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The <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe (RBZ)</a> on the 16th of April issued an update on the central bank’s reserve money.
The central bank observes that Reserve money increased by ZW$1.83 billion to ZW$21.90 billion, as of the week ending 16th April 2021, reflecting increases of ZW$1.63 billion and ZW$201.12 million in banks’ liquidity (RTGS balances) at the Reserve Bank and statutory reserves, respectively.
RBZ attributes the increase in reserve money to the payment of monthly wages and salaries of civil servants by the Government.
The fall in Government deposits at the <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">RBZ</a> by ZW$4.71 billion during the week, was consistent with this development, which injected liquidity into the market.
Partially offsetting the increase in liquidity were mopping up operations by the Bank, which resulted in an increase of ZW$2.32 billion in savings bond issuances during the week under review.
<a href="https://news.pindula.co.zw/">For more, download the PDF</a>: <a href="https://t792ae.c2.acecdn.net/wp-content/uploads/2021/04/Reserve-Money-Update-16-April-2021.pdf">Reserve Money Update 16 April 2021</a>
More: <a href="https://news.pindula.co.zw/">Pindula News;</a> <a href="https://www.pindula.co.zw/Reserve_Bank_of_Zimbabwe">Reserve Bank of Zimbabwe</a>

Pindula News

DOWNLOAD: Reserve Bank Of Zimbabwe Reserve Money Update -PDF

Jameson Dapi an economist and Zimbabwe Independent columnist has claimed that the ruling ZANU PF has no political will to resolve the economic and humanitarian crisis in the country.
Dapi said it is apparent that the adoption of the United States dollar is the panacea to the country’s currency crisis adding that redollarisation was inevitable. He said:
<blockquote>AT the rate at which the Zimbabwean dollar (Zimdollar) is losing its intrinsic value, it may just be a matter of time before the country re-dollarises, officially or unofficially.
Those pushing for dollarisation are arguing that its adoption would stabilise the country’s tottering economy and create room for our quarrelling politicians to put their houses in order.
What they, however, seem to forget is that our politicians, especially those in the governing Zanu PF party, actually flourish under chaotic conditions, which favour the ruling elites who thrive on arbitrage opportunities that become plentiful whenever our markets fail.</blockquote>
The Southern African country’s currency woes have lingered since 2008 when its hyperinflation reached a record high 231 million percent.
The skyrocketing inflation forced authorities to take a cocktail of measures including the introduction of the multicurrency system in 2009 that would be ditched a decade later.
The multicurrency system stabilised the economy and some growth was registered during the period.
More: <a href="https://www.theindependent.co.zw/2020/07/03/zimdollar-remains-our-best-foot-forward-2/" rel="noopener noreferrer" target="_blank">Zimbabwe Independent</a>

"ZANU PF Party Flourishes Under Chaotic Conditions," - Economist

Local businesses, mainly manufacturers and retailers are reportedly rejecting the local currency demanding the United States dollar.
Businesses are citing the local currency’s rapid and continuous loss of value against other currencies particularly the United States dollar.
Commenting on the development, Confederation of Retailers of Zimbabwe (CZR) president Denford Mutashu, said the growing gap between the exchange rates for RTGS dollars and cash has been putting unrelenting pressures on commodity prices. He said:
<blockquote>
It (rejection of RTGS dollars) is an issue that we have picked in the market. A number of suppliers and manufacturers have opted to deal only in cash and hard currency and the concerns are around the instability of the local currency.
</blockquote>
The manner in which the local currency is shedding value reminds of the 2008 era when the country’s inflation reached a record-high 231 million percent resulting in the country ditching the original Zimbabwe dollar.
Since the reintroduction of the Zimbabwe dollar in February last year at an exchange rate of $2,5 to the US dollar, the local currency’s electronic version has plunged to about $76 against the greenback on the black market.
More: <a href="https://www.herald.co.zw/firms-refuse-rtgs-demand-usd-cash/">The Herald</a>

