It is quite simply the highest key rate in the world.
The Central Bank of Zimbabwe announced Monday to raise its main rate to 200%, while the country is marked by galloping inflation.
The monetary authority explained that it had more than doubled the rate in an attempt to contain inflation further aggravated by the war in Ukraine, expressing its “great concern”.
It must be said that annual inflation more than doubled in two months to reach 191% in June, fueling fears of a return to hyperinflation which has ruined the country's economy.
An unsustainable debt
Zimbabwe has been plunged for more than 20 years into a deep economic crisis which notably led to the withdrawal of international donors because of an unsustainable debt.
“Rising inflation has lowered consumer demand and confidence, and if left unchecked will erase the significant economic gains made over the past two years,” Bank Governor said. center, John Mangudya.
The rate was last raised to 80% in April, set at 60% previously.
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