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. Inflation pressures will remain subdued in the outlook period with projected inflation to end the year below 5% as the exchange rate remains stable.