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Bankers devalue dollar by 3 percent

    JOHANNESBURG

    The Zimbabwe dollar was on Monday devalued by three percent against the US dollar, putting the new rate at 51.5 to one, a statement from the Bankers of Association of Zimbabwe (BAZ) was quoted as saying on Tuesday.

    “Further adjustments can be expected within the broad policy objectives of maintaining export competitiveness,” BAZ Chairman Greg Brackenridge said.
    Meanwhile banking officials were also quoted as saying that a new commission, comprising officials from the central bank of Zimbabwe and private banks, has been created to monitor the economy and propose changes to the exchange rate.

    This article was produced by IRIN News while it was part of the United Nations Office for the Coordination of Humanitarian Affairs. Please send queries on copyright or liability to the UN. For more information: https://shop.un.org/rights-permissions

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