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Outcomes Of 26 June 2024 Monetary Policy Committee Meeting | Full Statement

9 months agoThu, 27 Jun 2024 08:17:41 GMT

Outcomes Of 26 June 2024 Monetary Policy Committee Meeting | Full Statement

Statement by Central Bank Governor John Mushayavanhu on the resolutions of the Monetary Policy Committee (MPC) meeting held on 26 June 2024:

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.
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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:

To maintain the current Bank Policy rate at 20% per annum and an interest rate corridor of 11% to 25%;

To maintain the statutory reserve requirements for demand deposits, and savings and time deposits in ZiG at 15% and 5%, respectively; and

To maintain the foreign currency statutory reserve requirements for demand deposits, and savings and time deposits at 20% and 5%, respectively.

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.

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11 Comments

Anonymous · 9 months ago

only a few can understand the words of the below but all of us must embrace the zig - speak to the hwindi who must accept the zig in the combi not to the economist who has a mansion in borrowdale and earns 5000 usd cash per month .. To maintain the current Bank Policy rate at 20% per annum and an interest rate corridor of 11% to 25%; To maintain the statutory reserve requirements for demand deposits, and savings and time deposits in ZiG at 15% and 5%, respectively; and To maintain the foreign currency statutory reserve requirements for demand deposits, and savings and time deposits at 20% and 5%, respectively.

KG · 9 months ago

DZVANYA IPAPO. MUSABVA IPAPO ZVIMBWASUNGATA ZVANYARA. RAMBAI MAKADERO GOVERNOR.

Zuze · 9 months ago

Frankly, this is verbal garbage. Too many words, meaning too little, if any

Anonymous · 9 months ago

Should be saying ... crazy bank charges reduced

Anonymous · 9 months ago

the country is full of hustlers and know it all's Informal Sector: Many engage in informal activities like selling goods or offering services, showcasing their entrepreneurial spirit. Diaspora Remittances: Millions living abroad send money back, contributing significantly to household income. Formal Employment with Side Hustles: Those with formal jobs often have side hustles for extra income. Family Networks: Financial support flows through some families from well-connected relatives. Subsistence Farming and Mining: Rural residents depend on these activities for their livelihood. NGO Support: Non-governmental organizations offer vital assistance, including food aid, cash transfers, and training programs, supplementing income and serving as a safety net. you may think we need you but we really don't but keep thinking we are poor we like it like that

𝙻𝚎𝚐𝚎𝚗𝚍 · 9 months ago

𝚝𝚜𝚟𝚊𝚔𝚊𝚒 𝚖𝚊𝚋𝚊𝚜𝚊 𝚟𝚊𝚔𝚘𝚖𝚊𝚗𝚊 𝚗𝚍𝚊𝚝𝚒 𝚌𝚑𝚒𝚒 𝚝𝚜𝚟𝚊𝚔𝚊𝚒 𝚖𝚊𝚋𝚊𝚜𝚊

.. · 9 months ago

Kupi?

Zuze · 9 months ago

The only family that has full employment is the Mnangagwa Dynasty. Not because they are clever or enterprising, but because vari kusveta simba redu. Thriving on misusing and abusing taxpayers money with their cronies - Chivharos, Nguwayas, and Chimombes.

Mai Chimuti · 9 months ago

Apparently the prices of basic goods in US$ skyrocketed, saka hapana chakanakira povho.

Zuze · 9 months ago

Havazvione because their Groceries come from Jo'burg

The Adjudicator · 9 months ago

Zimbabwe's recent economic stabilization, while a salutary development, obscures profound structural inefficiencies and governance challenges. The country's overdependence on primary commodity exports perpetuates vulnerability to exogenous shocks, while the precarious political economy and lack of institutional robustness hinder the implementation of efficacious diversification strategies. To transcend this developmental impasse, policymakers must effect a paradigmatic shift towards a knowledge-based economy, predicated on innovation, technological diffusion, and human capital development. This necessitates a concomitant strengthening of institutional capacity, governance frameworks, and regulatory environments to foster a conducive business climate, ensure macroeconomic stability, and promote inclusive growth and sustainable development.