50792
Congo Triples Interest Rate
World Economy

Congo 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.

 

Short URL : https://goo.gl/0Plvvo
  1. https://goo.gl/WYwvtG
  • https://goo.gl/cLWK21
  • https://goo.gl/0GJSqO
  • https://goo.gl/mkN4YN
  • https://goo.gl/3tjE7k

You can also read ...

Lower-income families, already pinching pennies, are most exposed, given the likelihood of tariff-related price increases on everyday items.
China canceled trade talks with the US and will no longer send...
Apple Begins Selling IPhone XS, XS Max Worldwide
Apple’s newest iPhone XS went on sale worldwide Friday as...
Dairy Exports Hinder US-Canada Deal
One of the last remaining points of contention in the trade...
Turkey, Venezuela Plan to Use Local Currencies
Turkey and Venezuela are eager to use local currencies in...
EU foreign affairs chief Federica Mogherinia (L) and Transport Commissioner Violeta Bulc present the proposal  for an EU strategy for connecting Europe and Asia.
While European Union leaders were in the middle of another...
Japan to Resist New Auto Tariffs
The Japan-US ministerial-level trade talks scheduled on Monday...
Pakistan Seeks  to Increase  Exports to China
In a positive development, an important mission from China is...
Taiwan Consumers More Upbeat on Economy
Confidence in Taiwan’s economy edged higher in September after...

Trending

Googleplus