Monetary freedom - Country rankings

* indicates monthly or quarterly data series

Monetary freedom index (0-100), 2023 - Country rankings:

The average for 2023 based on 176 countries was 72.44 points.The highest value was in Japan: 87.1 points and the lowest value was in North Korea: 0.1 points. The indicator is available from 1995 to 2023. Below is a chart for all countries where data are available.

Measure: points; Source: The Heritage Foundation
Select indicator
* indicates monthly or quarterly data series


Countries Monetary freedom, 2023 Global rank Available data
Japan 87.1 1 1995 - 2023
Switzerland 85.1 2 1996 - 2023
Comoros 84.9 3 2009 - 2023
Portugal 84.8 4 1995 - 2023
UA Emirates 84.3 5 1996 - 2023
Solomon Isl. 83.8 6 2009 - 2023
Jordan 83.6 7 1995 - 2023
Bahrain 83.5 8 1995 - 2023
Gabon 83 9 1995 - 2023
Israel 83 10 1995 - 2023
Tr.&Tobago 83 11 1996 - 2023
Oman 82.9 12 1995 - 2023
St. Vincent & ... 82.9 13 2009 - 2023
Dominica 82.6 14 2009 - 2023
Italy 82.6 15 1995 - 2023
Taiwan 82.5 16 1995 - 2023
Denmark 82.4 17 1996 - 2023
Slovenia 82.4 18 1996 - 2023
Cape Verde 82.3 19 1996 - 2023
Costa Rica 82.2 20 1995 - 2023
Ecuador 82.2 21 1995 - 2023
Finland 82.1 22 1996 - 2023
Bosnia & Herz. 81.9 23 1998 - 2023
Singapore 81.9 24 1995 - 2023
Montenegro 81.8 25 2002 - 2023
R. of Congo 81.8 26 1996 - 2023
Cyprus 81.5 27 1996 - 2023
Indonesia 81.5 28 1995 - 2023
Ireland 81.5 29 1995 - 2023
Micronesia 81.5 30 2009 - 2023
South Korea 81.4 31 1995 - 2023
Albania 81.3 32 1995 - 2023
Benin 81.1 33 1996 - 2023
Malaysia 81.1 34 1995 - 2023
Saint Lucia 80.9 35 2009 - 2023
Sweden 80.9 36 1995 - 2023
UK 80.8 37 1995 - 2023
Spain 80.6 38 1995 - 2023
Australia 80.5 39 1995 - 2023
Austria 80.4 40 1995 - 2023
Belgium 80.3 41 1996 - 2023
Cameroon 80.3 42 1995 - 2023
Uganda 80.3 43 1995 - 2023
Bulgaria 80.2 44 1995 - 2023
Netherlands 80.2 45 1996 - 2023
Latvia 80.1 46 1996 - 2023
G.-Bissau 79.9 47 1999 - 2023
Maldives 79.9 48 2009 - 2023
Samoa 79.9 49 1996 - 2023
Rwanda 79.7 50 1997 - 2023
Greece 79.6 51 1995 - 2023
Guyana 79.6 52 1995 - 2023
Kiribati 79.5 53 2009 - 2023
Malta 79.3 54 1995 - 2023
Mali 79.2 55 1995 - 2023
Fiji 79 56 1995 - 2023
Saudi Arabia 78.9 57 1996 - 2023
Barbados 78.8 58 1996 - 2023
New Zealand 78.7 59 1996 - 2023
Colombia 78.6 60 1995 - 2023
Mauritania 78.6 61 1996 - 2023
Serbia 78.6 62 2002 - 2023
Namibia 78.5 63 1997 - 2023
Peru 78.5 64 1995 - 2023
Estonia 78.4 65 1995 - 2023
Morocco 78.3 66 1995 - 2023
Lithuania 78.1 67 1996 - 2023
Czechia 78 68 1995 - 2023
USA 78 69 1995 - 2023
Swaziland 77.9 70 1995 - 2023
Eq. Guinea 77.7 71 1999 - 2023
Chile 77.4 72 1995 - 2023
Guatemala 77.4 73 1995 - 2023
Iceland 77.4 74 1997 - 2023
Panama 77.3 75 1995 - 2023
South Africa 77 76 1995 - 2023
France 76.9 77 1995 - 2023
Chad 76.8 78 1997 - 2023
Romania 76.8 79 1995 - 2023
