13 African Countries With The Highest Central Bank Interest Rates
Nations in Africa have some of the highest interest rates in the world, with some even reaching as high as 23 percent.
Central banks are the national banking institutions that provide financial and banking services for countries’ governing and commercial banking system, including lending money.
For this reason the central bank decides on the country’s interest rate as part of monetary policy, effectively deciding the rate at which loans need to be repaid.
African rates are far higher than most global counterparts. By way of comparison, the U.S. Federal Reserve recently revised the country’s interest rate to 1 percent, while most of Europe’s central banks have their interest rates at between 0.25 percent and 2 percent.
We take a look at 13 African countries with the highest central bank interest rates.