Zimbabwe becomes second African nation to cut rates twice in 2023

The monetary policy committee reduced the world’s highest benchmark interest rate to 140% from 150%, Governor JohnMangudya said in an emailed statement on Thursday. That follows a 5000 basis point cut in February. Moneyweb RepoRate

Zimbabwe’s central bank became the second in Africa, after Angola’s, to cut its key interest rate twice this year, as inflation is forecast to ease further. The monetary policy committee reduced the world’s highest benchmark interest rate to 140% from 150%, Governor John Mangudya said in an emailed statement on Thursday. That follows a 5,000 basis point cut in February.

The measure was adopted as the official gauge by the statistics agency this month because it’s seen as a better indication of economic conditions. As much as 77% of transactions are in the greenback, it said. Annual inflation in local-currency terms, which the MPC still uses to decide on interest rates, slowed to a five-month low of 229.8% in January and prices rose 1.1% in the month.

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