Risk-free Rate by Country
Local-currency 10-year sovereign yield as the risk-free rate across 196 economies. The rf used in WACC and cost-of-equity computation. Damodaran Jan 2026 edition.
| Country | rf10y | ERP | Rating |
|---|---|---|---|
| ArgentinaAR | 42.00% | 13.94% | Caa1 |
| ZambiaZM | 28.44% | 18.07% | Caa3 |
| TürkiyeTR | 28.14% | 8.89% | Ba3 |
| EgyptEG | 26.40% | 13.94% | Caa1 |
| GhanaGH | 25.38% | 19.77% | Ca |
| MalawiMW | 24.00% | 18.07% | Caa3 |
| MozambiqueMZ | 23.44% | 15.90% | Caa2 |
| AngolaAO | 19.82% | 12.64% | B3 |
| NigeriaNG | 18.88% | 12.64% | B3 |
| UkraineUA | 18.62% | 19.77% | Ca |
| KenyaKE | 16.02% | 12.64% | B3 |
| UgandaUG | 14.88% | 11.83% | B2 |
| UzbekistanUZ | 14.62% | 8.89% | Ba3 |
| RussiaRU | 14.50% | 19.77% | Ca |
| BrazilBR | 13.18% | 7.47% | Ba1 |
| TanzaniaTZ | 12.44% | 11.09% | B1 |
| KazakhstanKZ | 11.94% | 6.69% | Baa2 |
| PakistanPK | 11.82% | 13.94% | Caa1 |
| ColombiaCO | 11.74% | 7.08% | Baa3 |
| MongoliaMN | 11.28% | 12.64% | B3 |
| BelarusBY | 10.82% | 19.77% | Ca |
| NamibiaNA | 10.52% | 7.47% | Ba1 |
| MadagascarMG | 10.42% | 12.64% | B3 |
| NepalNP | 10.24% | 11.09% | B1 |
| RwandaRW | 10.24% | 11.09% | B1 |
SHOW ALL 196 COUNTRIES
| Country | rf10y | ERP | Rating |
|---|---|---|---|
| Sri LankaLK | 10.14% | 19.77% | Ca |
| South AfricaZA | 9.48% | 8.13% | Ba2 |
| ArmeniaAM | 9.48% | 8.89% | Ba3 |
| GeorgiaGE | 9.24% | 7.47% | Ba1 |
| SeychellesSC | 9.24% | 11.09% | B1 |
| TunisiaTN | 9.22% | 15.90% | Caa2 |
| MexicoMX | 9.21% | 6.69% | Baa2 |
| MoldovaMD | 9.18% | 12.64% | B3 |
| CameroonCM | 9.14% | 11.83% | B2 |
| Dominican Rep.DO | 9.14% | 8.89% | Ba3 |
| JamaicaJM | 9.14% | 11.09% | B1 |
| MyanmarMM | 9.12% | 11.83% | B2 |
| Costa RicaCR | 8.84% | 11.09% | B1 |
| LesothoLS | 8.84% | 12.64% | B3 |
| Papua New GuineaPG | 8.82% | 11.83% | B2 |
| UruguayUY | 8.82% | 6.30% | Baa1 |
| HondurasHN | 8.64% | 11.09% | B1 |
| Côte d'IvoireCI | 8.62% | 8.89% | Ba3 |
| BangladeshBD | 8.54% | 8.89% | Ba3 |
| MaldivesMV | 8.44% | 13.94% | Caa1 |
| RomaniaRO | 7.84% | 7.08% | Baa3 |
| LaosLA | 7.84% | 18.07% | Caa3 |
| SenegalSN | 7.84% | 8.89% | Ba3 |
| BotswanaBW | 7.84% | 5.78% | A3 |
| AzerbaijanAZ | 7.68% | 7.47% | Ba1 |
| JordanJO | 7.64% | 8.89% | Ba3 |
| GabonGA | 7.48% | 13.94% | Caa1 |
| CambodiaKH | 7.44% | 11.83% | B2 |
| FijiFJ | 7.24% | 11.09% | B1 |
| PeruPE | 7.14% | 6.30% | Baa1 |
| BhutanBT | 7.12% | 9.60% | NR |
| ParaguayPY | 7.12% | 7.47% | Ba1 |
| IndonesiaID | 6.94% | 6.69% | Baa2 |
| IndiaIN | 6.87% | 7.08% | Baa3 |
| BahamasBS | 6.84% | 8.13% | Ba2 |
| IcelandIS | 6.84% | 5.33% | A2 |
| Saint LuciaLC | 6.84% | 11.09% | NR |
| St. VincentVC | 6.84% | 11.09% | NR |
| Antigua & Barb.AG | 6.84% | 11.09% | NR |
| GrenadaGD | 6.84% | 11.09% | NR |
