Zimbabwe devalues currency as economic crisis deepensPeople queue outside a bank in Harare, Zimbabwe. On Friday, it exchanged the bond notes’ replacement for dollars at a rate of 2.5. The name is derived from the real time gross settlement system banks use to transfer money between themselves. The central bank sold U.S. dollars to banks at 2.5 RTGS dollars on Friday morning, Bank Governor John Mangudya told business leaders, effectively a 60 per cent devaluation. SEE ALSO :Zimbabwe teachers to strike over pay as currency crisis deepens

Source: Standard Digital February 25, 2019 06:56 UTC