Businesses Reject The RTGS Dollar

The government of Zimbabwe on Friday gazetted a new amended Statutory Instrument 61 of 2020 which allows citizens with free funds to pay passport fees using foreign currency.
The gazette reads in part:
<blockquote>The Exchange Control (Exclusive Use of Zimbabwe Dollar for Domestic Transactions) Regulations, 2019, is published in Statutory Instrument 212 of 2019, is amended in Section 4 (“Transactions Excluded from Scope of “Domestic Transactions”) by the insertion of the following paragraph after paragraph (f). 
(g) payment for emergency passports, that is the payment out of free funds (as defined in Section 2 of the Exchange Control Regulations, 1996) of any fee for the issuance of a passport within twenty-four hours of the fulfilment of the requirements for such issuance by the person in whose name passport is to be issued.</blockquote>
Last year in June, Zimbabwe through Statutory Instrument 142 of 2019 banned the use of foreign currencies for domestic transactions thereby leaving the Zimbabwe dollar which was reintroduced by the same SI as the sole legal tender in the country.
De-dollarisation is, however, proving to be a mammoth task for Zimbabwe particularly because most of the commodities in the country are imported and traders are rejecting the local currency which is rapidly shedding value against major currencies.
<a href="https://www.thezimbabwemail.com/zimbabwe/foreign-currency-for-passports/">More: The Zimbabwe Mail</a>

Zimbabwe Amends Statutory Instrument To Allow Payment Of Passport Fees Using Forex

Dr John Mangudya, the governor of the Reserve Bank of Zimbabwe has dismissed as fake news the purported leaked ZW$25 coins of the soon to come new currency.
Speaking to the Herald in an interview from New York, Mangudya said:
<blockquote>
It’s all fake news; I don’t know what is happening back home (in terms of spreading false information).
There is nothing like that. I think there is a lot that is happening underground because the intensity of what is going on is alarming.
We can do with less bad news as a country. This bad news is unhelpful to the economy.
</blockquote>
Mangudya speaks when the country is expecting the new currency to be introduced anytime from now.
Zimbabwe abandoned the multicurrency system after using it for a decade. Through Statutory Instrument 142 of 2019, the government also reintroduced the Zimbabwe Dollar.
The new currency is yet to be printed.
More: <a href="https://www.herald.co.zw/rbz-dismisses-new-coins/">The Herald</a>

RBZ Responds To "Leaked New Currency $10 & $25 Coins" Pictures

The central bank, the Reserve Bank of Zimbabwe has been urged to deal with the Old Mutual Implied Rate (OMIR) which is way above the black market or parallel market foreign exchange rates.
This comes when rates on the parallel market dramatically tumbled last week, a development attributed to RBZ’s move to <a href="https://news.pindula.co.zw/2019/09/20/full-text-rbz-freezes-sakunda-access-finance-croco-motors-accounts/">freeze bank accounts belonging to Sakunda Holdings and other companies</a> alleged to have <a href="https://news.pindula.co.zw/2019/09/22/ed-speaks-on-sakunda-frozen-bank-accounts/">been engaged in money laundering</a>.
Some observers also attribute the change to <a href="https://news.pindula.co.zw/2019/09/21/full-text-rbz-issues-new-regulations-for-forex-exchange/">new regulations which the RBZ issued to govern the conduct of Bureaux de change.</a>
As the parallel market rate has fallen, the Old Mutual Implied Rate continues to soar unabated. On Monday 23 September, <a href="https://www.marketwatch.co.zw/?src=pindula-side-bar-more">it was at 20.52</a> when the parallel market rate was at <a href="https://news.pindula.co.zw/2019/09/23/official-bank-rate-black-market-exchange-rates-today-23-september-2019/">15 whilst the interbank rate was at 14.91.</a>
Insider Zimbabwe, a local publication, suggests that probably, the central bank needs to intervene as the OMIR continues to rise.
It is however imperative to note that OMIR is a proxy or a figure that is used to compute the implied exchange rate for that day based on Old Mutual share value between Zimbabwe, South Africa and England where they usually trade at the same market share price on all the stock exchanges.
Old Mutual shares trade at the same value on the 3 different stock markets which means the differences in the currencies is the implied rate between the currencies.
The <a href="https://news.pindula.co.zw/2019/05/30/frequently-asked-questions-old-mutual-implied-rate-omir/">exchange rate is derived from comparing the share price</a> of 1 Old Mutual Share in Zimbabwe against 1 Old Mutual Share in South Africa. The difference between the value of these shares is the implied exchange rate between the ZAR and the RTGS. The same goes for the London Stock Exchange.
More: <a href="http://www.insiderzim.com/reserve-bank-of-zimbabwe-now-needs-to-look-at-old-mutual-implied-rate/">Insider Zimbabwe</a>

