Zimbabwe hikes lending rate to 70% to tackle inflation

HARARE, Sept 13 () – 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)Our Standards:The Thomson Trust Principles.