Zim central bank keeps policy rate at 35%
Zimbabwe's central bank said yesterday that its Monetary Policy Committee (MPC) had met and decided to leave its policy rate unchanged at 35%.
The bank said in a statement that the MPC wanted to maintain tight policy to anchor inflation expectations.
In September, the central bank allowed the country's recently-launched currency Zimbabwe Gold to fall over 40% and hiked its policy rate to 35%.
The devaluation caused a sharp spike in inflation in October, when prices rose by 37.2% month-on-month in local currency terms. November's month-on-month inflation rate slowed to 11.7%.
Finance minister Mthuli Ncube said in a budget speech last week that economic growth would accelerate next year as the southern African country recovers from a severe drought. - Reuters
The bank said in a statement that the MPC wanted to maintain tight policy to anchor inflation expectations.
In September, the central bank allowed the country's recently-launched currency Zimbabwe Gold to fall over 40% and hiked its policy rate to 35%.
The devaluation caused a sharp spike in inflation in October, when prices rose by 37.2% month-on-month in local currency terms. November's month-on-month inflation rate slowed to 11.7%.
Finance minister Mthuli Ncube said in a budget speech last week that economic growth would accelerate next year as the southern African country recovers from a severe drought. - Reuters
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