Zimbabwean rates hit 70% as inflation remains in triple digits
Central bank attributes rapid price rises to restructuring of the economy
The Reserve Bank of Zimbabwe has made a further major rate hike, having already pushed up the policy rate sharply in June to tackle surging inflation.
On September 13, governor John Mangudya unveiled a 20 percentage-point hike, bringing the overnight bank rate to 70%. In June, the RBZ hiked the rate from 15% to 50%.
Since Zimbabwe abandoned its increasingly untenable dollar peg in February, the national currency has fallen sharply, contributing to a rapid rise in inflation.
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