“Bank policy rate (has been) reduced from 200% to 150% per annum, to align with the inflation outlook. The prevailing bank policy rate maintained as the minimum lending rate for all banks,” Mangudya said as he laid out a broad range of rate cuts to ameliorate Zimbabwe’s long-running ...
According to the RBZ governor and MPC chairperson Dr John Mangudya, 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, whilethe demand factors r...
The introduction of the auction system has been credited with relative price stability now prevailing in the economy, after annual inflation rate raced to post dollarisation high of 837,5 percent in July 2020. However, inflation has gradually declined, touching a two-year low of 50,2 percent ...
In response, effective from July 1, Mangudya said no bank shall extend a loan to an entity or individual at an interest rate below the prevailing bank policy rate."Banks shall implement appropriate due diligence measures to ensure that borrowing by holding entities on behalf of their subsidiaries...
(bank policy) rate will be reviewed from time to time as dictated by prevailing market fundamentals. The MPC policy measures taken are envisaged to support the smooth functioning and sustainability of the Foreign Exchange Auction System and stabilisation of the exchange rate and inflation rate," Dr...
Dr Mangudya said to get the US dollar equivalent of current RTGS or electronic balances, the prevailing market determined exchange rate will apply. Click here for the full statement “This will bring fairness and transparency in the distribution of foreign currency,” Dr Mangudya said, adding that...
The gold coins shall be sold at the prevailing international prices of gold plus 5% to cover the cost of production and distribution of the coin on a payment versus delivery basis. The guidelines also prohibit banks from buying the gold coins for their own portfolios, unless permitted by the ...
The central bank is seeking to eliminate the prevailing cash shortages, which the country experienced since 2016 as well as huge premiums being charged for cash. Dr Mangudya said the regional average of the total cash to deposit ratio was 12 percent, but countries such as Tanzania have up to...