Zimbabwe today has introduced a new currency called the RTGS
Dollars, the RBZ boss John Mangudya said during the Monetary Policy Statement.
These “RTGS Dollars” are not tied on the 1:1 rate against
the United States Dollars but will instead be sold at a variable exchange rate
in the formal banking system. RTGS dollars will also including RTGS balances in
bank accounts.
The measures are trying create a new currency and stabilize
Zimbabwe’s economy, which has been lurched into crisis as a shortage of foreign.
Zimbabwe abandoned its own currency in 2009 after inflation rose to 500 billion
percent, allowing the use of the U.S. dollar and other units as legal tender.
Bond notes were introduced in 2016.
“RTGS, bond notes and coins to be immediately denominated as
‘RTGS Dollars’. The legal instrument giving effect to this has been prepared
and will be gazetted soon.” He said.
Mangudya said depositors could use their RTGS dollars to buy
foreign currency from the banks, a move presumably aimed at choking the
lifeblood of the black market, which had become the source of buying the scarce
US dollars. It is also meant to avail hard currency to forex-starved companies
that have been struggling to import raw materials.
“RTGS dollars have become one of the currencies in the
currency bucket of the multi-currency system of the economy”. The RTGS dollars
shall be used by all entities in Zimbabwe for the purposes of pricing of goods
and services, debts, accounting and settlement of transactions.” He added.
Now Banks will be able fix the rate of this currency against
the USD and other currencies. It also
means that individuals will now be able to go to banks/ Bureau de Changes to
change their money legally with no fears of being arrested.
