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Devaluation in Zimbabwe

Despite some confusion surrounding the move, Zimbabwe's central bank does appear to have devalued the local currency by 40% yesterday. Although the 'official' exchange rate advertised on the bank's website remains at approximately USD 1 / ZWL 166, alongside is now shown the 'interbank' rate, at USD 1 / ZWL 277, which President Mnangagwa announced in a televised address should now be the new 'reference' rate for retailers and wholesalers.

It is as yet unclear which rate would be used for withdrawals from foreign-currency-funded commercial bank accounts or for exchange transactions at bureaux de change, but we will endeavour to discover such details by the time of our main currency round-up at the end of the month. 

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