Zimbabwe devalues dollar for exporters

RESERVE BANK of Zimbabwe Governor Gideon Gono has devalued the national currency for exporters by 98%, according to the bank’s website. Inflation in March reached a devastating 2 200%. An exchange rate of Z$15 000 to the US dollar will apply to exporters and other businesses generating foreign exchange – including tobacco growers and mining companies. This compares to the official exchange rate of Z$250 to the US dollar. According to Voanews.com the new rate will also apply to currency transactions of humanitarian and other nongovernmental organisations and embassies, as well as Zimbabweans living abroad in the so-called diaspora who remit funds to family and friends in the country.