Home Economy Zimbabwe starts trading new currency

Zimbabwe starts trading new currency

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The launch of the new Zimbabwean currency, real-time gross settlement (RTGS) dollars, resulted in massive queues in front of the Harare’s banks.

On Friday, hundreds of local residents have started buying RTGS dollars that are officially set to trade at a 2.5 RTGS/US dollar rate.

The new currency that unites the former bond notes and the notional electronic dollars was introduced yesterday by Zimbabwe’s central bank governor John Mangudya. According to Mangudya, the move legalised foreign currency trading, making the black market unnecessary.

“We have basically formalised what is happening. We have basically ensured that no one goes to buy currency from the parallel market.

“The inter-bank exchange system will have significant positive effects on the economy’s external and fiscal sectors, domestic production and on the welfare of citizens,” Mangudya said.

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