"RBZ Must Now Deal With Old Mutual Implied Rate?" - OPINION

Finance Minister, Professor Mthuli Ncube has said that the Zimbabwe dollar is undervalued against the United States dollar.
Posting on Twitter, Ncube suggested that the correct exchange rate should be US$1: ZW$6. He said:
<blockquote>The exchange rate of the <a class="css-4rbku5 css-18t94o4 css-901oao css-16my406 r-1n1174f r-1loqt21 r-1qd0xha r-ad9z0x r-bcqeeo r-qvutc0" data-focusable="true" dir="ltr" href="https://twitter.com/hashtag/Zimbabwe?src=hashtag_click" role="link">#Zimbabwe</a> Dollar to United States Dollar is way undervalued. The exchange rate of Zim$ to US$ should be around 6 at the moment, on the basis of the real exchange rate (RER) relative to the South African Rand.
<img alt="Image" decoding="async" src="https://pbs.twimg.com/media/EFFAooXXsAMhjT-?format=jpg&amp;name=small"/></blockquote>
His post did not auger well with former finance Minister, Advocate Tendai Biti who responded saying:
<blockquote>Mahumbwe chaiyo (child’s play). Zimbabwe has no productivity. 2019 GDP is likely to be around -8 %. There is massive corruption fueling a massive increase in money supply. The current account is in massive deficit. So you have to be mad or drunk, or both to reason like this. Worst govt in the world.</blockquote>
These remarks come when the local currency rapidly lost value against the USD during the past week. It was being sold <a href="https://news.pindula.co.zw/2019/09/20/official-bank-rate-black-market-exchange-rates-today-20-september-2019/">at around ZW$23 per US$</a> before it reportedly <a href="https://news.pindula.co.zw/2019/09/21/black-market-exchange-rates-slows-down-the-herald/">regained value to trade at about ZW$18 per US$.</a>
Observers link the recuperation of value to the central bank, <a href="https://news.pindula.co.zw/2019/09/20/full-text-rbz-freezes-sakunda-access-finance-croco-motors-accounts/">Reserve Bank of Zimbabwe’s move to freeze accounts of Sakunda Holdings</a> and other companies that were allegedly engaged in money laundering activities.
Analysts have however projected that the <a href="https://news.pindula.co.zw/2019/09/22/until-then-govt-can-never-win-the-exchange-rates-war-economists/">local currency will continuously shed value for as long as the local industry is grounded.</a> They note that the demand for foreign currency will remain high since businesses need foreign currency to import their commodities.
Reserve Bank deputy governor, Dr Kupukile Mlambo recently attributed the increased deficit in foreign currency <a href="https://news.pindula.co.zw/2019/09/17/zim-dollar-tumble-a-result-of-the-end-of-tobacco-season-rbz/">to the closure of the tobacco marketing season.</a>
More: <a href="https://twitter.com/MthuliNcube/status/1175792048663871489">Mthuli Ncube</a>

