Nedbank brooks inflationary environment

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NEDBANK Group (Nedbank) says it regrets the pressure consumers have had to bear from rising interest rates, but its financial position is better for it.
The Reserve Bank of Zimbabwe capped key interest rates at 200 percent last year before cutting them to 150 percent, adding that it will maintain a tight liquidity stance despite industry saying this was counterproductive.

“The impact of rising interest rates in the region is two-fold, one it does put a bit of pressure on the consumer as the basket of goods becomes a little more expensive and has to adjust to rising inflation,” Nedbank group managing executive of African regions, Terence Sibiya, said last week on an earnings call for the group’s full year results.