RBZ Cuts Policy Rate To 150 Percent After Inflation Falls
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:
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.
Mangudya also increased export retentions to 75 percent across all sectors, including firms listed on the Victoria Falls Stock Exchange (VFEX).
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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.