Zimbabwe’s Currency Shows Rare Signs of Stability, Ends Weeks of Volatility
- Local unit firms 9% vs US dollar, first gain this year
- Central bank plans to wean banks off dollar supply: MPC member
Zimbabwean dollar banknotes
Photographer: Waldo Swiegers/BloombergThis article is for subscribers only.
Zimbabwe’s currency is showing signs of stability for the first time in weeks, after a free-fall in the local dollar had pushed inflation into triple digits.
The Zimbabwean dollar gained for the first time this year, following a raft of policy measures taken to stabilize the currency. It firmed 9.4% against the greenback at a weekly-run central bank auction on Tuesday. It now trades at 6,326 per US dollar, compared with a week ago.