South Africa

Zimbabwe’s central bank accused of rigging the exchange rate

Former Zimbabwean finance minister Tendai Biti has accused the country’s  monetary authorities of manipulating the currency’s exchange rate, which has maintained some form of stability, trading at about $1 to 80 Zimbabwe dollars (ZWL) over the past month.

Zimbabwe restored its local currency in February 2019 after a decade of formal use of the US dollar in the economy but the local currency, which started trading at 2.50 ZWL to $1,  rapidly lost value, leading to hyperinflation.

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