Monetary Policy Committe (MPC) pleased with stabilizing exchange rate

Charity Chikara

08.08.23

The Monetary Policy Committe (MPZ) of the Reserve Bank Of Zimbabwe has expressed their satisfaction with the impact of measures taken to stabilize the exchange rate and domestic prices since July 2023.

In a statement based on resolutions of the Monetary Committe Meeting held last week the Reserve Bank of Zimbabwe noted that the month-on-month inflation that had peaked up to 74.5% in June 2023 fell to a minus 15.3% by end of July 2023 while annual inflation fell from 175.8% in June 2023 to 101.3% in July 2023 with expectations of a continuous decline up to December 2023.

In light of the positive inflation and exchange rate developments, the MPC resolved to mantain the current tight monetary policy stance and allow time for the current measures to take full course of their impact on the dual currency economy.

The MPC pledged its commitment towards remaining watchful of any potential shocks and putting in place appropriate safeguard measures to ensure that the economy remains on track to achieving price and exchange rate stability.

The MPC pledged its commitment towards remaining watchful of any potential shocks and putting in place appropriate safeguard measures to ensure that the economy remains on track to achieving price and exchange rate stability by reviewing monetary policy measures on a regular basis in line with month-on-month inflation developments and monetaty policy developments.