Poland 76.7 80 1995 - 2023
Hungary 76.5 81 1995 - 2023
Burma 76.4 82 1996 - 2023
Croatia 76.4 83 1996 - 2023
Mozambique 76.1 84 1995 - 2023
Bahamas 75.7 85 1995 - 2023
Senegal 75.7 86 1996 - 2023
Belize 75.6 87 1995 - 2023
Qatar 75.6 88 1999 - 2023
Germany 75.3 89 1995 - 2023
Madagascar 75.3 90 1995 - 2023
Algeria 75.1 91 1995 - 2023
Jamaica 75.1 92 1995 - 2023
Libya 75.1 93 1996 - 2023
Luxembourg 75.1 94 1996 - 2023
Egypt 75 95 1995 - 2023
North Macedonia 75 96 2002 - 2023
Lesotho 74.9 97 1996 - 2023
Canada 74.8 98 1995 - 2023
Slovakia 74.8 99 1995 - 2023
Tunisia 74.8 100 1995 - 2023
Kenya 74.7 101 1995 - 2023
Norway 74.4 102 1996 - 2023
Cambodia 74.3 103 1997 - 2023
Mongolia 74.1 104 1995 - 2023
Bolivia 74 105 1995 - 2023
Vanuatu 73.8 106 2009 - 2023
Brazil 73.7 107 1995 - 2023
Burkina Faso 73.5 108 1996 - 2023
C.A. Republic 73.5 109 2002 - 2023
Mauritius 73.4 110 1999 - 2023
Thailand 73.4 111 1995 - 2023
Togo 73.4 112 1999 - 2023
Seychelles 73.3 113 2009 - 2023
Niger 73.2 114 1996 - 2023
Tanzania 73 115 1995 - 2023
Tonga 72.7 116 2009 - 2023
Paraguay 72.6 117 1995 - 2023
China 72.5 118 1995 - 2023
Laos 72.3 119 1996 - 2023
Djibouti 72.2 120 1997 - 2023
Georgia 72 121 1996 - 2023
Honduras 72 122 1995 - 2023
Brunei 71.8 123 2014 - 2023
Nepal 71.8 124 1996 - 2023
Uruguay 71.8 125 1995 - 2023
Papua N.G. 71.5 126 1996 - 2023
Nicaragua 71.3 127 1995 - 2023
Moldova 71.2 128 1995 - 2023
Mexico 70.9 129 1995 - 2023
Malawi 70.8 130 1995 - 2023
Botswana 70.6 131 1995 - 2023
Armenia 70.5 132 1996 - 2023
Vietnam 70.5 133 1995 - 2023
Azerbaijan 70.3 134 1996 - 2023
Ghana 70.3 135 1995 - 2023
El Salvador 70.2 136 1995 - 2023
Sri Lanka 70.2 137 1995 - 2023
Bangladesh 70.1 138 1995 - 2023
India 70 139 1995 - 2023
Kuwait 69.3 140 1996 - 2023
Domin. Rep. 68.8 141 1995 - 2023
Ivory Coast 68.3 142 1995 - 2023
Liberia 68.3 143 2009 - 2023
Philippines 68.3 144 1995 - 2023
Guinea 68.2 145 1995 - 2023
Burundi 67.8 146 1997 - 2023
Turkmenistan 67.8 147 1998 - 2023
Kazakhstan 67.7 148 1998 - 2023
Sierra Leone 67.6 149 1995 - 2023
Iraq 67.1 150 1996 - 2023
Belarus 66.9 151 1995 - 2023
S.T.&Principe 66.5 152 2009 - 2023
Tajikistan 66.3 153 1998 - 2023
DR Congo 65.8 154 1995 - 2023
Pakistan 65.8 155 1995 - 2023
Bhutan 65.6 156 2009 - 2023
Kyrgyzstan 65.4 157 1998 - 2023
Nigeria 65 158 1995 - 2023
Russia 64.9 159 1995 - 2023
Eritrea 64.6 160 2009 - 2023
Uzbekistan 63.4 161 1998 - 2023
Gambia 63.3 162 1997 - 2023
Zambia 62.2 163 1995 - 2023
Angola 58.9 164 1995 - 2023
Turkey 58.6 165 1995 - 2023
Haiti 58.3 166 1995 - 2023
Ethiopia 53.8 167 1995 - 2023
Suriname 46 168 1996 - 2023
Iran 40.6 169 1996 - 2023
Argentina 36.5 170 1995 - 2023
Lebanon 19.5 171 1996 - 2023
Cuba 15.3 172 1995 - 2023
North Korea 0.1 173 1995 - 2023
Sudan 0.1 174 1995 - 2023
Venezuela 0.1 175 1995 - 2023
Zimbabwe 0.1 176 1995 - 2023


