Here are the 10 countries with the highest central bank interest rates in the world.

The strengthening of the US dollar following the Fed's interest rate hike has encouraged investors to seek assets denominated in US dollars and divest from assets considered risky. As a result, the currencies of developing countries have weakened, forcing central banks to raise their benchmark interest rates to prevent capital flight.

This is similar to what the Argentine central bank did in early May 2018, raising its benchmark interest rate by 675 basis points to 40% to curb the weakening of its currency. This interest rate is the highest among central banks. Other central banks with the highest interest rates in the world are Suriname, at 25% (second highest), and Venezuela, at 20.81% (third highest).

For information, several world currencies have experienced significant depreciation against the US dollar. Among them, the Venezuelan Bolivar has depreciated almost 100% year-to-date (YTD) against the US dollar. Similarly, the Turkish Lira depreciated by 43% and the Argentine Peso by 36% against the US dollar. Meanwhile, the Indonesian Rupiah has only weakened by about 7% against the US dollar.