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The Reserve Bank of Zimbabwe’s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged at 35%. Additionally, the statutory reserve requirements for savings and time deposits, both in local and foreign currency, will remain at 15%.
In a statement issued on Tuesday, December 3, following the MPC’s meeting, central bank governor John Mushayavanhu also announced plans to introduce a “Targeted Finance Facility,” with operational details to be communicated to banks in due course. Reads the statement:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 3 DECEMBER 2024
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe met on 3 December 2024 to deliberate on recent macroeconomic and financial developments and economic outlook. The MPC also reviewed the impact of the monetary policy measures announced on 27 September 2024.
The MPC noted that the measures, as intended, have managed to tighten liquidity conditions and curtail speculative activities in the foreign exchange market.
In this regard, the MPC noted with satisfaction that the exchange rate and inflation have relatively stabilised since October 2024.
The stability is reflected in the significant narrowing of the exchange rate premium and deceleration of month-on-month inflation from 37.2% in October 2024 to 11.7% in November 2024.
The spike in month-on-month inflation in October reflected the once-off depreciation of ZiG against the US dollar in September 2024.
In the outlook period, inflation is expected to remain stable with monthly inflation moderating to pre-October 2024 levels.
The stability in the exchange rate will also continue to benefit from foreign currency inflows which increased by 19.1% to US$11.05 billion during the 10 months to October 2024, compared to US$9.27 billion recorded for the same period in 2023.
To ensure that inflation expectations remain well anchored, the MPC resolved to maintain the current tight monetary policy stance as follows:
<ul>
<li>To maintain the Bank Policy rate at 35%.</li>
<li>To maintain the current statutory reserve requirements for savings and time deposits for both local and foreign currency at 15%; and for demand and call deposits for both local and foreign currency deposits at 30%.</li>
<li>To continue deepening and improving the efficiency of the price discovery mechanism of the interbank foreign exchange market.</li>
</ul>
Importantly, the recent gazetting by Government into law for the payment of QPDs for corporate tax on a 50/50 US$: ZiG arrangement will go a long way in increasing willing sellers of foreign currency in the interbank forex market.
In light of the current tight liquidity conditions and the need to minimise the impact on economic growth and support the productive sector, the MPC resolved to introduce a Targeted Finance Facility (TFF) administered through the banking system.
Operational modalities of the facility will be communicated to Banks in due course.
The MPC will continue to review its policy stance in line with the exchange rate and inflation developments.
</blockquote>
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Pindula News

The Reserve Bank of Zimbabwe is keeping their Bank Policy rate at 35% and plans to introduce a new Targeted Finance Facility. The bank is happy that the exchange rate and inflation have stabilized since October. They want to make sure inflation stays low. The bank is also working to improve the foreign exchange market. They will continue to review their policies based on how the rates and inflation are doing. The new Targeted Finance Facility will be explained to banks soon. The bank wants to help businesses and the economy grow.

RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce "Targeted Finance Facility"

<h2>Statement by Central Bank Governor John Mushayavanhu on the resolutions of the Monetary Policy Committee (MPC) meeting held on 26 June 2024:</h2>
<blockquote>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe met on 26 June 2024 to assess the performance of the Monetary Policy Statement measures announced on the 5th of April 2024 and to deliberate on recent macroeconomic and financial developments in the economy.
The MPC expressed satisfaction with the positive impact of the Monetary Policy measures, which have stabilised the exchange rate and domestic prices.
Despite the effects of the El Nino induced drought, the economy has remained resilient and is expected to grow at around 2% in 2024.
The stabilisation measures implemented by the Bank since the beginning of April 2024 have resulted in a month-on-month ZiG inflation rate of minus 2.4% in May 2024.
The inflation rate is expected to be around 0% in June 2024 due to declines in both food and non-food inflation.
Inflation pressures will remain subdued in the outlook period with projected inflation to end the year below 5% as the exchange rate remains stable.
The MPC has resolved to maintain the current tight monetary policy stance to ensure the sustenance of the current stability. The Committee has, therefore, resolved to maintain the current policy measures as follows:
<ul>
<li>To maintain the current Bank Policy rate at 20% per annum and an interest rate corridor of 11% to 25%;</li>
<li>To maintain the statutory reserve requirements for demand deposits, and savings and time deposits in ZiG at 15% and 5%, respectively; and</li>
<li>To maintain the foreign currency statutory reserve requirements for demand deposits, and savings and time deposits at 20% and 5%, respectively.</li>
</ul>
Going forward, the MPC fully commits to proactively address any emerging risks on current stability. The MPC will ensure that growth in money supply remains consistent with the achievement of the envisaged pro-growth inflation levels of 5%.
The Reserve Bank will continue to ensure full backing of the reserve money with gold, other precious minerals, and foreign currency reserves.
This will ensure that growth in reserve money is consistent with improved economic activity and increased reserves backing the domestic currency.
</blockquote>
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Outcomes Of 26 June 2024 Monetary Policy Committee Meeting | Full Statement

