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.
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Zimbabwe plans triple-digit interest rate hike to tame inflationZimbabwe’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. I'm willing to give zim a loan with 100% interest , they can add 90% and still make a profit.
Source: TimesLIVE - 🏆 28. / 59 Read more »
Source: News24 - 🏆 4. / 80 Read more »
Source: News24 - 🏆 4. / 80 Read more »
Source: BusinessTechSA - 🏆 24. / 61 Read more »
JSE to open to buoyant sentiment on Monday after US reboundInvestors are upbeat about US inflation and think that interest rate hikes may end sooner than expected Investing and getting the returns is what i have ever wanted finally found it In BencyDanie
Source: BDliveSA - 🏆 12. / 63 Read more »
Wall Street gains boost Asian markets as inflation jitters easeCooling oil prices tempered fears of aggressive Federal Reserve tightening of interest rates
Source: BDliveSA - 🏆 12. / 63 Read more »