"Zimbabwe Dollar Is Undervalued Against The USD," Finance Minister

Analysts have observed that exchange rates which tumbled on Friday are likely to go up again. They opine that the instrument which the central bank, Reserve Bank of Zimbabwe, used to effect a retreat was not sustainable.
Rates dramatically fell following a memo to all banks by the RBZ instructing them to freeze all bank accounts belonging to Sakunda Holdings, Croco Motors and other companies related to them.
Reports suggest that these companies were involved in money laundering.
<a href="https://zimpricecheck.com/news/the-zwlusd-rate-has-fallen-but-it-will-rise-again-opinion/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=the-zwlusd-rate-has-fallen-but-it-will-rise-again-opinion">Zim Price Check</a> observe that the rise in exchange rates was necessitated by the deficit of foreign currency on both the formal and informal markets.
Therefore, if there is less supply of the foreign currency, particularly the United States dollar, rates are expected to rise again.
Recently, deputy Governor of the Reserve Bank, Kupukile Mlambo attributed the plunge of the local currency to the closure of the tobacco season. Addressing Parliamentarians earlier this week, Mlambo said:
<blockquote>The movement of the exchange rate are a reflection of the fact that we have come to an end of the tobacco marketing season. This country relies on four commodities for foreign currency, gold, tobacco, chrome and platinum, and between February to the end of August or early September we had only three, so the amount of foreign currency has declined and these movements are a reflection of that.</blockquote>
Demand for foreign currency will continue considering that the local industry is still in a parlous state. Most of the goods and services used in required to keep industry and business in the country running are imported.
That means high demand for foreign currency which as Dr Mlambo indicated is in low supply.
More: <a href="https://zimpricecheck.com/news/the-zwlusd-rate-has-fallen-but-it-will-rise-again-opinion/?utm_source=rss&amp;utm_medium=rss&amp;utm_campaign=the-zwlusd-rate-has-fallen-but-it-will-rise-again-opinion">Zim Price Check</a>

"Why Rates Will Rise Again," - OPINION

PICTURE: Interbank Rates As At 10 September 2019

The current bank exchange rates for the ZWL$ today are as follows:
<ul>
<li>USD to ZWL$: 11.6035</li>
<li>ZWL$ to RAND: 1.2725</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zi</a><a href="https://rbz.co.zw/">mbabwe</a>
Black Market Rates:
<ul>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com</a> 14.90</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> 14.80</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> 14.80</li>
<li>USD to BOND: <a href="http://www.zimrates.com/" rel="noopener noreferrer" target="_blank">zimrates.com</a> 10.60</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>

Official Bank Rate & Black Market Exchange Rates Today – 10 September 2019

<div class="textwidget custom-html-widget">The current bank exchange rates for the ZWL$ today are as follows</div>
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<ul>
<li>USD to ZWL$: 11.1115</li>
<li>ZWL$ to RAND: 1.3277</li>
</ul>
Data according to the <a href="https://rbz.co.zw/">Reserve Bank of Zi</a><a href="https://rbz.co.zw/">mbabwe</a>
<h3>Black Market Rates:</h3>
<ul>
<li>USD to ZWL$ <a href="http://www.zimrates.com/">zimrates.com</a> 13.30</li>
<li>USD to ZWL$  <a href="http://www.zwl365.com/">zwl365.com</a> 13.50</li>
<li>USD to ZWL$ <a href="http://www.bluemari.info/">bluemari.info</a> 13.50</li>
<li>USD to BOND: <a href="http://www.zimrates.com/">zimrates.com</a> 9.40</li>
</ul>
More: <a href="http://www.marketwatch.co.zw/?src=pindula-side-bar-more">marketwatch.co.zw</a>
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Official Bank Rate & Black Market Exchange Rates Today – 05 September 2019