The Reserve Bank of Zimbabwe (RBZ) has kept its benchmark interest rate unchanged at 20% after receiving a positive market reaction to the introduction of the gold-backed currency, the ZiG.
Governor John Mushayavanhu said in a statement that the monetary policy committee (MPC) also set the interest rate corridor at between 11% to 25%. Reads the statement:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 26 APRIL 2024
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe met on 26 April 2024 and deliberated on recent macroeconomic and financial developments in the economy following the announcement of the Monetary Policy Statement (MPS) on the 5th of April 2024.
The MPC noted that the 2024 MPS was well received by the market and is expected to ensure lasting stability, certainty, and predictability in the exchange rate and inflation.
Preliminary indications since the announcement of the MPS show that the markets have been fairly stable. In this regard, the MPC affirmed its commitment to the consolidation of these positive sentiments and ensuring a quick restoration of confidence, trust and anchoring of inflation expectations.
Considering the initial positive reaction from the market, the MPC has resolved to maintain the current policy matrix as follows:
<ul>
<li>To maintain the current Bank Policy rate at 20% per annum and an interest rate corridor of 11-25%;</li>
<li>To maintain the statutory reserve requirements for demand deposits and savings and time deposits in ZiG at 15% and 5%, respectively; and</li>
<li>To maintain the statutory reserve requirements for demand deposits and savings and time deposits in foreign currency at 20% and 5%, respectively.</li>
</ul>
The MPC will proactively review the monetary policy measures in line with exchange rate and inflation developments.
To support the tight monetary policy stance, the MPC emphasized the need for the Reserve Bank to ensure the following:
<ul>
<li>Continue to work closely with Government to ensure a robust liquidity management system through the joint Liquidity Management Committee (LMC).</li>
<li>Contain money supply growth to the desired levels determined by targeted inflation, growth of the economy and increase in foreign reserves backing the ZiG currency;</li>
<li>Ensure the creation of effective demand for the domestic currency through strict adherence to the multicurrency system by all players in the economy consistent with the multicurrency system except for exempted services; and</li>
<li>To work closely with Government to encourage the increased use of ZiG for payment of goods and services to public entities including the settling of tax obligations on Quarterly Payments Date (QPDs).</li>
</ul>
The MPC also directed the Reserve Bank to ensure that there is effective communication on the new structured currency, ZiG, to cover the whole country to ensure that there is financial inclusion.
The Reserve Bank was also directed to ensure that, at all times, any growth in reserve money is fully covered by reserves, in the form of gold, other precious minerals and foreign currency balances in the Reserve Bank’s Nostro account.
Overall, the MPC affirmed its strong commitment to fully implement the new monetary policy measures.
</blockquote>
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FULL TEXT: Resolutions Of The Monetary Policy Committee Meeting Held On 26 April

