Business Reporter
The Reserve Bank of Zimbabwe today allowed the ZiG to fall over 40% against the US$ dollar, giving in to weeks of sustained pressure on the currency launched in April. The central bank’s website gave the mid rate for the ZiG currency as 24.3902 to the dollar on Friday versus.
In a statement issued to central banks and bureau de change, the RBZ announced the new exchange rate of ZiG24,39 : US$1
The monetary authorities believe the move will go a long way to reduce exchange rate pressures.The ZWG has traded at around ZWG 13,80 since its inception.
The move comes at a time when several retailers had resorted to rejecting the local currency unit due to the mismatch between the official and parallel market rates.
More to follow…..
