Zimbabwe holds rates steady at 20% in first meeting since ZiG debut
Zimbabwe Reserve Bank Governor John Mushayavanhu recently announced the launch by the central bank of the ZiG .
Zimbabwe’s central bank kept its benchmark interest rate unchanged at its first policy meeting since unveiling the gold-backed currency, the ZiG. Governor John Mushayavanhu said in a statement that the monetary policy committee had held the rate at 20% after receiving positive market reaction to the new currency.
According to Mushayavanhu, the MPC expects currency reforms to help provide"stability, certainty and predictability in the exchange rate and inflation".The southern African nation introduced ZiG, short for Zimbabwe Gold on 5 April. The currency is backed by 2.5 tons of gold and $100 million in foreign currency reserves held by the central bank. On the same day, the central bank reset interest rates from 130%, a world record, to 20%.
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