20 February 2019

Zimbabwe: Latest - RBZ Abandons 1:1 Exchange Rate - Floats RTGs Currency

Photo: The Herald
Reserve Bank Governor John Mangudya presents the Monetary Policy Statement.

THE Reserve Bank of Zimbabwe (RBZ) has abandoned the 1:1 exchange rate between its surrogate bond note currency and the U.S. dollar.

The development was confirmed Wednesday by central bank Governor John Mangudya as he presented his monetary policy review in the capital.

Academic and economic commentator Professor Ashock Chakravat commended the RBZ for taking a brave step in floating the rate.

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