Zimbabwe devalues currency as crisis deepens
Analyst says Reserve Bank and finance ministry are struggling for control of FX reserves
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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