Zimbabwe Central Bank Reverses Policy and Halves Key Rate to 35%

Zimbabwe’s central bank halved its key interest rate to 35%, joining the finance ministry in efforts to revive an economy hobbled by years of mismanagement.

The decision reverses a move by the southern African nation’s newly formed Monetary Policy Committee in September that raised the rate from 50%. It follows the unveiling last week of the 2020 budget which shows a planned surge in spending for next year.