Zimbabwe could hike rates over 50% to deal with speculators Kingsley Ibokette Pic

Zimbabwe could hike rates over 50% to deal with speculators

Jul 08, 2019

Zimbabwe won’t hesitate to raise interest rates above their current level of 50% to deal with speculative borrowers, Finance Minister Mthuli Ncube said on Monday.

Zimbabwe hiked its overnight lending rate to 50% last month after making its interim RTGS currency the country’s sole legal tender.

Central bank Governor John Mangudya said on Monday that Zimbabwean individuals and companies held around $1 billion in foreign-currency accounts, around three months’ import cover.

 

(Reuters)

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