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RBZ Governor Mangudya Clarifies On The Zimbabwe Dollar, RTGS, Nostro

RBZ Governor Mangudya Clarifies On The Zimbabwe Dollar, RTGS, Nostro

Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya has said Zimbabwe has one currency only, the Zimbabwe dollar, adding that there is no currency called RTGS or Nostro.

In an exclusive interview with TechnoMag, the Chancellor of the Exchequer, Mangudya was asked to shed light on the identity of the local currency since traders use various terms such as EcoCash, Nostro, Swipe, RTGS and bond, among others. 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.

Mangudya said the various acronyms are not a cause for concern adding: “As long as we speak the same language, I know when they are referring to the RTGS, they are talking about the Zimbabwe dollar.”

He added that foreign currencies that are being used in Zimbabwe include the US dollar, South African Rand and British Pound.

More: Technomag

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