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Annual inflation in Zimbabwe hit 55.3% in March 2024. [8] The ZiG is notionally divided into 100 cents, which were first used by the Zimbabwe Stock Exchange before the currency had an ISO code. Cents were officially recognized by the Reserve Bank of Zimbabwe when a currency code for the Zimbabwe Gold was introduced in June 2024. [9]
The exchange rate is determined by the forces of supply and demand on an auction market the Reserve Bank of Zimbabwe set up along with the announcement of the RTGS dollar. The market is called Interbank Foreign Currency Exchange Market and is made up of banks and bureaux de change. [63]
The same month, Finance minister Mthuli Ncube said the GVT would not hesitate to intervene to cushion against price increases and exchange rate volatility. [85] In April 2024, a new currency was announced, the Zimbabwean ZiG. [86]
It is the country’s sixth attempt at a new currency since the spectacular 2009 collapse of the Zimbabwe dollar and adoption of the U.S. dollar as legal tender amid hyperinflation of 5 billion ...
Exchange rates; Currency band; Exchange rate; ... Zimbabwe Kenya Haiti ... This page was last edited on 5 November 2024, at 08:17 (UTC).
24 January – RBZ caps daily variance of official exchange rate based on volume traded. The ZWD is able to fluctuate (from its average rate) in a daily band of: 0% (under US$5 million); 1% (US$ 5 to 10 million); 1.5% (US$ 10 to 15 million); or 2% (exceeds US$15 million). This effectively froze the official exchange rate.
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