Zimbabwe’s export receipts fell to 3.6 billion U.S. dollars from January to September this year from 4.5 billion dollars a year ago, the country’s central bank, RBZ said Tuesday.
The Reserve Bank of Zimbabwe (RBZ) attributed the poor export performance to falling global mineral prices. Zimbabwe’s exports are mainly dominated by mineral and agricultural commodities.
“Due to the negative developments in the global economy, prices for most mineral commodities including platinum, nickel and lithium have been declining, negatively affecting export receipts in the economy,” RBZ Governor John Mangudya said in a statement issued Tuesday, following a meeting of the RBZ Monetary Policy Committee (MPC) on Monday.
Given the emerging global risks and to maintain exchange rate and inflation expectations, the MPC resolved to reduce the bank policy rate from 150 percent per annum to 130 percent with immediate effect, Mangudya said.
Meanwhile, the Reserve Bank of Zimbabwe, RBZ has slashed interest rates from 150 percent to 130 percent per annum in response to changing local and global dynamics.
It is good news for the private sector and borrowers after the Monetary Policy Committee resolved to reduce interest rates from 150 per to 130 percent per annum.
According to the RBZ, the move is in response to changing local and global economic dynamics which include the current exchange rate and economic stability as well as the slashing down of expected global growth rates from 3.8 percent to 3 percent.