In His Monetary Policy Statement presentation, the Reserve Bank of Zimbabwe Governor John Mangudya has said that the central bank is establishing an inter bank market to trade in forex.
Instead of setting up a new proper currency, the governor said that current RTGS balances will be referred to as RTGS dollars which will then become a separate currency in the multicurrency basket that Zimbabwe is using.
When responding to questions asked after his presentation, the governor said what the RBZ has done is to simply formalise what has been happening already. Essentially, he has accepted that in practice the value of money in our bank accounts has not been at par with the US dollar in a long time.
This is a developing story and we will keep updating you
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There is nothing new in this MPS. He has already confirmed what we all know. In my opinion, it is shallow and lacking in detail, policy measures, time lines & practical solutions to monetary related challenges.