Zimbabwe's foreign currency reserves climbed to $900 million following a $2.2 billion increase in foreign currency inflows. The Reserve Bank of Zimbabwe reported these figures after its Monetary Policy Committee meeting Friday. The surge brings reserves within $100 million of the $1 billion mark. Gold and tobacco exports powered the strong domestic economic performance.
Foreign currency inflows reached $10.4 billion through August 31, compared with $8.2 billion during the same period last year. The central bank expects the current account surplus to grow to $1.3 billion. Exchange rates have remained stable since September 2024 due to steady reserve accumulation. Monthly inflation for the Zimbabwe Gold currency averaged just 0.6 percent between February and August.
The Monetary Policy Committee maintained the Bank Policy Rate at 35 percent. Annual inflation should drop toward 20 percent by December 2025. Statutory reserve requirements for deposits remain at 30 percent. Officials cited the positive outlook as justification for keeping current monetary policies unchanged.
Foreign currency inflows reached $10.4 billion through August 31, compared with $8.2 billion during the same period last year. The central bank expects the current account surplus to grow to $1.3 billion. Exchange rates have remained stable since September 2024 due to steady reserve accumulation. Monthly inflation for the Zimbabwe Gold currency averaged just 0.6 percent between February and August.
The Monetary Policy Committee maintained the Bank Policy Rate at 35 percent. Annual inflation should drop toward 20 percent by December 2025. Statutory reserve requirements for deposits remain at 30 percent. Officials cited the positive outlook as justification for keeping current monetary policies unchanged.
