Zimbabwe Monetary Policy

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The Zimbabwean Monetary Policy Statement is issued by the Reserve Bank Govenor in terms of Section 46 of the Reserve Bank of Zimbabwe Act [Chapter 22:15], which requires the Governor of the Reserve Bank to produce a Statement of Monetary Policy giving an account of the monetary policy measures pursued in the preceding six months and the new measures to be pursued in the subsequent six months’ period.

Monetary policy is the process by which the monetary authority of a country, typically the central bank or currency board, controls either the cost of very short-term borrowing or the monetary base, often targeting an inflation rate or interest rate to ensure price stability and general trust in the currency.


2018 Monetary policy Statement

Introduction

Strengthening the Multi-Currency System for Value Preservation and Price Stability.

The Statement came at a time when the economy was expanding on account of high consumer demand, increased business confidence within the national economy and positive expectations following the peaceful completion of the electoral process and the subsequent formation of a new lean cabinet led by His Excellency, President E. D. Mnangagwa. The country showed strong resilience to adverse inflationary pressures and speculative tendencies which characterized the run-up to the harmonized election period. Moreover, the economy has also been resilient to the negative effects of escalating foreign currency premiums, which have been a key driver of inflationary pressures.

2018 Monetary Policy Statement PDF Download

2017 Monetary Policy Statement

Introduction

Stimulating Economic Growth and Bolstering Confidence

The Monetary Policy Statement sought to assess the measures instituted by the Reserve Bank since May 2016, including the introduction of an export incentive scheme financed through bond notes, among other policy interventions geared at promoting domestic output and productivity (supply-side reforms) that were necessary to increase jobs and exports, ensure monetary and financial sector stability, promote formalisation of the economy, and to reduce poverty.


2017 Monetary Policy PDF download


2016 Monetary Policy Statement

Economic transformation through transparency and accountability.

The strategies and prudential policy measures in the 2016 Statement were intended to transform the economy through rebalancing it away from being a consumptive or supermarket economy to a productive one, and away from the high incidence of capital flight characterised by the externalisation of export sales proceeds to one that safeguards its hard-earned foreign exchange resources. This was seen as necessary in order to give impetus to effectively deal with the negative inflation (or deflation) environment that was besetting the economy.

2016 Monetary Policy Statememt PDF downlaod

2015 Monetary Policy Statement

Introduction

The statement was presented at a time when the stability of the banking sector had substantially improved mainly as a result of policy measures put in place by Government and the Reserve Bank to deal with economic challenges of non-performing loans (NPLs), limited circulation of liquidity, low consumer and business confidence, and lack of competitiveness besetting both the financial sector and the economy at large. The policy measures put in place by the Reserve Bank to address the challenges included the introduction of the Interbank Support Facility which had lender of last resort characteristics to deal with temporary liquidity requirements of banks. The facility which was supported by the African Export-Import Bank (Afreximbank) under the Afreximbank Trade Debt Backed Securities (Aftrades) initiative had gone a long way to calm and tame the banking sector by enhancing the solvency of banks.

2015 Monetary Policy PDF download

2014 Monetary Policy Statement

Back to basics setting the tone for Zimbabwe’s Economic Recovery.

The 2014 Monetary statement was John Mangudya 's maiden Monetary Policy Statement at a time the nation was seeking solutions to deal with the challenges besetting the economy. The solutions proffered in the Statement required a TEAM ZIMBABWE Approach and BACK TO BASICS values/principles to pursue the ZimAsset shared vision of "Sustained Growth of the Economy for the betterment of Zimbabweans" and to become a middle-income country by 2020.

2014 Monetary Policy Statement PDF download


2013 Monetary Policy Statement

The 2013 Monetary Policy Statement was Gideon Gono 's last as the Governor of the Reserve Bank. The monetary statement attempted to address the deteriorating economic conditions.

2013 Monetary Policy Statement PDF download


2012 Monetary Policy Statement

Introduction

The Monetary Policy Statement was presented at a time when the economy was exposed to financial and economic vulnerabilities emanating from the continued fragility of the global economy, due to weak global growth and emerging financial turbulence. Adverse developments in the global economy continue to orchestrate knock-on effects on emerging and developing economies through negative external shocks. The impact of these turbulences that had debilitating effects on global capital markets was transmitted to developing countries such as Zimbabwe particularly amplified by increased globalization and regionalism.

2012 Monetary Policy Statement PDF download

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