This Monetary Policy Statement, which is issued in terms of Section 46 of the Reserve Bank Act [Chapter 22:15] comes at a time when the economy is experiencing growth in an inflationary economic environment. The exchange rate and inflation volatilities experienced in the economy in the recent past are inimical to the sustenance of the local currency under the multi-currency system, which demands predictability, convertibility, transactional convenience, and reliable store of value properties. As a result of the cumulative depreciation of the local currency, the Zimbabwe dollar banknotes have become too small and inconvenient for the transacting public given the price levels obtaining in the economy.
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