• 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’s Central Bank Retains Africa’s Highest Interest Rate at 35%

9 months ago
in Business, Economy, Features, highlights, Home, home-news, latest News
1 min read
0 0
0
54
VIEWS
Share on FacebookShare on TwitterShare on Linkedin

Zimbabwe’s Central Bank Retains Africa’s Highest Interest Rate at 35%

Zimbabwe’s central bank retained Africa’s highest interest rate and affirmed its tight monetary policy stance will continue into 2025.

The monetary policy committee kept borrowing costs at 35% at its final meeting of the year, Governor John Mushayavanhu said in an emailed statement on Wednesday.

“To ensure that inflation expectations remain well anchored, the MPC resolved to maintain the current tight monetary policy stance,” he said.

The Reserve Bank of Zimbabwe’s hawkish stance has supported the nation’s bullion-backed currency and helped it recover some lost ground against the dollar. The ZiG — short for Zimbabwe Gold — strengthened 12.7% against the US currency in November, its best month since a shock devaluation on Sept. 27 wiped out 43% of its value.

The devaluation led to a slump in government revenue, slashed workers’ earnings and sparked double-digit monthly inflation for the first time since the currency’s April debut.

It’s averaged almost 8% in the past seven months, and jumped to 37.2% in October.

RelatedPosts

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

“The spike in month-on-month inflation in October reflected the once-off depreciation of ZiG against the US dollar in September 2024,” said Mushayavanhu.

The ZiG, launched in April, is the nation’s sixth attempt at a functional local currency in the past 15 years. It’s backed by gold, other precious metals and foreign currency reserves held at the central bank.

Finance Minister Mthuli Ncube said last month that the nation’s fiscal authorities see monthly inflation averaging less than 3% next year.

Still, Oxford Economics said the forecast appears overly optimistic.

“Zimbabwe’s limited foreign exchange reserves, lack of access to external markets, and its tendency to rely on central bank financing to fund fiscal gaps will likely continue to place pressure on inflation and the currency in the medium term,” Lyle Begbie, an economist with the London-based research firm, wrote in a recent client note.

Source: bloomberg
Tags: interest rateZimbabwe’s Central Bank Retains Africa’s Highest Interest Rate at 35%

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

I agree to the Terms & Conditions and Privacy Policy.

No Result
View All Result

Highlights

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

Ghana Link Assures Stakeholders of Major ICUMS Upgrade to Address Downtime Concerns

Troubled Manchester United Boss Amorim Contemplates Future After Grimsby Debacle

African Athletes Shine in 2025 Diamond League: A Celebration of Talent

BoG Designates Digital Credit Services as Non-Bank Financial Service

Trending

Features

Cyber Security Authority Warns of Rising Google Maps Brand Impersonation Scams

August 30, 2025

Ghana Warns of Rising Google Maps Brand Impersonation Scams The Cyber Security Authority (CSA) has issued a...

Fuel Prices to Rise From Monday Despite Fall in Global Oil Prices

August 30, 2025

Alcaraz Dominates to Reach Fourth Round at US Open; Rybakina Advances as Raducanu Falls

August 30, 2025

CHAN 2024: Senegal Edges Sudan on Penalties to Claim Third Place

August 30, 2025

Lands Minister Initiates Repeal of L.I. 2462 to Protect Reserves and Combat Galamsey

August 30, 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.