Zimbabwe's Quasi-Currency Continues on Its Precipitous Slide
- Importers offer 80% discounts for payments in hard dollars
- Government may intervene ‘aggressively,’ economist says
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Zimbabwe’s currency crisis deepened on Tuesday as its quasi-currency, known as the RTGS$, extended its slide against the dollar amid a shortage of hard cash.
The RTGS$, which represents all mobile, electronic and domestic card transactions, reached nine against the greenback, from seven a week ago and three at the beginning of the year. So-called bond notes, introduced by the central bank in 2016 and supposedly backed by hard currency, traded at eight per dollar.