Zimbabwe’s central bank hikes rates to 60%

Reserve Bank of Zimbabwe
Photo: Baynham Goredema

The Reserve Bank of Zimbabwe’s (RBZ) monetary policy committee (MPC) raised its policy rate from 40% to 60% on October 28, in an attempt to gain control over soaring inflation and stabilise the exchange rate.

“The measure is expected to result in positive real interest rates, which is critical to foster savings in the economy,” governor John Mangudya said in a statement.

The central bank last raised interest rates from 35% to 40% in February to try and control inflation, which has since risen

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