Zimbabwe devalues currency by almost 40%
In his mid-year monetary policy statement yesterday, Gideon Gono, governor of the Reserve Bank of Zimbabwe, also announced a number of liberalisation measures aimed at boosting foreign currency earnings and encouraging residents and Zimbabweans living abroad to repatriate foreign funds.
"The rate that's now going to be given to exporters is Z$17 500 per US dollar," Gono said, adding that the same rate will apply to anyone who exchanges foreign currency at commercial banks in Zimbabwe.
In a surprise move, Gono also announced that the RBZ will designate fuel stations throughout the country that will sell fuel for one US dollar per litre in order to ease a critical shortage that has seen no significant fuel deliveries in Zimbabwe for the past two months.
Zimbabwe's foreign currency market is tightly regulated, but Gono said "no questions will be asked as to where one got his or her foreign currency" to buy fuel.
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