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Zimbabwe central bank hikes interest rate to halt currency slide

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Bank lifts interest rate to a record high after local unit declines 62% against the dollar since October

Reserve Bank of Zimbabwe governor John Mangudya. Picture: BLOOMBERG

Since the previous hike, the Zimbabwean dollar has lost nearly two-thirds of its value against the greenback and annual inflation quickened to 72.7%, compared with 54% in October. The local unit officially trades at Z$142.42 per dollar, and changes hands on the parallel market at Z$260 per dollar, according to Zimpricecheck.com, a website that monitors both exchange rates.

Mangudya cited the negative effect of the price spikes on domestic costs and the currency as reasons for raising the rate.

 

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