The Reserve Bank of Zimbabwe (RBZ) has announced new measures aimed at enhancing financial stability, increasing the use of the Zimbabwe Gold (ZiG) currency, and improving confidence in the banking sector.
Key policy changes include adjustments to foreign currency retention for exporters, a maintained bank policy rate, and revised interest rates on deposits.
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Book NowPresenting the 2025 Monetary Policy Statement in Harare on Thursday, RBZ Governor Dr. John Mushayavanhu revealed a reduction in exporters’ foreign currency retention thresholds. The effective surrender portion of export proceeds has been increased from 25% to 30% to boost foreign currency reserves supporting the ZiG.
“This adjustment aligns with the growing use of ZiG in the economy. The additional 5% will help exporters secure enough local currency for tax payments and other obligations,” Dr. Mushayavanhu stated.
The central bank also refined the interbank foreign exchange market framework, clarifying that the 5% trading margin introduced in May 2024 was only meant for setting the initial exchange rate after ZiG’s introduction.
RBZ further outlined plans to strengthen banking confidence by increasing minimum interest rates on savings and time deposits for both ZiG and USD accounts. The move is expected to encourage depositors to shift funds from non-interest-bearing accounts to interest-bearing savings.
Other key takeaways from the monetary policy statement include an expected decline in inflation, the removal of limits on foreign exchange trading, and a continued commitment to tight liquidity management within the multi-currency system.
