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Zimbabwe Devalues Its Dollar to Try Stabilize Currency

Zimbabwe Devalues Its Dollar to Try Stabilize Currency

Currency has lost more than half of its value so far this year IMF has urged liberalizing exchange rate to fix currency woes.

Zimbabwe’s currency weakened almost 14% in the weekly central bank auction, just days after Finance Minister Mthuli Ncube called for changes to how the foreign-exchange market is managed.

The devaluation is the latest policy move to stabilize the local currency. While the weekly auction has been used to set the interbank rate at which businesses are meant to price their goods, it’s been criticized as overly controlled.

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