March 11, 2020 / 9:54 AM / 24 days ago

Zimbabwe to switch to managed float exchange rate -finance minister

HARARE , March 11 (Reuters) - Zimbabwe will adopt a “managed float” exchange rate regime, Finance Minister Mthuli Ncube said on Wednesday, abandoning strict control of foreign exchange by the central bank as it battles a growing economic crisis.

The central bank has controlled the interbank forex trading market, which was introduced in February 2019. But failure to free it up has the gap between black market and official exchange rates widen.

Reporting by Nelson Banya Writing by Mfuneko Toyana; editing by John Stonestreet

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below