Zimbabwe: Citizens Queue Outside Banks As New Currency Begins Trading - Liberty TV/Radio - News - Voice For All! Vision For Alll!
Editor 2
February 22, 2019
Zimbabweansqueued outside banks in Harare on Friday as the central bank opened trading ofa new currency known as RTGS dollars.
CentralBank Governor John Mangudya said in Harare that the new currency would trade ataround 2.5 to the U.S. dollar.
Mangudyaalso announced that the country had ditched the 1:1 ratio between Zimbabwe bondnotes and US dollars, a rate maintained by the central bank for nearly threeyears.
TheRTGS dollars are composed of RTGS balances, bond notes and bond coins and arein the basket of currencies.
Theexchange rate is seen by experts as a significant devaluation as the regulatorattempts to stem chronic cash shortages. Trading on the Inter-bank market wasdue to begin on Monday, although Mangudya mentioned trading had started onFriday morning.