Zimbabwe Dollar Slumps 26% as Report Urges Looser Controls
- Currency tumbled against dollar at weekly central bank auction
- President promises painful measures to stop economic turmoil
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Zimbabwe’s dollar slumped 26% at an auction on Tuesday, after a report by two separate commissions said it was “overvalued” and urged the government to loosen foreign currency controls.
The local currency now officially trades at 1,888 Zimbabwe dollars to the US dollar from 1,404 a week ago, according to the results of a foreign-exchange auction run every Tuesday by the central bank.