Zimbabwe Monetary Policy Committee says inflation will be down to 50% by year end

Zimbabwe’s Monetary Policy Committee which was set up in September last year says that inflation that currently stands at more than 500 percent will be down to 50 percent by the end of the year.

In a statement by the chairman of the committee, Reserve Bank of Zimbabwe governor John Mangudya, the committee said month-on-month inflation should be at single digit level at the close of the first quarter.

Month-on-month inflation has been on the decline since October and stood at 16.55 percent in December.

The committee said this trend should see year-on-year inflation coming down to about 50 percent by December.

Zimbabwe stopped publishing year-on-year inflation figures in August last year and will resume next month.

The committee is made up of the central bank governor and his two deputies as well as five independent members: industrialist and businessman Kumbirai Katsande, economist Ashok Chakravarti, banker Douglas Munatsi, Marjorie Ngwenya and economist Eddie Cross.

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