ZiG helps maintain price stability in Zimbabwe

The price of basic commodities in Zimbabwe has remained stable in both ZiG and US dollar terms, with the local currency slightly appreciating against the US dollar due to government fiscal and monetary interventions. Information, Publicity, and Broadcasting Services Minister Dr. Jenfan Muswere reported this during a post-Cabinet media briefing in Harare.

Cabinet noted that during the second quarter of 2024 (April to June), there was stability in prices and availability of basic commodities across all provinces. The ZiG currency appreciated by 0.51% against the US dollar, supported by a tight monetary stance which stabilized the exchange rate and commodity prices.

Dr. Muswere noted a gradual convergence between formal and informal market prices, indicating the effectiveness of government measures. There has been increased ZiG uptake in mainstream business outlets, with most transactions in formal retail shops conducted in ZiG.

The Reserve Bank of Zimbabwe's Monetary Policy Committee reported a -2.4% month-on-month inflation rate in ZiG for May 2024, with expectations of around 0% inflation in June 2024 due to declines in both food and non-food prices.