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Prime Lending Rate

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Commercial Bank Prime Lending Rate by Country 2024

The prime lending rate, also known as the prime interest rate, is a crucial financial metric. It represents the interest rate that commercial banks offer to their most creditworthy customers. This rate is significantly influenced by the federal funds rate, which is set by the Federal Open Market Committee (FOMC). Changes in the federal funds rate often lead to adjustments in the prime lending rate.

This prime lending rate is a key determinant of the annual percentage rate (APR) applied to various forms of credit, such as credit cards, home mortgages, personal loans, and home equity loans. The rate may fluctuate multiple times within a year, in line with changes in the federal funds rate. As of September 2023, the reported prime lending rates from different countries exhibit considerable variation.

In the United States, financial institutions generally use a prime lending rate of 8.5%. However, some banks also consider their costs, desired returns, general economic conditions, and other factors to set the final interest rate. Japan, on the other hand, has a significantly lower prime lending rate of 1.4%, primarily determined by the Mizuho Bank.

Denmark’s banks charge a prime lending rate of 3.5% for loans. In Spain, the rate is slightly higher at 4.96%, with banks using additional rates for different types of borrowers, including main refinancing operations, marginal lending facility, and deposit facility rates.

France's prime lending rate stands at 4.42%, influenced by its monetary policy, a slowdown in productivity, and the demand for risk-free assets. China's lending rate is 4.35%, which is below its long-term average of 3.81%.

Belgium’s Central Bank updates its prime lending rate monthly, currently at 5.15%. Hong Kong has a higher rate of 5.88%, with major banks like HSBC, Bank of China (Hong Kong), and Hang Seng Bank adjusting their rates for borrowers.

In the United Kingdom, the prime lending rate is 6.25%, with the average rate for a five-year mortgage at 5.67%. India’s scenario is different, with the five central banks charging a prime lending rate of 10.1%, reflecting the diverse economic conditions and monetary policies across these nations.

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Country
Prime Lending Rate
Data Date
Zimbabwe77.63%2023-08
Brazil57.71%2023-08
Argentina52.4%2022
Madagascar48.8%2022
Somalia33.7%1988
Malawi25.4%2022
Tajikistan23.5%2019
DR Congo23.3%2021
Laos22.6%2010
Yemen22.1%2013
Uzbekistan21.7%2022
Venezuela21.1%2017
Ukraine20.23%2023-09
Mozambique20.1%2022
Uganda19.8%2018
Gambia19.5%2021
Angola19.29%2023-09
Egypt19.1%2023-09
Sierra Leone18.9%2021
Kyrgyzstan18.7%2022
Sao Tome and Principe18.5%2021
Iran18%2016
Mauritania17%2017
Rwanda16.4%2022
South Sudan16.3%2022
Mongolia16%2021
Colombia15.8%2022
Myanmar14.8%2020
Afghanistan14.8%2017
Suriname14.7%2022
Sri Lanka14.67%2023-09
Honduras14.6%2022
Azerbaijan14.6%2022
Chile14.28%2023-09
Bhutan14%2022
Kenya13.83%2023-08
Georgia13.7%2022
Tanzania13.31%2023-08
Haiti13.3%2021
Hungary13.25%2023-10
Guinea12.9%2001
Belarus12.7%2022
New Zealand12.63%2023-10
Micronesia12.6%2021
Paraguay12.5%2021
Liberia12.44%2023-07
Iraq12.4%2016
Nigeria12.3%2022
Russia12.24%2023-08
Guatemala11.9%2022
Dominican Republic11.9%2022
Burundi11.8%2022
Moldova11.8%2022
South Africa11.75%2023-09
Armenia11.7%2022
Jamaica11.4%2022
Jordan11.39%2022
Bahamas11.19%2023-06
Timor Leste11%2022
Uruguay10.9%2022
Maldives10.9%2022
Australia10.51%2023-10
Lebanon10.5%2019
India10.1%2023-10
Albania9.75%2023-08
Zambia9.5%2020
Mauritius9.5%2023-09
Seychelles9.1%2022
Lesotho9%2022
Nicaragua8.91%2023-09
Vanuatu8.8%2022
Pakistan8.7%2021
Namibia8.6%2022
United States8.5%2023-10
Indonesia8.5%2022
Eswatini8.5%2022
Belize8.5%2022
Guyana8.4%2022
Samoa8.3%2022
Mexico8.2%2022
Ethiopia8%2008
Vietnam8%2022
Algeria8%2022
Papua New Guinea8%2022
Comoros8%2022
Tonga7.9%2022
Finland7.87%2023-10
Romania7.8%2022
Cape Verde7.8%2022
Iceland7.6%2022
Trinidad and Tobago7.5%2022
Costa Rica7.4%2022
Saint Vincent and the Grenadines7.4%2022
Antigua and Barbuda7.3%2022
Canada7.2%2023-10
Bangladesh7.1%2022
Philippines7.1%2019
Estonia7.1%2023-09
Saint Kitts and Nevis7.1%2022
Panama6.9%2022
Aruba6.8%2020
Botswana6.76%2023-08
Thailand6.75%2023-09
Latvia6.72%2023-09
Saint Lucia6.5%2022
Dominica6.5%2022
Bahrain6.44%2023-03
Grenada6.4%2022
Burkina Faso6.3%2021
Benin6.3%2021
United Kingdom6.25%2023-11
Germany6.04%2023-09
Bolivia6.01%2023-07
Libya6%2014
Portugal5.99%2023-09
Greece5.95%2023-09
Israel5.88%2023-02
Hong Kong5.88%2023-10
Italy5.75%2023-09
Slovakia5.73%2023-09
Montenegro5.6%2022
Oman5.5%2021
Brunei5.5%2022
Malaysia5.49%2023-09
Belgium5.49%2023-09
Austria5.43%2023-08
Fiji5.4%2022
Slovenia5.31%2023-09
Singapore5.3%2021
Macau5.3%2022
Solomon Islands5.2%2021
South Korea5.17%2023-09
Malta5.12%2023-09
Ivory Coast5.1%2017
Niger5.1%2017
Mali5.1%2017
Senegal5.1%2017
Togo5.1%2017
Guinea Bissau5.1%2017
Kuwait4.85%2023-06
Serbia4.8%2010
Luxembourg4.66%2023-09
Qatar4.6%2022
North Macedonia4.6%2022
China4.35%2023-11
France4.34%2023-09
Croatia4.28%2023-08
Netherlands4.23%2023-09
Czech Republic4.2%2022
Ireland4.15%2023-08
Barbados4%2023-08
San Marino3.8%2022
Denmark3.75%2023-10
Sweden3.7%2006
Bulgaria3.7%2022
Bosnia and Herzegovina3.4%2022
Norway3.2%2022
Taiwan3.13%2023-09
Spain2.82%2023-09
Switzerland2.6%2022
Japan1.5%2023-10
Peru0.86%2023-10
showing: 162 rows

Sources