Full statement by the Reserve Bank of Zimbabwe (RBZ) on the Resolutions of the Monetary Policy Committee Meeting Held on 1 December 2023:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 1 DECEMBER 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 December 2023 and deliberated on recent macroeconomic developments in the economy and the 2024 National Budget Statement presented by the Honourable Minister of Finance, Economic Development and Investment Promotion on 30 November 2023.
The MPC affirmed its commitment to complementing the pronounced fiscal measures which focused on domestic resource mobilisation amid global credit squeeze and increasing global borrowing costs.
The MPC also committed to safeguarding the current macroeconomic stability by staying the course of tight monetary policy while taking measures to cushion the economy from the attendant global risks and El Nino effects.
The MPC noted the continued exchange rate and price stability obtaining in the economy despite the elevated emerging global risks.
The MPC also noted the strong foreign currency generation capacity of the country as evidenced by a 2.3% increase in foreign currency inflows to US$9.44 billion as at 31 October 2023, compared to US$9.23 billion generated during the same period in 2022.
The foreign currency inflows have been supported by Diaspora remittance flows which have consistently surpassed Foreign Direct Investment (FDI), portfolio investment and Official Development Assistance since 2009.
Diaspora remittances alone contributed 16% of the country’s foreign currency inflows as at 31 October 2023.
Thus, the MPC underscored the need to leverage Diaspora remittances for development as part of a broader package of measures to cushion the economy from recurring global shocks.
Considering the prevailing macroeconomic environment, the MPC resolved:
1) to maintain the current Bank Policy rate at 130% and the Medium-term Bank Accommodation Facility interest rate for the productive sectors, including individuals and MSMEs, at 75%, which rates will be reviewed in line with inflation developments from time to time; and
2) to recommend that the Government extend the fiscal and non-fiscal incentives for FDI to Diaspora investments in the country, given the primacy of Diaspora remittances in the economy.
The MPC noted that the requirement by the Government in June 2023 that companies should settle an increased proportion of tax obligations on Quarterly Payment Dates (QPDS) in local currency created the much-needed demand for the local currency, which is critical in sustaining exchange rate and inflation stability. 
The MPC also underscored the need for the Government to continue increasing the proportion of taxes settled in local currency to sustain the optimal mix of dual currencies.
Overall, the MPC remained committed to pursuing a tight monetary policy stance to safeguard the prevailing macroeconomic stability and ensure that inflation expectations remained anchored in the short to medium term.
</blockquote>
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Resolutions Of RBZ’s Monetary Policy Committee Meeting 01 December 2023

Full statement on the Resolutions of The Monetary Policy Committee Meeting Held on 26 September 2023:
<blockquote>
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 26 September 2023 to discuss and assess the prevailing monetary and financial conditions and their impact on sustaining the current price stability in the economy.
The MPC noted with satisfaction the sustained decline in month-on-month inflation from a peak of 74.5% in June 2023 to minus 15.3% in July 2023, minus 1.3% in August 2023 and 1.0% in September 2023.
Annual inflation also fell from a peak of 175.8% in June 2023 to 18.4% in September 2023. The outlook was that month-on-month inflation would be contained below 3% and annual inflation would end the year 2023 at below 20%.
The MPC also noted that monetary and financial conditions were conducive to sustaining the prevailing stability given the robust economic growth of 5.3% expected in 2023, high foreign currency inflows relative to external payments and fiscal sustainability.
In light of the positive developments, the MPC resolved to continue with the tight monetary policy stance and to safeguard financial stability in the economy by:
i. Maintaining the Bank Policy rate at 150% per annum and retaining the Medium- Term Accommodation (MBA) lending facility at 75% per annum; and
ii. Standardising the statutory reserve requirements for both foreign and local currency deposits at 15% and for savings and time deposits at 5%.
The MPC was pleased with the strong uptake of Gold-Backed Digital Tokens (GBDT) for value-preservation purposes, which uptake stood at 332 536 636 milligrams as of 19 September 2023.
The Bank will expedite the phase for transacting in GBDT, styled Zimbabwe Gold (ZIG), as an additional payment method alongside existing payment platforms.
ZIG will complement the local currency and foreign currency in facilitating domestic transactions in a more certain and predictable manner given the stability of the international gold price.
To engender confidence in ZiG, an independent certification mechanism will be put in place to reassure the public of the availability and adequacy of the gold to back ZiG.
The MPC affirmed its strong commitment to maintaining the current tight monetary policy stance and to take all necessary action to firmly anchor inflation and exchange rate expectations.
</blockquote>
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Resolutions Of RBZ's Monetary Policy Committee Meeting | Full Statement

