Zimbabwe declares interim RTGS dollar its sole legal currency

Section:

By Nelson Banya
Reuters
Monday, June 24, 2019

HARARE, Zimbabwe -- Zimbabwe today declared its interim currency to be the country's sole legal tender in a bid to stem black-market demand for foreign currencies.

The Real Time Gross Settlement (RTGS) dollar was introduced in February as a first step toward a new currency by year's end, a key part of President Emmerson Mnangagwa's plan to stabilise an economy racked by inflation and widespread shortages.

... Dispatch continues below ...



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"The British pound, United States dollar, South African rand, Botswana pula, and any other foreign currency whatsoever shall no longer be legal tender alongside the Zimbabwe dollar in any transactions in Zimbabwe," a government notice said.

Zimbabwe adopted the U.S. dollar as its official currency in 2009, when most Zimbabweans had already ditched the hyperinflation-wrecked Zimbabwe Dollar.

However the latest iteration of the domestic currency, the RTGS, has struggled to gain trust among large firms and ordinary Zimbabweans. Economic analysts fear 2009 may be repeating itself with the interim currency. ...

... For the remainder of the report:

https://af.reuters.com/article/zimbabweNews/idAFL8N23V2BJ

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