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The tight monetary policy stance pursued by the Bank in 2021 resulted in sustained deceleration in annual inflation from 362.63% in January 2021 to 50.25% by the end of August 2021. However headline inflation, gradually rose in the last quarter of 2021 to end the year at 60.73%, driven by the sustained increase inforeign exchange parallel market premiums and thegeneral increase in global food and oil prices as a result of Covid-19 induced supply chain challenges.
This Annual Report provides an outline of the role of the Reserve Bank of Zimbabwe in its price and financial system stability mandate. The Report also presents the audited financial statements of the Bank for the year ended 31 December 2019.
Notwithstanding the build-up in inflationary pressures, particularly during the last quarter of 2018, the banking sector remained safe and sound and continued to show resilience as indicated by general financial sector stability.
As Monetary Authorities, we strongly believe that price stability, a smooth payments system, improved ease of doing business and investor confidence are important pillars for reviving the growth prospects of the economy, in order to realise the national vision of becoming a middle income country by 2030.
