Interest rate on bank loans reached 8.65 % in 2019 in Papua New Guinea, according to the National Central Bank. This is 4.67 % less than in the previous year.
Historically, interest rate on bank loans in Papua New Guinea reached an all time high of 18.9 % in 1999 and an all time low of 8.37 % in 2016. When compared to Papua New Guinea's main peers, interest rate on bank loans in Australia amounted to 5.10 %, 10.4 % in Indonesia and 7.10 % in Philippines in 2019.
Papua New Guinea has been ranked 57th within the group of 92 countries we follow in terms of interest rate on bank loans, 24 places above the position seen 10 years ago.
The lending interest rate is the rate charged by banks on loans to prime customers.