April 29, 2020
The Reserve Bank of Zimbabwe Monetary Policy Commitee (MPC) met on 24 April 2020 and deliberated on a number of issues, including the Impact of COVID-19 on the nation and the necessary policy interventions to ensure that the economy remains on a growth trajectory. The MPC noted the compelling need to reinforce the Banks's first-round of economic policy responses to the COVID-19 pandemic and made the following resolutions: 24 April 2020 Monetary Policy Committee Meeting Resolutions
March 11, 2020
In order to stabilise the exchange rate and hence, to lower inflation, the Government has decided to implement a holistic package of key policy measures. In this regard, a Currency Stabilisation Task Force has been set up. This will be spear-headed by the Ministry of Finance and Economic Development and the Reserve Bank of Zimbabwe, and will include members of the MPC and PAC.
Feb. 13, 2020
Cabinet considered and approved the Report on the Second Money Laundering and Terrorist, Financing National Risk Assessment (NRA) and Zimbabwe’s Third National Anti-Money Laundering, Combating Financing of Terrorism and Countering the Financing of Proliferation (AML/CFT/CFP) Strategic Plan for the period 2020-2025, which were presented by the Minister of Finance and Economic Development.
In order to address the challenges outlined in the Second NRA Report, Government has come up with the Third National Anti-Money Laundering, Combating Finance of Terrorism and Countering the Financing of Proliferation (AML/CFT/CFP) Strategic Plan, which will cover the period 2020 to 2025.
Sept. 23, 2019
Insurance companies will now undergo monthly audits to ensure their assets are sufficient to cover their clients’ properties in the event of loss. Government last week gazetted the new regulations that will, among other things, ensure minimum prescribed asset ratios for insurers as announced by Finance and Economic Development Minister Mthuli Ncube in the 2019 National Budget Statement. Under the new regime, insurance companies will be required to conduct self-assessment to prescribed ratios within 14 days after the end of every month based on management accounts.
Sept. 21, 2019
Zimbabwe's central bank has tightened the rules governing the trade of foreign currency by money exchange offices with immediate effect.The rates offered by exchange offices must be 7% above or below the interbank mid-rate, the central bank said in an emailed statement. Failure to comply would result in either heavy financial penalties or license revocation, it said.
May 20, 2019
Zimbabwe's central bank has secured a $500 million loan from unspecified international banks to support interbank currency trading from Monday and ease a dollar crunch that has brought fuel and medicine shortages.
April 1, 2019
In line with the 2019 Monetary Policy Guidelines, The RBZ has granted 26 firms, bureaux de change licences.