Zimbabwe’s central bank accused of rigging the exchange rate
Former finance minister Tendai Biti blames the system of foreign currency auctions
24 September 2020 - 18:34
Former Zimbabwean finance minister Tendai Biti has accused the country’s monetary authorities of manipulating the currency’s exchange rate, which has maintained some form of stability, trading at about $1 to 80 Zimbabwe dollars (ZWL) over the past month.
Zimbabwe restored its local currency in February 2019 after a decade of formal use of the US dollar in the economy but the local currency, which started trading at 2.50 ZWL to $1, rapidly lost value, leading to hyperinflation...
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