The Reserve Bank of Zimbabwe raised interest rates to 35% at its June monetary policy meeting with the stated intention to “curb speculative borrowing”, though inflation is also surging.

“The rate will be reviewed from time to time as dictated by prevailing market fundamentals,” governor John Mangudya says.

Zimbabwe is currently battling a major economic crisis. According to the central bank, year-on-year CPI inflation soared to 785% in May 2020.

In addition to raising the main policy rate

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