Zimbabwe's monthly inflation for August declined to 12.4 percent, shedding 13.2 percentage points from 25.6 percent the previous month, the Zimbabwe National Statistics Agency said Friday.

Zimbabwe's annual inflation surged to 256.9 percent in July from 191.6 percent the previous month, the Zimbabwe National Statistics Agency said Friday.

Zimbabwe's central bank left its policy rate steady for the third time this year, saying there is still a need to maintain the current monetary policy stance that "has proven to be effective in combating inflation and fostering monetary stability in the economy."

FINANCE and Economic development Minister, Professor Mthuli Ncube on August 18 launched the Zimbabwe Mercantile Exchange (ZMX), an agricultural commodities trading platform with automated electronic warehousing and receipting capabilities.