Central Banks
Zimbabwe Cedes Highest Interest Rate Title to Argentina
- Policymakers cut benchmark interest rate to 130% from 150%
- MPC aims to support economic growth as global risks mount
The southern African nation’s local unit plunged about 85% against the greenback between May and June, causing inflation to surge to 176% in June.
Photographer: Cynthia R Matonhodze/BloombergThis article is for subscribers only.
Zimbabwe gave up its unenviable position of having the world’s highest interest rate to Argentina, after slashing borrowing costs to help boost economic growth.
The monetary policy committee cut the benchmark interest rate to 130% from 150%, which lags Argentina’s 133%.