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

Former Finance Minister Tendai Biti has challenged the government to find a lasting solution to current economic challenges instead resorting to what he considers unsustainable short-term measures.
Biti, who is CCC deputy president, made the comments in response to a statement issued by the Reserve Bank of Zimbabwe (RBZ) this Monday outlining the resolutions made by its Monetary Policy Committee (MPC) on Friday last week.
Among other things, the MPC resolved to keep the Bank policy rate at 200% per annum.
The MPC said it had “noted with satisfaction that a combination of the tight monetary policy stance, favourable uptake of gold coins, effective monitoring and enforcement of market discipline… had resulted in the stability of the exchange rate and a decline in inflationary pressures.”
Biti argued that the “stability” will soon be a thing of the past as the government will need to pay civil servants and fund election promises resulting in an increased broad money supply. Said Biti:
<blockquote>
The economy can not be fixed by short-term measures that delay a crisis. Controlling money supply through suspension of contractual payments can buy short-term relief but contractors will have to be paid.
Further, the taps will open soon to support Command Agriculture Year-end bonuses must be paid &amp; as Zim gets closer to an election there will be a floodgate of broad money as election promises are monetized.
The rate will implode unless the Zim$ is floated &amp; full open use of the US$. A permanent lasting solution is required and not cheap mascara.
Government remains the biggest generator of broad money supply due to an expansionary fiscal policy.
They can’t live within their means &amp; that is the challenge. Withholding payments, arresting or threatening business people can never be a sustainable tool of macro stability.
</blockquote>

Forex Rate "Stability" Unsustainable, Says Tendai Biti

The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe met on Friday last week and resolved to keep the Bank policy rate at 200% per annum.
Below is a statement released by Reserve Bank of Zimbabwe governor John Panonetsa Mangudya on the resolutions of the MPC.
<blockquote>
<h2>RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 26 AUGUST 2022</h2>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 26 August 2022 to review the impact of the recent monetary policy measures on the economy.
The MPC noted with satisfaction that a combination of the tight monetary policy stance, favourable uptake of gold coins, effective monitoring and enforcement of market discipline by the Financial Intelligence Unit (FIU) and the review and enhancement by Government of its procurement processes and practices to ensure value for money had resulted in the stability of the exchange rate and a decline in inflationary pressures.
As at 26 August 2022, a cumulative total of 10 000 gold coins had been minted and out of which 8 076 gold coins had been distributed to the Bank’s agents for sale.
A total of 6 799 gold coins had been sold as at 26 August 2022, with 75% having been bought by corporates and 25% by individuals.
Ninety-five per cent (95%) of the gold coins sold were purchased in local currency and the balance in foreign currency.
The MPC also noted the decline in month-on-month inflation from 25.6% in July 2022 to 12.4% in August 2022 and as previously advised, it was expected that the month-on-month inflation would progressively decline, while annual inflation was expected to continue rising to reach an annual peak in September 2022 due to the lower base effect in 2021.
On the back of the tight monetary policy stance pursued by the Bank, the official and parallel market foreign exchange rates were expected to converge in the outlook period, thereby fostering price stability and anchoring inflation and exchange rate expectations.
To ensure sustained exchange rate and inflation stability in the economy, the MPC resolved to maintain the tight monetary policy stance, while ensuring adequate support to the productive sectors of the economy, in particular, primary agriculture, agro-processing and small and medium enterprises (SMEs) as follows:
i. Maintaining the Bank policy rate at 200% per annum; and
ii. Maintaining the Medium Term Accommodation interest rate at 100% per annum.
</blockquote>

Resolutions Of RBZ's Monetary Policy Committee Meeting [Full Text]

