Zim interest rate hike 200%

The Reserve Bank of Zimbabwe said it was raising its main policy rate to 200%, making it the highest in the world following Russia’s invasion of Ukraine. “Rising inflation has depressed demand and consumer confidence and if left unchecked will wipe out the significant economic gains made over the past two years,” said the central bank’s governor, John Mangudya. In two months, the annual inflation doubled to 191% in June. In April, the rate was raised from 60% to 80%. The policy rate hike has raised fears of a return to the 2008 hyperinflation period when savings were wiped out.