Central Banks

Zimbabwe’s Central Bank Retains Africa’s Highest Interest Rate at 35%

Benchmark interest rate left unchanged at 35%, governor says
ZiG gained 12.7% in November, best run since shock devaluation

John Mushayavanhu, governor of Zimbabwe’s central bank.Photographer: Cynthia R Matonhodze/Bloomberg

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By Ray Ndlovu

December 4, 2024 at 6:23 AM UTC

This article is for subscribers only.

Zimbabwe’s central bank retained Africa’s highest interest rate and affirmed its tight monetary policy stance will continue into 2025.

The monetary policy committee kept borrowing costs at 35% at its final meeting of the year, Governor John Mushayavanhu said in an emailed statement on Wednesday.