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AFRICA

Zimbabweans Queue Outside Banks As New Currency Begins Trading

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Zimbabweans queued outside banks in the Zimbabwean capital Harare on Friday as the central bank opened trading of a new currency known as RTGS dollars.

Central Bank Governor John Mangudya said in Harare that the new currency would trade at around 2.5 to the U.S. dollar.

Mangudya also announced that the country had ditched the 1:1 ratio between Zimbabwe bond notes and US dollars, a rate maintained by the central bank for nearly three years.

The RTGS dollars are composed of RTGS balances, bond notes and bond coins and are in the basket of currencies.

The exchange rate is seen by experts as a significant devaluation as the regulator attempts to stem chronic cash shortages.

Trading on the Inter-bank market was due to begin on Monday, although Mangudya mentioned trading had started on Friday morning.

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