Truworths wades into devaluation debate

A number of Zimbabwean economic players have called for currency devaluation, with some pressing for "steep devaluation" of between 50 percent and 60 percent. Devaluation basically refers to the decision to reduce the value of a currency in a fixed exchange rate.

This means, for instance, that for locals, imports and foreign travel become more expensive, but domestic exports will benefit from their exports becoming cheaper, and hence become more competitive in regional and international trade.

But clothing retailer Truworths chief executive officer Themba Ndebele, has gone further to argue that the implementation of sustainable devaluation should necessarily be backed by balance-of-payments (BOP) support.