Zimbabwe’s central bank has increased overnight rates sharply, in a bid to stabilise the national currency, which became its sole legal tender on June 24.

The country had already unveiled plans to abandon the US dollar, which was part of its previous “multi-currency” regime. The value of locally issued paper “bond notes” and electronic money known as “RTGS dollars” diverged from the dollar despite a supposed peg, as the Reserve Bank of Zimbabwe (RBZ) struggled to supply enough dollars to