Zimbabwe interest rates unchanged at 500%

• RBZ refuses to devalue currency

• Zim inflation hits new record

By Staff Reporter

ZIMBABWE'S main lending rate would remain unchanged at 500% points, the country's central bank governor Gideon Gono said on Wednesday.

"The current accommodation rates of 500% for secured and 600% for unsecured lending ... these remain unchanged as they are aligned to the inflation outlook," Gono said during a monetary policy review.

The central bank last raised the rate by 200 percentage points to 500 percent on October 9.

Inflation, which President Robert Mugabe's government has labelled its chief enemy, is the clearest sign of a deep recession also marked by rising unemployment and poverty and shortages of foreign currency, food and fuel. - Reuters

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