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Full statement by the Reserve Bank of Zimbabwe (RBZ) on the Resolutions of the Monetary Policy Committee Meeting Held on 1 December 2023:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 1 DECEMBER 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 1 December 2023 and deliberated on recent macroeconomic developments in the economy and the 2024 National Budget Statement presented by the Honourable Minister of Finance, Economic Development and Investment Promotion on 30 November 2023.
The MPC affirmed its commitment to complementing the pronounced fiscal measures which focused on domestic resource mobilisation amid global credit squeeze and increasing global borrowing costs.
The MPC also committed to safeguarding the current macroeconomic stability by staying the course of tight monetary policy while taking measures to cushion the economy from the attendant global risks and El Nino effects.
The MPC noted the continued exchange rate and price stability obtaining in the economy despite the elevated emerging global risks.
The MPC also noted the strong foreign currency generation capacity of the country as evidenced by a 2.3% increase in foreign currency inflows to US$9.44 billion as at 31 October 2023, compared to US$9.23 billion generated during the same period in 2022.
The foreign currency inflows have been supported by Diaspora remittance flows which have consistently surpassed Foreign Direct Investment (FDI), portfolio investment and Official Development Assistance since 2009.
Diaspora remittances alone contributed 16% of the country’s foreign currency inflows as at 31 October 2023.
Thus, the MPC underscored the need to leverage Diaspora remittances for development as part of a broader package of measures to cushion the economy from recurring global shocks.
Considering the prevailing macroeconomic environment, the MPC resolved:
1) to maintain the current Bank Policy rate at 130% and the Medium-term Bank Accommodation Facility interest rate for the productive sectors, including individuals and MSMEs, at 75%, which rates will be reviewed in line with inflation developments from time to time; and
2) to recommend that the Government extend the fiscal and non-fiscal incentives for FDI to Diaspora investments in the country, given the primacy of Diaspora remittances in the economy.
The MPC noted that the requirement by the Government in June 2023 that companies should settle an increased proportion of tax obligations on Quarterly Payment Dates (QPDS) in local currency created the much-needed demand for the local currency, which is critical in sustaining exchange rate and inflation stability. 
The MPC also underscored the need for the Government to continue increasing the proportion of taxes settled in local currency to sustain the optimal mix of dual currencies.
Overall, the MPC remained committed to pursuing a tight monetary policy stance to safeguard the prevailing macroeconomic stability and ensure that inflation expectations remained anchored in the short to medium term.
</blockquote>
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Resolutions Of RBZ’s Monetary Policy Committee Meeting 01 December 2023

Full statement on the Resolutions of The Monetary Policy Committee Meeting Held on 26 September 2023:
<blockquote>
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 26 September 2023 to discuss and assess the prevailing monetary and financial conditions and their impact on sustaining the current price stability in the economy.
The MPC noted with satisfaction the sustained decline in month-on-month inflation from a peak of 74.5% in June 2023 to minus 15.3% in July 2023, minus 1.3% in August 2023 and 1.0% in September 2023.
Annual inflation also fell from a peak of 175.8% in June 2023 to 18.4% in September 2023. The outlook was that month-on-month inflation would be contained below 3% and annual inflation would end the year 2023 at below 20%.
The MPC also noted that monetary and financial conditions were conducive to sustaining the prevailing stability given the robust economic growth of 5.3% expected in 2023, high foreign currency inflows relative to external payments and fiscal sustainability.
In light of the positive developments, the MPC resolved to continue with the tight monetary policy stance and to safeguard financial stability in the economy by:
i. Maintaining the Bank Policy rate at 150% per annum and retaining the Medium- Term Accommodation (MBA) lending facility at 75% per annum; and
ii. Standardising the statutory reserve requirements for both foreign and local currency deposits at 15% and for savings and time deposits at 5%.
The MPC was pleased with the strong uptake of Gold-Backed Digital Tokens (GBDT) for value-preservation purposes, which uptake stood at 332 536 636 milligrams as of 19 September 2023.
The Bank will expedite the phase for transacting in GBDT, styled Zimbabwe Gold (ZIG), as an additional payment method alongside existing payment platforms.
ZIG will complement the local currency and foreign currency in facilitating domestic transactions in a more certain and predictable manner given the stability of the international gold price.
To engender confidence in ZiG, an independent certification mechanism will be put in place to reassure the public of the availability and adequacy of the gold to back ZiG.
The MPC affirmed its strong commitment to maintaining the current tight monetary policy stance and to take all necessary action to firmly anchor inflation and exchange rate expectations.
</blockquote>
More: <a href="https://www.pindula.co.zw/">Pindula News</a>

