RTGS Dollars To Last 6 Months

The real-time gross settlement systems (RTGS) dollar will last for six months as it was introduced through the use of the Presidential (Temporary Measures) Powers Act.

The RTGS Dollars’ lifespan can only be extended through an Act of Parliament.

The introduction of the virtual currency was effected through Statutory Instrument (SI) 33 of 2019. The Statutory Instrument reads as follows:

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In addition to its powers to issue bank notes and coins in terms of this Act and subject to subsection 3, the bank shall have the sole power to issue or cause to be issued electronic currency in Zimbabwe.

That the Reserve Bank has, with effect from the effective date, issued an electronic currency called the RTGS dollar.

That the real-time gross settlement system balances expressed in USD, immediately before the effective date shall, from the effective date, be deemed to be opening balances in RTGS dollars at par with the US dollar and that such currency shall be legal tender within Zimbabwe from the effective date.

The Presidential Powers (Temporary Measures) Act permits the President to introduce legally binding laws in an emergency without going through parliamentary processes, with the law only lasting for six months.

More: Newsday

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