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Zimbabwe Imposes Capital Controls to Stem Currency’s Slide

An Economy In Meltdown As Opposition Claim Lead In Zimbabwe Vote
Photographer: Waldo Swiegers/Bloomberg

Zimbabwe’s President Emmerson Mnangagwa has imposed capital controls in an attempt to control the currency’s rapid depreciation. 

The Zimbabwean dollar has lost half of its value this year making it Africa’s worst performing currency. Banks in the country have been ordered to stop lending with immediate effect “to minimize the creation of broad money that is prone to abuse for purposes of manipulating the exchange rate,” Mnangagwa said in a televised speech.