Resolutions Of RBZ's Monetary Policy Committee Meeting | Full Statement

The Monetary Policy Committee (MPC) has announced measures to deal with exchange rate and price volatility in the economy. Below is the statement in full:
<blockquote>
RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 6 JUNE 2023
The Monetary Policy Committee (the MPC) of the Reserve Bank of Zimbabwe (the Bank) met on 6 June 2023 and deliberated on macroeconomic and financial developments in the economy.
The MPC also deliberated on the progress made in the implementation of measures announced by the Honourable Minister of Finance and Economic Development on 11 May 2023 and 29 May 2023, respectively, to address the recent volatility in the exchange rate and prices of goods and services in the economy.
The MPC noted that the prevailing volatility in the exchange rate emanated from both supply and demand side factors.
The supply side factors reflected the transitory reduction in foreign currency inflows, while the demand factors reflected the sustained value-preservation demand for foreign currency in the economy.
In order to complement the measures announced by Government, the MPC resolved as follows:
Supply Side Measures
The following measures shall be implemented to address supply side foreign currency constraints:
i. With effect from 7 June 2023, the Bank shall sell foreign currency at the market-determined exchange rate through banks to support and strengthen the foreign exchange interbank market, and banks shall in turn sell the foreign currency to their customers. This measure is calculated to ensure that the interbank forex market is the primary source for foreign exchange needs in the economy and that the foreign exchange auction system shall continue to operate for meeting smaller requirements for foreign payments and for continuous price discovery. Thus, in order to ensure that the interbank forex market is self-financing the 90-day liquidation requirement on export proceeds will fall away.
ii. The current interbank maximum trading limits shall be reviewed upwards from US$100 000 to US$500 000, consistent with the current auction limits;
iii. The main and MSME auction will be merged under the US$5 million per week policy, with bid limits of a minimum of US$1 500 and a maximum of US$50 000; and
iv. The trading margins charged by banks on foreign exchange transactions will be aligned with international best practices.
Demand Side Measures
To address the demand side factors, the MPC resolved to adopt the following measures:
i. Increasing the Bank policy rate from 140% to 150% per annum, in response to the recent increase in inflation;
ii. Increasing the Medium-term Bank Accommodation (MBA) interest rate from 70% to 75% per annum; and
iii. Increasing the Statutory Reserve Requirements on local currency demand and call deposits from 10% to 15%, while maintaining savings and time deposit requirements at 5%.
The Bank remains committed to continuing with the current tight monetary policy to restore and sustain the exchange rate and inflation stability.
The issuance of gold- backed digital tokens to augment physical gold coins as a value preservation instrument has gone a long way in mopping up excess liquidity from the market.
To date, the Bank has sold to the market ZW$31.8 billion and ZW$35.2 billion worth of gold coins and gold-backed digital tokens, respectively.
The rolling out of digital tokens for transactional purposes in the second phase, which is projected to commence during the month of June 2023, will buttress the current stabilisation measures.
More: <a href="https://www.pindula.co.zw/">Pindula News</a>
</blockquote>

FULL TEXT: Monetary Policy Committee Announces Measures To Tackle Exchange Rate Volatility

A member of the Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) has revealed that a maximum of 15 000 gold coins will be issued saying it was never the central bank’s intention to continue issuing them without limit.
This comes after the International Monetary Fund (IMF) on Thursday said Zimbabwe should wind down the use of gold coins.
An MPC member Persistence Gwanyanya told Business Times that the gold coins were a “necessary intervention at the time”. He said:
<blockquote>
That’s why by 22 November, RBZ has only issued 14 200 gold coins worth ZWL$13.6bn. The target was always to issue a maximum of 15 000 gold coins that’s why the IMF agreed with the authorities to wind down the issuance of the same.
Having achieved a measure of stability the focus is now on attractive ZWL investment instruments to anchor our currency.
</blockquote>
The central bank introduced gold coins in July 2022 to mop excess local currency balances blamed for fuelling the parallel market exchange rate resulting in the accelerated depreciation of the Zimbabwe dollar.
The RBZ also hiked the bank policy rate to 200% from 80% to halt borrowing for speculative purposes. | <a href="https://businesstimes.co.zw/gold-coins-had-a-ceiling-of-15000-says-mpc-member/">Business Times</a>

"Gold Coins Had A Ceiling Of 15 000"

The Reserve Bank of Zimbabwe has said reserve money increased by ZW$3.91 billion during the week ending 5th November 2021, compared to the previous week’s position. The central bank said in a statement:
<blockquote>
1. Reserve money technically increased by ZW$3.91 billion to ZW$28.27 billion during the week ending 5th November 2021, compared to the previous week’s position of ZW$24.36 billion.
2. The increase in reserve money was necessitated by an increase of ZW$8.77 
billion in required reserves, following the increase in statutory reserve requirement ratios. The Monetary Policy Committee (MPC) meeting of 28th October 2021 raised the statutory reserve ratio on demand and call 
deposits from 5% to 10% to reduce money supply.
3. Partially offsetting the increase was a decrease of ZW$4.78 billion in banks ’liquidity (RTGS balances) at the Central Bank, through issuance of open market operations (OMO) instruments.
</blockquote>
<a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/11/Reserve-Money-Update-5-November-2021.pdf">Download the full document click on this link.</a>
<h4>More: <a href="https://news.pindula.co.zw/">Pindula News</a></h4>

RBZ: Reserve Money Update As At 5 November 2021

<blockquote>The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe (the Bank) met today 18 December 2020 and made the following resolutions:
(a) To maintain the policy rate for overnight accommodation at 35% and the medium term lending rate for the productive sector at 25%.
(b) To bring forward the date of next foreign exchange auction to Monday 21 December 2020 given that Tuesday 22 December is a public holiday and that the manufacturing sector will thereafter be going on festive season shut-down.
(c) To hold the next post-festive season auction on 12 January 2021.
(d) To maintain the conservative monetary targeting framework in 2021 in order to sustain price stability in the economy.
The Bank takes this opportunity to express its appreciation for the manner the market embraced the foreign exchange auction system and the resultant price stability that has continued to prevail in the economy since the commencement of the foreign exchange auction system at the end of June 2020.
The economy has, as a result of the foreign exchange auction system and other supportive measures taken by Government and the Bank, witnessed an increase in the production of goods and services across most of the productive sectors, especially during the third and last quarters of this year.
As we journey into 2021, the Bank would like to assure the public that the foreign exchange auction system shall continue to be the anchor for the management of foreign currency in Zimbabwe and price and financial system stability shall remain the primary focus of the Bank.
The Bank would also like to take this opportunity to wish all Zimbabweans a healthy and peaceful festive season and prosperous new year. May God bless you all.</blockquote>

FULL TEXT: Resolutions Of The Monetary Policy Committee Meeting Held Today

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