The Reserve Bank of Zimbabwe is responsible for the formulation and implementation of monetary policy, directed at ensuring low and stable inflation levels. A further core function of the Bank is to maintain a stable banking system through its supervisory and lender of last resort functions. Its official rate is the interest rate on the Reserve Bank overnight window. Zimbabwe has appointed a monetary policy committee (MPC) at its central bank on September 10th, 2019.
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Zimbabwe's central bank announced its decision to keep the benchmark interest rate steady at 35% on February 6th, 2025, leaving borrowing costs unchanged for the second consecutive time. Zimbabwe's monthly consumer inflation climbed to 10.5% in January 2025, a sharp increase from a four-month low of 3.7% in the prior month. Inflation also accelerated in US dollar currency terms. Zimbabwe's economic woes persist, with high inflation, tight liquidity, and foreign currency shortages continuing despite the launch of the gold-backed ZIG currency in April last year.
