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The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe/">Reserve Bank of Zimbabwe (RBZ)</a> has made several decisions during a Monetary Policy Committee (MPC) meeting. They reduced the Bank Policy (interest) rate from 150% to 130% per year. The committee noted the need to maintain stable inflation expectations and promote digital and cashless transactions.
They acknowledged global risks and declining export receipts due to falling commodity prices. In response, they standardised foreign currency retentions at 75% for all sectors and removed special dispensations. Financial institutions were encouraged to offer low-cost bank accounts to enhance financial inclusion. They also recommended removing taxes on non-cash transactions and eliminating trading margins in the foreign exchange market. The meeting noted that the use of Zimbabwe Gold (ZiG) as a means of exchange could help in the overall stability of the Zimbabwe dollar. We present the resolutions of the MPC below.
<blockquote>
<h3>RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 23 October 2023</h3>
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 23 October 2023 and deliberated on recent macroeconomic and financial developments in the economy.
The MPC was pleased with the relative exchange rate and price stability obtaining in the economy since June 2023. The MPC noted, with emphasis, the need to ensure that inflation expectations continued to be firmly anchored through urgent attention to any emerging risks. The MPC also noted that there was need to continue promoting solutions that were aligned with the digital space and plastic money environment that the country found itself in and, in that regard, the MPC applauded the Bank for continuing to engender financial inclusion in a market-based and cash-lite driven economy.
The MPC noted that the negative impact of emerging global risks, including subdued global growth emanating from geo-economic fragmentation and the effects of tight monetary policy, high interest rates, credit squeeze and low international commodity prices, could pose significant risks to the current stability in the domestic economy. Global growth was expected to slow down from 3.5% in 2022 to 3.0% in 2023 and to 2.9% in 2024, which is far below the historical average of 3.8%.
Due to the negative developments in the global economy, prices for most mineral commodities including platinum, nickel and lithium have been declining, negatively affecting export receipts in the economy. As a result, export receipts, which are the main source of foreign currency for both the wholesale and retail foreign exchange auctions and for servicing the country’s foreign commitments, fell by 9% over the nine months to September 2023, from US$4.5 billion during the comparable period in 2022 to US$3.6 billion. 
Considering the emerging global risks and the need to keep exchange rate and inflation expectations anchored to support economic growth, the MPC made the following resolutions:
<h3>Interest Rates</h3>
With immediate effect, the Bank Policy rate has been reduced from 150% to 130% per annum and the Medium-term Bank Accommodation (MBA) interest rate for the productive sectors including individuals and MSMEs will be maintained at 75% per annum.
<h3>Foreign Currency Retentions</h3>
With effect from 1 November 2023, foreign currency retentions on exports shall be standardised at the level of 75% across all sectors of the economy and all special dispensations granted to some sectors of the economy shall be removed. The net effect of this measure is to increase foreign exchange resources available to the Bank and Government to meet foreign exchange requirements for the settlement of national and 
international obligations. 
<h3>Promotion of No-Frills (Low-Cost) Bank Accounts</h3>
Financial institutions are encouraged to scale up financial inclusion through opening of more no-frills (low-cost) accounts. This measure will promote more usage of banking services and financial products, including increased use of bank cards, digital financial services and other cash-lite means of payments in the economy. In order to complement efforts to formalise the economy and to give more impetus to the use of non-cash-based means of payment in the economy, it is recommended that Government considers removing Intermediated Money Transfer Tax (IMTT) on transactions that are intermediated through plastic bank cards and other digital platforms.
<h3>Trading Margins</h3>
In order to support the continuous fine-tuning and further liberalisation of the foreign exchange market, with a view to guaranteeing and safeguarding exchange rate stability, it is recommended that the limit of 10% trading margin above the interbank rate be removed.
<h3>Zimbabwe Gold (ZiG) </h3>
Since its introduction as a medium of exchange on 5 October 2023, the use of ZiG has been embraced widely in the economy and its continued dual use as a value-preserving instrument and a medium of exchange in the economy will go a long way in supporting digitisation, financial inclusion and the overall stability of the local currency.
The MPC will remain alert to attend to any emerging risks, emanating from both the domestic and international fronts, in its commitment to ensuring stability in the exchange rate and general price levels.
</blockquote>
<h3><a href="https://www.pindula.co.zw/">More Pindula News</a></h3>

