Connect with us

Hi, what are you looking for?

News

RTGS Dollars: Zimbabwe has new currency, Bond Note era ends

The Reserve Bank of Zimbabwe(RBZ) has with immediate effect abandoned Bond Notes and coins replacing it with what they called RTGS Dollars.

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.

Presenting the 2019 monetary policy statement RBZ Governor admitted that the continued use of USD has had negative consequences on the economy.

The legal instrument to back the new measure is already done and will be made into law soon, said Mangudya.

Outspoken MDC official, Tendai Biti, announced last week that a new currency was about to be unleashed. Biti who was then dismissed as talking fables warned the Mnangagwa regime that the new money not help Zimbabwe escape its economic crimes “largely blamed on Zanu PF incompetence and corruption”.

Below is a statement made today by RBZ Governor Mr John Mangudya on the new currency:

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.

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

We have put in place measures to maintain stability as we establish an interbank foreign exchange market in Zimbabwe to formalise the exchange of Bond and RTGS with USD and other currencies.

Latest

Local

Sizwe Dhlomo hit back at AKA trying to mock him on Sunday and didn’t mince his words. Taking to Twitter, the “Newzroom Afrika ”...

Local

Hip hop star AKA has accused Reebok SA of not paying him for his collection of the Reebok SneAKA. AKA went on Twitter to tell fans, who were asking...

Local

Metro FM presenter Lerato Kganyago‘s two months marriage to her husband Thami Ndala is over. Ndala and Kganyago have parted way after their much...

Local

What we know is that the viewers can’t wait to see the return of their favourite, Shaka who was killed, and they are hoping...

Local

Popular TV presenter and actress Dineo Langa (nee Moeketsi) has been dumped from The Queen, allegedly after asking for a three-month break to shoot...

Local

Veteran Sky Sports and Premier League Productions commentator Jim Beglin gave football-loving Zimbabweans a reason to smile when he surprised them with a greeting...

You May Also Like

Music

Hype Avenue got hold of the award-winning Afro-pop singer Zamajobe to discuss her upcoming reloaded tour which will be debut in the famous Bassline...

Celebrity News

After trending on South Africa’s Twitter for three days, Pulane Lenkoe, the girlfriend of Orlando Pirates midfielder Thandani Ntshumayelo, has spoken out about her...

Celebrity News

TALENTED Uzalo actress and musician, Thandeka Zulu has been allegedly fired. This after the starlet, who plays Nombuso in the SABC1 popular telenovela, was...

Interviews

It took HypeAvenue well over a month to lock down sometime with the ever busy Rhythm City actress, Amogelang Chidi. “Being Reneilwe is not...