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*Zimbabwe To Keep Interest Rates Of 200% Into 2023, Says Mthuli Ncube* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?dw Finance and Economic Development Minister Mthuli Ncube has said the country will maintain the benchmark interest rate of 200% into next year to achieve economic stability. Zimbabwe hiked interest rates to 200% in June this year to combat economic headwinds, among them runaway inflation and currency volatility. ---------- Latest itel S24 available on Pindula: 128GB storage, 4GB RAM $119 USD WhatsApp: +263715068543 Calls: 0772464000 Buy Online: https://www.pindula.co.zw/market/itel-s24-128gb-22-20240426142756795795/?s=wanews ---------- The tight monetary stance has inadvertently resulted in a liquidity crunch but has also enabled the convergence of the official and parallel exchange rates. Said Ncube: > I think once we see that downtrend in month-on-month inflation being sustainable, maybe over a three- to four-month period, then we can begin to think about lowering interest rates. > But for now, the tough monetary-regime stance and the tough fiscal stance also stands. > That’s what it takes to bring stability and bring things under control. Addressing reporters on Saturday at a virtual press briefing in Washington, Ncube said Zimbabwe is targeting a monthly inflation rate of 3% although the desirable target is 1% and may be hard to achieve. Ncube also said the government now had to “sacrifice” growth that he had earlier forecast at 4.6% for this year, compared with a 5.5% forecast in November. Meanwhile, the International Monetary Fund revised Zimbabwe’s growth outlook to 3% this week from 3.5%. | Bloomberg _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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