In this article, we are going to discuss the 5 Countries with Highest CD Rates in 2024. If you want to check out our detailed analysis, head to 17 Countries with Highest CD Rates in 2024.
5. Ghana
Latest Interest Rate (February 2024): 29%
Ghana is one of the countries with the highest CD rates in 2024, with an interest rate of 29% as of January 2024. As of 2024, Ghana’s inflation rate is 23.5%, which is lower than the interest rate. Hence, the interest rates outpace inflation.
4. Turkey
Latest Interest Rate (February 2024): 45%
Turkey is fourth among the nations with the highest CD rates in 2024, with a notable interest rate of 45% in 2024. In addition, as of February 2024, the interest rate on deposits stands at 43.5% but the inflation rate surged to 64.86% in 2024 causing a concern.
3. Venezuela
Latest Interest Rate (January 2024): 57.84%
The Bolivarian Republic of Venezuela has the world’s greatest oil reserves, estimated at 300 billion barrels. Nevertheless, the nation is struggling with a serious economic crisis marked by hyperinflation despite its abundance of natural resources. The country has a strikingly high-interest rate of 57.84%. Venezuela faces severe economic difficulties, as evidenced by a startlingly high inflation rate of 107%. Venezuela is still in the midst of an ongoing crisis and is trying to find a risky route toward economic stability, even with a deposit interest rate of 36% in 2024.
2. Argentina
Latest Interest Rate (December 2023): 100%
Argentina is one of the nations with the highest CD rates in 2024, with an interest rate of 100% as of December 2023. Argentina has one of the highest deposit interest rates, at 103%, as of January 2024. However, with prices rising by hundreds and thousands of percentage points and an inflation rate of 254% as of January 2024, the nation is headed for hyperinflation.
1. Zimbabwe
Latest Interest Rate (January 2024): 130%
Zimbabwe holds the top position among nations with the highest CD rates in 2024, with an interest rate as of January 2024 of 130%, which is extraordinarily high. This amount is significantly higher than the nation’s 81.95% average interest rate for the years 2019 through 2023. Notably, the deposit interest rate in Zimbabwe is 110% which is greater than the country’s inflation rate of 47.6%.
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