2022-12-02 Reserve Bank Press Statement on the Deliberations of the Monetary Policy Committee [MPC]

The Monetary Policy Committee (the Committee) of the Reserve Bank of Zimbabwe (the Bank) met on 2 December 2022 to discuss the macroeconomic and financial developments in the economy and their implications on monetary policy as well as the general economic outlook.

The Committee expressed satisfaction with the positive impact of the recent policy measures on macroeconomic stability and economic performance and noted the need to sustain the gains realized so far. The Committee also noted the progressive decline in monthly inflation, from a peak of 30.7% in June 2022 to 1.8% in November 2022, which has seen annual inflation falling from 285% in August 2022 to 255% in November 2022.

The Committee was pleased with the improved business confidence owing to the prevailing stability in the economy. Against that background, the Committee unanimously agreed to stay the course of a tight monetary policy until the first quarter of next year and resolved as follows:



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