While repeatedly rejecting devaluation of the Zimbabwe dollar as a measure to overcome the country's worsening economic crisis, the country's central bank governor yesterday announced a range of exchange rate subsidies tantamount to a significant devaluation.

In effect, Gideon Gono, Reserve Bank governor, devalued the Zimbabwe dollar by more than 90 per cent to Z$15 000 to the US dollar from Z$250 while ensuring that very few transactions will continue to take place at the official exchange rate.