Zimbabwe plans triple-digit interest rate hike

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Zimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%. Moneyweb Zimbabwe Inflation

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Zimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%, a member of its monetary policymaking committee said, as it seeks to put a brake on soaring inflation. Persistence Gwanyanya, from the bank’s MPC, said the intention was to achieve a positive real interest rate to discourage speculative borrowing that undermines the local currency.

On June 17, the central bank barred banks from lending at below the official rate, currently at 80%, with effect from July 1. The MPC held its latest meeting on Friday, according to a schedule posted on the central bank’s website. “We have decided to bite the bullet,” Gwanyanya said. “Stability will be achieved through an aggressive monetary policy interest rate hike.” To protect farming production, the key agriculture sector will be eligible for “a concessionary interest rate,” he said.

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