Zimbabwe to increase interest rates to 200% from Friday

Zimbabwe is to increase interest rates from 80% to 200% with effect from 1 July to curb inflation which is undermining consumer demand and confidence.

This was one of the measures announced by the central bank’s Monetary Policy Committee which met on Friday last week.

Inflation rose from 131.7% in May to 191.6% in June while month only month inflation shot up to 30.7%.

Below is the full monetary policy committee statement:

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