2021-03-26 Reserve Bank : Press Statement on the Deliberations of the Monetary Policy Committee [MPC]

The recently constituted Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) held its inaugural meeting on the 26th of March 2021 and deliberated on recent economic and financial developments and their implications on monetary policy. 
The Committee noted the major milestones made by the Bank, especially the implementation of a monetary targeting framework, which has been successful in containing reserve money growth, and the introduction of the foreign exchange auction system which has resulted in the current stability of the exchange rate. These policies have anchored inflation expectations, contributing to ongoing reduction in inflation, which has declined from 837.5% in July 2020 to 240% in March 2021. Similarly, monthly inflation fell from a peak of 35.53% in July 2020 to 2.26% in March 2021.

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