Zimbabwe devalues currency as crisis deepens

Analyst says Reserve Bank and finance ministry are struggling for control of FX reserves

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

The Reserve Bank of Zimbabwe (RBZ) announced it would sell hard currency “at the market-determined exchange rate” as the Zimbabwe dollar’s unofficial value almost halved.

The monetary policy committee also announced on June 6 it had increased the policy rate by 10 percentage points, to 150%, on June 6. The moves came as the Zimbabwe dollar depreciated rapidly in currency markets.

The black market exchange rate rose from Z$3,400 for US$1 on June 5 to 6,200 on June 9. An analyst based in

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact info@centralbanking.com or view our subscription options here: http://subscriptions.centralbanking.com/subscribe

You are currently unable to copy this content. Please contact info@centralbanking.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to Central Banking? View our subscription options

Register for Central Banking

All fields are mandatory unless otherwise highlighted

Most read articles loading...

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

.