Central Banking

Zimbabwe halts e-transfers, inflation at 531 bn%

The Reserve Bank of Zimbabwe on Friday halted electronic transfers as the currency plunged to a fresh low. News of the stoppage follows a new estimate puts Zimbabwean annual inflation at 531 billion percent.

Gideon Gono, the governor of the Reserve Bank, told state radio that the institution was banning transfers "in order to maintain the sanity in the financial system."

He accused businesses of using transfers to overprice their wares, said the Real Time Gross Settlement payment system was also

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