HARARE (Reuters) – Zimbabwe’s central bank said on Monday that its monetary policy committee had decided to hike its policy rate to 200% from 80% per annum, with effect from July 1.
“The Committee noted that the increase in inflation was undermining consumer demand and confidence and that, if not controlled, it would reverse the significant economic gains achieved over the past two years,” the Reserve Bank of Zimbabwe said in a statement.
(Reporting by Nyasha Chingono; Writing by Alexander Winning and Bhargav Acharya; Editing by James Macharia Chege)
