Zimbabwe in currency devaluation

From the department of good-solutions-applied-years-too-late:
Zimbabwe has devalued its currency as part of its battle to tackle its deepening economic crisis.

One US dollar now buys 30,000 Zimbabwe dollars on the official market, having previously earned 250 Zimbabwe dollars.

However dealers said that on the illegal market, $1 was buying 250,000 of the Zimbabwean currency

Latest figures put Zimbabwe's annual inflation at 7,634%. The International Monetary Fund (IMF) has warned it could reach 100,000% by the end of the year.

Finance minister Samuel Mumbengegwi unveiled the devaluation in a budget announcement.

Other reforms included waiving taxes on some lower earners and increasing stamp and excise duties.

The devaluation announcement was described as a "move in the right direction" by former head of the National Chamber of Commerce, Luxon Zembe.

However he said that the gap between the official rate and the market rate needed to be narrowed.

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