Zimbabweans have taken to social media to express their views on President Emmerson Emmerson Mnangagwa’s recent remarks which indicated Zimbabwe’s plans to introduce its own currency before year end. Speaking in Southlea Park on Friday morning where he was leading a national Clean Up campaign, Mnangagwa said the country cannot develop economically whilst using other countries’ currencies. He added that the multi-currency regime is problematic in that it causes the value of the local RTGS Dollar to collapse as people chase the greenback. Below are comments which were prompted by this announcement:
https://twitter.com/ChrisVukani/status/1137187433173397505
https://twitter.com/ProfJNMoyo/status/1137211889979711488
<blockquote data-dnt="true" data-width="550">
It’s been 81 days since Emmerson enacted SI33/2019 that introduced the RTGS$.The suggestion of yet another new unbaked currency is reflective of incompetence &amp;policy <a href="https://twitter.com/hashtag/paralysis?src=hash&amp;ref_src=twsrc%5Etfw">#paralysis</a> by this <a href="https://twitter.com/hashtag/ossified?src=hash&amp;ref_src=twsrc%5Etfw">#ossified</a> authoritarian regime.Clearly the worst gvt ever in history <a href="https://t.co/ZYYyoPS4SY">https://t.co/ZYYyoPS4SY</a>
— TENDAI BITI (@BitiTendai) <a href="https://twitter.com/BitiTendai/status/1137128962705018880?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Marema anongoomberera nekupururudzira tsvina dzirikutaurwa.There is no production in the country&amp;u want to introduce new currency.Kutenga manapukeni mukadzi asati aita pamuviri,ko akasazvara wodii?
— Leo (@Leo03479272) <a href="https://twitter.com/Leo03479272/status/1137184457985810432?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
bigsaturdayread | Currency issues: is the state really leaving it to the market? Why has the parallel market persisted? Who really benefits from currency subsidies? What does it take for a new currency prosper where the ZimDollar, bond note &amp; RTGS failed? <a href="https://t.co/F71qRk7vP0">https://t.co/F71qRk7vP0</a>
— Alex T Magaisa 🇿🇼 (@Wamagaisa) <a href="https://twitter.com/Wamagaisa/status/1137181273636712448?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Why should a Zim currency be stronger than RAnd. SA has a stronger economy so our currency should be even weaker but rand to US$ is 14-15 so ours must be even 40 to 50 if it is going to freely float. Businesses that cannot afford importing will just have to close
— miri (@TCMadzi1) <a href="https://twitter.com/TCMadzi1/status/1137180199752273920?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Wongorora chikonzero chaita musoro uteme. Our situation is like changing a driver after a bus has broken down. The settings are not right for any form of currency introduction.
— Stuart Ziwewe (@Stuartziwewe) <a href="https://twitter.com/Stuartziwewe/status/1137174954808610818?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Big countries are dumping d US$ while pple from one "shit" country from Southern Africa want dat same US$ adopted as their "shit" country's currency of preference
— Bekithemba Chinyati (@Chinyatibeki) <a href="https://twitter.com/Chinyatibeki/status/1137173649105010689?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Gvt shld stop toying wth our lives a new currency for what without an industry tht is functioning .attract investors by nt using USD its not lucrative for investors thy don't gain much adopt the rand until we stabilize .think abwt yo pple for once.stop byn selfish
— ngqabutho (@ngqa123) <a href="https://twitter.com/ngqa123/status/1137172761112207360?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
As long Zanu PF iri panyanga this new currency iri kurohwa neinflation…
— TapiwaFromKweKwe🇿🇼🇿🇦 (@TrueTapiwa) <a href="https://twitter.com/TrueTapiwa/status/1137170218265038848?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
We all agree. But it has to be done right, no? Equation has to balance! Otherwise hello 2008😃👋
— Terry DarkKnight (@DarkKnightTerry) <a href="https://twitter.com/DarkKnightTerry/status/1136983092126715904?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
Yes indeed. It has to be done in the right way and for the right reasons. So perhaps the winning formula is to not simply ridicule the idea of of a local currency but to debate on the ways in which it should be done as we prepare for it.
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1136986975393726465?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
It's being ridiculed because as things stand it is simply nonsense to even start talking of new currency by year end. These guys know what needs to be done but varikuda kuita mashortcut…..
— Terry DarkKnight (@DarkKnightTerry) <a href="https://twitter.com/DarkKnightTerry/status/1137001141693235201?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
True. I would say #1 thing should be complete transformation of RBZ and giving it due independence from govt. Do this + add some independent oversight and with that you can have a good local currency. Already export producers are having their US$ earnings used to pay off Afrexim
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1137007364807233536?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
A local currency backed by productive industry might just spare us the costly "facilities" we are ever drawing from Afrexim bank and others just to get USD notes
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1137007753824784384?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
As long as we use the USD, it is the exports producers who suffer the most. The very same people we need desperately to make our economy self sustainable again.
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1137008081253085185?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
<blockquote data-dnt="true" data-width="550">
USD can b used to create a solid base 4 the intro o a nu currency by retooling and recapitalising industry through replacemnt of obsolete machinery and intro of cost cutting production processes hence reducing production costs
— Taurai Mushure (@MushureTaurai) <a href="https://twitter.com/MushureTaurai/status/1137025262648999937?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
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Yes. You can use USD for retooling and expansion, but not to pay for local operations, expenses and trade in. If you pay for operational expenses using a stronger USD, your product will have to sell for more than a similar product produced in SA using a weaker currency.
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1137028534701109253?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
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Why do you think BMW chose to set-up the X3 mainline assembly in SA and Mexico and not Germany, or USA or the UK?
— Simba Siege Musonza (@SimbaSiege) <a href="https://twitter.com/SimbaSiege/status/1137028817258725377?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
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They still export out of S.Carolina and out of Germany as well. A local currency without any reserves backing it and a trade deficit will be pummeled. What has changed between the last time the ZWD was around. It will most likely be inflationary too
— Terence Motsi (@Motsi_T) <a href="https://twitter.com/Motsi_T/status/1137071000988868608?ref_src=twsrc%5Etfw">June 7, 2019</a></blockquote>
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Mr Musonza, let assume you have US $40000 in your account from local trade, if Zimbabwe was to introduce a new local currency today and government says you will get your money in local currency, would be happy about it?
— Leonard Chirenje (@blalenzo) <a href="https://twitter.com/blalenzo/status/1137165587044372480?ref_src=twsrc%5Etfw">June 8, 2019</a></blockquote>

