Zimbabwe’s New Currency Expected To Trade At 2.5 Vs US Dollar – CBank

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Zimbabwe’s new currency is expected to begin trading at around 2.5 to the US dollar, Central Bank Governor John Mangudya said on Friday, a significant devaluation as the regulator attempts to stem chronic cash shortages.

The Reserve Bank of Zimbabwe (RBZ) on Wednesday said it would scrap a peg between its quasi-currency bond notes and the US dollar, creating a new currency from the bond notes and notional electronic dollars known as RTGS dollars.

Trading on the Interbank market was due to begin on Monday, although Mangudya mentioned trading had started on Friday morning.

EWN

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