The Reserve Bank of Zimbabwe (RBZ) has devalued the fast-depreciating Zimbabwe Gold (ZiG) by 42.6% following threats by some big retailers to shutdown their businesses if they are being forced to sell commodities in the local currency currently trading at more than 33 ZiG per U.S dollar on the black market.
The RBZ published the new US/ZiG rates on its official website, showing that the ZiG has been devalued to 23.4 to the U.S dollar from 14.
The RBZ Monetary Policy Committee, which met today in Harare, has recommended that the central bank should allow greater exchange rate flexibility in line with increased demand for foreign currency in the economy.
The committee has also recommended that the bank should reduce the amount of foreign exchange an individual can take out of the country from US$10,000 to US$2,000.