Monetary Policy & Price Stability — National Capability Index

Indicators

The measures seeded for this capability in the framework. They are candidate indicators: no cell in the index has a source document attached to it yet.

inflation rate against target
inflation expectations anchoring
central bank independence rating

Band spread across 197 nations

Frontier 5

Advanced 21

Established 29

Transitional 30

Foundational 55

Nascent 38

Inception 19

All 197 nations

Best first. The score is the mean of the four adjudicators' round-3 integers, rounded to the nearest integer; ±SD is their spread on that cell. Where the spread is three points or more, read the number as a band rather than a value.

#	Nation	Region	Score	Band	Panel SD
1	🇺🇸United States	Americas	19	Frontier	±0.71
2	🇩🇪Germany	Europe	18	Frontier	±0.50
3	🇯🇵Japan	Asia Pacific	18	Frontier	±0.87
4	🇨🇭Switzerland	Europe	18	Frontier	±0.00
5	🇬🇧United Kingdom	Europe	18	Frontier	±0.50
6	🇦🇺Australia	Asia Pacific	17	Advanced	±0.43
7	🇨🇦Canada	Americas	17	Advanced	±0.43
8	🇫🇷France	Europe	17	Advanced	±0.50
9	🇳🇿New Zealand	Asia Pacific	17	Advanced	±0.71
10	🇳🇴Norway	Europe	17	Advanced	±0.43
11	🇸🇬Singapore	Asia Pacific	17	Advanced	±0.43
12	🇸🇪Sweden	Europe	17	Advanced	±0.43
13	🇩🇰Denmark	Europe	16	Advanced	±0.43
14	🇫🇮Finland	Europe	16	Advanced	±0.43
15	🇳🇱Netherlands	Europe	16	Advanced	±0.00
16	🇰🇷South Korea	Asia Pacific	16	Advanced	±0.00
17	🇹🇼Taiwan	Asia Pacific	16	Advanced	±0.50
18	🇦🇹Austria	Europe	15	Advanced	±0.00
19	🇧🇪Belgium	Europe	15	Advanced	±0.00
20	🇨🇱Chile	Americas	15	Advanced	±0.43
21	🇪🇪Estonia	Europe	15	Advanced	±0.50
22	🇮🇪Ireland	Europe	15	Advanced	±0.43
23	🇮🇱Israel	Middle East	15	Advanced	±0.00
24	🇱🇺Luxembourg	Europe	15	Advanced	±0.43
25	🇲🇽Mexico	Americas	15	Advanced	±0.50
26	🇿🇦South Africa	Africa	15	Advanced	±0.50
27	🇭🇷Croatia	Europe	14	Established	±0.71
28	🇨🇾Cyprus	Middle East	14	Established	±0.83
29	🇨🇿Czechia	Europe	14	Established	±0.43
30	🇬🇷Greece	Europe	14	Established	±0.50
31	🇮🇳India	Asia Pacific	14	Established	±0.00
32	🇮🇹Italy	Europe	14	Established	±0.43
33	🇱🇻Latvia	Europe	14	Established	±0.43
34	🇱🇹Lithuania	Europe	14	Established	±0.43
35	🇲🇾Malaysia	Asia Pacific	14	Established	±0.00
36	🇲🇹Malta	Europe	14	Established	±0.00
37	🇵🇪Peru	Americas	14	Established	±0.43
38	🇵🇹Portugal	Europe	14	Established	±0.43
39	🇪🇸Spain	Europe	14	Established	±0.43
40	🇧🇷Brazil	Americas	13	Established	±0.43
