In His Monetary Policy Statement presentation, the Reserve Bank of Zimbabwe Governor John Mangudya has said that the central bank is establishing an inter bank market to trade in forex.
Instead of setting up a new proper currency, the governor said that current RTGS balances will be referred to as RTGS dollars which will then become a separate currency in the multicurrency basket that Zimbabwe is using.
When responding to questions asked after his presentation, the governor said what the RBZ has done is to simply formalise what has been happening already. Essentially, he has accepted that in practice the value of money in our bank accounts has not been at par with the US dollar in a long time.
This is a developing story and we will keep updating you
Download the Monetary Policy Statement
Also Read: Here Are The Answers To All Your Questions About The RTGS Dollars
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Zimbabwe RTGS Dollars are a Zimbabwean currency introduced on 20 February 2019 by the Reserve Bank of Zimbabwe. At introduction, the currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins. The introduction of the RTGS Dollars was announced by... Read More About RTGS Dollars
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe
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There is nothing new in this MPS. He has already confirmed what we all know. In my opinion, it is shallow and lacking in detail, policy measures, time lines & practical solutions to monetary related challenges.