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.

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.

Related:

More: Reuters, Herald


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John Mangudya

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

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