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Economics

Zimbabwe Considering Devaluing Quasi-Dollars, Official Says

  • Central bank to unveil monetary policy statement on Wednesday
  • Bond notes currently trade at 3.61 per dollar on black market
Updated on

Zimbabwe’s central bank is considering devaluing its quasi-currency as part of a raft of reforms to the nation’s foreign-exchange system, according to a central bank official.

Depreciating the so-called bond notes would be an acknowledgment that the official one-for-one exchange rate is no longer sustainable. It would also mark the second major overhaul to Zimbabwe’s currency regime since October, when the central bank ordered lenders to separate deposits of U.S. dollars and electronic money known as RTGS$.