Explore which countries had the highest central-bank interest rates in November 2025, why they’re so high and what it means for inflation, currency risk and global investors.

Countries with the Highest Interest Rates in November 2025

In a world still battling inflation, currency depreciation and economic instability, some central banks have set interest rates at extremely high levels. As of November 2025, several countries stand out for maintaining double-digit or near-double-digit policy rates. These elevated rates reflect not just domestic conditions, but broader structural challenges. In this article we’ll look at some of the top-rate countries, the reasons behind their high rates and what investors or observers should keep in mind.

🔝 Top Interest-Rate Countries at a Glance

Here are a few standout examples from recent data:

• Turkey: ~43.00 % (from 40.50 % +2.50) — a very high nominal rate.
• Venezuela: ~59.06 % (from 58.95 % +0.11) — among the world’s highest.
• Zimbabwe: 35.00 % — also in the top tier.
• Nigeria: ~27.50 % (from 27.00 % +0.50) — again very elevated.
• Malawi: ~26.00 %.
• Ghana: ~25.00 % (from 21.50 % +3.50).
• Russia: ~18.00 % (from 17.00 % +1.00).
• Congo (Republic of the Congo): ~25.00 % (from 17.50 % +7.50).
  These numbers are drawn from published figures and broadly match the “highest interest-rates around the world” lists.

🧮 Why Are These Rates So High?

Several factors tend to push interest rates into high territory in these countries:

1. Inflationary Pressures

Many of these nations are experiencing elevated inflation, driven by currency depreciation, supply-chain disruptions, commodity price shocks or fiscal imbalances. A central bank may raise its policy rate to attempt to stabilise the currency, anchor inflation expectations and slow down demand-side pressures.

2. Currency & Exchange-Rate Risks

Countries facing persistent depreciation of their currency often need high interest rates to retain foreign investment, prevent capital flight and offer a return that compensates for currency risk. For example, Turkey’s high nominal rate reflects in part its currency depreciation risk.

3. Structural Economic Challenges

Weak institutions, political risk, external debt burdens, fiscal deficits or dependence on commodities can all underpin high rates. Credit risk, inflation risk and the need to attract savings domestically or internationally play into rate decisions.

4. Monetary Policy Credibility

In some cases, central banks may have lower credibility, which means inflation expectations become unanchored; so higher nominal rates become necessary. They may also face trade-offs between growth and stability yet opt for tight policy to regain control.

📌 Case Examples

Turkey (~43 %)

Turkey’s rate is among the highest globally. Such a high rate signals real challenges: currency risk (the Turkish lira has been under pressure), inflation surges and perhaps loss of monetary-policy credibility. Investors must weigh the very high nominal rate against the risk of real returns being significantly lower, or even negative, if inflation remains elevated.

Venezuela (~59 %)

With one of the world’s highest rates, Venezuela illustrates what happens when inflation is hyper-extreme and currency risk enormous. A nominal rate at this level essentially reflects both inflation and the premium investors demand for bearing considerable risk.

Nigeria (~27.50 %) and Ghana (~25 %)

These African economies show how commodity exposure, currency risk and inflation link to high policy rates. For Ghana, the recent jump (from 21.50 % +3.50) signals a policy response to worsening inflation and external pressures.

Russia (~18 %) and Republic of the Congo (~25 %)

More mixed-profile economies but still with elevated rates: Russia faces sanctions, energy-price volatility and currency pressures; Congo faces commodity-related revenues and vulnerability to external shocks.

📉 What It Means for Investors & Savers

• High nominal rates ≠ high real returns: If inflation is 30 % and the policy rate is 40 %, the real return may only be ~10 %. And if currency depreciation is added, real returns in a hard-currency investor’s perspective may be even lower or negative.
• Currency risk is key: An investor earning nominal high yield in local currency may lose out if the currency weakens significantly.
• Credit & political risk: These countries often carry higher risk of default, policy changes or capital controls, which affect actual returns and liquidity.
• Diversification and due diligence: For global investors, countries with high rates may offer opportunities but also substantial risks — they are not straightforward “high-yield safe” plays.

🧭 Broader Trends & Things to Watch

• Watch how central banks respond: will they raise further, hold steady or eventually cut?
• Check currency-inflation interplay: if inflation keeps running ahead of rates, real yields turn negative.
• Monitor external balance and current account dynamics: deficits and reliance on commodity exports may breed vulnerability.
• Observe investor sentiment and capital flows: high rates can attract capital but also signal risk; shifts can be sudden.

The data for November 2025 show that several countries maintain extremely high central-bank interest rates, driven by inflation, currency pressure and structural economic challenges. While these rates attract attention, they also demand caution — high nominal yields often mask significant risks. Whether you’re a policymaker, investor or observer, understanding the why behind the numbers is as important as the numbers themselves.