Zimbabwe’s ‘mono-currency’ move triggers sharp rate hike

Central bank hikes overnight rate by 35 percentage points as local currency becomes sole legal tender

Reserve Bank of Zimbabwe
Reserve Bank of Zimbabwe headquarters in Harare
Photo: Baynham Goredema

Zimbabwe’s central bank has increased overnight rates sharply, in a bid to stabilise the national currency, which became its sole legal tender on June 24.

The country had already unveiled plans to abandon the US dollar, which was part of its previous “multi-currency” regime. The value of locally issued paper “bond notes” and electronic money known as “RTGS dollars” diverged from the dollar despite a supposed peg, as the Reserve Bank of Zimbabwe (RBZ) struggled to supply enough dollars to

Only users who have a paid subscription or are part of a corporate subscription are able to print or copy content.

To access these options, along with all other subscription benefits, please contact customer services - www.fx-markets.com/static/contact-us, or view our subscription options here: https://subscriptions.fx-markets.com/subscribe

You are currently unable to copy this content. Please contact info@fx-markets.com to find out more.

Sorry, our subscription options are not loading right now

Please try again later. Get in touch with our customer services team if this issue persists.

New to FX Markets? View our subscription options

You need to sign in to use this feature. If you don’t have a FX Markets account, please register for a trial.

Sign in
You are currently on corporate access.

To use this feature you will need an individual account. If you have one already please sign in.

Sign in.

Alternatively you can request an indvidual account here: