The Reserve Bank of Zimbabwe(RBZ) has with immediate effect abandoned Bond Notes and coins replacing it with what they called RTGS Dollars.
These “RTGS Dollars” are not tied on the 1:1 rate against the United States Dollars but will instead be sold at a variable exchange rate in the formal banking system.
RTGS dollars will also including RTGS balances in bank accounts.
Presenting the 2019 monetary policy statement RBZ Governor admitted that the continued use of USD has had negative consequences on the economy.
The legal instrument to back the new measure is already done and will be made into law soon, said Mangudya.
Outspoken MDC official, Tendai Biti, announced last week that a new currency was about to be unleashed. Biti who was then dismissed as talking fables warned the Mnangagwa regime that the new money not help Zimbabwe escape its economic crimes “largely blamed on Zanu PF incompetence and corruption”.
Below is a statement made today by RBZ Governor Mr John Mangudya on the new currency:
RTGS, bond notes and coins to be immediately denominated as ‘RTGS Dollars’. The legal instrument giving effect to this has been prepared and will be gazetted soon.
RTGS dollars have become one of the currencies in the currency bucket of the multi-currency system of the economy”. The RTGS dollars shall be used by all entities in Zimbabwe for the purposes of pricing of goods and services, debts, accounting and settlement of transactions
We have put in place measures to maintain stability as we establish an interbank foreign exchange market in Zimbabwe to formalise the exchange of Bond and RTGS with USD and other currencies.