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Zimbabwe hikes overnight lending rate to 50%

After ending dollarisation.

Zimbabwe’s central bank said on Monday it had raised its overnight lending rate to 50% from 15% to support the local currency, after the government banned the use of foreign currencies as legal tender.

Read: Zimbabwe declares interim RTGS dollar its sole legal currency

The central bank also said in a statement that it had put in place letters of credit to secure key imports for goods like fuel and wheat, and that it would take steps to increase the supply of foreign currency on the interbank forex market. 

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A classic failed state! 50% interest rate-banana republic stuff.

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