June 30, 2020 / 5:21 PM / a month ago

Zimbabwe central bank raises main lending rate to 35% as inflation soars

HARARE (Reuters) - Zimbabwe’s central bank will raise its main lending rate to 35% from 15% from Wednesday to curb speculative borrowing, its governor said, as the country grapples with soaring inflation.

“In order to curb speculative borrowing, the Monetary Policy Committee resolved to increase the bank policy rate from the current 15% to 35%, with effect from 1 July 2020,” Mangudya said.

Zimbabwe last recorded inflation at 785%, while the Zimbabwe dollar plunges.

Reporting by MacDonald Dzirutwe; Editing by Kevin Liffey

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