Zimbabweans React To ED's "New Currency Is Coming" Remarks

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<div class="newsarticle-summary">The Zimbabwean quasi-currency, the RTGS dollar has been losing value since its introduction in February. This has resulted in ever-increasing inflation which has been ranked the second highest in the world in 2019 by the International Monetary Fund (IMF) recently.</div>
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When it was introduced, the currency was pegged at a 1 as to 1 ratio which the central bank, the Reserve Bank of Zimbabwe has since shun after proving to be unrealistic. It is currently traded at around 1: 8 on the parallel market whilst the Old Mutal Implied Rate (OMIR) has since reached around 9.9 per every US$.
Resultantly, many businesses including government departments have resorted to pricing their goods and services in US dollars. Those who have maintained the RTGS for transactions have on a daily basis been increasing their prices.
Among other Government Departments that have recently started charging using the inter-exchanged rate or US dollar, there is the Ministry of Lands, Agriculture, Water, Climate and Rural Resettlement and the National Railways of Zimbabwe (NRZ)
The following is the full statement by the NRZ to its customers:
<a href="https://wwwthezimbabweanco-q7nykxvxrjqv0wu7kc.stackpathdns.com/wp-content/uploads/2019/06/nrz-736x1024.jpg"><img alt="" class="alignnone wp-image-200355 size-full" decoding="async" height="918" loading="lazy" sizes="(max-width: 660px) 100vw, 660px" src="https://wwwthezimbabweanco-q7nykxvxrjqv0wu7kc.stackpathdns.com/wp-content/uploads/2019/06/nrz-736x1024.jpg" srcset="https://wwwthezimbabweanco-q7nykxvxrjqv0wu7kc.stackpathdns.com/wp-content/uploads/2019/06/nrz-736x1024.jpg 660w, https://wwwthezimbabweanco-q7nykxvxrjqv0wu7kc.stackpathdns.com/wp-content/uploads/2019/06/nrz-736x1024-216x300.jpg 216w" width="660"/></a>
The Treasury has however issued a statement instructing all government departments to revert to using the local currency until further notice.
More: <a href="https://www.thezimbabwean.co/2019/06/zimbabwe-slowly-dollarizing/" rel="noopener noreferrer" target="_blank">The Independent</a>
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Zimbabwe Slowly Ditching The RTGS Dollar

