In this new article we will try to answer a question. Which are the countries in the world with the highest interest rates on deposits? To do this we will use data from the World Bank. These data refer to the period from 1981 to 2019. But first let’s clarify the definition.
Deposit interest rate is the 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. Countries with the Highest Deposit Interest Rates – 1981/2019.
Top 15 Countries by Deposit Interest Rates – 1981/2019
Let’s start by analysing the latest available data: that of 2019. The first country in the world with the highest deposit interest rate is Argentina. At 47.29%, the Latin American country tops the list. In second place is Turkey, with a value almost half that of Argentina. Turkey has an interest rate on deposits of around 25%: 25.64%. In third place is Uzbekistan, followed by Yemen, Venezuela and Serbia. Six countries ranked between 13% and 10%, including Ukraine, Ghana and Egypt. Lebanon, Azerbaijan and Uganda close the 2019 “top 15”. These last three nations have a value of around 9.5 percentage points.
Turning the clock back some 40 years to 1981, the top country for deposit interest rates was again a Latin American country. Brazil was in first place with a rate of 108.21%. Uruguay followed with 74.15% and Mexico with 28.1%. It is interesting to note that in 1981 the world’s top three nations were all part of Latin America. Among the top 15 nations in the world we also find Canada, which had a value of 15.96% in 1981, and Australia with 13.62%.
Countries with the Highest Deposit Interest Rates
In the video above you can see the change from 1981 to 2019 of the nations with the highest deposit interest rates. In this section we will look at another figure to answer another question. Which nations have the highest figures?
Globally, there have been years when deposit interest rates have skyrocketed. One of these is certainly 1990 where Brazil reached a value of 9394.29%. An incredibly high figure. In the same year, Peru also reached over 2000% and Urugay had a value of around 150%. The previous year, in 1988, Nicaragua had almost reached 130,000%. In the 2000s, Zimbabwe was for a long time at the top of the list with a value of around 100%. But it was certainly in the late 1980s and early 1990s that we saw unbelievable spikes in the interest rate on deposits.
Maps with data from 1981, 2009 and 2019
After having seen in the article the development of the first nations in the world, in the following maps you can see the distribution in 1981, 2009 and 2019. If the data is not present in an individual country, it is coloured in white. In general, thanks to these maps, it is possible to see the data for each individual state.
Source and link
Source data: https://data.worldbank.org/indicator/FR.INR.DPST
To view the video on YouTube: https://youtu.be/CGeDmHsCJi0. Countries with the Highest Deposit Interest Rates – 1981/2019.
Read: Top Countries with Highest Long-term Interest Rates – 1960/2020
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