March 11, 2019 / 10:07 AM / 5 months ago

Tobacco auctions could move exchange rate for Zimbabwe's transitional currency - cenbank governor

HARARE, March 11 (Reuters) - Zimbabwe’s central bank governor on Monday said the exchange rate for the new transitional currency should move from 2.5 to the U.S. dollar by the time tobacco auctions open next week, suggesting the local unit will be devalued further.

The Reserve Bank scrapped a discredited 1:1 dollar peg for surrogate bond notes and electronic dollars last month, merging them into a lower-value transitional currency called the RTGS dollar, which has been stuck at a rate of 2.5 to the greenback. (Reporting by MacDonald Dzirutwe; Editing by Toby Chopra)

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