Zimbabwe’s central bank raised its benchmark interest rate to a record high of 200% from 80%. The central bank has increased its benchmark interest rate by a total of 14,000bps this year. The country’s annual inflation has been in triple-digits for two straight months, accelerating to 191.6% in June from 131.7% in May. The central bank revised its inflation outlook to 160% by year-end. Meanwhile, the Zimbabwean dollar declined 90% against the USD since March, prompting authorities to reintroduce the use of the USD as a legal currency.