Belarus Interest Rate Spread
Interest rate spread (lending rate minus deposit rate) FR.INR.LNDP
Belarus's interest rate spread was 5.81% in 2025, ranked 38th globally. This represents a 31.2% increase from 2024. Data from World Bank, covering 1993–2025.
Overview
Belarus's interest rate spread stood at 5.81% in 2025, a rise of +1.38pp from 2024. Based on recent trends, this figure is projected to reach 5.81% by 2025. Belarus ranked 38th globally.
Belarus’s interest‑rate spread, measured as the gap between lending and deposit rates, has narrowed dramatically from an all‑time peak of 74.18 % in 1995 to an all‑time trough of –2.81 % in 2012, reflecting the country’s transition from hyperinflationary shocks to a more stabilized monetary environment. Over the 33‑year series, the spread averaged a modest 5.81 % in 2025, placing Belarus at rank 38 globally and closely aligned with peers such as Bhutan (5.79 %) and Grenada (6.07 %). The steep decline after the mid‑1990s coincided with fiscal consolidation and tighter monetary policy, while the negative spread in 2012 signaled periods of excess liquidity and low policy rates. Recent modest widening suggests a rebalancing as the National Bank tightens rates to curb inflationary pressures. Continued alignment with regional monetary tightening and improved credit market depth could sustain a gradual upward trajectory in the spread, while any resurgence of fiscal deficits might reverse this pattern.
Data & projection
| Year | Interest Rate Spread | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 7.28% | - | - |
| 2026* trend | 6.55% | - | - |
| 2025* trend | 5.81% | - | - |
| 2025 | 5.81% | +1.38pp | #38 |
| 2024 | 4.43% | −0.68pp | #28 |
| 2023 | 5.11% | +0.82pp | #38 |
| 2022 | 4.29% | +2.53pp | #31 |
| 2021 | 1.76% | −0.66pp | #5 |
| 2020 | 2.42% | −0.09pp | #14 |
| 2019 | 2.52% | −0.26pp | #14 |
| 2018 | 2.78% | +0.12pp | #15 |
| 2017 | 2.66% | +2.90pp | #25 |
| 2016 | -0.24% | +1.58pp | #10 |
| 2015 | -1.83% | −1.98pp | #10 |
| 2014 | 0.16% | +1.28pp | #11 |
| 2013 | -1.13% | +1.68pp | #10 |
| 2012 | -2.81% | −3.08pp | #10 |
| 2011 | 0.27% | +0.14pp | #11 |
Detected Pattern
Analysis
Belarus matched the Fiscal Dominance Trap pattern in 2022. Historically, 72% of countries showing this pattern (278 out of 386) saw interest rate spread improve within 24 months. View full analysis →
Frequently Asked Questions
Belarus's interest rate spread was 5.81% in 2025. Ranked 38th globally. This represents a 31.2% increase from the previous year.
Belarus's interest rate spread peaked at 74.18% in 1995.
The lowest interest rate spread in Belarus was -2.81% in 2012.
Belarus ranks 38th globally in interest rate spread as of 2025.
The World Bank indicator code is FR.INR.LNDP. Data sourced from World Bank.
Belarus's interest rate spread is projected to reach 5.81% by 2025 based on trend extrapolation.
The interest rate spread of Belarus in 2025 was 5.81%. This ranks 38th in the world.
Cite this page
@misc{historysaid_belarus_interest-rate-spread,
title = {Belarus Interest Rate Spread},
url = {https://historysaid.com/belarus/interest-rate-spread/},
publisher = {HistorySaid},
year = {2026}
}