41	🇨🇳China	Asia Pacific	13	Established	±0.43
42	🇮🇸Iceland	Europe	13	Established	±0.43
43	🇮🇩Indonesia	Asia Pacific	13	Established	±0.00
44	🇵🇱Poland	Europe	13	Established	±0.00
45	🇸🇰Slovakia	Europe	13	Established	±0.43
46	🇸🇮Slovenia	Europe	13	Established	±0.43
47	🇹🇭Thailand	Asia Pacific	13	Established	±0.43
48	🇧🇬Bulgaria	Europe	12	Established	±0.43
49	🇨🇴Colombia	Americas	12	Established	±0.43
50	🇲🇺Mauritius	Africa	12	Established	±0.43
51	🇵🇭Philippines	Asia Pacific	12	Established	±0.43
52	🇶🇦Qatar	Middle East	12	Established	±0.50
53	🇸🇦Saudi Arabia	Middle East	12	Established	±0.43
54	🇦🇪United Arab Emirates	Middle East	12	Established	±0.00
55	🇺🇾Uruguay	Americas	12	Established	±0.43
56	🇧🇼Botswana	Africa	11	Transitional	±0.43
57	🇨🇷Costa Rica	Americas	11	Transitional	±0.00
58	🇩🇴Dominican Republic	Americas	11	Transitional	±0.43
59	🇬🇪Georgia	Middle East	11	Transitional	±0.00
60	🇭🇺Hungary	Europe	11	Transitional	±0.87
61	🇯🇲Jamaica	Americas	11	Transitional	±0.87
62	🇲🇦Morocco	Africa	11	Transitional	±0.00
63	🇷🇴Romania	Europe	11	Transitional	±0.00
64	🇷🇸Serbia	Europe	11	Transitional	±0.50
65	🇦🇱Albania	Europe	10	Transitional	±0.83
66	🇦🇲Armenia	Middle East	10	Transitional	±0.43
67	🇯🇴Jordan	Middle East	10	Transitional	±0.50
68	🇰🇼Kuwait	Middle East	10	Transitional	±0.43
69	🇳🇦Namibia	Africa	10	Transitional	±0.87
70	🇲🇰North Macedonia	Europe	10	Transitional	±0.50
71	🇴🇲Oman	Middle East	10	Transitional	±0.00
72	🇵🇾Paraguay	Americas	10	Transitional	±0.43
73	🇷🇺Russia	Europe	10	Transitional	±0.50
74	🇸🇳Senegal	Africa	10	Transitional	±0.87
75	🇹🇹Trinidad & Tobago	Americas	10	Transitional	±0.50
76	🇻🇳Vietnam	Asia Pacific	10	Transitional	±0.43
77	🇧🇭Bahrain	Middle East	9	Transitional	±0.43
78	🇨🇮Côte d'Ivoire	Africa	9	Transitional	±0.50
79	🇬🇹Guatemala	Americas	9	Transitional	±0.71
80	🇰🇿Kazakhstan	Asia Pacific	9	Transitional	±0.00
81	🇰🇪Kenya	Africa	9	Transitional	±0.00
82	🇸🇨Seychelles	Africa	9	Transitional	±0.43
83	🇹🇷Türkiye	Middle East	9	Transitional	±1.23
84	🇺🇬Uganda	Africa	9	Transitional	±0.00
85	🇺🇦Ukraine	Europe	9	Transitional	±0.00
86	🇧🇸Bahamas	Americas	8	Foundational	±0.00
87	🇧🇧Barbados	Americas	8	Foundational	±0.00
88	🇧🇦Bosnia & Herzegovina	Europe	8	Foundational	±1.09
89	🇧🇳Brunei	Asia Pacific	8	Foundational	±0.43
90	🇨🇻Cabo Verde	Africa	8	Foundational	±0.71
91	🇫🇯Fiji	Asia Pacific	8	Foundational	±0.50
92	🇲🇩Moldova	Europe	8	Foundational	±0.43