Definition: The score for the Monetary freedom index is based on two factors: the weighted average inflation rate for the most recent three years and price controls. Higher index values denote price stability without microeconomic intervention.
1. Japan
2. Switzerland
3. Comoros
4. Portugal
5. UA Emirates
6. Solomon Isl.
7. Jordan
8. Bahrain
9. Gabon
10. Israel
11. Tr.&Tobago
12. Oman
13. St. Vincent & ...
14. Dominica
15. Italy
16. Taiwan
17. Denmark
18. Slovenia
19. Cape Verde
20. Costa Rica
21. Ecuador
22. Finland
23. Bosnia & Herz.
24. Singapore
25. Montenegro
26. R. of Congo
27. Cyprus
28. Indonesia
29. Ireland
30. Micronesia
31. South Korea
32. Albania
33. Benin
34. Malaysia
35. Saint Lucia
36. Sweden
37. UK
38. Spain
39. Australia
40. Austria
41. Belgium
42. Cameroon
43. Uganda
44. Bulgaria
45. Netherlands
46. Latvia
47. G.-Bissau
48. Maldives
49. Samoa
50. Rwanda
51. Greece
52. Guyana
53. Kiribati
54. Malta
55. Mali
56. Fiji
57. Saudi Arabia
58. Barbados
59. New Zealand
60. Colombia
61. Mauritania
62. Serbia
63. Namibia
64. Peru
65. Estonia
66. Morocco
67. Lithuania
68. Czechia
69. USA
70. Swaziland
71. Eq. Guinea
72. Chile
73. Guatemala
74. Iceland
75. Panama
76. South Africa
77. France
78. Chad
79. Romania
80. Poland
81. Hungary
82. Burma
83. Croatia
84. Mozambique
85. Bahamas
86. Senegal
87. Belize
88. Qatar
89. Germany
90. Madagascar
91. Algeria
92. Jamaica
93. Libya
94. Luxembourg
95. Egypt
96. North Macedonia
97. Lesotho
98. Canada
99. Slovakia
100. Tunisia
101. Kenya
102. Norway
103. Cambodia
104. Mongolia
105. Bolivia
106. Vanuatu
107. Brazil
108. Burkina Faso
109. C.A. Republic
110. Mauritius
111. Thailand
112. Togo
113. Seychelles
114. Niger
115. Tanzania
116. Tonga
117. Paraguay
118. China
119. Laos
120. Djibouti
121. Georgia
122. Honduras
123. Brunei
124. Nepal
125. Uruguay
126. Papua N.G.
127. Nicaragua
128. Moldova
129. Mexico
130. Malawi
131. Botswana
132. Armenia
133. Vietnam
134. Azerbaijan
135. Ghana
136. El Salvador
137. Sri Lanka
138. Bangladesh
139. India
140. Kuwait
141. Domin. Rep.
142. Ivory Coast
143. Liberia
144. Philippines
145. Guinea
146. Burundi
147. Turkmenistan
148. Kazakhstan
149. Sierra Leone
150. Iraq
151. Belarus
152. S.T.&Principe
153. Tajikistan
154. DR Congo
155. Pakistan
156. Bhutan
157. Kyrgyzstan
158. Nigeria
159. Russia
160. Eritrea
161. Uzbekistan
162. Gambia
163. Zambia
164. Angola
165. Turkey
166. Haiti
167. Ethiopia
168. Suriname
169. Iran
170. Argentina
171. Lebanon
172. Cuba
173. North Korea
174. Sudan
175. Venezuela
176. Zimbabwe
87.10
85.10
84.90
84.80
84.30
83.80
83.60
83.50
83.00
83.00
83.00
82.90
82.90
82.60
82.60
82.50
82.40
82.40
82.30
82.20
82.20
82.10
81.90
81.90
81.80
81.80
81.50
81.50
81.50
81.50
81.40
81.30
81.10
81.10
80.90
80.90
80.80
80.60
80.50
80.40
80.30
80.30
80.30
80.20
80.20
80.10
79.90
79.90
79.90
79.70
79.60
79.60
79.50
79.30
79.20
79.00
78.90
78.80
78.70
78.60
78.60
78.60
78.50
78.50
78.40
78.30
78.10
78.00
78.00
77.90
77.70
77.40
77.40
77.40
77.30
77.00
76.90
76.80
76.80
76.70
76.50
76.40
76.40
76.10
75.70
75.70
75.60
75.60
75.30
75.30
75.10
75.10
75.10
75.10
75.00
75.00
74.90
74.80
74.80
74.80
74.70
74.40
74.30
74.10
74.00
73.80
73.70
73.50
73.50
73.40
73.40
73.40
73.30
73.20
73.00
72.70
72.60
72.50
72.30
72.20
72.00
72.00
71.80
71.80
71.80
71.50
71.30
71.20
70.90
70.80
70.60
70.50
70.50
70.30
70.30
70.20
70.20
70.10
70.00
69.30
68.80
68.30
68.30
68.30
68.20
67.80
67.80
67.70
67.60
67.10
66.90
66.50
66.30
65.80
65.80
65.60
65.40
65.00
64.90
64.60
63.40
63.30
62.20
58.90
58.60
58.30
53.80
46.00
40.60
36.50
19.50
15.30
0.10
0.10
0.10
0.10
0
21.8
43.6
65.3
87.1
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