Zimbabwe’s government has ordered banks to stop lending with immediate effect

Zimbabwe reintroduced a local currency in 2019 after abandoning it in 2009 when it was hit by hyperinflation. However, the Zimbabwean dollar, which is officially quoted at 165.94 against the U.S. dollar, has continued to slide on the black market, where it is trading at about 400 to the greenback, up from about 200 at the beginning of the year.

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