Zimbabwe’s central bank raises interest rate to 200% amid rising prices | TheCable

27/06/2022 10:34:00 PM

#Zimbabwe’s central bank raises interest rate to 200% amid rising prices | TheCable

Zimbabwe

Zimbabwe ’s central bank raises interest rate to 200% amid rising prices | TheCable

The Reserve Bank of Zimbabwe (RBZ), the country's central bank, has raised its benchmark interest rate from 80 percent to 200 percent, citing spiraling inflationary pressures amid rising food and fuel prices.

The Reserve Bank of Zimbabwe (RBZ), the country’s central bank, has raised its benchmark interest rate from 80 to 200 percent, citing spiralling inflationary pressures amid rising fuel prices.John Mangudya, the bank’s governor, announced this in a statement on Monday following the meeting of the bank’s monetary policy committee (MPC).

The hike brings the cumulative increase in rates this year to 14,000 basis points — the world’s highest.Mangudya said that an aggressive monetary stance was needed to stop the rise in prices and enhance the circulation of foreign exchanges.Advertisement

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Nigeria is on her way......... May God help Zimbabwe is finished!!!

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0 Comments The Reserve Bank of Zimbabwe (RBZ), the country’s central bank, has raised its benchmark interest rate from 80 to 200 percent, citing spiralling inflationary pressures amid rising fuel prices.Ekiti sanitation offenders “Those apprehended today will be sanctioned according to the law, and it will serve as a learning point.Ecuador to halt oil production amid protests over hike in fuel cost Author: Bunmi Aduloju June 27, 2022 5:02 PM The Ecuadorian energy ministry says the country will suspend oil production completely within 48 hours over acts of vandalism.The Punch reports that governors of the All Progressives Congress (APC) from the north-west and north-east are divided over the choice of running mate of Bola Tinubu, the party’s presidential candidate.

John Mangudya, the bank’s governor, announced this in a statement on Monday following the meeting of the bank’s monetary policy committee (MPC). The hike brings the cumulative increase in rates this year to 14,000 basis points — the world’s highest.’’ On his part, the commissioner lauded the efforts of the state governor, AbdulRahman AbdulRazaq, in making the state a haven for all. Mangudya said that an aggressive monetary stance was needed to stop the rise in prices and enhance the circulation of foreign exchanges. Xavier Vera-Grunauer, Ecuador’s energy minister, disclosed this in a statement issued on Monday. Advertisement He said the new interest rates will come into effect from July 1, 2022. Tags: Sanitation offenders Kindly share this story: All rights reserved. According to Mangudya, the MPC also decided to increase the medium-term accommodation interest rate from 50 percent to 100 percent, while for Zimbabwean dollar savings, the minimum deposit rate was increased from 12. The newspaper reports that Matawalle has asked residents to take up arms over rising insecurity.

5 percent to 40 percent per annum. Contact: join the conversation FOREX, BITCOIN AND BINARY TRADING: We help you professionally trade your forex, bitcoin and binary accounts for minimum 20% weekly profit. On Sunday, President Guillermo Lasso of Ecuador said he would slash prices for petrol and diesel by 10 cents a gallon. 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.. Advertisement “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..

Meanwhile, the bank also announced the introduction of gold coins into the market as an alternative store of value. “The MPC resolved to introduce gold coins into the market as an instrument that will enable investors to store value,” he said. “The gold coins will be minted by Fidelity Gold Refineries (Private) Limited and will be sold to the public through normal banking channels.” Advertisement The Zimbabwean government also said it would legalise the use of the US dollar for the next five years to help steady its local currency. In Nigeria, the central bank recently hiked its .