Congo central bank lowers policy rate 200bp
Central African country has now largely reversed rate increase from 2020
The monetary policy committee of the Central Bank of Congo (BCC) reduced its policy rate by 200 basis points to 8.5% on June 17, marking the third time that the Democratic Republic of Congo’s central bank has cut rates this year.
The BCC raised interest rates by a sweeping 1,100bp, to 18.5%, in August 2020 after a spike in inflation. The IMF said that inflation had reached 15.7% year on year that August. The BCC’s governor, Deogratias Mutombo Mwana Nyembo, later gave a figure of 15.76%
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