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Global economist Professor Steve Hanke Commented on today’s move by the RBZ to introduce a new currency that combines Bond Notes, Bond Coins and RTGS Balances.
He believes the RBZ has just compounded the problem:
Zimbabwe’s Min. of Fin. Mthuli Ncube has just officially blessed a huge devaluation in Zim quasi currencies and said they will float. He should have added that they won’t float on a sea of tranquility, but sink.
With the creation of RTSG dollars, which are simply composed of RTGS balances, bond note and bond coins, the Reserve Bank of Zimbabwe has changed nothing. Bond notes and RTGS$ are cancerous and must be removed from Zimbabwe‘s monetary system.
By combining bond notes and RTSGs into RTSG dollars, the Reserve Bank of Zimbabwe has only compounded the problem. Instead of adding another currency to its shell game, it should have gotten rid of its quasi-currencies all together.
Related:
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Download: Full RBZ Monetary Policy Statement PDF (February 2019)
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RTGS Dollar Spells Doom For The Economy – Biti
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FULL THREAD: RTGS Dollar A Precursor Of A Physical Local Currency – Magaisa
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Economist Lauds RBZ For Introducing A New Currency, The RTGS Dollar
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Frequently Asked Questions (FAQ) On RTGS Dollars
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How People Reacted To Introduction Of “RTGS Dollars”
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The RBZ statement brings a technical administrative move meant only to benefit the exporter and the advantageously place in the Zimbabwe new dispensation founded on power driven development model. The statement is very silent on industrialization on the urban and rural frontiers and key strategies on economic restoration on a short, medium and long term.
This will cost the ordinary person to a greater extent.
Would it have changed anything if it was referred to as zim $?