Economics
Zimbabwe Starts Currency Trading in Bid to End Dollar Dearth
- Central bank says RTGS$ initial rate will be 2.5 per dollar
- Opposition says it will plunge to as weak as 8 per greenback
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Zimbabwe began formal trading of what’s effectively a new currency as it tries to ease a shortage of dollars that’s crushed the economy.
The initial rate for the southern African nation’s currency, known as RTGS dollars, will be 2.5 per U.S. dollar, central bank Governor John Mangudya told business leaders Friday in Harare, the capital. The rate was agreed on with commercial lenders, he said.