MANGUDYA says RTGS Dollar Is Still 1:1 With US$ BUT Value Changes When You Want Forex
Reserve Bank of Zimbabwe (RBZ) governor John Mangudya is causing yet more chaos in the financial world after he claimed that the RTGS Dollar is still 1:1 with the United States Dollar.
In a statement which can be described as confusing at best, the governor claimed that the value of the RTGS Dollar to the United States Dollar only changes when one requires foreign currency otherwise at all times when the money is in the bank account it will be at par to the United States Dollar. We are still trying to make head and tail of it.
In an interview with The Standard, Mandudya said,
People should not get confused. In the bank, the RTGS balances have the same value with the USD but when one wants forex at the bank, then it changes and its value is determined by the rate prevailing at that particular bank.
We have not devalued the RTGS balances but allowed people to access the forex at a rate which is competitive and allows the economy to grow
Your $1 000 in the bank is still $1 000. However, when you want to get the USD$, the rate and value will be determined by the market.
If your English comprehension skills are better than ours please interpret the statements for us so that we can understand what the government is trying to say.
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