Zimbabwe Eases Dollar Curbs, Lifts Rates to Boost Local Currency

Zimbabwe liberalized its foreign-exchange market and raised interest rates, among a new raft of measures aimed at stabilizing the nation’s currency and reining in resurgent inflation.

The central bank will begin selling foreign currency at market-determined exchange rates through banks from Wednesday, the monetary policy committee said in a statement on Tuesday. The measure follows advice last month from the International Monetary Fund that the country remove restrictions on the exchange rate and after the Zimbabwean dollar fell 30% at an auction to 3,674 per dollar.