The consumer price index was flat in June after falling 2.4% a month earlier, the Zimbabwe National Statistics Agency said Friday in an online briefing.
Zimbabwe’s monthly consumer prices were unchanged as the nation’s stable bullion-backed currency helped put a lid on inflation. The central bank expects monthly inflation to end the year below 5% as the exchange rate remains stable, Governor John Mushayavanhu said in a statement Wednesday after the monetary policy committee decided to maintain the benchmark interest rate at 20%.
The new currency that’s known as ZiG, short for Zimbabwe Gold, is backed by 2.5 tons of gold and $100 million in foreign-currency reserves held at the central bank. It’s the nation’s sixth attempt at a stable local currency in 15 years. In early April, it replaced the Zimbabwean dollar, which had crashed several times since it was reintroduced in 2019, fanning inflation.
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