THE Reserve Bank of Zimbabwe’s decision to devalue the ZiG currency in September last year resulted in “near-doubling” of OK Zimbabwe’s United States Dollars-denominated debt stock, a senior company executive has revealed.
The ZiG lost 43 percent of its value on September 27, 2024 as authorities sought to catch-up with the runaway parallel market rates and improve the viability of the exchange rate system.
For OK Zimbabwe, the move meant that its USD debts bloated almost two-fold for goods that were already sold at a lower exchange rate.