Banks Hike Interest Rates Overnight

Zimbabwean Banks have hiked interest rates “Nicodemously”. The increase in the interest rates is motivated by the uncertainty caused by the unexpected return of the Zimbabwean dollar.

There is no certainty as the new currency revokes memories of the original Zimbabwe dollar that was ditched in 2009 following hyperinflation which reached a record high of 231 million percent as per the official statistics.

The RBZ announced a dramatically jump of interest rates from 15% to 50%. Raising the interest rates was one of several measures the central bank announced on Monday to support the Zimbabwe dollar.

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