Jump to navigation

Zimbabwe

Policy U-turns deepen confusion over gold-backed currency

Officials say growth may rebound to 6% up from 2% but the prospects are hampered by inflation, low revenues and tight reserves

Adding to the mixed messages over who is setting economic, monetary and security policy, the Governor of the Reserve Bank of Zimbabwe (RBZ) John Mushayavanhu announced on 11 March that companies were free to use whatever exchange rate they preferred: between the year-old Zimbabwe Gold (ZiG) local currency and the US dollar. Within days that policy was reversed.

End of preview - This article contains approximately 1786 words.

End of preview

Subscribers: Log in now to read the complete article.

Account Holders: Log in now and use your Account Credit to buy this article. No Credit? Top up your Account now.


If you are logged in, but still cannot access the full text of this article, email customer services or telephone us on +44(0)1638 743633.