Zimbabwe ditches dollar peg amid warnings of ‘disaster’

Reserve Bank of Zimbabwe
Harare skyline, including the Reserve Bank of Zimbabwe tower in the centre.
Photo: Baynham Goredema

The Reserve Bank of Zimbabwe said it will establish an interbank foreign exchange market, as the government effectively created a new currency and allowed it to float.

The new interbank forex market will be created with immediate effect, the RBZ statement said. The move is the RBZ’s latest attempt to stem the country’s currency crisis. But observers warned the new move could have a “disastrous” impact and deepen Zimbabwe’s economic crisis.

“[The market will] formalise the trading of RTGS [real

To continue reading...

You need to sign in to use this feature. If you don’t have a Central Banking account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an individual account here: