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Zimbabwe hikes lending rate to 70% to tackle inflation

Reuters | Harare | Updated: 13-09-2019 19:52 IST | Created: 13-09-2019 19:49 IST
Zimbabwe hikes lending rate to 70% to tackle inflation
Image Credit: Pixabay

Zimbabwe's central bank said on Friday it had raised its overnight borrowing rate from 50% to 70%, after a surge in inflation and a steep fall in the domestic currency.

Zimbabweans face triple-digit annual inflation as the government has taken steps to relaunch a national currency.

The central bank added, in a monetary policy statement, that it was introducing dollar-denominated savings bonds to try to stimulate greater saving.

Also Read: ANALYSIS-In a fracturing world, central banks still stuck together


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