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Currency devalued again

    JOHANNESBURG

    Zimbabwe’s central bank devalued the local currency by 3 percent on Monday, its second adjustment of the official exchange rate in a month.

    Media reports said the devaluation caused confusion among banks as the central bank failed to notify them about the devaluation. The Zimbabwe dollar was devalued from 50 to the US dollar to 51.5. The announcement of the second devaluation came as government officials met with a visiting delegation from the International Monetary Fund.

    Meanwhile the Johannesburg daily, ‘The Star’ said on Tuesday that the Zimbabwe central bank could devalue the dollar by between 2 and 4 percent every fortnight. It said that central bank officials had agreed to a gradual devaluation instead of a once-off big devaluation.

    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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