Zimbabwe Devalues Currency By 60%

As of August 1, the Zimbabwe Central Bank has adjusted the inter bank exchange rate for the country's currency, removing three zeroes from its bank notes and bringing the value to 250 Zimbabwe dollars for every 1 US dollar. The

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As of August 1, the Zimbabwe Central Bank has adjusted the inter-bank exchange rate for the country’s currency, removing three zeroes from its bank notes and bringing the value to 250 Zimbabwe dollars for every 1 US dollar.

The decision came as a result of the country’s effort to reign in and help consumers deal with Zimbabwe’s hyperinflation of nearly 1,200%, the bank says.

The bank acknowledges that the removal of the last three zero’s from its currency will have a large impact on reporting, and given the short notice of the announcement, the bank says it is assessing the impact and expects to provide an analysis in the coming weeks.

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