Full statement by Reserve Bank of Zimbabwe (RBZ) Governor John Mangudya on the resolutions of the Monetary Policy Committee (MPC) meeting of 29 April 2022.
<h2>RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 29 APRIL 2022</h2>
<blockquote>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 29 April 2022 to discuss the recent macroeconomic and financial developments and their impact on the economy.
The Committee noted with concern the recent uptick in month-on-month inflation, from 7.7% in March to 15.5% in April 2022, and the increase in annual inflation from 72.7% in March to 96.4% in April 2022.
The increase in inflation was a result of a combination of global shocks and the pass-through effects of the recent exchange rate depreciation on the parallel market, with a significant proportion of the inflationary pressures emanating from the impact of the ongoing Russia-Ukraine conflict. 
The Committee noted with satisfaction that the economic fundamentals have remained strong to support a stable exchange rate as evidenced by a favourable current account balance, positive growth of the real sector, public works undertaken by Government, fiscal sustainability and a tight monetary policy stance.
The positive trend in foreign currency generation has seen the country realising US$2.4 billion in foreign currency receipts during the first quarter of 2022, an increase of 15.9% compared to foreign currency received during the same period in 2021.
The foreign currency receipts were against foreign payments of US$1.8 billion, leaving a surplus of US$1.9 billion.
Money supply has also remained largely under control, with reserve money remaining stable at levels of around ZW$28 billion for the past six months, while annual growth in broad money fell from 384% in March 2021 to 151% in March 2022.
The existence of strong economic fundamentals suggests that the recent exchange rate shocks are a manifestation of negative sentiments or perceptions attributable to people’s past experiences with hyperinflation and inevitable losses incurred during currency reforms.
The Committee further noted that the erosion of people’s savings due to inflation compelled them to try and avoid similar losses by holding the US dollar as a store of value. 
The Committee, therefore, welcomed the decision by Government to come up with measures to enhance confidence in the economy, deal with market indiscipline and increase the demand for the local currency, which measures will go a long way in buttressing the current tight monetary policy stance, restoring confidence in the economy, taming market indiscipline, stabilising inflation and exchange rates and creating a conducive environment to support the envisaged economic growth rate of 5.5% in 2022. 
In view of the foregoing developments, the Committee resolved to maintain the status quo in respect of the monetary policy decisions taken on 1 April 2022 as follows: 
<ol>
<li>Maintaining the Bank Policy Rate at 80% and the Medium-Term Bank Accommodation Facility Interest Rate at 50%; </li>
<li>Maintaining the minimum deposit rates for ZW$ savings and time deposits at 12.5% and 25% per annum, respectively; </li>
<li>Maintaining the quarterly reserve money growth target at 5% for the quarter ending June 2022; and </li>
<li>Maintaining the foreign payment transactions limit on the willing-buyer willing-seller foreign currency trading arrangement for banks and bureaux de change at US$1 000 and allowing the Bank to increase the limit as conditions permit.</li>
</ol>
</blockquote>
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Resolutions Of The MPC Meeting Held On 29 April 2022 {Full Text}

<h2>Full statement by the Reserve Bank of Zimbabwe (RBZ) on the resolutions of the Monetary Policy Committee (MPC) meeting held on 1 April 2022</h2>
<blockquote>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 April 2022 to consider developments in the domestic and international macroeconomic environment as well as the impact of global geopolitical factors on the economy.
While noting the decline in month-on-month inflation, from 6.99% in February 2022 to 6.31% in March 2022, the Committee was concerned with the escalation in annual inflation, from 66.11% to 72.70%, over the same period.
The Committee particularly noted that global inflation was on the increase as a consequence of the ongoing Russia-Ukraine conflict which had secondary pass-through effects on domestic and international prices.
Rising prices of oil, gas, fertilizers and other related products had the effect of increasing global inflation and inevitably had a negative impact on domestic costs of production and was destabilising the foreign exchange market.
In this regard, the Committee reiterated the need for the Bank to remain focused on inflation reduction and putting in place additional policy measures in response to the resurging inflationary pressures and foreign exchange parallel market activities.
The Committee resolved to put in place the following policy measures with immediate effect:
i. Reviewing upwards the Bank Policy Rate from 60% to 80% per annum;
ii. Reviewing upwards the Medium-Term Bank Accommodation Facility Interest Rate from 40% to 50% per annum;
iii. Reviewing upwards the minimum deposit rates for ZW$ savings and time deposits from 10% and 20% per annum to 12.5% and 25%, respectively;
iv. Further tightening monetary policy by reducing the quarterly reserve money growth target from 7.5% to 5% for the quarter ending June 2022;
v. Further liberalising the foreign exchange market by allowing banks to conduct foreign exchange transactions of up US$1 000 under an arrangement agreed upon between banks and the Bank and in terms of which individuals with free funds and entities/corporates holding foreign exchange in their foreign currency accounts (after meeting the statutory surrender requirements) shall be free to sell foreign currency to banks on a willing-buyer 
willing-seller basis; and
vi. Ensuring that commercial imports are processed through normal banking channels in line with international best practices.
</blockquote>
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Resolutions Of The MPC Meeting Held On 1 April 2022 | Full Text

