Zimbabwe brings back United States dollar to deal with coronavirus, suspends floating exchange rate

Zimbabwe has bought back the United States dollar to deal with the coronavirus pandemic which has so far claimed one life.

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:

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