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Reports have indicated that Zimbabwe’s local currency, the Real Time Gross Settlement (RTGS) dollar, has lost value. Since introduction, it has lost about 20% of its value.
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<article id="article-body">The loss of value is attributed to the scarcity of foreign currency on the formal market. Walter Mandeya of Trigrams Investments said:,
<blockquote>There is a feeling in the market that the formal market rate is being managed by the central bank, so export earners are reluctant to sell. But now that the rate has weakened further, we expect the market to be liquid going forward.</blockquote>
When the RTGS dollar was introduced, late February 2019, the Reserve Bank of Zimbabwe put an official rate of RTGS$2.5:US$1. This has since devalued to current levels. The official exchange rate is however 40% lower than what is prevailing on the parallel market, where the RTGS dollar is trading at 4.2 times the greenback.
<h3>Related: </h3>
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<li class="entry-title">
<h4><a href="https://news.pindula.co.zw/2019/03/29/mthuli-ncube-admits-to-devaluation-of-rtgs-dollar/" rel="noopener" target="_blank">Mthuli Ncube Admits To Devaluation Of RTGS Dollar</a></h4>
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More: <a href="https://www.fin24.com/Newsletters/" rel="noopener" target="_blank">Fin 24</a>
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RTGS Dollar Loses Value

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya announced the introduction of the RTGS Dollars.
Presenting the 2019 Monetary Policy Statement on Wednesday afternoon, Mangudya said existing RTGS / bond balance will be denominated as RTGS dollars, to enable an exchange rate between RTGS / bond and USD with willing buyer / willing seller process. He sais RTGS dollars will be used by all businesses and government. Below is how Zimbabweans on twitter reacted to the introduction of the RTGS dollar:
https://twitter.com/Kuda_Chizura/status/1098209840911007746
https://twitter.com/BonganBongzie/status/1098214704068087810
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RTGS dollars. So Biti was right all along about the local currency<a href="https://twitter.com/BitiTendai?ref_src=twsrc%5Etfw">@BitiTendai</a> <a href="https://twitter.com/ProfJNMoyo?ref_src=twsrc%5Etfw">@ProfJNMoyo</a> <a href="https://twitter.com/Wamagaisa?ref_src=twsrc%5Etfw">@Wamagaisa</a>
— Elisha Rambakudzibwa (@ElishaRamba) <a href="https://twitter.com/ElishaRamba/status/1098211947156332544?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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Surely we could have come up with a different name from RTGS dollars <a href="https://twitter.com/hashtag/ZimMonetaryPolicy?src=hash&amp;ref_src=twsrc%5Etfw">#ZimMonetaryPolicy</a>
— larry kwirirayi (@kwirirayi) <a href="https://twitter.com/kwirirayi/status/1098204769934626817?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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Mangudya: we now have RTGS Dollars People: so what is the rate to the US Dollar
Mangudya: DZAMUTSANA MUTSANA
— Kuda Kwashe (@Kuda_Chizura) <a href="https://twitter.com/Kuda_Chizura/status/1098217956780199936?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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https://twitter.com/eddmuttin/status/1098215598906097669
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The new monetary policy has defined bond notes, coins and banked money as RTGS dollars and from now on, banks will now be able to sell foreign currency to their customers using the prevailing daily exchange rate. Effectively the bond note is nolonger 1:1 with the US dollar.
— Hon. Dr Energy Mutodi (PhD) (@energymutodi) <a href="https://twitter.com/energymutodi/status/1098215071136841728?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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Zim dollars masquerading as RTGS dollars
— Shane (@unperson13) <a href="https://twitter.com/unperson13/status/1098218519584534528?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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The first country in the world to call RTGS a currency RTGS Dollars si what is its rate to the Rand or Pula or Renimbi? <a href="https://t.co/anP0W6duIA">https://t.co/anP0W6duIA</a>
— Chief Chikos (@Chikos21362227) <a href="https://twitter.com/Chikos21362227/status/1098219239054475264?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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RTGS dollars have become one of the currencies in the currency bucket of the multi-currency system of the economy – Mangudya….. MASHURA CHAIWO <a href="https://twitter.com/hashtag/MPS2019?src=hash&amp;ref_src=twsrc%5Etfw">#MPS2019</a> <a href="https://twitter.com/ReserveBankZIM?ref_src=twsrc%5Etfw">@ReserveBankZIM</a>
— Cliff Chiduku (@ChifChiduku) <a href="https://twitter.com/ChifChiduku/status/1098219227608203266?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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Zim dollar which went to a private school
— Clive (@clivy06) <a href="https://twitter.com/clivy06/status/1098219731650265093?ref_src=twsrc%5Etfw">February 20, 2019</a></blockquote>
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<h2>Related</h2>
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<h3><a href="https://news.pindula.co.zw/2019/02/20/rbz-has-worsened-the-problem-global-economist-hankie-comments-on-rtgs-dollars/" rel="bookmark">RBZ Has Worsened The Problem – Global Economist Hankie Comments On RTGS Dollars</a></h3>
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<h3><a href="https://news.pindula.co.zw/2019/02/20/download-monetary-policy-statement-delivered-by-john-mangudya-20-february-2019/" rel="bookmark">Download: Full RBZ Monetary Policy Statement PDF (February 2019)</a></h3>
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<h3><a href="https://news.pindula.co.zw/2019/02/20/rtgs-dollar-spells-doom-for-the-economy-biti/" rel="bookmark">RTGS Dollar Spells Doom For The Economy – Biti</a></h3>
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<h3><a href="https://news.pindula.co.zw/2019/02/20/frequently-asked-questions-faq-on-rtgs-dollars/" rel="bookmark">Frequently Asked Questions (FAQ) On RTGS Dollars</a></h3>
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How People Reacted To Introduction Of "RTGS Dollars"

