The monetary policy committee cut the benchmark interest rate to 130% from 150%, which lags Argentina’s 133%.
Zimbabwe lost its unenviable position of having the world’s highest interest rate to Argentina, after slashing borrowing costs to help boost economic growth. The MPC acted because of “emerging global risks and the need to keep exchange rate and inflation expectations anchored to support economic growth,” Governor John Mangudya said in an emailed statement on Tuesday.
Subdued global growth emanating from geo-economic fragmentation and the effects of tight monetary policy, high interest rates, credit squeeze and low international commodity prices could pose significant risks to the current stability in the domestic economy,” he said. Unlike Argentina, which raised borrowing costs by 15 percentage points to 133% on Oct. 12 to curb price growth that’s running at 138%, government interventions in Zimbabwe have enabled it to cut rates.
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