Financial Repression Tracker

Rules that steer savings into government debt or hold returns below inflation, country by country.

Hold · Rate caps

Administered savings rates and formula overrides

What it is
Governments prescribe the remuneration of regulated savings products, including partial benchmark indexation and freezes that override normal reset formulas.
Why it counts
Administered rates prevent competition or inflation from fully feeding through to saver returns and reduce the cost of policy funding.

When it was in force

  • Brazil: 2012 → now, in force
  • France: 2023 → 2025, historical

2 examples

  1. Brazil

    2012 → nowIn force

    New poupança balances receive statutory additional interest of 70% of the Selic target when that target is at most 8.5%, otherwise 0.5% monthly.

    Law 12,703 of 7 August 2012, article 1, amending Law 8,177 article 12Primary source
    “70% (setenta por cento) da meta da taxa Selic ao ano, definida pelo Banco Central do Brasil, mensalizada”

    planalto.gov.br (opens in a new tab)Checked: quote matched on the page by script

    Brazil today: index 49.9

  2. France

    2023 → 2025Historical

    As cited: August 2023-January 2025

    The ministerial order of 28 July 2023 fixed the Livret A rate at 3% from August 2023 to January 2025, instead of the rate produced by the usual formula.

    Arrêté du 28 juillet 2023 relatif aux taux d'intérêt des produits d'épargne réglementée, article 1Primary source
    “les taux d'intérêt nominaux annuels de rémunération des comptes énumérés ci-dessous sont fixés comme suit”

    legifrance.gouv.fr (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent

    France today: index 54.6

Examples and their dates reviewed .

Further reading

8 more on rate caps