A leading business official has said Zimbabwe’s struggling industry looks set to recover after the central bank eased exchange controls to let exporters retain the bulk of their earnings in bank accounts. ”Give it another 12 months and we will be back on our feet,” said Callisto Jokonya, president of the main Confederation of Zimbabwe Industries.
Zimbabwe’s central bank devalued its dollar by 60% on Monday after announcing it had decided to knock three zeros off all banknotes to help consumers cope with hyperinflation of nearly 1Â 200%. ”With immediate effect the inter-bank exchange rate has been adjusted to the trading level, after the removal of the three zeroes,” central bank head Gideon Gono said.