RTGS Dollar Falls By 140% In 4 Months

The local currency, the RTGS dollar or ZWL$ has fallen by 140 per cent since its introduction on February 20 by the Reserve Bank of Zimbabwe Governor John Mangudya.

The RTGS4 is now trading at USD 1:6 on the RBZ monitored interbank market.

Prior to the RTGS$’s introduction in February, local currencies were made up of bond notes and coins, bank balances and mobile money, which were supposedly at par with the greenback.

The RTGS$ merged all the “currencies” and its value was immediately floated such that when it debuted, it was $2.50 to the US dollar.

As of Tuesday, the black market rate averaged US$1: RTGS$8,70.

While monetary authorities insist that the two markets will eventually coalesce, analysts are of the view that there will never be a convergence unless the foreign currency is readily available on the official interbank market.

More: Newsday

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2 comments on “RTGS Dollar Falls By 140% In 4 Months

  1. Whatever Prof Mthuli predicated is actually happening and this will definitely leave us on a better economic state as a nation. I feel sorry to those trading at these black markets rates, they will be shocked one day.

  2. “….has fallen by 140 per cent”. How did you arrive at 140%? How can this value decline by more than 100%?

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