| DominicaDM | 6.84% | 11.09% | NR |
| St. KittsKN | 6.84% | 11.09% | NR |
| EcuadorEC | 6.82% | 12.64% | B3 |
| AlgeriaDZ | 6.62% | 7.08% | Baa3 |
| EswatiniSZ | 6.54% | 9.60% | NR |
| HungaryHU | 6.52% | 6.69% | Baa2 |
| SerbiaRS | 6.52% | 8.89% | Ba3 |
| GuatemalaGT | 6.44% | 7.47% | Ba1 |
| PanamaPA | 6.44% | 7.08% | Baa3 |
| BarbadosBB | 6.24% | 11.09% | B1 |
| BeninBJ | 6.24% | 11.09% | B1 |
| PhilippinesPH | 6.21% | 6.69% | Baa2 |
| AlbaniaAL | 5.94% | 11.09% | B1 |
| MontenegroME | 5.88% | 11.09% | B1 |
| BahrainBH | 5.88% | 11.09% | B1 |
| Trinidad & TobagoTT | 5.84% | 7.47% | Ba1 |
| Cape VerdeCV | 5.84% | 11.83% | B2 |
| ChileCL | 5.68% | 5.33% | A2 |
| Bosnia & Herz.BA | 5.44% | 12.64% | B3 |
| PolandPL | 5.32% | 5.33% | A2 |
| OmanOM | 5.28% | 7.08% | Baa3 |
| N. MacedoniaMK | 4.92% | 8.89% | Ba3 |
| VietnamVN | 4.88% | 8.13% | Ba2 |
| QatarQA | 4.84% | 5.01% | Aa3 |
| MauritiusMU | 4.84% | 7.08% | Baa3 |
| MoroccoMA | 4.82% | 7.47% | Ba1 |
| UAEAE | 4.71% | 4.87% | Aa2 |
| New ZealandNZ | 4.69% | 4.23% | Aaa |
| Saudi ArabiaSA | 4.62% | 5.01% | Aa3 |
| United KingdomGB | 4.52% | 5.01% | Aa3 |
| GibraltarGI | 4.52% | 5.01% | NR |
| Isle of ManIM | 4.52% | 5.01% | NR |
| JerseyJE | 4.52% | 5.01% | NR |
| GuernseyGG | 4.52% | 5.01% | NR |
| IsraelIL | 4.48% | 6.30% | Baa1 |
| BulgariaBG | 4.42% | 6.30% | Baa1 |
| AustraliaAU | 4.41% | 4.23% | Aaa |
| GreeceGR | 4.21% | 7.08% | Baa3 |
| United StatesUS | 4.20% | 4.46% | Aa1 |
| Czech RepublicCZ | 4.17% | 5.01% | Aa3 |
| KuwaitKW | 3.98% | 4.87% | Aa2 |
| MalaysiaMY | 3.92% | 5.78% | A3 |
| Hong KongHK | 3.88% | 5.01% | Aa3 |
| LatviaLV | 3.88% | 5.78% | A3 |
| EstoniaEE | 3.84% | 5.14% | A1 |
| ItalyIT | 3.82% | 6.69% | Baa2 |
| NorwayNO | 3.81% | 4.23% | Aaa |
| CroatiaHR | 3.74% | 6.69% | Baa2 |
| LithuaniaLT | 3.72% | 5.33% | A2 |
| CanadaCA | 3.62% | 4.23% | Aaa |
| CyprusCY | 3.62% | 6.69% | Baa2 |
| GreenlandGL | 3.62% | 4.23% | NR |
| SlovakiaSK | 3.61% | 5.33% | A2 |
| SpainES | 3.51% | 5.78% | A3 |
| MaltaMT | 3.44% | 5.33% | A2 |
| SloveniaSI | 3.42% | 5.78% | A3 |
| South KoreaKR | 3.41% | 4.87% | Aa2 |
| PortugalPT | 3.38% | 5.78% | A3 |
| FranceFR | 3.24% | 5.01% | Aa3 |
| French PolynesiaPF | 3.24% | 6.30% | NR |
| New CaledoniaNC | 3.24% | 6.30% | NR |
| MonacoMC | 3.24% | 4.23% | NR |
| San MarinoSM | 3.24% | 5.78% | NR |
| AndorraAD | 3.24% | 5.01% | NR |
| BelgiumBE | 3.11% | 5.01% | Aa3 |
| FinlandFI | 3.07% | 4.59% | Aa1 |
| AustriaAT | 2.98% | 4.59% | Aa1 |
| SingaporeSG | 2.97% | 4.23% | Aaa |
| IrelandIE | 2.88% | 5.01% | Aa3 |
| ThailandTH | 2.84% | 6.30% | Baa1 |
| NetherlandsNL | 2.74% | 4.23% | Aaa |
| LuxembourgLU | 2.64% | 4.23% | Aaa |
| GermanyDE | 2.61% | 4.23% | Aaa |
| DenmarkDK | 2.46% | 4.23% | Aaa |
