Zimbabwe Central Bank Data Shows Local Currency Devalued 40%

Spread the love

(Bloomberg) — The Zimbabwe dollar’s exchange rate was quoted 40% weaker against the U.S. dollar on Monday, according to data on the website of the central bank.

The currency was priced at 275.79 per dollar on the website of the Reserve Bank of Zimbabwe compared with 165.99 on Friday. No further detail was given.

On Saturday, President Emmerson Mnangagwa ordered banks to halt lending in a bid to stop the slide in value of the Zimbabwe dollar as local businesses shun the unit in favor of the American currency. The local unit trades at as much as 420 per greenback on the black market.