RTGS Dollar Weakens On Interbank Market

Zimbabwe’s new currency, the RTGS dollar traded at its lowest against the US dollar on the interbank market on Thursday, since it was introduced.

According to official data from the Reserve Bank of Zimbabwe (RBZ) the RTGS dollar traded at 2.7 against the U.S. dollar.

The country abandoned the discredited 1:1 dollar official peg on Feb. 20 when the RBZ governor announced the Monetary Policy Statement (MPS).

Since then, the bond notes and electronic dollars into a transitional currency called the RTGS dollar.

The value of the RTGS dollar had held unchanged at 2.5 to the U.S. dollar since Feb. 22, leading to accusations the central bank had fixed the exchange rate.

RBZ governor John Mangudya told parliament on Monday that he expected the RTGS dollar to weaken further by the time important tobacco auctions open next Wednesday.

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More: Reuters

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