The Reserve Bank of Zimbabwe raised its overnight lending rate by 200bps to a record high of 80% during a monetary policy meeting held in April of 2022, citing the negative impact of the ongoing Russia-Ukraine conflict on domestic prices and the currency. The Committee was concerned with the escalation in annual inflation to 72.70% in March of 2022, from 66.11% in the prior month. The bank said that rising prices of oil, gas, fertilizers and other related products had the effect of increasing global inflation and inevitably had a negative impact on domestic costs of production and was destabilizing the foreign exchange market. The Zimbabwean dollar has lost nearly two-thirds of its value against the greenback since the last hike, in part due to monetary tightening in developed markets such as the US and the growing use of the greenback to pay for most transactions amid a lack of confidence in the local currency. source: Reserve Bank of Zimbabwe
Interest Rate in Zimbabwe averaged 40.13 percent from 2019 until 2022, reaching an all time high of 80 percent in April of 2022 and a record low of 15 percent in March of 2019. This page provides the latest reported value for - Zimbabwe Interest Rate - plus previous releases, historical high and low, short-term forecast and long-term prediction, economic calendar, survey consensus and news. Zimbabwe Interest Rate - data, historical chart, forecasts and calendar of releases - was last updated on May of 2022.
Interest Rate in Zimbabwe is expected to be 80.00 percent by the end of this quarter, according to Trading Economics global macro models and analysts expectations. In the long-term, the Zimbabwe Interest Rate is projected to trend around 50.00 percent in 2023 and 40.00 percent in 2024, according to our econometric models.