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Congo doubles interest rate to tackle inflation

by Reuters

January 14, 2017 | 4:45 pm
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The Democratic Repubic of Congo’s Central Bank has doubled its base interest rate to 14 per cent, from seven per cent previously, the bank said on Saturday.

 

In a statement issued by the apex bank in Kinshasa, said the aim was to contain inflation currently running in double digits.

 

Inflation for December was 11.2 per cent, well over the bank’s target of 4.2 per cent.

 

Africa’s leading copper producer has been battered by low commodity prices that have hit the Congolese franc.

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by Reuters

January 14, 2017 | 4:45 pm
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