Pindula News

RBZ Reduces Interest Rate, Reviews Foreign Currency Retention Policy

Finance and Economic Development Minister Mthuli Ncube has threatened to hike Zimbabwe’s policy rate beyond 200% if companies continue engaging in parallel market activities.
Ncube was speaking during the Zimbabwe International Trade Fair (ZITF) business conference in Bulawayo this week. He said:
<blockquote>
We have responded to inflation domestically by raising interest rates.
The interest rates have been quite high. Of late, we have started bringing down the interest rate.
But I’m now wondering about the recent hike in the exchange rates in other (black) markets. Should I increase the interest rates?
Please stop pushing that parallel market (rate), because what we will do is increase the interest rates to 200% and beyond.
Because that is what we know; so desist from operating in that market and pushing up the parallel rate. It is because this is very costly to everyone.
</blockquote>
Last year, the Reserve Bank of Zimbabwe (RBZ) hiked the policy rate to 200%.
It was later reduced to 150%, and further to the current 140% but this is still considered punitive by firms.
The policy rate (benchmark or key interest rate) is the interest rate at which a central bank lends money to commercial banks in its country.
The policy rate is set by the central bank’s monetary policy committee and is used as a tool to control inflation and stabilise the economy.
Hiking the policy rate makes borrowing becomes more expensive for commercial banks and this can lead to a decrease in lending and economic activity, which can help to control inflation by reducing demand for goods and services.
More: <a href="https://zero.pindula.co.zw/">Pindula News</a>

Mthuli Ncube Threatens Fresh Interest Rate Hike

The Reserve Bank of Zimbabwe (RBZ) has cut its policy rate to 150 per cent from 200 per cent following a gradual decline in the rate of inflation since late last year.
Monthly inflation fell to 1.1 percent in January 2023 from 2.4 percent in December 2022, while yearly inflation fell to 229.8 percent from 243.8 percent.
In his 2023 Monetary Policy Statement issued on Thursday, 02 February, RBZ Governor John Mangudya said:
<blockquote>
The moderation in interest rates is important and necessitated by the downward trend in month-on-month inflation since the last quarter of 2022. The Bank will continue its tight monetary policy stance.
</blockquote>
Mangudya also increased export retentions to 75 percent across all sectors, including firms listed on the Victoria Falls Stock Exchange (VFEX).
He also announced the upward review of the export of foreign currency cash and gold coins from US$5 000 to US$10 000.
The maximum amount of local currency notes and coins that may be taken out of the country has been capped at an equivalent of US$1 000 at the prevailing interbank exchange rate.

RBZ Cuts Policy Rate To 150 Percent After Inflation Falls

Captains of industry and commerce have urged the Reserve Bank of Zimbabwe (RBZ) to lower its bank policy interest rates downwards to between 80 and 100 per cent from 200 per cent.
They say this will enable businesses to have access to affordable financing.
Zimbabwe National Chamber of Commerce (ZNCC) chief executive officer Christopher Mugaga said companies are now being forced to borrow in United States dollars due to high-interest rates, which he said threatens their viability. Said Mugaga:
<blockquote>
In the upcoming monetary policy statement, we expect interest rates to be reviewed downwards to margins between 80 and 100 percent this is because as private sector we understand that the rate of inflation is still a threat to the overall macro-economic stability, but having it come down to those levels will at least give us a breathing space.
Right now, most of the companies are borrowing in US dollars and it’s not sustainable at all.
</blockquote>
RBZ governor John Mangudya is expected to present this year’s monetary policy statement next month.
In its third quarter of 2022 business and economic intelligence report, the Confederation of Zimbabwe Industries (CZI) said:
<blockquote>
… an interest rate of 200 percent compounded monthly effectively eliminated ZWL$ borrowing, as businesses could not afford such high borrowing costs.
While speculative borrowing was reduced (which also helped contain the growth of money supply), the policy virtually eliminated borrowing in local currency as a way of finance and reduced industry expansion prospects.
</blockquote>
Persistence Gwanyanya, a member of the RBZ Monetary Policy Committee said:
<blockquote>
Certainly, the forthcoming monetary policy will be presented before the end of next month but a date has not been set as yet.
One of the expectations from industry and commerce is the downward review of interest rates from the current levels.
In December, as the MPC we postponed the review of the interest rates on account that there should be sustained currency and inflation stability, if sustained stability is there by the time the monetary policy statement is presented, the interest rates will be reviewed downwards.
</blockquote>
| <a href="https://www.herald.co.zw/industry-wants-interest-rates-reduced/">The Herald</a>

Captains Of Industry Expect RBZ To Reduce Interest Rates

The government has said it cannot order banks to reduce their charges which have been described by the banking public as astronomical.
Speaking in the National Assembly on Wednesday during a question and answer session, Finance and Economic Development Deputy Minister, Clemence Chiduwa, said more than 84 percent of bank profits come from bank charges.
Chiduwa was responding to Mabvuku-Tafara legislator, James Chidhakwa, who wanted to know the government’s position on high bank charges and fees charged by money transfer agencies. Said Chiduwa:
<blockquote>
The bank charges that are being levied by our financial institutions are very high.
Even if we look at the performance of our banks, above 84% of their profits come from bank charges.
We have engaged the banks and BAZ (Bankers Association of Zimbabwe), and the major reason that they have given us is that most of their solutions are imported.
We have implored BAZ to say, “Let us try to ensure that the solutions that we use in Zimbabwe are local solutions.
At the moment we cannot direct them to reduce the bank charges but what we are saying collectively as BAZ, they need to re-look at their charges so that they are in line with the market.
They need to make sure that they are competitive and seek local solutions, especially for the software they are importing.
</blockquote>
However, Harare East MP, Tendai Biti, contended that the government should put a cap on bank charges and also lower the interest rate, which is currently at 200%, “to allow business to have oxygen.” Said the former Finance Minister:
<blockquote>
Surely, the Ministry of Finance must regulate or cap bank charges. Equally, the interest rate of 200% is too high.
Most people in this august House are farmers and business people. You cannot borrow money at 200%. The interest rate of 200% is choking business.
The interest rate of 200% is unprecedented in the history of economics.
The government must lower the rates of interest to allow business to have oxygen.
High-interest rates of 200% are driving this economy into a recession because business is borrowing.
</blockquote>
| <a href="https://cite.org.zw/we-cannot-direct-banks-to-reduce-charges-govt/">CITE</a>

