Congo's central bank makes huge rate hike to 18.5 per cent

The central bank of Democratic Republic of Congo has raised the main interest rate to 18.5% from 7.5 per cent, central bank official Plante Kibadhi said on Saturday.

The regulator had lowered the rate from 9 per cent in March in order to cushion the economy from the impact of the coronavirus crisis, following similar actions by African central banks as the virus spread across the continent.