RBZ raises key interest rate to 40%

Zimbabwe's central bank increased the benchmark interest rate to 40% from 35%, following its neighbours Zambia and Mozambique who also raised borrowing costs at their most recent rate decisions.

After paring benchmarks to record lows last year, most central banks around the world have maintained ultra-loose policy since the start of 2021, with some -- including Indonesia earlier on Thursday -- even cutting them further.

More to follow...