World Economy

Congo Triples Interest Rate

Congo Triples Interest RateCongo Triples Interest Rate

The Democratic Republic of Congo’s central bank has raised the main interest rate from 2% to 7% in a bid to contain galloping inflation, the bank said on Thursday, as low commodity prices continue to batter the economy of Africa’s top copper producer, BDLive reported. The government slashed its 2016 budget in June by 22% due to falling revenue from the mining and oil sectors, which account for about 95% of export earnings. It has also cut its growth estimate from 9% to 4.3%. In Thursday’s statement, the bank increased its year-end inflation forecast to 4.13%, up from less than 1% last year.