93	🇷🇼Rwanda	Africa	8	Foundational	±0.00
94	🇱🇰Sri Lanka	Asia Pacific	8	Foundational	±0.87
95	🇹🇿Tanzania	Africa	8	Foundational	±0.71
96	🇹🇬Togo	Africa	8	Foundational	±0.87
97	🇹🇳Tunisia	Africa	8	Foundational	±0.43
98	🇩🇿Algeria	Africa	7	Foundational	±0.00
99	🇦🇬Antigua & Barbuda	Americas	7	Foundational	±0.83
100	🇦🇿Azerbaijan	Middle East	7	Foundational	±0.00
101	🇧🇩Bangladesh	Asia Pacific	7	Foundational	±0.00
102	🇧🇿Belize	Americas	7	Foundational	±0.43
103	🇧🇯Benin	Africa	7	Foundational	±0.00
104	🇰🇭Cambodia	Asia Pacific	7	Foundational	±0.50
105	🇨🇲Cameroon	Africa	7	Foundational	±0.43
106	🇩🇲Dominica	Americas	7	Foundational	±0.83
107	🇪🇬Egypt	Africa	7	Foundational	±0.43
108	🇬🇭Ghana	Africa	7	Foundational	±0.71
109	🇬🇩Grenada	Americas	7	Foundational	±0.83
110	🇬🇾Guyana	Americas	7	Foundational	±0.00
111	🇭🇳Honduras	Americas	7	Foundational	±0.43
112	🇰🇬Kyrgyzstan	Asia Pacific	7	Foundational	±0.43
113	🇲🇳Mongolia	Asia Pacific	7	Foundational	±0.43
114	🇳🇵Nepal	Asia Pacific	7	Foundational	±0.43
115	🇳🇬Nigeria	Africa	7	Foundational	±0.43
116	🇵🇰Pakistan	Asia Pacific	7	Foundational	±0.00
117	🇺🇿Uzbekistan	Asia Pacific	7	Foundational	±0.00
118	🇿🇲Zambia	Africa	7	Foundational	±0.83
119	🇦🇴Angola	Africa	6	Foundational	±0.50
120	🇧🇹Bhutan	Asia Pacific	6	Foundational	±0.00
121	🇧🇫Burkina Faso	Africa	6	Foundational	±0.43
122	🇨🇬Congo	Africa	6	Foundational	±0.50
123	🇩🇯Djibouti	Africa	6	Foundational	±0.50
124	🇬🇦Gabon	Africa	6	Foundational	±0.87
125	🇱🇸Lesotho	Africa	6	Foundational	±0.00
126	🇲🇬Madagascar	Africa	6	Foundational	±0.50
127	🇲🇻Maldives	Asia Pacific	6	Foundational	±0.43
128	🇲🇱Mali	Africa	6	Foundational	±0.43
129	🇲🇷Mauritania	Africa	6	Foundational	±0.43
130	🇲🇪Montenegro	Europe	6	Foundational	±1.23
131	🇲🇿Mozambique	Africa	6	Foundational	±0.00
132	🇳🇮Nicaragua	Americas	6	Foundational	±0.43
133	🇳🇪Niger	Africa	6	Foundational	±0.71
134	🇵🇬Papua New Guinea	Asia Pacific	6	Foundational	±0.43
135	🇰🇳Saint Kitts & Nevis	Americas	6	Foundational	±1.30
136	🇱🇨Saint Lucia	Americas	6	Foundational	±1.30
137	🇻🇨Saint Vincent & Grenadines	Americas	6	Foundational	±1.30
138	🇸🇱Sierra Leone	Africa	6	Foundational	±0.50
139	🇸🇧Solomon Islands	Asia Pacific	6	Foundational	±0.43
140	🇹🇯Tajikistan	Asia Pacific	6	Foundational	±0.50
141	🇦🇷Argentina	Americas	5	Nascent	±0.83
142	🇧🇴Bolivia	Americas	5	Nascent	±0.00
143	🇰🇲Comoros	Africa	5	Nascent	±0.50
144	🇬🇶Equatorial Guinea	Africa	5	Nascent	±0.83
