Zimbabwe moves to stabilise currency

Zimbabwe is making yet another attempt to stabilise its currency that’s under “enormous pressure,” with inflation driving demand for US dollars, according to the country’s finance chief.

The government announced that businesses will, from May 15, be allowed to keep all foreign exchange earned from local sales.

Previously, the central bank required that 15% of US dollar sales be converted to local currency using the official rate.

The central bank will also raise interest rates that are already the world’s highest.

Bloomberg/Hauwa Abu