RBZ Hikes Interest Rates Again

The Reserve Bank of Zimbabwe (RBZ) on Friday 13 September hiked its overnight lending rate from 50% to a record high 70%.

The central bank had on the 24th of June this year raised the interest rates from a record low of 15% in March to 50% following the introduction of Statutory Instrument (SI) 142 of 2019 which outlawed the use of all foreign currencies for domestic transactions.

The SI also reintroduced the Zimbabwe dollar the country had ditched a decade ago following a record high hyperinflation.