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*Economist Lauds RBZ For Introducing A New Currency, The RTGS Dollar* *Follow Pindula on WhatsApp for daily new updates* https://whatsapp.com/channel/0029Va84dngJP21B2nWeyM3v?dp The Reserve Bank of Zimbabwe Governor John Mangudya on Wednesday introduced a new currency, the RTGS Dollar. Mangudya revealed that the country has abandoned the 1:1 ratio between bond notes and US dollars, a rate maintained by the central bank for nearly three years. He said: ---------- *HOT DEALS:* *itel A70 - (128GB, 3GB RAM) $89,* *itel A70 - (256GB, 4GB RAM) $99* *itel P40 (128GB, 4GB), (6000mAh) $99* *itel P40 (64GB, 4G), (6000mAh) $93* *LATEST: itel S24 (128) $124; S24 (256GB) $159* Cash on Delivery in Harare & Bulawayo. Tinotumira kwamuri inosvika. WhatsApp: 0️⃣7️⃣8️⃣3️⃣ 4️⃣5️⃣0️⃣ 7️⃣9️⃣3️⃣ ---------- > We say that the RTGS dollars are composed of RTGS balances, bond note and bond coins and are in the basket of currencies which Zimbabweans are using. Ashok Chakravati, a local economist had this to say: > It’s a request that has been in the works for many months by companies. It is a sign that this is a listening government and also a listening central bank. Another economic commentator, Neville Mandimika from Rand Merchant Bank said a local currency was indeed needed though the timing may not be appropriate. He said: > The critical issue here is on how it’s introduced. There are various steps that must be followed to ensure that the currency will be accepted as a store of value. > Of these, the most important is ensuring that the economy has adequate forex reserves, which will act as a shock absorber. At this stage, the reserves simply aren’t there to justify its reintroduction. Timeslive report summaries the major highlights of the Monetary Policy Statement as follows: effective 25 February, depositors will be able to move US dollars locally between banks under the interbank system; essential imports such as fuel and electricity will continue to have forex allocated by the Forex Allocation Committee; gold producers will keep 55% of their earnings in foreign currency; tobacco and cotton growers will receive 30% of their earnings from crop sales in foreign currency. Tobacco merchants will have 80% of their earnings in foreign currency; All forex holdings will be liquidated within 30 days at the market rate for the day; and a legal instrument will be gazetted that allows for the use of RTGS dollars and all entities, including government and individuals, will recognise the new currency. *More: TimesLive* _If you found this article useful_ *Please support Pindula by forwarding to friends and groups*
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