Zimbabwe’s central bank plans to more than double the benchmark interest rate — already the highest in the world — to 190%, a member of its monetary policymaking committee said, as it seeks to put a brake on soaring inflation.

Persistence Gwanyanya, from the bank’s MPC, said the intention was to achieve a positive real interest rate to discourage speculative borrowing that undermines the local currency. He spoke after official figures on Saturday showed that annual inflation rose to 191.6% in June.

“At a time when banks were still adjusting their interest rates, they will be confronted with steep rates,” Gwanyanya said. On June 17, the central bank barred banks from lending at below the official rate, now at 80%, with effect from July 1. ..