RTGS Dollar Falls By 140% In 4 Months

RTGS Dollar Falls By 140% In 4 Months 1
RTGS Dollar Falls By 140% In 4 Months 2

The local currency, the RTGS dollar or ZWL$ has fallen by 140 per cent since its introduction on February 20 by the Reserve Bank of Zimbabwe Governor John Mangudya.

The RTGS4 is now trading at USD 1:6 on the RBZ monitored interbank market.

Prior to the RTGS$’s introduction in February, local currencies were made up of bond notes and coins, bank balances and mobile money, which were supposedly at par with the greenback.

The RTGS$ merged all the “currencies” and its value was immediately floated such that when it debuted, it was $2.50 to the US dollar.

As of Tuesday, the black market rate averaged US$1: RTGS$8,70.

While monetary authorities insist that the two markets will eventually coalesce, analysts are of the view that there will never be a convergence unless the foreign currency is readily available on the official interbank market.

More: Newsday

John MangudyaRTGSBond Notes

John Panonetsa Mangudya is an economist and the current Reserve Bank of Zimbabwe governor. Mangudya, who sits on many local and international boards .He was made RBZ governor after the expiry of Gideon Gono’s term in 2014. He had been CBZ Holdings Ltd Chief Executive… Read More About John Mangudya

Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a “real time” and on a gross basis. Settlement in “real time” means a payment transaction is not subjected to any… Read More About RTGS

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were… Read More About Bond Notes

Source: https://news.pindula.co.zw

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