Zimbabwe introduces its new currency ‘RTGS dollar’
Zimbabwe has recently introduced its new currency, dubbed as Real Time Gross Settlement (RTGS) dollar, after the Reserve Bank of Zimbabwe (RBZ) announced measures to try and resolve a chronic monetary crisis. The new currency replaces electronic bank savings called digital dollars and the bond notes, and was named after the RTGS system that banks use to transfer money between each other. The currency was launched at an initial rate of 2.5 RTGS dollars per US dollar. The RTGS dollar is supposed to bring together bond notes and debit card and mobile money payments to make sure that they are all worth the same.
Topics: Central bank • Currency • Debit card • Dollar • Economy • Foreign exchange market • Real Time Gross Settlement • Reserve Bank of Zimbabwe • RTGS Dollar • Zimbabwean bond coins • Zimbabwean bond notes