In spite of rising food and fuel prices due to the effects of Covid-19 pandemic and Russia’s invasion of Ukraine, the Democratic Republic of Congo’s central bank kept its prime interest rate at 7.5%, a statement from the bank showed.
The statement was released on Sunday following the monetary policy committee’s meeting on Friday.
In 2021, the bank cut its main interest rate thrice from 18.5% to 8.5% and again in January 2022, the interest rate was cut by another 100 basis points to 7.5%. After its January meeting, it said it will keep the rate at 7.5% throughout 2022.
The economy of Africa’s top producer of copper and the world’s leading miner of the battery metal cobalt is expected to suffer effects of the pandemic and Russia-Ukraine war through the price hikes of petroleum and food products as the country is a net importer, the bank said.