Zim$ to tumble further

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ZIMBABWE’S domestic currency will continue to devalue against major currencies due to lack of key reforms and government’s policy inconsistencies, analysts have said.
The Zimbabwean dollar, which was hastily reintroduced last year, devalued by 64 percent over the last month and is expected to weaken further as the tobacco selling season ends and foreign currency inflows dwindle.

“Government policies being enacted at the moment, including the closure of the Zimbabwe Stock Excchange (ZSE), the introduction of a foreign exchange auction system, exchange controls and other such measures have all been tried before between 2003 and 2008,” John Legat, Imara Asset Management (Imara)’s chief executive, said.