Central Bank policy rate
The policy rate of the Central Bank of Madagascar (BFM), the lever that sets the price of money against inflation.
Policy rate
12.00 %
In force since 07/05/2025
Stileex indicator
Real interest rate
+4.1 %
Policy rate minus year-on-year inflation.
With inflation at 7.9 %, the real return on the ariary works out to 4.1 %.
The policy rate since 1997
Each step is a rate set by the Monetary Committee and held until the next decision. Source: Central Bank of Madagascar.
Show the decision history
| Effective date | Policy rate |
|---|---|
| 2025-05-07 | 12.00 % |
| 2019-05-03 | 9.50 % |
| 2019-01-15 | 9.50 % |
| 2017-11-09 | 9.50 % |
| 2017-05-11 | 9.00 % |
| 2016-05-15 | 8.30 % |
| 2015-10-15 | 8.70 % |
| 2009-08-03 | 9.50 % |
| 2009-01-02 | 10.00 % |
| 2006-08-14 | 12.00 % |
| 2004-09-16 | 16.00 % |
| 2004-06-02 | 12.00 % |
| 2004-04-21 | 9.50 % |
| 2003-01-13 | 7.00 % |
| 2001-10-16 | 9.00 % |
| 2001-06-12 | 10.50 % |
| 2000-10-13 | 12.00 % |
| 1999-08-23 | 15.00 % |
| 1998-09-23 | 10.00 % |
| 1997-12-04 | 9.00 % |
| 1997-06-23 | 11.00 % |
Method and source
The policy rate is the main intervention rate of the Central Bank of Madagascar. We publish its history since 1997 and compute the real rate from the inflation we track. Indicative figures, not contractual.
Source: Central Bank of Madagascar (BFM)
API access
Today's value is available as JSON, for your services and your agents.
- Latest value
GET https://api.stileex.xyz/v1/series/mg/policy-rate/latest- All series
GET https://api.stileex.xyz/v1/series/mg