← Long Term Stability

Central Bank Independence

Composite score 0–100 measuring legal and actual independence of the central bank from political interference: mandate clarity, prohibition of monetary financing, governor tenure rules, transparency, and inflation track record. High independence correlates with lower long-run inflation and greater macroeconomic stability. Political erosion of central bank independence — as seen in Turkey 2019–2021, Argentina, or Venezuela — typically precedes hyperinflationary episodes.

Raw-value source: Dincer & Eichengreen / composite 2023

#↑ Country↕ Raw Value↕ Score↕
1 Switzerland97 97 97
2 New Zealand95 95 95
3 Sweden93 93 93
4 Norway92 92 92
5 Australia90 90 90
5 Germany90 90 90
5 Canada90 90 90
5 Liechtenstein90 90 90
9 Finland88 88 88
9 Luxembourg88 88 88
9 Netherlands88 88 88
9 Monaco88 88 88
9 France88 88 88
9 Japan88 88 88
15 Belgium87 87 87
15 Austria87 87 87
17 Ireland85 85 85
17 England85 85 85
17 Wales85 85 85
17 Northern Ireland85 85 85
17 Scotland85 85 85
17 French Guiana85 85 85
17 Saint Pierre and Miquelon85 85 85
17 San Marino85 85 85
17 Spain85 85 85
17 Réunion85 85 85
17 Saint-Martin85 85 85
17 Mayotte85 85 85
17 Italy85 85 85
17 Iceland85 85 85
17 Martinique85 85 85
17 Guadeloupe85 85 85
33 Denmark82 82 82
33 United States82 82 82
33 Portugal82 82 82
33 U.S. Virgin Islands82 82 82
33 Israel82 82 82
33 Puerto Rico82 82 82
33 Guam82 82 82
33 Northern Mariana Islands82 82 82
41 Latvia80 80 80
41 Estonia80 80 80
41 Lithuania80 80 80
41 Czech Republic80 80 80
41 Slovakia80 80 80
41 Tahiti80 80 80
41 Slovenia80 80 80
41 Wallis and Futuna80 80 80
41 New Caledonia80 80 80
50 Malta78 78 78
50 Korea Republic78 78 78
50 Andorra78 78 78
50 Cyprus78 78 78
50 Croatia78 78 78
50 Chinese Taipei78 78 78
50 Greece78 78 78
50 Chile78 78 78
58 Singapore75 75 75
58 Faroe Islands75 75 75
58 South Africa75 75 75
58 Thailand75 75 75
58 India75 75 75
58 Indonesia75 75 75
64 Brazil72 72 72
64 Poland72 72 72
64 Malaysia72 72 72
64 Gibraltar72 72 72
64 Peru72 72 72
64 Philippines72 72 72
70 Botswana70 70 70
70 Bermuda70 70 70
70 Mauritius70 70 70
70 Cayman Islands70 70 70
70 Bulgaria70 70 70
70 Mexico70 70 70
70 American Samoa70 70 70
70 Bosnia and Herzegovina70 70 70
70 Colombia70 70 70
79 Uruguay68 68 68
79 Hong Kong68 68 68
79 Ukraine68 68 68
79 Bahamas68 68 68
79 Turks and Caicos Islands68 68 68
79 British Virgin Islands68 68 68
79 Georgia68 68 68
86 Seychelles65 65 65
86 Guyana65 65 65
86 Macau65 65 65
86 Brunei65 65 65
86 Rwanda65 65 65
86 Jordan65 65 65
86 Cape Verde65 65 65
86 Moldova65 65 65
86 Trinidad and Tobago65 65 65
86 Romania65 65 65
86 Serbia65 65 65
86 Anguilla65 65 65
86 Antigua and Barbuda65 65 65
86 Saint Vincent and the Grenadines65 65 65
86 Grenada65 65 65
