Pindula
Register Login

FACT: Zimbabwe's Interest Rate Is The Highest In The World

FACT: Zimbabwe's Interest Rate Is The Highest In The World

Facts East Africa, an online-based research institute has claimed that Zimbabwe’s interest rate is the highest in the world at 80 per cent. 

There are indications that the southern African country intends to raise the interest rate higher. Said the organisation:

FACT: Zimbabwe’s interest rate is the highest in the world at 80%, but the country’s central bank is planning to double it.

Investigations by Pindula News show that Argentina follows Zimbabwe at a distant second with an interest rate of 44.5 per cent. See attached below a graph by advisor.visualcapitalist.com

s followed In April this year, Zimbabwe’s central bank, the Reserve Bank of Zimbabwe (RBZ) raised interest rates to a record high, to halt a decline in its currency and rein in surging inflation amid food and fuel price pressures that have been exacerbated by the war in Ukraine.

RBZ raised interest rates by 20 percentage points, up from 60% to 80% as it battles the growing threat of inflation.

The Monetary Policy Committee (MPC) of the RBZ which met on 1 April 2022, says the move is necessary due to rising inflationary pressure and the recent movement in the parallel forex market.

At that time, with inflation at 72.7% and the main bank rate at 60%, interest rates were negative. This meant that a person could borrow money from the bank for ‘speculative’ purposes, such as buying foreign currency.

With higher interest rates, RBZ hoped to make it less attractive for people to do so. The latest interest rate makes it more expensive to get a bank loan.

RBZ had last raised rates at the MPC’s last meeting on October 28, increasing them by a similar 20 percentage points. 

More: Pindula News is best enjoyed via the App. Download it here

Share Article

Sponsored

10 Comments

The Adjudicator 1 month ago


venom 1 month ago

All hail to BLACK Hitler


Observer 1 month ago

Business killer.
Ease of doing business mantra a failure.


Mmmm 1 month ago

Smith was better.


Blue 💙 1 month ago

That's exactly what a hypocrite says

gogodera 1 month ago

grace akakakuudzai mukaramba kuteerera


Blue 💙 1 month ago

Brace for the 500 and 1000 dollar notes. Zim dollar hakuna kwarinoenda. Nww notes coming soon...


Sponsored

Nimrod 1 month ago

They are likely to increase the rate this morning at a press conference by minister of Finance


bishu 1 month ago

ko yekubhadhara depositor mari iri mubank iri pai rate yacho.


The Mafia madness 1 month ago

The Minister is right to raise the interest rates because those chosen to borrow the government public money where simply taking it to the black market thereby making huge profits without doing any work.See our economic problems are very artificial and defys logic even comming from a professor of the calibre of That is why they don't listen to anyone for advice and sound policies . it's true that the money changers belong to the and their cartels.



Leave a comment


Recent News


News Categories



Feedback