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.