DRC orders huge policy rate rise at unscheduled meeting
Increase is needed to combat accelerating currency depreciation and inflation, MPC says
The Democratic Republic of the Congo’s central bank more than doubled its policy rate at an unscheduled monetary policy meeting on August 8.
The monetary policy committee raised its rate by 1,400 basis points, to 25%, the highest level in more than a decade. This was its fourth rate increase in the last nine months, following 75bp increases in November and March and a 200bp hike in June.
The MPC’s statement said there had been “an accentuation of pressures on the exchange rate and inflation”
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