Finance Minister Mthuli Ncube announced that Government has with immediate effect reviewed the amount charged for every money transfer transaction from 5 cents per transaction to 2 cents for every dollar per transaction to widen tax base.
Ncube said the increase was due to an increase in informalisation of the economy and huge increase in electronic and mobile phone based financial transactions and RTGS transactions. he also said so far in 2018 1.7 billion transactions went through as compared to 50 million four years ago. Said Ncube:
<blockquote>Treasury introduced the Intermediated Money Transfer Tax with effect from 1 January 2003 through the Finance Act 15 of 2002. The tax was set at 5 cents per transaction, which was a specific tax. However due to the increase in informalisation of the economy and huge increase in electronic and mobile phone based financial transactions and RTGS transactions there is need to expand the tax collection base and ensure that the tax collection points are aligned with electronic mobile payment transactions and RTGS system. The information we have so far is that in 2018 1.7 billion transactions went through as compared to 50 million four years ago.  I hereby review the Intermediated Money Transfer Tax from 5 cents per transaction to 2 cents per dollar transacted, effective 1 October 2018.  I am therefore directing financial institutions, banks and ZIMRA, working together with telecommunication companies to extend the collection to all electronic financial transactions.</blockquote>
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<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/10/01/foreigners-can-only-buy-fuel-using-cash-not-swipe-or-bond-rbz/">Foreigners Can Only Buy Fuel Using Cash Not Swipe Or Bond- RBZ</a></h3>
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<h3 class="entry-title"><a href="https://news.pindula.co.zw/2018/10/01/finance-minister-fires-entire-zimra-board/" rel="bookmark">Finance Minister Fires Entire Zimra Board, Says Govt Wants To Get Its Finances Under Control</a></h3>
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UPDATED: Govt Increases Tax On Money Transfers With Immediate Effect

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