What is Madagascar's policy rate?

The policy rate in force at the Central Bank of Madagascar is shown at the top of this page, with its effective date and history since 1997.

What is the real interest rate?

It is the policy rate minus year-on-year inflation. It shows whether the return on the ariary actually covers rising prices.

Who sets the policy rate?

The Monetary Committee of the Central Bank of Madagascar (BFM). Each decision stays in force until the next one.

Central Bank policy rate

Name: Central Bank policy rate
Creator: Stileex
License: https://creativecommons.org/licenses/by/4.0/

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

Last checked on 16/07/2026

Stileex indicator

Real interest rate

+3.4 %

Policy rate minus year-on-year inflation.

With inflation at 8.6 %, the real return on the ariary works out to 3.4 %.

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

Frequently asked questions

What is Madagascar's policy rate?: The policy rate in force at the Central Bank of Madagascar is shown at the top of this page, with its effective date and history since 1997.
What is the real interest rate?: It is the policy rate minus year-on-year inflation. It shows whether the return on the ariary actually covers rising prices.
Who sets the policy rate?: The Monetary Committee of the Central Bank of Madagascar (BFM). Each decision stays in force until the next one.