Zimbabwe set to end the year with Africa’s highest interest rate.

The Southern African country’s interest rate is now at 35% after the monetary policy committee voted to keep the same borrowing rates during its final meeting of the year.

Bloomberg reports that this would make it the highest interest rate on the African continent.

“To ensure that inflation expectations remain well anchored, the MPC resolved to maintain the current tight monetary policy stance,” John Mushayavanhu, the governor of the country’s central bank relayed via an email.

The Bloomberg report also highlights the fact that the hardline approach of the Reserve Bank of Zimbabwe has boosted the country’s bullion-backed currency and aided it in regaining some value against the US dollar.

Zimbabwe ZiG

In April, Zimbabwe became the first country in the world to adopt a new gold-backed currency called ZiG, which stands for “Zimbabwe Gold".

This was done to help stabilize the economy and protect citizens from currency fluctuations and sky-high inflations.

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