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Zimbabwe currency ‘goes crazy'

The Zimbabwean dollar suffered its worst crash in memory, dealers said yesterday (Thursday). The crash sparked a run on dollars and forcing stores to close early to put new prices on their meager stock.

Black market exchange rates - fueled by the central bank buying at the illegal rates to pay the mounting debts of crumbling state fuel and power utilities - rose to upward of 300,000 Zimbabwe dollars to one US dollar in large offshore deals, said one trader. The rate, said one dealer, “is changing by the hour”.

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[22 Jun 2007 07:42]


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