Zimbabwe jacks up interest rate to world record 80%

Reserve Bank of Zimbabwe

Reserve Bank of Zimbabwe

Zimbabwe’s central bank has raised its main lending rate from 60% to a world record high 80%, effective from Monday.

It said its monetary policy committee was concerned with an escalation in annual inflation, which reached 72.7% in March.

“In this regard, the committee reiterated the need for the bank to remain focused on inflation reduction and putting in place additional policy measures in response to the resurging inflationary pressures,” it said in a statement announcing its decision.

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At 80 percent, Zimbabwe now has the highest interest rate in the world, ahead of Madagascar 64%.

Interest Rate in Zimbabwe averaged 40.13 percent from 2019 until 2022, reaching an all time high of 80 percent in April of 2022 and a record low of 15 percent in March of 2019.

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