The Reserve Bank of Zimbabwe’s Monetary Policy Committee kept the Bank Policy rate at 35% and left reserve requirements unchanged, citing faster-than-expected disinflation, a 6.6% growth outlook and the need to entrench price, currency and exchange rate stability while durably anchoring inflation expectations; the rate was also held at 35% in September and June 2025. The MPC maintained statutory reserve requirements at 15% for savings and time deposits and 30% for demand and call deposits in both local and foreign currency. Annual ZiG inflation slowed to 19.0% in November 2025 from 32.7% in October and 82.7% in September, and is now expected to end 2025 at 15-17%, versus a previous 20-30% range, with single-digit local-currency annual inflation projected in the first quarter of 2026; growth in 2025 is expected to be underpinned by mining and agriculture. On the external side, foreign currency inflows topped USD13 billion in the 10 months to October, up more than 21% from a year earlier, while reserves backing the ZiG reached about USD1 billion, or more than 1.2 months of import cover, supporting smooth operation of the Willing-Buyer Willing-Seller foreign exchange market and full coverage of bona-fide import and payment demand. The MPC said the economy still faces uncertainty in the global growth trajectory and reaffirmed a well-calibrated, data-driven stance, adding that interest rates will be gradually normalised only once a low and stable inflation environment is entrenche
Reserve Bank of Zimbabwe2025-12-01
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 both local and foreign currency, citing faster-than-expected disinflation, a 6.6% 2025 growth outlook, and the need to reinforce price, currency and exchange rate stability. Annual ZiG inflation slowed to 19.0% in November 2025 from 32.7% in October, the 2025 year-end inflation forecast was lowered to 15-17%, and the committee said rates will be normalised only once low and stable inflation is durably entrenched.