Economy

Zimbabwe declares interim RTGS dollar sole legal currency

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Zimbabwe has declared its interim currency, the RTGS dollar, the her sole legal tender with effect from Monday, according to a government notice published on Monday.

“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,” the notice said.

The RTGS (Real Time Gross Settlement) dollar was introduced by the government on Feb. 22 as the first step towards a new currency by year-end.

However, by last week it had plunged 60 per cent against the U.S. dollar and some Zimbabweans complain that many goods and services are still priced in foreign currencies, mainly the dollar and the rand.

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

Analysts fear the same situation repeating itself with the interim currency.

Joseph Idika

Joseph Idika: is a graduate and a professionally trained journalist, with experience in national news reporting/editing and verification at the News Agency of Nigeria. NNN is a media subscriber of the News Agency of Nigeria. NNN is a Nigerian online news portal that publishes breaking news in Nigeria, and across the world. Our journalists are honest, fair, accurate, thorough and courageous in gathering, reporting and interpreting news in the best interest of the public, because truth is the cornerstone of journalism and they strive diligently to ascertain the truth in every news report. Contact: editor[at]nnn.ng. Disclaimer.

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