<blockquote>
<h2>RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 3 DECEMBER 2021</h2>
The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 3 December 2021 and deliberated on macroeconomic and financial developments in the economy as well as the progress made in the implementation of the monetary policy measures announced on 28 October 2021.
The Committee noted with satisfaction that the previous monetary policy decisions had helped to stabilise the exchange rate and domestic prices.
In particular, the recent monetary policy measures had reversed the upward trend on month-on-month inflation, which rose from 4.2% in August 2021 to 6.4% in October 2021 and decelerated to 5.76% in November 2021.
It was expected that month-on-month inflation would continue declining to low and sustainable levels in the outlook period.
It was also expected that annual inflation would end the year 2021 at between 58% and 60% and at less than 20% in 2022.
The Committee noted that the country was on course to attaining a positive economic growth trajectory of 7.8% in 2021 and 5.5% in 2022.
The positive growth trajectory was also confirmed by the International Monetary Fund (IMF) during the recently concluded Article IV Mission for Zimbabwe, which revised upwards the country’s real GDP growth rate for 2021, from the initial 5.1% to 6.0%.
In light of the obtaining macroeconomic stability, the Committee resolved to maintain the existing monetary policy stance as follows:
<ol>
<li>Maintaining the Bank policy rate at 60% and the Medium Term Bank Accommodation (MBA) Facility interest rate at 40%;</li>
<li>Maintaining statutory reserve requirements for demand/call deposits at 10% and at 2.5% for savings and times deposits;</li>
<li>Maintaining the minimum deposit rates for Zw$ savings and time deposits at 10% and 20%, respectively with a view to sustaining the appeal of the zw$ as an investment currency; and</li>
<li>Maintaining reserve money growth targets at 10% for the fourth quarter of 2021 and the first and second quarters of 2022.</li>
</ol>
The Committee affirmed its commitment to continue refining the Bank’s open market operations (OMO) instruments to support optimal liquidity management.
In view of the significant increase in total bank deposits during the past year, the Committee also resolved to monitor developments on broad money to minimise its possible destabilising effects on inflation and the exchange rate.
The Committee expressed satisfaction with the progress made by the Bank in clearing the ringfenced auction backlog allotments and resolved that, in view of the forthcoming festive season, the last auction for 2021 will be on 14 December 2021 and the first auction for 2022 will be on 11 January 2021.
The Committee urged the productive sectors of the economy, including the micro, small and medium enterprises (MSMEs), to continue utilising the available financial support under the Bank’s MBA Facility to enhance production and financial inclusion.
</blockquote>
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FULL TEXT: Resolutions Of The Monetary Policy Committee Meeting

