our own calculation: the central bank policy rate minus annual CPI inflation. It answers one question — does parked money beat rising prices? Both components are separately sourced official figures, and we never compute it when either leg is missing.

Countries with the highest real interest rates · Countries with the most negative real interest rates

How to read this list

Policy rate minus annual CPI inflation — positive means money in the bank beats inflation. Our calculation from separately sourced components. 53 countries publish it; the rest are absent from the list rather than shown as zero. The figures were observed between August 2026 and September 2026 — a spread of 1 months — so this compares each country’s latest published number, not one moment in time. Every row carries its own date in the CSV and JSON; use it. Nothing here is estimated or carried forward to fill a gap. This metric is one column of the full dataset.

Methodology

real rate = policy rate − annual CPI inflation. The policy rate comes from the BIS central-bank dataset (daily, euro area applied to member states); inflation is the latest annual CPI from official statistics (World Bank, Eurostat, SSB). We only publish the derived value where BOTH components exist — a missing leg means no number, never a guess. Positive means money at the policy rate beats inflation; negative means cash loses purchasing power. Our calculation, CC BY 4.0; each component carries its own source on the country pages.

Official sources onlySurveyed September 2026Revised daily 05:20 UTCLicence CC BY 4.0