Zimbabwe

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.

Zimbabwe became the third central bank in Southern Africa to tighten its monetary policy stance this year, saying the move takes into account the current liquidity conditions in the market and the need to control speculative borrowing as its maintains a conservative monetary targeting framework in 2021.

THE Reserve Bank of Zimbabwe (RBZ) has kept the bank policy and medium term lending rates at 35 and 25 percent, respectively, while maintaining a stranglehold on money supply to entrench prevailing price stability.