86 Saint Lucia65 65 65
86 Montserrat65 65 65
86 Saint Kitts and Nevis65 65 65
86 Armenia65 65 65
86 Dominica65 65 65
86 Costa Rica65 65 65
107 Kosovo62 62 62
107 Namibia62 62 62
107 Paraguay62 62 62
107 Qatar62 62 62
107 Aruba62 62 62
107 Kenya62 62 62
107 Barbados62 62 62
107 Morocco62 62 62
107 North Macedonia62 62 62
107 Jamaica62 62 62
107 Albania62 62 62
107 Djibouti62 62 62
107 Guatemala62 62 62
120 Senegal60 60 60
120 Ivory Coast60 60 60
120 Benin60 60 60
120 Kuwait60 60 60
120 Curacao60 60 60
120 Zanzibar60 60 60
120 Oman60 60 60
120 Tanzania60 60 60
120 Panama60 60 60
120 Comoros60 60 60
120 Sint Maarten60 60 60
120 Montenegro60 60 60
120 Dominican Republic60 60 60
120 Ecuador60 60 60
120 Bhutan60 60 60
135 Burkina Faso58 58 58
135 Mali58 58 58
135 Maldives58 58 58
135 Niger58 58 58
135 Togo58 58 58
135 Guinea-Bissau58 58 58
135 Swaziland58 58 58
135 Bahrain58 58 58
135 United Arab Emirates58 58 58
135 Bangladesh58 58 58
135 Uganda58 58 58
135 Tunisia58 58 58
135 Kazakhstan58 58 58
135 Belize58 58 58
135 São Tomé and Príncipe58 58 58
135 Honduras58 58 58
135 Fiji58 58 58
135 Timor-Leste58 58 58
135 Nepal58 58 58
154 Ghana55 55 55
154 Gambia55 55 55
154 Gabon55 55 55
154 Lesotho55 55 55
154 Cameroon55 55 55
154 Saudi Arabia55 55 55
154 Hungary55 55 55
154 Cook Islands55 55 55
154 Samoa55 55 55
154 Niue55 55 55
154 Vanuatu55 55 55
165 Madagascar52 52 52
165 Mauritania52 52 52
165 Congo52 52 52
165 Cambodia52 52 52
165 Zambia52 52 52
165 Uzbekistan52 52 52
165 Mozambique52 52 52
165 Algeria52 52 52
165 Palau52 52 52
165 Mongolia52 52 52
165 Bolivia52 52 52
165 Azerbaijan52 52 52
165 Pakistan52 52 52
165 Kyrgyzstan52 52 52
165 Tonga52 52 52
165 Papua New Guinea52 52 52
165 El Salvador52 52 52
165 Solomon Islands52 52 52
183 Nigeria50 50 50
183 Chad50 50 50
183 Equatorial Guinea50 50 50
183 Central African Republic50 50 50
183 Egypt50 50 50
183 Nauru50 50 50
183 Marshall Islands50 50 50
183 Kiribati50 50 50
183 Vietnam50 50 50
183 Micronesia50 50 50
193 Angola48 48 48
193 Sierra Leone48 48 48
193 Russia48 48 48
193 Sri Lanka48 48 48
193 Tuvalu48 48 48
193 Burundi48 48 48
193 Ethiopia48 48 48
193 Malawi48 48 48
193 Nicaragua48 48 48
202 Suriname45 45 45
202 Liberia45 45 45
202 Guinea45 45 45
202 Laos45 45 45
202 Iraq45 45 45
202 China45 45 45
202 Palestine45 45 45
202 Tajikistan45 45 45
210 Congo DR42 42 42
211 Myanmar38 38 38
211 Turkey38 38 38
213 Western Sahara35 35 35
213 Afghanistan35 35 35
215 Belarus30 30 30
215 Eritrea30 30 30
215 Haiti30 30 30
218 Sudan28 28 28
218 Libya28 28 28
218 Turkmenistan28 28 28
218 Argentina28 28 28
218 Iran28 28 28
223 Zimbabwe22 22 22
223 South Sudan22 22 22
223 Cuba22 22 22
226 Yemen20 20 20
226 Somalia20 20 20
226 Lebanon20 20 20
229 Syria18 18 18
229 Venezuela18 18 18
231 Korea DPR10 10 10