Andrew
Online Reporter
THE Reserve Bank of Zimbabwe’s (RBZ) monetary policy committee says it is pleased with the results of measures that have been put in place to ensure exchange rate stability, and reduce inflationary pressures.
On July 25, the RBZ released the first batch of 2 000 Mosi-oa-Tunya gold coins into the market, as part of measures to provide investors and the general public with an alternative means to preserve value.
Resultantly, there has been a decline in month-on-month inflation from 25, 6 percent in July to 12,4 percent, as at the end of August 2022.
The central bank indicated that it had distributed a total of 8 076 gold coins to bank agents for sale in the month of August.
“On the back of the tight monetary policy stance pursued by the bank, the official and parallel market foreign exchange rates were expected to converge in the outlook period, thereby fostering price stability and anchoring inflation and exchange rate expectations,” said RBZ governor, Dr John Mangudya.
The monetary policy committee has resolved to maintain a tight monetary policy stance by keeping the bank policy rate at 200 percent per annum and a medium-term accommodation interest rate at 100 percent per annum.
Tinaye Agere
Online Reporter