RBZ Monetary Policy 2025 - Mukanya Financial Services

Policy Focus: Price stability, exchange rate management, and economic growth through:

1. Key Monetary Policy Decisions

Policy Rate: Maintained at 15% (from Q4 2024)

Reserve Requirements:

Bank Lending Rates: Capped at policy rate + 5% (max 20%)

Statutory Reserves: 10% of deposits must be held in ZiG

Currency	Official Rate (Jan 2025)	Change from 2024	Market Position
ZiG (Zimbabwe Gold)	ZiG 13.50/USD	+8% appreciation	Stable with 2% trading band
USD	1 USD = ZiG 13.50	N/A	Legal tender alongside ZiG
ZWL	ZWL 3,450/USD	-25% depreciation	Phasing out of circulation

New Measures:

Inflation Target: 10-15% by December 2025 (from 285% in 2024)

Measure	Implementation	Expected Impact
Money Supply Growth Cap	15% quarterly maximum	Reduce inflationary pressures
Open Market Operations	Weekly TBill auctions	Mop up excess liquidity
Gold-Backed Digital Tokens	Phase II rollout	Alternative store of value

Inflation Outlook:

Minimum capital requirements:
- Commercial banks: ZiG 50 million (≈ USD 3.7 million)
- Merchant banks: ZiG 30 million
- Building societies: ZiG 25 million
Loan-to-deposit ratio capped at 70%
Stress testing mandatory for all banks

New digital currency regulations issued
Mobile money transaction limits:
- Daily: ZiG 50,000 (≈ USD 3,700)
- Monthly: ZiG 500,000
Cryptocurrency exchanges require RBZ license

Sectoral Focus:

Address: Reserve Bank of Zimbabwe, 80 Samora Machel Ave, Harare

Monetary Policy Hotline: +263 242 756 111

Email: monetarypolicy@rbz.co.zw

Website: www.rbz.co.zw