Monetary Policy

2025 Mid-term Monetary Policy Statement

In line with the need to ensure that there is policy consistency as the Reserve Bank continues to walk the talk, this Mid-Term Monetary Policy Review Statement restates previously announced measures and introduces complementary measures to buttress and provide further clarity. The measures are, therefore, designed to durably anchor and consolidate the prevailing exchange rate and price stability by addressing emerging risks and continue to shape inflation expectations. 

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2025 Monetary Policy Statement

Greater exchange rate flexibility in the foreign exchange interbank market, anchored by tight monetary conditions, has supported the current stability. Specifically, strategic foreign exchange interventions by the Reserve Bank have helped clear the market and enabled the smooth flow of foreign exchange to the market. The ReserveBank will continue to deepen the Willing-Buyer Willing-Seller (WBWS) foreign exchange interbank market to enhance price discovery and market efficiency

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2024 Monetary Policy Statement

The Reserve Bank is introducing a structured currency which is generally defined as a currency that is pegged to a specific exchange rate or currency basket and backed by a bundle of foreign exchange assets (potentially including gold). This means that a Central Bank can only issue domestic notes and coins when fully backed by a foreign “reserve” currency or foreign exchange assets and that the currency is fully convertible into the reserve currency on demand. The structured currency being introduced is anchored by a composite basket of foreign currency and precious metals (mainly gold) held as reserves for this purpose by the Reserve Bank.

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2023 Mid-Term Monetary Policy Statement

The policy measures put in place by the Bank and Government have re-oriented the country onto the right track to macroeconomic stability. As such, the Bank is staying the course to price stability by maintaining the current tight monetary policy stance during the six months to December 2023, with fine tuning on open market operations to ensure attainment of the full benefits of monetary and fiscal consolidation to sustainably anchor inflation and exchange expectations.

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February 2023 Monetary Policy Statement

The Bank expects the domestic economic outlook to remain positive notwithstanding uncertainties around the global economic outlook. Against this backdrop, the Bank shall remain committed to staying on course of a tight monetary policy stance aligned to the inflation path to balance the need to protect price stability and the country’s growth potential.

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2022 Mid-Term Monetary Policy Statement

The Bank strongly believes that the current tight monetary policy stance complemented by the strong will by Government to putting in place measures that deal with factors that destabilise the foreign exchange market will result in exchange rate and price stability in the near and short-term.

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February 2022 Monetary Policy Statement

The conservative monetary targeting framework currently being pursued by the Bank has seen quarterly growth in reserve money being successfully contained within desired targets throughout 2021.

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August 2021 Mid-Term Monetary Policy Statement

This Monetary Policy Statement (the Statement) comes at a time when Government has ably shown steadfast commitment to sustaining the economic reform momentum. Despite the difficulties caused by the Covid19 pandemic, the economy is on the rebound.

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February 2021 Monetary Policy Statement

Improved production and productivity will be key in sustaining the macroeconomic trajectory of growing the economy by 7.4% in 2021 and above 5% thereafter as envisaged in the NDS1. In this regard, the Bank affirms its commitment to continue ensuring a hawkish monetary policy stance, as well as sound financial conditions through its conservative monetary targeting framework.

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August 2020 Monetary Policy Statement

This Monetary Policy Statement outlines the monetary policy stance being pursued by the Bank in the second half of 2020.

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