Zimbabwe’s RTGS dollar explained

Lorlornyofm
By Lorlornyofm February 27, 2019 07:36

Zimbabwe’s RTGS dollar explained

Zimbabwe’s currency woes have meant that they have had to use a mix of the South African rand, the US dollar, bond notes, debit cards drawing on bank accounts and money stored on a mobile phone app.

But each of them had a different exchange rate, meaning that customers were sometimes charged different prices depending on what payment method they chose.

Now, the Zimbabwean government has introduced the Real Time Gross Settlement (RTGS) dollar, which is being described by some as a new currency.

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.

BBC

Lorlornyofm
By Lorlornyofm February 27, 2019 07:36
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