{"id":101436,"date":"2024-12-04T09:47:19","date_gmt":"2024-12-04T07:47:19","guid":{"rendered":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility"},"modified":"2024-12-04T11:49:13","modified_gmt":"2024-12-04T09:49:13","slug":"rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","title":{"rendered":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce “Targeted Finance Facility”"},"content":{"rendered":"

Africa-Press – Zimbabwe. <\/strong><\/span>The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged at 35%. Additionally, the statutory reserve requirements for savings and time deposits, both in local and foreign currency, will remain at 15%.<\/p>\n

In a statement issued on Tuesday, December 3, following the MPC\u2019s meeting, central bank governor John Mushayavanhu also announced plans to introduce a \u201cTargeted Finance Facility,\u201d with operational details to be communicated to banks in due course. Reads the statement:<\/p>\n

RESOLUTIONS OF THE MONETARY POLICY COMMITTEE MEETING HELD ON 3 DECEMBER 2024<\/p>\n

The Monetary Policy Committee (MPC) of the Reserve Bank of Zimbabwe met on 3 December 2024 to deliberate on recent macroeconomic and financial developments and economic outlook. The MPC also reviewed the impact of the monetary policy measures announced on 27 September 2024.<\/p>\n

The MPC noted that the measures, as intended, have managed to tighten liquidity conditions and curtail speculative activities in the foreign exchange market.<\/p>\n

In this regard, the MPC noted with satisfaction that the exchange rate and inflation have relatively stabilised since October 2024.<\/p>\n

The stability is reflected in the significant narrowing of the exchange rate premium and deceleration of month-on-month inflation from 37.2% in October 2024 to 11.7% in November 2024.<\/p>\n

The spike in month-on-month inflation in October reflected the once-off depreciation of ZiG against the US dollar in September 2024.<\/p>\n

In the outlook period, inflation is expected to remain stable with monthly inflation moderating to pre-October 2024 levels.<\/p>\n

The stability in the exchange rate will also continue to benefit from foreign currency inflows which increased by 19.1% to US$11.05 billion during the 10 months to October 2024, compared to US$9.27 billion recorded for the same period in 2023.<\/p>\n

To ensure that inflation expectations remain well anchored, the MPC resolved to maintain the current tight monetary policy stance as follows:<\/p>\n

To maintain the Bank Policy rate at 35%.<\/p>\n

To maintain the current statutory reserve requirements for savings and time deposits for both local and foreign currency at 15%; and for demand and call deposits for both local and foreign currency deposits at 30%.<\/p>\n

To continue deepening and improving the efficiency of the price discovery mechanism of the interbank foreign exchange market.<\/p>\n

Importantly, the recent gazetting by Government into law for the payment of QPDs for corporate tax on a 50\/50 US$: ZiG arrangement will go a long way in increasing willing sellers of foreign currency in the interbank forex market.<\/p>\n

In light of the current tight liquidity conditions and the need to minimise the impact on economic growth and support the productive sector, the MPC resolved to introduce a Targeted Finance Facility (TFF) administered through the banking system.<\/p>\n

Operational modalities of the facility will be communicated to Banks in due course.<\/p>\n

The MPC will continue to review its policy stance in line with the exchange rate and inflation developments.<\/p>\n

For More News And Analysis About Zimbabwe<\/span> Follow Africa-Press<\/span><\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

