Zimbabwe devalues currency as crisis deepens

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

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