The Reserve Bank of Zimbabwe’s Monetary Policy Committee (MPC) kept the Bank Policy Rate at 35%, saying it would stay the course to limit second-round effects from recent fuel price increases, keep inflation expectations anchored and preserve low, stable single-digit inflation alongside firm growth prospects. The rate was also held at 35% in June, September and December 2025. The MPC also left statutory reserve requirements unchanged at 15% for savings and time deposits and 30% for demand and call deposits in both local and foreign currency. Annual inflation slowed to 3.85% in February 2026 and is expected to remain below 5% in March, while month-on-month inflation is seen rising slightly in March to May before returning to steady-state levels from June; the MPC said the economy grew by above 6.6% in 2025 and that growth prospects for 2026 remain strong despite a mid-season dry spell in February. Total foreign-currency inflows rose to USD 3.35 billion in the first two months to February 2026 from USD 1.89 billion a year earlier, helping rebuild foreign-exchange reserves, support foreign-exchange market stability and back the ZiG. The MPC said the recent oil price shock, driven by geopolitical tensions in the Middle East, is a supply-side shock that monetary policy cannot easily manage, and it signalled it will remain vigilant and ready to adjust policy swiftly if needed.
Reserve Bank of Zimbabwe2026-03-24
Reserve Bank of Zimbabwe holds Bank Policy Rate at 35%
The Reserve Bank of Zimbabwe’s Monetary Policy Committee kept the Bank Policy Rate at 35% and left statutory reserve requirements unchanged at 15% for savings and time deposits and 30% for demand and call deposits in local and foreign currency, saying it will stay the course to contain second-round effects from fuel price increases, anchor inflation expectations and preserve low, stable single-digit inflation. The committee said annual inflation slowed to 3.85% in February 2026 and is expected to remain below 5% in March, while stronger foreign-currency inflows of USD 3.35 billion in the first two months of 2026 helped rebuild reserves, support foreign-exchange market stability and back the ZiG.