Africa-Press – Zimbabwe. The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged at 35%. Additionally, the statutory reserve requirements for savings and time deposits, both in local and foreign currency, will remain at 15%. In a statement issued on Tuesday, December 3, following the MPC\u2019s […]<\/p>\n","protected":false},"author":84,"featured_media":101434,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,12],"tags":[5383,1276,653,17367,19],"class_list":{"0":"post-101436","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-policy","9":"tag-monetary-policy-committee","10":"tag-mpc","11":"tag-rbz","12":"tag-targeted-finance-facility","13":"tag-zimbabwe"},"yoast_head":"\nRBZ Maintains Bank Policy Rate At 35%, Plans To Introduce "Targeted Finance Facility" - zimbabwe<\/title>\n<meta name=\"description\" content=\"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce "Targeted Finance Facility"\" \/>\n<meta property=\"og:description\" content=\"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility\" \/>\n<meta property=\"og:site_name\" content=\"zimbabwe\" \/>\n<meta property=\"article:published_time\" content=\"2024-12-04T07:47:19+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2024-12-04T09:49:13+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"800\" \/>\n\t<meta property=\"og:image:height\" content=\"481\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"cfeditoren\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"cfeditoren\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility\",\"name\":\"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \\\"Targeted Finance Facility\\\" - zimbabwe\",\"isPartOf\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\"},\"primaryImageOfPage\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage\"},\"image\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage\"},\"thumbnailUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg\",\"datePublished\":\"2024-12-04T07:47:19+00:00\",\"dateModified\":\"2024-12-04T09:49:13+00:00\",\"author\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\"},\"description\":\"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...\",\"breadcrumb\":{\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#breadcrumb\"},\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility\"]}]},{\"@type\":\"ImageObject\",\"inLanguage\":\"en-US\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage\",\"url\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg\",\"contentUrl\":\"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg\",\"width\":800,\"height\":481,\"caption\":\"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \\\"Targeted Finance Facility\\\"\"},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Home\",\"item\":\"https:\/\/www.africa-press.cc\/zimbabwe\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce “Targeted Finance Facility”\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#website\",\"url\":\"https:\/\/www.africa-press.net\/zimbabwe\/\",\"name\":\"zimbabwe\",\"description\":\"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629\",\"potentialAction\":[{\"@type\":\"SearchAction\",\"target\":{\"@type\":\"EntryPoint\",\"urlTemplate\":\"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}\"},\"query-input\":{\"@type\":\"PropertyValueSpecification\",\"valueRequired\":true,\"valueName\":\"search_term_string\"}}],\"inLanguage\":\"en-US\"},{\"@type\":\"Person\",\"@id\":\"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4\",\"name\":\"cfeditoren\"}]}<\/script>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \"Targeted Finance Facility\" - zimbabwe","description":"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","og_locale":"en_US","og_type":"article","og_title":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \"Targeted Finance Facility\"","og_description":"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...","og_url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","og_site_name":"zimbabwe","article_published_time":"2024-12-04T07:47:19+00:00","article_modified_time":"2024-12-04T09:49:13+00:00","og_image":[{"width":800,"height":481,"url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg","type":"image\/jpeg"}],"author":"cfeditoren","twitter_card":"summary_large_image","twitter_misc":{"Written by":"cfeditoren","Est. reading time":"2 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","url":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility","name":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \"Targeted Finance Facility\" - zimbabwe","isPartOf":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage"},"image":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage"},"thumbnailUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg","datePublished":"2024-12-04T07:47:19+00:00","dateModified":"2024-12-04T09:49:13+00:00","author":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4"},"description":"The Reserve Bank of Zimbabwe\u2019s (RBZ) monetary policy committee (MPC) has decided to keep the Bank Policy rate unchanged ...","breadcrumb":{"@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#primaryimage","url":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg","contentUrl":"https:\/\/static.africa-press.net\/zimbabwe\/sites\/14\/2024\/12\/sm_1733293140.313657.jpg","width":800,"height":481,"caption":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce \"Targeted Finance Facility\""},{"@type":"BreadcrumbList","@id":"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbz-maintains-bank-policy-rate-at-35-plans-to-introduce-targeted-finance-facility#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.africa-press.cc\/zimbabwe\/"},{"@type":"ListItem","position":2,"name":"RBZ Maintains Bank Policy Rate At 35%, Plans To Introduce “Targeted Finance Facility”"}]},{"@type":"WebSite","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#website","url":"https:\/\/www.africa-press.net\/zimbabwe\/","name":"zimbabwe","description":"\u0623\u062e\u0628\u0627\u0631 \u064a\u0648\u0645\u064a\u0629 \u0639\u0644\u0649 \u0645\u062f\u0627\u0631 \u0627\u0644\u0633\u0627\u0639\u0629","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.africa-press.net\/zimbabwe\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.africa-press.net\/zimbabwe\/#\/schema\/person\/2e02b5816e71b1149d79877f669a85e4","name":"cfeditoren"}]}},"_links":{"self":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/101436","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/users\/84"}],"replies":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/comments?post=101436"}],"version-history":[{"count":1,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/101436\/revisions"}],"predecessor-version":[{"id":101438,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/posts\/101436\/revisions\/101438"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media\/101434"}],"wp:attachment":[{"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/media?parent=101436"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/categories?post=101436"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.africa-press.cc\/zimbabwe\/wp-json\/wp\/v2\/tags?post=101436"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}