Zimbabwe To Rebase Economy After Adopting New Currency – Finance Minister

Zimbabwe’s Finance Minister announced the rebasing of the economy following the adoption of a new currency earlier this year, and said growth would be slowed this year by a drought and a cyclone that hit eastern regions.

The economy grew higher than expected in 2018, Finance Minister Mthuli Ncube told parliament.

The central bank scrapped the peg between its quasi-currency bond note and electronic dollars against the U.S dollar in February and merged them into a single transitional currency called the RTGS dollar.

Rebasing the economy broadly means changing the reference points used to calculate the country’s gross domestic product.

By: Reuters