Zimbabwe Central Bank Data Shows Local Currency Devalued 40%
The Zimbabwe dollar’s exchange rate was quoted 40% weaker against the U.S. dollar on Monday, a day before the central bank holds it weekly foreign-currency auction meant to establish the official rate.
The currency was priced at 275.79 per dollar on the website of the Reserve Bank of Zimbabwe on Monday compared with 165.99 on Friday. No further detail was given. The move to adopt the interbank rate as the official rate cuts down on the multiple exchange rates developing which also include a parallel-market price of as much as Z$420 per U.S. dollar.
