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Zimbabwe dollar faces devaluation

    JOHANNESBURG

    The Zimbabwe dollar is expected to be devalued by at least 25 percent against the US dollar once President Robert Mugabe has appointed a new finance minister, news reports said on Thursday.

    The Zimbabwe currency is currently pegged at 38 against the dollar and a leading economist, John Robertson, said he expected it to be devalued to 50 against the American dollar.

    “This will lure back exporters,” he told newspapers. “The country will benefit from devaluation.” Exporters of tobacco, a mainstay of the economy, have also called for a devaluation citing poor prices and soaring input costs. However, the Bankers Association of Zimbabwe and the Reserve Bank have consistently denied such a devaluation fearing panic in the business community.

    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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