North Macedonia Interest Rate Spread
Interest rate spread (lending rate minus deposit rate) FR.INR.LNDP
North Macedonia's interest rate spread was 3.42% in 2025, ranked 71st globally. This represents a 0.5% decrease from 2024. Data from World Bank, covering 2005–2025.
Overview
North Macedonia's interest rate spread stood at 3.42% in 2025, a decline of +0.02pp from 2024. Based on recent trends, this figure is projected to reach 3.42% by 2025. North Macedonia ranked 71st globally.
North Macedonia’s interest‑rate spread has narrowed markedly since the early 2000s, falling from an all‑time peak of 7.02 % in 2005 to a trough of 3.23 % in 2010 and reaching 3.42 % in 2025, a level that places the country 71st globally. The contraction reflects a tightening of policy rates relative to lending rates as the banking sector deepened and monetary conditions stabilized after the global financial crisis. Compared with peers of similar rank, North Macedonia’s spread is slightly lower than San Marino’s 3.54 % and higher than Fiji’s 3.36 %, suggesting a modestly tighter credit environment than some small open economies. The 21‑year coverage shows a persistent downward trajectory, indicating improving efficiency in inter‑bank markets and reduced risk premia. Continued fiscal consolidation and further integration with European financial standards could sustain the narrowing of the spread, while any resurgence of inflationary pressures or external shocks might reverse the trend.
Data & projection
| Year | Interest Rate Spread | YoY change | Rank |
|---|---|---|---|
| 2027* trend | 3.30% | - | - |
| 2026* trend | 3.36% | - | - |
| 2025* trend | 3.42% | - | - |
| 2025 | 3.42% | −0.02pp | #71 |
| 2024 | 3.44% | −0.19pp | #20 |
| 2023 | 3.63% | +0.06pp | #18 |
| 2022 | 3.56% | −0.11pp | #21 |
| 2021 | 3.67% | −0.05pp | #30 |
| 2020 | 3.72% | −0.02pp | #32 |
| 2019 | 3.74% | −0.33pp | #37 |
| 2018 | 4.07% | −0.32pp | #33 |
| 2017 | 4.39% | −0.12pp | #43 |
| 2016 | 4.51% | −0.04pp | #45 |
| 2015 | 4.56% | +0.50pp | #50 |
| 2014 | 4.05% | +0.01pp | #42 |
| 2013 | 4.04% | +0.15pp | #42 |
| 2012 | 3.90% | +0.38pp | #36 |
| 2011 | 3.51% | +0.29pp | #34 |
Detected Pattern
Analysis
North Macedonia matched the Export Boom Cycle pattern in 2023. Historically, 71% of countries showing this pattern (546 out of 768) saw interest rate spread improve within 24 months. View full analysis →
Frequently Asked Questions
North Macedonia's interest rate spread was 3.42% in 2025. Ranked 71st globally. This represents a 0.5% decrease from the previous year.
North Macedonia's interest rate spread peaked at 7.02% in 2005.
The lowest interest rate spread in North Macedonia was 3.23% in 2010.
North Macedonia ranks 71st globally in interest rate spread as of 2025.
The World Bank indicator code is FR.INR.LNDP. Data sourced from World Bank.
North Macedonia's interest rate spread is projected to reach 3.42% by 2025 based on trend extrapolation.
The interest rate spread of North Macedonia in 2025 was 3.42%. This ranks 71st in the world.
Cite this page
@misc{historysaid_north-macedonia_interest-rate-spread,
title = {North Macedonia Interest Rate Spread},
url = {https://historysaid.com/north-macedonia/interest-rate-spread/},
publisher = {HistorySaid},
year = {2026}
}