The Reserve Bank of Zimbabwe , the country’s central bank, has raised its benchmark interest rate from 80 to 200 percent, citing spiralling inflationary pressures amid rising fuel prices.
The hike brings the cumulative increase in rates this year to 14,000 basis points — the world’s highest. He said consumer prices rose 30.7 percent on a month-on-month basis in June, bringing the year-on-year inflation rate to 191.6 percent.“The committee noted that the increase in inflation was undermining consumer demand and confidence and that if not controlled, it would reverse the significant economic gains achieved over the past two years,” Mangudya said.
Nigeria is on her way......... May God help
Zimbabwe is finished!!!
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