The Reserve Bank of Zimbabwe says inflation in the country is expected to be 55% by July, against 873.53% in the same period in 2020.
In a note published on May 4, the Central Bank’s Monetary Policy Committee (MPC) revealed that the inflation rate dropped by 240.1% in March this year to 194% in April. This downward trend started in August last year following the implementation of a monetary policy aimed at stabilizing price development. The MPC says it wants to pursue this conservative guideline to ensure that the current price stability is maintained.
The Central Bank also announced reforms that should help strengthen the economic recovery and boost productivity. These include maintaining the Bank's policy rate at 40% to stimulate loan applications and also investing $1.3 million (Z$500 million) in financing for micro, small and medium enterprises (MSMEs). Support for MSMEs will be deployed with an annual interest rate of 30% to improve production and productivity in all economic sectors.
It should also be noted that the policy of supporting Forex bureaus for foreign currency needs should continue, to support MSMEs that need foreign currency for their production needs.
Carine Sossoukpè (intern)
BYD to install 200-300 EV chargers in South Africa by 2026 Fast-charging stations powered by grid...
Drones to aid soil health, pest control, and input efficiency High costs, skills gap challenge ac...
TotalEnergies, Perenco, and Assala Energy account for over 80% of Gabon’s oil production, estimate...
Nokia extended its agreement with Vodafone to supply next-generation radio access network (RAN) eq...
Diaspora sent $990M to CEMAC via mobile money in 2023 Europe led transfers; Cameroon dominat...
Air Algérie will receive its first Airbus A330-900 on November 12, marking the start of a fleet renewal plan involving 18 new aircraft. The delivery...
Cobre Ltd has launched new diamond drilling at the Cosmos target within its Ngami Copper Project in Botswana to assess high-grade mineralization...
Angola’s Tetelo copper project to start production soon Mine to produce 25,000 tons annually, led by Chinese firm Luanda eyes copper to diversify from...
Ghana expects cocoa output to exceed 650,000 tons in the 2025/26 season, up from 600,000 tons forecast for 2024/25. The government has raised the...
Asmara, the capital of Eritrea, is often described as Africa’s modern city for its remarkable architectural heritage and forward-thinking urban design....
The Great Zimbabwe National Monument stands as one of southern Africa’s most iconic archaeological sites, a silent witness to a thriving African...