| Faroe IslandsFO | 2.46% | 4.59% | NR |
| SwedenSE | 2.28% | 4.23% | Aaa |
| ChinaCN | 2.14% | 5.14% | A1 |
| TaiwanTW | 1.94% | 5.01% | Aa3 |
| JapanJP | 1.51% | 5.14% | A1 |
| SwitzerlandCH | 0.82% | 4.23% | Aaa |
| LiechtensteinLI | 0.82% | 4.23% | Aaa |
| LebanonLB | 0.00% | 19.77% | Ca |
| EthiopiaET | 0.00% | 15.90% | Caa2 |
| ZimbabweZW | 0.00% | 19.77% | Ca |
| SudanSD | 0.00% | 19.77% | Ca |
| North KoreaKP | 0.00% | 19.77% | NR |
| IraqIQ | 0.00% | 13.94% | Caa1 |
| IranIR | 0.00% | 19.77% | Ca |
| SyriaSY | 0.00% | 19.77% | Ca |
| YemenYE | 0.00% | 19.77% | Ca |
| AfghanistanAF | 0.00% | 19.77% | Ca |
| TurkmenistanTM | 0.00% | 12.64% | NR |
| TajikistanTJ | 0.00% | 12.64% | B3 |
| KyrgyzstanKG | 0.00% | 12.64% | B3 |
| LibyaLY | 0.00% | 13.94% | NR |
| DR CongoCD | 0.00% | 13.94% | Caa1 |
| CongoCG | 0.00% | 15.90% | Caa2 |
| BoliviaBO | 0.00% | 19.77% | Ca |
| VenezuelaVE | 0.00% | 19.77% | Ca |
| El SalvadorSV | 0.00% | 13.94% | Caa1 |
| NicaraguaNI | 0.00% | 12.64% | B3 |
| CubaCU | 0.00% | 19.77% | Ca |
| BelizeBZ | 0.00% | 12.64% | B3 |
| GuyanaGY | 0.00% | 11.09% | B1 |
| SurinameSR | 0.00% | 19.77% | Ca |
| Vatican CityVA | 0.00% | 4.23% | NR |
| HaitiHT | 0.00% | 19.77% | Ca |
| MicronesiaMF | 0.00% | 9.60% | NR |
| SamoaWS | 0.00% | 9.60% | NR |
| TongaTO | 0.00% | 9.60% | NR |
| VanuatuVU | 0.00% | 9.60% | NR |
| KiribatiKI | 0.00% | 9.60% | NR |
| Solomon IslandsSB | 0.00% | 11.09% | NR |
| TuvaluTV | 0.00% | 9.60% | NR |
| NauruNR | 0.00% | 9.60% | NR |
| PalauPW | 0.00% | 9.60% | NR |
| Marshall IslandsMH | 0.00% | 9.60% | NR |
| Puerto RicoPR | 0.00% | 18.07% | Caa3 |
| East TimorTL | 0.00% | 11.09% | NR |
| SomaliaSO | 0.00% | 19.77% | Ca |
| EritreaER | 0.00% | 19.77% | NR |
| DjiboutiDJ | 0.00% | 12.64% | B3 |
| Eq. GuineaGQ | 0.00% | 15.90% | Caa2 |
| MauritaniaMR | 0.00% | 12.64% | B3 |
| MaliML | 0.00% | 13.94% | Caa1 |
| NigerNE | 0.00% | 13.94% | Caa1 |
| Burkina FasoBF | 0.00% | 13.94% | Caa1 |
| GuineaGN | 0.00% | 12.64% | B3 |
| Guinea-BissauGW | 0.00% | 13.94% | NR |
| Sierra LeoneSL | 0.00% | 15.90% | Caa2 |
| LiberiaLR | 0.00% | 13.94% | Caa1 |
| TogoTG | 0.00% | 12.64% | B3 |
| Central African Rep.CF | 0.00% | 19.77% | Ca |
| ChadTD | 0.00% | 15.90% | Caa2 |
| BurundiBI | 0.00% | 19.77% | Ca |
| South SudanSS | 0.00% | 19.77% | Ca |
| São Tomé & PríncipeST | 0.00% | 13.94% | NR |
| ComorosKM | 0.00% | 13.94% | NR |
| The GambiaGM | 0.00% | 13.94% | NR |
Risk-free rate data sourced using the methodology published by Aswath Damodaran (NYU Stern), Jan 2026 edition. The 10-year local-currency sovereign yield is used as the country-specific risk-free rate in WACC and cost-of-equity computations. For countries with no liquid 10-year market, values may be estimated from rating-implied spreads.