On Wednesday, the Central Bank’s Monetary Policy Committee kept the Selic unchanged at 13.75% annually. (Photo: Marcello Casal Jr./Agência Brasil)

Selic (Brazil’s economic base interest rate) has not increased since June 2022, but the country remains at the top of global real interest rates, according to a survey compiled by MoneYou and Infinity Asset Management. Argentina (-13.02%) takes last place on the list of 40 countries.

On Wednesday (3), the Copom (Monetary Policy Committee) of BC (Central Bank) kept the Selic unchanged at 13.75% pa.

Discounting inflation expectations for the next 12 months – 5.32%, according to the Central Bank Bulletin Focus –, real interest rates hit 6.82%. This figure is enough to keep the country at the top, ahead of Mexico (6.13%), Colombia (5.13%), Chile (4.89%) and the Philippines (2.62%).

The real interest rate is calculated by subtracting expected inflation for the next 12 months, and is considered a better measure to compare to other countries.

nominal interest

Taking nominal interest rates into account (without inflation discounts), Brazil remains in second place, behind only Argentina, where the figure is 91%, but hyperinflation lowers the real rate. See below:

Argentina: 91%
Brazil: 13.75%
Colombia: 13.25%
Hungary: 13%
Chile: 11.25%
Mexico: 11.25%
Turkiye: 8.50%
South Africa: 7.75%
Russia: 7.50%
Czech Republic: 7%
Poland: 6.75%
India: 6.68%
Philippines: 6.25%
Indonesia: 5.75%
Hong Kong: 5.25%
New Zealand: 5.25%
United States: 5%
Canada: 4.50%
Singapore: 3.78%
Israel: 4.50%
China: 4.35%
United Kingdom: 4.25%
Australia: 3.85%
Germany: 3.75%
Austria: 3.75%
Spain: 3.75%
Greece: 3.75%
Netherlands: 3.75%
Portuguese: 3.75%
Sweden: 3.75%
Belgium: 3.75%
France: 3.75%
Italy: 3.75%
South Korea: 3.50%
Malaysia: 3%
Denmark: 2.60%
Thailand: 2%
Taiwan: 1.88%
Japan: -0.10%
Switzerland: -0.75%