RTGS Dollar Weakens On Interbank Market

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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.

Related:

More: Reuters

Bond NotesJohn MangudyaReserve Bank of Zimbabwe

Bond Notes are a currency of notes backed by a bond that the Zimbabwe government announced on 4 May 2016 by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya. The $2 denomination of the notes was finally introduced on 28 November 2016. More notes were... Read More About Bond Notes

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

The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides... Read More About Reserve Bank of Zimbabwe


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