Chaos and depreciation as Zimbabweforex trading system introduced

- By FX Markets Staff
- @FXMarkets_
- 07 Nov 2005

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The Zimbabwe dollar plunged from 26,000 against the greenback to a low of 74,000 within days of the launch of an interbank trading system in the country.

On October 21, the Reserve Bank of Zimbabwe (RBZ) established TFCBS – tradable foreign currency balances system. The new system replaces an auction scheme that had been running for nearly two years. Under that regime the buy and sell prices of the domestic currencies were largely determined by the RBZ. The new system sees prices that are

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