RBZ maintains lending rates at 25%

By ZBC Reporter
Reserve Bank of Zimbabwe Governor Dr John Mangudya says the Monetary Policy Committee MPC met today and resolved to maintain the policy rate for overnight accommodation at 35 percent and the medium-term lending rate for the productive sector at 25 percent.

In a statement Dr Mangudya said the MPC also resolved to bring forward the date of the next foreign exchange auction to Monday next week given that Tuesday is a public holiday and that the manufacturing sector will thereafter r be going on festive season shut down.

He said the MPC undertook to hold the next post festive season auction on 12 January 2021 and to also maintain the conservative monetary target framework in 2021 in order to sustain price stability in the economy.

Dr Mangudya expressed appreciation for the manner the market embraced the foreign exchange auction system and the resultant price stability that has continued to prevail in the economy.

He assured the public that the foreign exchange auction system shall continue to be the anchor for the management of foreign currency in Zimbabwe adding that price and financial system stability shall remain the primary focus of the bank .

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