Wary of Global Tensions, Zimbabwe Holds Interest Rates at 35%

Zimbabwe, wary of a rise in global tensions, resolved to leave its bank policy rate unchanged at 35%, according to John Mushayavanhu, the central bank governor.

“The MPC noted the broad-based deceleration of global growth occasioned by escalating trade tensions, geo-economic fragmentation, regional and international conflicts and policy uncertainty,” Mushayavanhu said in a statement Monday after a surprise meeting of the Monetary Policy Committee. “Considering the challenging and rapidly evolving risks to the global growth outlook, the MPC advised the Reserve Bank to maintain a sufficiently tight monetary policy stance.”