2022-04-01 Reserve Bank Press Statement on the Deliberations of the Monetary Policy Committee [MPC]

The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 April 2022 to consider developments in the domestic and international macroeconomic environment as well as the impact of global geopolitical factors on the economy.
While noting the decline in month-on-month inflation, from 6.99% in February 2022 to 6.31% in March 2022, the Committee was concerned with the escalation in annual inflation, from 66.11% to 72.70%, over the same period. The Committee particularly noted that global inflation was on the increase as a consequence of the on-going Russia-Ukraine conflict which had secondary pass through effects on domestic and international prices. Rising prices of oil, gas, fertilizers and other related products had the effect of increasing global inflation and inevitably had a negative impact on domestic costs of production and was destabilising the foreign exchange market.

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