Zimbabwe Holds Key Rate at 20%

Zimbabwe's central bank left its benchmark interest rate unchanged at 20% during a meeting held on April 26th, 2024, it said in a statement released on April 29th.

It was the first policy meeting since the introduction of the new currency, Zimbabwe Gold or ZIG, on April 5th, which replaced the Zimbabwean dollar due to its frequent and rapid depreciation against the greenback.

Governor John Mushayavanhu said the Committee expects the currency reforms to help provide “stability, certainty and predictability in the exchange rate and inflation".

The central bank also set the interest rate corridor at between 11% to 25%.