The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 28 October 2021 and had robust deliberations on macroeconomic developments and monetary policy interventions needed to promote and sustain the obtaining macroeconomic stability in the economy.  
The MPC was pleased with the favourable external sector performance as evidenced by a 49% increase in foreign currency receipts, from US$4.8 billion received during the same period in 2020 to US$7.2 billion as at 15 October 2021. 
Total foreign payments during the same period in 2021 amounted to US$5.4 billion, leaving a net surplus position of US$1.7 billion represented by foreign currency account (FCA) balances in the banking system. 
The MPC also noted that the commitments made by Government, the Bank and leaders of the Zimbabwe business community on 11th October 2021 have helped to stabilise the volatility of the parallel market exchange rate. 
The stability is expected to anchor inflation expectations and restore the downward inflation trajectory the economy has experienced since July 2020. 
The MPC, however, expressed concern regarding the recent increase in month-on-month inflation, from 4.7% in September 2021 to 6.4% in October 2021, and annual inflation from 51.5% to 54.5% over the same period, driven mainly by the resurgence in the volatility of the parallel market exchange rate. 
The MPC unanimously agreed to put the following measures in place to fortify the gains made in stabilising the economy thus far: 
<ol>
<li> Increasing the Bank policy rate from 40% to 60% and the Medium Term Bank Accommodation (MBA) Facility interest rate from 30% to 40% with immediate effect. The measure is expected to result in positive real interest rates which is critical to foster savings in the economy; </li>
<li> Increasing statutory reserve requirements for demand/call deposits from 5% to  10%, while maintaining the rate at 2.5% for savings and time deposits; iii. Increasing minimum deposit rates for ZW$ savings and time deposits from 5% and 10% per annum to 7.5% and 20%, respectively, with a view to promoting the appeal of the ZW$ as an investment currency; </li>
<li> Further tightening reserve money by reducing the quarterly growth in reserve money targets from 20% to 10% for the fourth quarter of 2021 and the first two quarters of 2022. The decision to review the reserve money growth targets was informed by the reserve money growth outturn of 9.3% for the quarter ending 30 September 2021; </li>
<li> Continuing to refine the Bank’s open market operations (OMO) instruments to support optimal liquidity management; </li>
<li> Ensuring consistency and synchronisation of Government payments and liquidity management programme of the Bank to ensure effective management of liquidity  in the economy; </li>
</ol>
vii. Refining the foreign exchange auction system to strengthen its effectiveness as a foreign currency price discovery platform by limiting the allotments to the foreign currency available at the time of the weekly auction and paying same within two weeks from the date of the auction. The MPC also welcomed the decision by the Bank to take steps to be current with foreign exchange allotments from Auction 63, whilst at the same time working towards clearing the ring-fenced auction  backlog; 
viii. Introducing mobile bureaux de change branches for ease and flexible access to  foreign currency by communities where there are no physical access points,  including the rural areas; 
<ol>
<li> Promoting the use of e-wallets for receiving foreign currency purchased from bureaux de change to enhance financial inclusion. In this context, bureaux de  change are encouraged to create the necessary synergies with banks and mobile network service providers to facilitate the electronic transactions;</li>
<li> In line with requests from the general public, allowing individuals purchasing  foreign currency under the US$50 per week facility for small domestic transactions to be able to also do one-time purchases of up to US$100 per month per person; </li>
<li> Allowing individuals and Micro, Small and Medium Enterprises (MSMEs) to purchase up to US$500 per month for international payments, including funds for business and personal travel allowance; </li>
</ol>
xii. Allowing retail pharmacies to access, through the normal banking system, up to  US$5000 per month per firm for purchasing of pharmaceutical products from registered pharmaceutical wholesalers in Zimbabwe; and 
xiii. Urging the importing firms to always comply with Exchange Control Regulations which require the importation of goods and services to be done through normal banking channels, and that receipts of goods and services with regard to transactions executed in advance are acquitted within 90 days from the date of payment or any other period as may be prescribed by Exchange Control authorities. This requirement does not apply to foreign payments effected using free funds held by individuals, Non-Governmental Organisations, Embassies and International Organisations. 
The MPC applauded the decision taken by Government to put the SDR holdings received from the IMF to good use in the areas of health, education, social protection and ramping up of production as well as earmarking part of the holdings for building international reserves. 
Finally, the MPC calls upon and urges business players to always uphold principles of good corporate governance and self-discipline to ensure high standards of business ethics and transparency which are critical to stabilising the economy in the short to medium term. 
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Resolutions Of The Monetary Policy Committee Meeting Held On 28 October 2021 | FULL TEXT

RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 28 JUNE 2021
The Monetary Policy Committee (the Committee) of the Reserve Bank of Zimbabwe (the Bank) met on the 28th of June 2021 and deliberated on recent economic and financial developments and their implications on monetary policy.
The Committee noted with satisfaction the current macroeconomic stability and the strong positive growth trajectory that is underway, a position which has also been confirmed by the International Monetary Fund, the World Bank and the African Development Bank.
The Committee is pleased with the current disinflationary trajectory which has seen annual inflation further falling from 161.9% in May to 106.6% in June 2021.
The Bank expects annual inflation to decline to 55% by the end of July 2021 and to below 25% by December 2021.
Against this background, the Committee made the following resolutions to sustain the current inflation trajectory and support the envisaged robust economic growth for 2021 and beyond:-
a. Maintaining the Bank policy rate at 40% and the interest rate on the Medium Term Accommodation Facility at 30% per annum;
b. Further tightening monetary policy by reducing the reserve money growth target from 22.5% per quarter to 20% per quarter going forward, while continuing to review the reserve money growth target to achieve and maintain stability of inflation and the exchange rate in line with developments in other macroeconomic fundamentals; and
c. Streamlining the Foreign Currency Auction System to reflect macroeconomic fundamentals and ensuring that the country’s productive sector is given priority in terms of allotment.
The Committee is also pleased to note the continued increase in foreign currency deposits in the banking system, which currently stand at US$1.3 billion.
The Bank, in consultation with the Deposit Protection Board, is exploring mechanisms to protect foreign currency deposits.
Consultations are also ongoing to encourage banks to leverage on the foreign currency deposits to enhance financial intermediation for the benefit of the economy.
John P Mangudya 
Governor
30 June 2021

Resolutions Of The RBZ Monetary Policy Committee Held On 28 June {Full Text}

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