The Reserve Bank of Zimbabwe (RBZ) has raised its benchmark interest rate from 40%, to 60% in attempt to stabilise a dying currency and control a surging inflation.
The decision comes just 17 days after the Central Bank hinted it would curb speculative borrowing.
Zimbabwe’s local currency, Zimdollar is on a free-fall trading badly against major convertable currencies.
The exchange rate on the informal market is going haywire, with the government blaming forex dealers.
However, renowned world economist, Steve Hanke says the Zimdollar is on the death-bed.
He is on record calling on the Harare administration to make the fundamentals right.
Zwnews
Mamelodi Sundowns captain Themba Zwane has been recalled to the Bafana Bafana squad for this… Read More
The stage is set for a thrilling conclusion to this season’s CAF Champions League after… Read More
Bafana Bafana’s preparations for the upcoming FIFA World Cup — particularly their opening fixture against… Read More
Morocco was stunningly awarded the Africa Cup of Nations title on Tuesday by appeals judges that overturned Senegal's victory… Read More
Orlando Pirates dropped points after a 1-1 draw with Siwelele this weekend. As a result,… Read More
Kaizer Chiefs coach Cedric Kaze has urged patience and composure after the club’s poor run… Read More