Monetary Policy Statements

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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More Articles ...

  1. February 2023 Monetary Policy Statement
  2. 2022 Mid-Term Monetary Policy Statement
  3. February 2022 Monetary Policy Statement
  4. August 2021 Mid-Term Monetary Policy Statement