Source: Africa, Zimbabwe News: (ZWL USD) Devaluation of Dollar Peg Sought – Bloomberg
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Bankers association wants more regular reviews of fixed rate
- Lenders recommend government start fund for firms hit by virus
Zimbabwean lenders are urging the central bank to introduce more frequent reviews of the embattled southern African country’s fixed-exchange rate and to ease rules on capital buffers to help the industry cope with the fallout from the coronavirus.
The Bankers Association of Zimbabwe wants the central bank to help stabilize foreign-exchange markets through a “periodic” devaluation of the rate to better reflect the country’s economy, according to a letter sent to the central bank and seen by Bloomberg. The Zimbabwe dollar was pegged at 25 to the greenback on March 26, while the black-market rate for the U.S. currency can be as much as double that.
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