It has also suspended the managed floating exchange rate announced on 11 March and adopted a fixed exchange rate at which the Zimbabwe dollar will trade at 25:1 with the United States dollar.
The Reserve Bank of Zimbabwe said this will be reviewed when the market stabilizes from the effects of the coronavirus.
The central bank said it is reviewing its policy rate from 35% to 25% and hopes banks will do the same with their lending rates.
Below is the full RBZ statement:
(221 VIEWS)
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