Zimbabwe started to trade its new currency, the RTGS dollar, two days after the central bank announced measures to try and resolve a chronic monetary crisis. The bank unveiled a foreign exchange trading system that effectively devalued its quasi-currency, the bond note, which was officially pegged at parity with the US dollar.
The new currency replaces electronic bank savings called digital dollars and the bond notes and was named after the real-time gross settlement system that banks use to transfer money between each other.
Source- The Tribune
Static/Current Takeaways Important For NIACL AO Mains Exam:
- Zimbabwe Capital: Harare, President: Emmerson Mnangagwa.