What are RTG Dollars
RTGS Dollars is money made up of bond notes, bond coins and RTGS balances( electronic money).
What do you have right now?
What you have in your bank account or mobile money wallet or pocket right now is now called RTGS Dollars. But those who opened Foreign Currency Account (FCA), their money is still pure US Dollars.
Are RTGS Dollars a new currency?
That’s the topic of every conversation in Zimbabwe right now. Well, Dr. John Mandudya never said or mentioned that the RTGS dollars are Zimbabwe’s new currency. However, the way the RTGS dollars are being treated on the currency market overwhelmingly suggest that RTGS dollars are Zimbabwe’s new currency. So officially RTGS dollars are not Zimbabwe’s new currency but unofficially they are our new currency.
What is the exchange rate between RTGS Dollars and US dollars?
The official or formal exchange of RTGS dollars and US dollars (RTGS dollars/US Dollars) is going to begin next week on Monday the 25th of February. The Reserve Bank of Zimbabwe has said that the initial exchange rate between the two currencies will be between 3-4 RTGS dollars/1 US dollar.
Will the rate between the two go up?
The RBZ governor said he expects the rate (3-4 RTGS dollars/1 US dollar) to go down. However, we’d have to wait and see what the market says.
How will the rate between RTGS Dollars and US Dollars be determined
The exchange rate will be determined by the forces of supply and demand on an auction market the RBZ has set up called the Interbank Foreign Currency Exchange Market, which is made up of banks and Bureau de change.
If I want to exchange RTGS and US Dollars what do I do and where do I go?
If you want to exchange whatever money you have, you go to a Bureau de change or bank.
Will the black market exist?
The black market will obviously exist because typically it offers better rates than those offered by banks or Bureau de changes.
Does the introduction of RTGS Dollars change prices?
According to John Mangudya, nothing should change just because bond notes, bond coins, and RTGS balances are now called RTGS dollars.
5 comments
The black market will continue to exist, not because it will offer a better rate, in fact that is unlikely to be the case, but because it will cater for money launderers and tax evaders. In the majority of situations, an open and transparent market such as is proposed by the governor, will be more competitive than the black market. Illegal traders will not have access to the same market as as legal traders. Legitimate businesses, importers and exporters and law abiding citizens, will go to the banks rather than illegal traders.
So, what will happen if i pay by international credit card?
from your fca or nostro account no problem
From rtgs account problem becoz usd is still in short supply
Policy statement is not an injection of usd into the mkt
It only formalises what retailers hav been doing
What value will be given to bank loans obtained during the period when bond note and usd were 1:1?RTGS loan or?
If the rate of usd to rtgs dollar is 1 to 3or4, therefore salaries and wages should increase by multiplying them with 3or4 since our salaries remained constant as there was a 1 to 1 call for usd to bond.