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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.
This Monetary Policy Statement outlines the monetary policy stance being pursued by the Bank in the second half of 2020.
The measures and policies discussed in the statement are aimed at accomplishing the Bank’s 2020 key strategic focus areas of ensuring exchange rate and price stability, the smooth functioning of the interbank foreign exchange market and providing support to economic activity without endangering the important objective of reducing and stabilising inflation in the short to medium term.
The re-introduction of the Zimbabwean dollar presents renewed scope for the Bank to conduct effective monetary policy. Accordingly, the Bank shall vigorously pursue its primary objective of maintaining price and financial stability, while complementing fiscal policy in line with the country’s objective of becoming an upper middle income country by 2030.
