Projected rate in 12 months fell from 9.44% to 9.23%; country is only behind Russia, according to data from consultancy Lev
Brazil remains in 2nd place in the global ranking of real interest rates (when inflation is taken into account). The projected rate in 12 months fell from 9.44% to 9.23% – falling 0.21 percentage points.
Only Russia (9.88%) has higher real interest rates than Brazil. Emerging economy countries, such as Argentina (7.63%) and Türkiye (6.45%), have rates lower than Brazil’s. The survey was carried out by Jason Vieira, chief economist at the consultancy. Here is the document (PDF – 386 kB).
Read the infographic:
This Wednesday (28 January 2026), the Copom (Monetary Policy Committee) maintained the Selic rate at 15% per year. The projected rates take into account the decision of the (Central Bank) board.
The survey considers interest and inflation data from 40 countries. The lowest real rates are in Japan (-1.18%), the island of Taiwan (-0.15%) and Austria (0.03%).
NOMINAL INTEREST
Brazil remains in 4th place in the ranking of highest nominal interest rates (which do not take inflation out of the calculation). The rate is 15% per year and corresponds to the Selic level.
The Brazilian base interest rate is lower than that of Türkiye (37%), Argentina (29%) and Russia (16%).
The lowest nominal rates are in Switzerland (0%), Japan (0.75%) and Thailand (1.25%).
Read the infographic:
