Risk premium on lending (lending rate minus treasury bill rate, %) by country
Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the "risk free" treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its...
What the numbers show
Risk premium on lending (lending rate minus treasury bill rate, %) is currently reported for 86 countries. The highest value is 48.7% in Madagascar; the lowest is -11.3% in Zambia.
The median across all reporting countries is 4.2%, and the mean is 5.3%.
The gap between the highest and lowest reporting country is a factor of about 4.
Over the past decade 36 countries rose and 50 fell. The largest increase was in Laos (up 609.5%), and the largest decrease in Egypt (down 599.5%).
Risk premium on lending (lending rate minus treasury bill rate, %): full country ranking
| # | Country | Latest | Year | 10-year change | Trend |
|---|---|---|---|---|---|
| 1 | Madagascar | 48.7% | 2025 | up 1.9% | rising |
| 2 | Brazil | 30.8% | 2025 | up 3.2% | falling |
| 3 | Tajikistan | 28.7% | 2017 | up 83.5% | rising |
| 4 | Malawi | 21.2% | 2024 | down 10.2% | rising |
| 5 | Sierra Leone | 19.5% | 2025 | up 17.1% | volatile |
| 6 | Laos | 14.6% | 2010 | up 609.5% | volatile |
| 7 | Mauritania | 12.3% | 2017 | up 1.9% | flat |
| 8 | Tanzania | 12.3% | 2020 | up 25.2% | volatile |
| 9 | Kyrgyzstan | 10.6% | 2023 | down 17.0% | volatile |
| 10 | Uganda | 10.0% | 2018 | down 11.8% | rising |
| 11 | Rwanda | 8.4% | 2024 | down 34.4% | rising |
| 12 | Georgia | 8.4% | 2025 | up 125.6% | volatile |
| 13 | Gambia | 8.3% | 2025 | down 54.3% | rising |
| 14 | Maldives | 8.1% | 2025 | up 90.5% | rising |
| 15 | Belize | 7.9% | 2025 | down 22.8% | rising |
| 16 | Barbados | 7.5% | 2022 | up 45.2% | rising |
| 17 | Seychelles | 7.4% | 2025 | up 125.8% | rising |
| 18 | Ethiopia | 7.3% | 2008 | up 4.3% | rising |
| 19 | Guyana | 7.1% | 2025 | down 35.1% | volatile |
| 20 | Bulgaria | 7.1% | 2015 | up 13.9% | rising |
| 21 | Antigua and Barbuda | 7.0% | 2018 | up 58.5% | rising |
| 22 | Uzbekistan | 6.9% | 2024 | up 23.6% | falling |
| 23 | Jamaica | 6.7% | 2025 | down 35.9% | volatile |
| 24 | Cape Verde | 6.4% | 2025 | down 30.5% | flat |
| 25 | Kosovo (UNSCR 1244) | 6.2% | 2018 | down 38.1% | falling |
| 25 | Kosovo | 6.2% | 2018 | down 38.1% | falling |
| 27 | Mongolia | 6.2% | 2017 | up 17.9% | falling |
| 28 | Saint Lucia | 6.1% | 2018 | up 36.7% | rising |
| 29 | Lebanon | 6.1% | 2019 | up 30.3% | volatile |
| 30 | Dominica | 6.0% | 2018 | up 123.8% | rising |
| 31 | Saint Vincent and the Grenadines | 5.9% | 2017 | up 52.3% | rising |
| 32 | Armenia | 5.6% | 2025 | up 18.9% | falling |
| 33 | Yemen | 5.4% | 2013 | up 6.8% | falling |
| 34 | Algeria | 5.3% | 2025 | down 29.5% | rising |
| 35 | Singapore | 5.1% | 2013 | up 10.1% | falling |
| 36 | Bahrain | 5.1% | 2014 | down 19.9% | rising |
| 37 | Mozambique | 5.0% | 2025 | down 44.3% | volatile |
| 38 | Solomon Islands | 4.7% | 2021 | down 56.0% | rising |
| 39 | Fiji | 4.4% | 2024 | down 4.3% | falling |
| 40 | Lesotho | 4.3% | 2024 | down 0.1% | falling |
| 41 | Mauritius | 4.3% | 2025 | down 32.2% | falling |
| 42 | Trinidad and Tobago | 4.2% | 2025 | down 45.4% | falling |
| 43 | Grenada | 4.2% | 2018 | down 3.5% | falling |
| 44 | Malta | 4.1% | 2013 | up 61.2% | rising |
| 45 | Papua New Guinea | 4.1% | 2024 | down 24.9% | volatile |
| 46 | South Africa | 3.5% | 2025 | up 4.3% | flat |
| 47 | Thailand | 3.5% | 2025 | up 10.7% | falling |
| 48 | Albania | 3.4% | 2024 | down 30.7% | falling |
| 49 | Australia | 3.4% | 2013 | up 75.2% | rising |
| 50 | United States | 3.2% | 2021 | up 0.4% | rising |
| 51 | Iceland | 3.1% | 2025 | up 86.4% | falling |
| 52 | Czechia | 3.1% | 2018 | up 21.1% | rising |
| 53 | Bolivia | 3.0% | 2025 | down 60.0% | volatile |
| 54 | Vietnam | 2.9% | 2015 | down 41.1% | falling |
| 55 | Philippines | 2.8% | 2019 | down 36.6% | volatile |
| 56 | Hong Kong | 2.7% | 2025 | down 45.3% | rising |
| 57 | Montenegro | 2.6% | 2025 | down 69.0% | falling |
| 58 | Namibia | 2.2% | 2024 | down 22.4% | falling |
| 59 | Azerbaijan | 2.2% | 2017 | down 73.9% | volatile |
| 60 | Canada | 2.2% | 2017 | up 11.8% | rising |
| 61 | Sri Lanka | 2.2% | 2019 | down 21.3% | volatile |
| 62 | Saint Kitts and Nevis | 2.0% | 2013 | down 59.9% | falling |
| 63 | Angola | 1.9% | 2024 | down 84.3% | volatile |
| 64 | Nigeria | 1.9% | 2025 | down 74.6% | rising |
| 65 | Hungary | 1.9% | 2025 | up 8.1% | volatile |
| 66 | Malaysia | 1.8% | 2016 | down 45.6% | falling |
| 67 | Eswatini | 1.7% | 2024 | down 23.8% | falling |
| 68 | Sweden | 1.3% | 2006 | down 54.1% | falling |
| 69 | Kenya | 1.3% | 2024 | down 82.6% | volatile |
| 70 | Italy | 1.3% | 2023 | down 69.5% | falling |
| 71 | Israel | 1.3% | 2022 | down 58.5% | falling |
| 72 | Romania | 1.3% | 2025 | down 70.9% | volatile |
| 73 | Japan | 1.2% | 2017 | down 8.1% | falling |
| 74 | Bahamas | 1.2% | 2025 | down 71.0% | falling |
| 75 | Uruguay | 1.1% | 2025 | down 52.3% | volatile |
| 76 | Pakistan | 1.1% | 2021 | down 17.2% | volatile |
| 77 | Mexico | 0.7% | 2025 | up 42.1% | volatile |
| 78 | Libya | 0.6% | 2004 | down 61.1% | falling |
| 79 | United Kingdom | 0.1% | 2014 | up 340.2% | volatile |
| 80 | Moldova | -0.1% | 2025 | up 98.1% | volatile |
| 81 | Bangladesh | -2.1% | 2025 | down 135.7% | volatile |
| 82 | New Zealand | -3.1% | 2025 | down 211.0% | volatile |
| 83 | Egypt | -3.4% | 2024 | down 599.5% | volatile |
| 84 | South Sudan | -6.1% | 2025 | down 156.8% | volatile |
| 85 | Serbia | -6.2% | 2010 | up 60.0% | volatile |
| 86 | Zambia | -11.3% | 2020 | down 177.3% | volatile |
About this data
Risk premium on lending is the interest rate charged by banks on loans to private sector customers minus the "risk free" treasury bill interest rate at which short-term government securities are issued or traded in the market. In some countries this spread may be negative, indicating that the market considers its best corporate clients to be lower risk than the government. The terms and conditions attached to lending rates differ by country, however, limiting their comparability.