145	🇸🇿Eswatini	Africa	5	Nascent	±0.43
146	🇪🇹Ethiopia	Africa	5	Nascent	±0.43
147	🇬🇲Gambia	Africa	5	Nascent	±0.00
148	🇮🇷Iran	Asia Pacific	5	Nascent	±0.50
149	🇮🇶Iraq	Middle East	5	Nascent	±0.00
150	🇲🇼Malawi	Africa	5	Nascent	±0.43
151	🇼🇸Samoa	Asia Pacific	5	Nascent	±0.43
152	🇸🇹São Tomé & Príncipe	Africa	5	Nascent	±0.43
153	🇸🇷Suriname	Americas	5	Nascent	±0.00
154	🇹🇴Tonga	Asia Pacific	5	Nascent	±0.43
155	🇻🇺Vanuatu	Asia Pacific	5	Nascent	±0.43
156	🇧🇾Belarus	Europe	4	Nascent	±0.43
157	🇧🇮Burundi	Africa	4	Nascent	±0.43
158	🇨🇫Central African Rep.	Africa	4	Nascent	±0.83
159	🇹🇩Chad	Africa	4	Nascent	±0.83
160	🇨🇩DR Congo	Africa	4	Nascent	±0.50
161	🇪🇨Ecuador	Americas	4	Nascent	±0.71
162	🇸🇻El Salvador	Americas	4	Nascent	±0.71
163	🇬🇳Guinea	Africa	4	Nascent	±0.43
164	🇽🇰Kosovo	Europe	4	Nascent	±0.83
165	🇱🇦Laos	Asia Pacific	4	Nascent	±0.00
166	🇱🇷Liberia	Africa	4	Nascent	±0.50
167	🇱🇮Liechtenstein	Europe	4	Nascent	±1.48
168	🇵🇦Panama	Americas	4	Nascent	±0.71
169	🇦🇩Andorra	Europe	3	Nascent	±0.83
170	🇨🇺Cuba	Americas	3	Nascent	±0.43
171	🇬🇼Guinea-Bissau	Africa	3	Nascent	±1.09
172	🇱🇾Libya	Africa	3	Nascent	±0.43
173	🇲🇨Monaco	Europe	3	Nascent	±0.43
174	🇲🇲Myanmar	Asia Pacific	3	Nascent	±0.43
175	🇵🇸Palestine	Middle East	3	Nascent	±0.43
176	🇸🇲San Marino	Europe	3	Nascent	±1.09
177	🇹🇱Timor-Leste	Asia Pacific	3	Nascent	±0.50
178	🇹🇲Turkmenistan	Asia Pacific	3	Nascent	±0.50
179	🇦🇫Afghanistan	Asia Pacific	2	Inception	±0.50
180	🇭🇹Haiti	Americas	2	Inception	±0.43
181	🇰🇮Kiribati	Asia Pacific	2	Inception	±0.43
182	🇱🇧Lebanon	Middle East	2	Inception	±0.43
183	🇲🇭Marshall Islands	Asia Pacific	2	Inception	±0.50
184	🇫🇲Micronesia	Asia Pacific	2	Inception	±0.50
185	🇳🇷Nauru	Asia Pacific	2	Inception	±0.50
186	🇵🇼Palau	Asia Pacific	2	Inception	±0.43
187	🇸🇴Somalia	Africa	2	Inception	±0.50
188	🇸🇩Sudan	Africa	2	Inception	±0.50
189	🇹🇻Tuvalu	Asia Pacific	2	Inception	±0.50
190	🇻🇪Venezuela	Americas	2	Inception	±0.43
191	🇿🇼Zimbabwe	Africa	2	Inception	±0.00
192	🇪🇷Eritrea	Africa	1	Inception	±0.43
193	🇻🇦Holy See	Europe	1	Inception	±0.50
194	🇰🇵North Korea	Asia Pacific	1	Inception	±0.00
195	🇸🇸South Sudan	Africa	1	Inception	±0.00
196	🇸🇾Syria	Middle East	1	Inception	±0.00
197	🇾🇪Yemen	Middle East	1	Inception	±0.00

Others in Monetary & Currency Capability

Capability	World mean	Range	Leader
Exchange Rate & External Account Management	8.7	1–20	United States
Currency Issuance & Digital Money	8.5	1–18	China, Singapore