Govt Says It Cannot Order Banks To Reduce Charges

Finance and Economic Development Minister Mthuli Ncube has said the country will maintain the benchmark interest rate of 200% into next year to achieve economic stability.
Zimbabwe hiked interest rates to 200% in June this year to combat economic headwinds, among them runaway inflation and currency volatility.
The tight monetary stance has inadvertently resulted in a liquidity crunch but has also enabled the convergence of the official and parallel exchange rates. Said Ncube:
<blockquote>
I think once we see that downtrend in month-on-month inflation being sustainable, maybe over a three- to four-month period, then we can begin to think about lowering interest rates.
But for now, the tough monetary-regime stance and the tough fiscal stance also stands. 
That’s what it takes to bring stability and bring things under control.
</blockquote>
Addressing reporters on Saturday at a virtual press briefing in Washington, Ncube said Zimbabwe is targeting a monthly inflation rate of 3% although the desirable target is 1% and may be hard to achieve.
Ncube also said the government now had to “sacrifice” growth that he had earlier forecast at 4.6% for this year, compared with a 5.5% forecast in November.
Meanwhile, the International Monetary Fund revised Zimbabwe’s growth outlook to 3% this week from 3.5%. | <a href="https://www.bnnbloomberg.ca/zimbabwe-will-keep-world-s-highest-interest-rates-into-2023-1.1832882">Bloomberg</a>

Zimbabwe To Keep Interest Rates Of 200% Into 2023, Says Mthuli Ncube

Facts East Africa, an online-based research institute has confirmed that Zimbabwe’s interest rate is the highest in the world at 80 per cent. 
There are indications that the southern African country intends to raise the interest rate higher. Said the organisation:
<blockquote>
FACT: Zimbabwe’s interest rate is the highest in the world at 80%, but the country’s central bank is planning to double it.
</blockquote>
Investigations by Pindula News show that Argentina follows Zimbabwe at a distant second with an interest rate of 44.5 per cent. See attached below a graph by <a href="https://advisor.visualcapitalist.com/mapped-interest-rates-by-country-in-2022/">advisor.visualcapitalist.com</a>
<img alt="" class="alignnone wp-image-236081 aligncenter" decoding="async" height="545" loading="lazy" sizes="(max-width: 673px) 100vw, 673px" src="https://t792ae.c2.acecdn.net/wp-content/uploads/2022/06/INTEREST-RATES-WORLD-300x243.jpg" srcset="https://news.pindula.co.zw/wp-content/uploads/2022/06/INTEREST-RATES-WORLD-300x243.jpg 300w, https://news.pindula.co.zw/wp-content/uploads/2022/06/INTEREST-RATES-WORLD-1024x830.jpg 1024w, https://news.pindula.co.zw/wp-content/uploads/2022/06/INTEREST-RATES-WORLD-768x623.jpg 768w, https://news.pindula.co.zw/wp-content/uploads/2022/06/INTEREST-RATES-WORLD.jpg 1105w" width="673"/>
In April this year, Zimbabwe’s central bank, the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a> (RBZ) <a href="https://news.pindula.co.zw/2022/04/04/resolutions-of-the-mpc-meeting-held-on-1-april-2022-full-text/">raised interest rates</a> to a record high, to halt a decline in its currency and rein in surging inflation amid food and fuel price pressures that have been exacerbated by the war in Ukraine. 
RBZ raised interest rates by 20 percentage points, up from 60% to 80% as it battles the growing threat of inflation.
The Monetary Policy Committee (MPC) of the RBZ which met on 1 April 2022, <a href="https://news.pindula.co.zw/2022/04/04/resolutions-of-the-mpc-meeting-held-on-1-april-2022-full-text/">says the move is necessary</a> due to rising inflationary pressure and the recent movement in the parallel forex market.
At that time, with inflation at 72.7% and the main bank rate at 60%, interest rates were negative. This meant that a person could borrow money from the bank for ‘speculative’ purposes, such as buying foreign currency.
With higher interest rates, RBZ hoped to make it less attractive for people to do so. The latest interest rate makes it more expensive to get a bank loan.
RBZ had last raised rates at the MPC’s last meeting on October 28, increasing them by a similar 20 percentage points. 
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FACT: Zimbabwe's Interest Rate Is The Highest In The World

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