September 13, 2019 / 2:23 PM / a month ago

Zimbabwe hikes lending rate to 70% to tackle inflation

HARARE, Sept 13 (Reuters) - Zimbabwe’s central bank said on Friday it had raised its overnight borrowing rate from 50% to 70%, after a surge in inflation and a steep fall in the domestic currency.

Zimbabweans face triple-digit annual inflation as the government has taken steps to relaunch a national currency.

The central bank added, in a monetary policy statement, that it was introducing dollar-denominated savings bonds to try to stimulate greater saving. (Reporting by Alexander Winning and MacDonald Dzirutwe; Editing by Kevin Liffey)

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