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*What The New RTGS Dollars Mean For You*

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Business publication, newZWire, has posted a Monetary policy for dummies, to answer some of the questions on everyone’s mind.

Here’s a short version:

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*What does this mean for my deposits?*

Unless of course, you are lucky enough to have one of the FCA Nostro accounts introduced in October 2018 , the money in your bank account is not really in United States dollars. It is RTGS dollars.

*Do we have a new currency?*

Yes. RBZ still won’t say so explicitly though.

*Is even legal?*

Not yet. A legal instrument is required to reflect the new policy thrust and the government will issue it.

*What is the starting exchange rate of this new ‘currency’?*

RBZ governor refused to give a starting rate and said the market will decide, and in any case, the parallel rate is already 3-4 RTGS Dollars to 1 USD. Mangudya expects the rate to go down.

*Will you be able to walk into a bank and get forex?*

unclear

*What happens to prices?*

RBZ has said all pricing for domestic transactions will now be in the local RTGS$ currency.

In short, no more charging of domestic goods and services in foreign currency.

*What about essential imports?*

The RBZ will still allocate forex for these separately from the interbank foreign currency market. Essential imports include medicines, fuel, electricity, cooking oil and water treatment chemicals.

*How will the RBZ fund these?*

Funds retained from exporters.

More: NewZWire

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