Financial Repression Tracker

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

Hold · Rate caps

Usury laws and all-in credit-return limits

What it is
Civil or criminal law restricts the total return on lending, using fixed maxima or ceilings linked to previously observed market rates; fees can be deemed interest to prevent evasion.
Why it counts
A binding limit removes high-return private lending opportunities and can prevent nominal yields from adjusting fully to inflation or credit risk.

When it was in force

  • France: 2016 → now, in force; the rule may be older than the cited document
  • Canada: 1985 → now, in force; the rule may be older than the cited document
  • Japan: 1954 → now, in force

3 examples

  1. France

    2016 → nowIn force

    The rule may be older than the cited document · As cited: 2016-present (cited codification)

    Covered loans are usurious when their total effective rate exceeds the previous quarter's comparable average by more than one third.

    Code de la consommation, article L314-6, with scope exclusions in article L314-9Primary source
    “de plus du tiers, le taux effectif moyen pratiqué au cours du trimestre précédent”

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

    France today: index 54.6

  2. Canada

    1985 → nowIn force

    The rule may be older than the cited document · As cited: current (35% APR threshold in consolidation current to 2026-09-21)

    The criminal interest threshold is 35% APR, with a broad definition of interest and statutory or regulatory exceptions.

    Criminal Code, section 347Primary source
    “that exceeds 35 per cent on the credit advanced”

    laws-lois.justice.gc.ca (opens in a new tab)Checked: quote matched on the page by script

    Canada today: index 31.3

  3. Japan

    1954 → nowIn force

    As cited: 1954-present (described 2017)

    Deemed-interest provisions brought fees and other compensation within statutory maximum-rate rules.

    Interest Rate Restriction Act, Act No. 100 of 1954, article 3; Contributions Regulation ActSecondary source
    “In order to prevent any evasion, these laws set out the concept of "deemed interest."”

    boj.or.jp (opens in a new tab)Checked: quote confirmed on the page by a reviewing agent

    Japan today: index 64.9

Examples and their dates reviewed .

Further reading

8 more on rate caps