Zimbabwe’s to lift interest rate to 190%

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The central bank’s inflation outlook has been revised upward to 160% by the end of 2022 from an initial forecast of between 25% and 35%

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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.

The plan for a record hike in interest rates was among measures the government had been expected to announce during the weekend, he said. President Emmerson Mnangagwa has said his government would unveil steps to curb inflation and the surging price of basic commodities, without providing further details.

The MPC held its latest meeting on Friday, according to a schedule posted on the central bank’s website.

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