The central bank of Democratic Republic of Congo raised its benchmark interest rate to 18.5% from 7.5% during an unscheduled meeting in August 2020. It was the highest interest rate since early 2018, due to a depreciating currency and mounting inflationary pressures. The regulator had lowered the rate to 9% in March in order to cushion the economic impact of the coronavirus outbreak, following similar actions by other African central banks. Meanwhile, President Felix Tshisekedi announced that the government would also tighten fiscal policy to support the currency and curb inflation.
Interest Rate in Congo averaged 17.53 percent from 2008 until 2020, reaching an all time high of 70 percent in January of 2010 and a record low of 2 percent in November of 2013. This page provides - Congo Interest Rate - actual values, historical data, forecast, chart, statistics, economic calendar and news. Congo Interest Rate - values, historical data and charts - was last updated on September of 2020.
Interest Rate in Congo is expected to be 18.50 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. Looking forward, we estimate Interest Rate in Congo to stand at 18.50 in 12 months time. In the long-term, the Congo Interest Rate is projected to trend around 7.50 percent in 2021, according to our econometric models.