Banks Start Trading In RTGS Dollars – Report

Local banks on Friday started trading a new currency (RTGS Dollar) with corporate clients and individuals, although interbank trading won’t begin until Monday, a banking source told Reuters.

The Reserve Bank of Zimbabwe (RBZ) governor John Mangudya announced on Wednesday it would scrap the official 1:1 peg between its quasi-currency bond note and the U.S. dollar, launching a new currency known as RTGS dollars.

The RBZ began selling U.S. dollars to banks on Friday morning at a rate of 2.5 RTGS to the greenback, Mangudya said.

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We came to a conclusion with the bankers last night at 2,5, and we hope thereafter that the rate will continue to find itself.

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More: Reuters, Herald

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