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Mangudya: I Empathise With The People Of Zimbabwe

Mangudya: I Empathise With The People Of Zimbabwe

Reserve Bank of Zimbabwe Governor John Mangudya said Zimbabwe has a single currency, the Zimbabwe dollar, and there is no currency called RGTS or Nostro.

Responding to Alpha Media Holdings chairman Trevor Ncube on the platform In Conversation with Trevor, Mangudya said the Zimbabwe dollar was the country’s sole currency.

Ncube has asked the central bank chief to shed light on the identity of local currency as traders use various terms such as EcoCash, Nostro and bond, among others. In response, Mangudya said:

Our local currency is called the Zimbabwe dollar. I always meet people who say RTGS, bond note, the local currency in Zimbabwe is called the Zimbabwe dollar

… The confusion comes from the fact that in 2019 when we separated the local currency from the foreign currency, and we had a Statutory Instrument 33 of 2019, we referred to the local currency as the RTGS, and subsequently changed to the local currency called the Zimbabwe dollar.

So there is Nostro, and such because people are perhaps too educated they use all kinds of acronyms.

Asked by Ncube if he was not worried about presiding over an economy where so many acronyms are used, Mangudya said:

It does not worry me, because there is diversity in Zimbabwe.

As long as we speak the same language, I know when they are referring to the RTGS, they are talking about the Zimbabwe dollar.

Maybe from this conversation, we need to change the narrative.

The narrative of our local currency is called the Zimbabwe dollar, and the foreign currency that we are using here, we normally use the US dollar, rand or British pounds, but predominantly in the market there is the US dollar, that is what is being used.

The other currencies can be accepted. There is nothing called Nostro.

Nostro, these are accounts for banks in foreign banks, these are foreign currency accounts.

So, in the foreign currency accounts, we have got foreign currency in those accounts, but we do not have Nostro.

So, people confuse again the term Nostro.

Nostro means our account with you in a foreign bank.

The opposite of Nostro is Vostro, which means their account in our box.

So, the term Nostro, what they are referring to because you still remember we had a virtual US dollar and money that was physical money in the Nostro accounts.

I empathise with the people of Zimbabwe, I empathise with them.

I know what they are referring to.

It does not bother me because I know exactly what they are saying, but for purposes of this conversation, it is local currency, foreign currency accounts and foreign currency.

More: The Standard


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20 Comments

Gararirimo 5 months ago

In a professional govt Mangudya would have been fired a looong time ago. He is never in touch with reality


But 5 months ago

But i like him he can open our eyes to see the change that is needed


Herd Immunity 5 months ago

Mazita acho ana VOSTRO and NOSTRO kunga mazita emaCOVID variants🤣 our economy needs a strong vaccine chokwadi kkkkk


Zman 5 months ago

Mmh musazodaro boys hanzi vostro zvekare uyu mface uyu anotombonyatsozive zvanoita ere mmh nhai mwariwe. Ndorangarira ini mudhara uyoyu 2015 achitori zvemabond izvi zvikaramba kuita anosiya basa but nanhasi ndrikutoshayao nechaarikubatako


Vicyev Gumbi 5 months ago

Mabva matowedzera rimwe zita VOSTRO, haa tichabaiwa zvedu nemazizita aya asi tichingoyuwira. Are we really cursed or kungodzungaira as Zimbos, are we gonna enjoy and expirience real democracy nekuwanawo inonzi freedom yechokwadi. It's so painful being taken for fools. Please God help us.


Ras 5 months ago

We certainly have no single currency in Zim but a lot of is confusion kuRBZ. The multiple rates being charged on the 'different' local currencies is testimony to that. VaMangudya, you can fool some people sometimes but you can't fool all the people all the time.


Kkkkk 5 months ago

Haaa kunzima


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Ghetto yut 5 months ago

Hapana kwatirikuenda shuwa nxaaaa, tiri nherera


Chitova 5 months ago

How can it be the same thing kana imwe mari iri ye mu 4n ine rate yayo imwe its in the card also with a different ratings the boom another one in papers with another rate then you come to admire kuti zvino fanana papi gudo,tsoko,ne gorrilla zvese izvi its a familly of different cultures papa .pliz try to be serious and say the truth as it is muno mu Zim we are having multiple forms of currency


Chamatams 5 months ago

Aaaah totally confusion yega yega.Va Mangudya hamusirimi makauya muchiti US$ (dollar) is equivalent to Zimbabwe dollar here. Can you explain kuti zvakazo famba sei????


Usd 5 months ago

Vostro kkkk


Shadows 5 months ago

,


BuJuH 5 months ago

mukarova chamba itai muchinwira H2° kuitra rate yedhakwaz isakwire too much or kusiira maGettoh youths maDrugz awa koz makamafundra tym yafamba


Gushungo 5 months ago

What is my Reserve bank governor smoking? I know Peter Tosh ayiti akadzirova he would sing "Equal rights and justice". Zvino uyu is confusion yega yega. Nxaaa

ITAI ZVAMANGAMUCHINGOITA 5 months ago

🤣🤣Everyone in the comment section confused.That guy is dangerous.


Madala Banda 5 months ago

Iwe mangudla usade kujairira vanhu wanzwa


Confucius🙄Confuse-us 5 months ago

Bamudala don't try to drag us in your confusion. Ndokuti ikoko kuti "I empathize" nemaZimbabweans? Dzinobvepi ko idzi. It's a long road to enjoyment. I now understand why wachishandidzana nedzimwe dziya dzekuti itel yeUS$10 inofanira kuiswa tax yeUS$50.


### 5 months ago

Kumwe kwacho kupusa pluz kushaya ruzivo

Chapwititi 5 months ago

Confusing maGents,RTGS ndozvo,mungati iCurrency here yatirikushandisa iyi?Musade kutinzwa Mr Magudya,zvinhu zvenyu hazvina chiedza izvi.


Jambanja.com 5 months ago

@Chapwititi: Taura, this guy is confusing us. He is confusion on his own


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