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Zimbabwe's Banks Begin Trading in New Currency


Women queue at bank to withdraw money before Zimbabwe introduces new local currency, Harare, Oct. 28, 2016.
Women queue at bank to withdraw money before Zimbabwe introduces new local currency, Harare, Oct. 28, 2016.

HARARE (Reuters) - Zimbabwe’s banks on Friday started trading a new currency with corporate clients and individuals, although interbank trading won’t begin until Monday, a banking source said.

Zimbabwe’s central bank announced on Wednesday it would scrap the official 1:1 peg between its quasi-currency bond note and the U.S. dollar, launching a new currency known as RTGS dollars.

The central bank began selling U.S. dollars to banks on Friday morning at a rate of 2.5 RTGS to the greenback, its governor said.

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