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Zimdollar drops 135,7%
Mishma Chakanyuka ·
THE Zimdollar has devalued by 135,7% to $15,25 against the greenback on the interbank market since it was declared the sole legal tender on June 24, owing to persistent foreign currency shortages and the deteriorating economic environment.
When the Reserve Bank of Zimbabwe scrapped the use of a basket of other foreign currencies, the Zimdollar was trading at US$1:2,5, but as of yesterday, the interbank rate stood at US$1:$15,25.
The interbank foreign exchange market was introduced in February this year to allow companies to trade forex, but access to foreign currency has remained challenging for businesses.
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