RTGS dollar plunges by 140%

ZIMBABWE’S local currency, the Real Time Gross Settlement (RTGS) dollar, has plunged by 140% to trade at US$1:ZWL$6 on the official interbank market, nearly four months after its introduction in February this year.

The Reserve Bank of Zimbabwe (RBZ) introduced the currency after scrapping the discredited 1:1 dollar peg for the surrogate bond notes and electronic dollars, merging them into a lower-value transitional currency called the RTGS dollar as part of monetary policy measures to address the country’s currency challenges.

The RTGS$ debuted at ZWL$2,5 to the greenback, while on the parallel market the rate was as high as US$1:ZWL$4 back in February.

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