• Login
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
  • Home
  • News
    • General
    • Political
  • Economy
  • Business
    • Agribusiness
    • Aviation
    • Banking & Finance
    • Energy
    • Insurance
    • Manufacturing
    • Markets
    • Maritime
    • Real Estate
    • Tourism
    • Transport
  • Technology
    • Telecom
    • Cyber-security
    • Cryptocurrency
    • Tech-guide
    • Social Media
  • Features
    • Interviews
    • Opinions
  • Reports
    • Banking/Finance
    • Insurance
    • Budgets
    • GDP
    • Inflation
    • Central Bank
    • Sec/Gse
  • Lifestyle
    • Sports
    • Entertainment
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video
No Result
View All Result
No Result
View All Result
NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
No Result
View All Result
Home Business

Zimbabwe yields world’s highest interest rate title to Argentina

2 years ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
75
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

RelatedPosts

Value or Illusion? Questioning the DStv “Increased Value Offer”

Inflation is Falling, But the Relief isn’t Uniform

Poultry Programme: Production and Processing Must Grow Hand-in-Hand

Zimbabwe yields world’s highest interest rate title to Argentina

Zimbabwe has yielded the title of having the world’s highest interest rate to Argentina, after reducing borrowing costs in an effort to stimulate economic growth.

The country’s monetary policy committee has decreased the benchmark interest rate from 150% to 130%, now trailing Argentina, which maintains a rate of 133%.

The MPC took action due to “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 increased interest rates by 15 percentage points to 133% on October 12 to combat soaring inflation at 138%, government interventions in Zimbabwe have allowed for a reduction in interest rates, Bloomberg reported.

Zimbabwe’s local currency depreciated by 85% against the US dollar from May to June, resulting in a spike in inflation, which reached 176% in June.

To combat this, the government adopted measures to stabilize the exchange rate, including exchange rate liberalization and incentives to encourage the use of the Zimbabwe dollar.

One such measure was the requirement for corporate taxes to be settled in the local currency, which played a significant role in stabilizing the currency and restoring some degree of price stability.

Earlier in the month, the country also launched a new gold-backed digital currency to halt re-dollarization, which the administration of President Emmerson Mnangagwa worries could destroy the nation’s already precarious economy.

In September, annual inflation decelerated to 18.4% from the previous month’s rate of 77% after the statistics office revised its methodology to incorporate the significant influence of the US dollar in the economy.

Tags: interest rateZimbabwe yieldsZimbabwe yields world's highest interest rate title to Argentina
No Result
View All Result

Highlights

CAF Declares $9.48 Million Profit as Financial Turnaround Under Dr. Patrice Motsepe Gains Momentum

Bank of Ghana Sells GH¢4.91bn in 56-Day Bills at 21.48% Yield

IMF Says Good Policies and “Good Luck” Helped Emerging Economies Better Resist Shocks

GSE Composite Index Extends Rally as Market Capitalisation Hits GH¢165.99bn

FIFA Raises Ticket Prices for 2026 World Cup Amid Surging Demand

CAF Confident AFCON Will Proceed Amid Ongoing Protests in Morocco

Trending

Business

Value or Illusion? Questioning the DStv “Increased Value Offer”

October 7, 2025

Value or Illusion? Questioning the DStv “Increased Value Offer” What started as a fierce demand by Hon....

Inflation is Falling, But the Relief isn’t Uniform

October 7, 2025

Poultry Programme: Production and Processing Must Grow Hand-in-Hand

October 7, 2025

CAF Declares $9.48 Million Profit as Financial Turnaround Under Dr. Patrice Motsepe Gains Momentum

October 7, 2025

Bank of Ghana Sells GH¢4.91bn in 56-Day Bills at 21.48% Yield

October 7, 2025

Who we are?

NORVANREPORTS.COM |  Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World

NorvanReports is a unique data, business, and financial portal aimed at providing accurate, impartial reporting of business news on Ghana, Africa, and around the world from a truly independent reporting and analysis point of view.

© 2020 Norvanreports – credible news platform.
L: Hse #4 3rd Okle Link, Baatsonaa – Accra-Ghana T:+233-(0)26 451 1013 E: news@norvanreports.com info@norvanreports.com
All rights reserved we display professionalism at all stages of publications

No Result
View All Result
  • Home
  • Business
    • Agribusiness
    • Aviation
    • Energy
    • Insurance
    • Manufacturing
    • Real Estate
    • Maritime
    • Tourism
    • Transport
    • Banking & Finance
    • Trade
    • Markets
  • Economy
  • Reports
  • Technology
    • Cryptocurrency
    • Cyber-security
    • Social Media
    • Tech-guide
    • Telecom
  • Features
    • Interviews
    • Opinions
  • Lifestyle
    • Entertainment
    • Sports
    • Travel
    • Environment
    • Weather
  • NRTV
    • Audio
    • Video

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms bellow to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
NORVANREPORTS.COM | Business News, Insurance, Taxation, Oil & Gas, Maritime News, Ghana, Africa, World
This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
We use cookies to ensure that we give you the best experience on our website. If you continue to use this site we will assume that you are happy with it.