Farai Dziva | The government has indicated that Zimbabwe's local currency, the Real-Time Gross Settlement Dollar (RTGS), has lost value.
Since the introduction, it has lost about 20% of its value.
There is a sense in the market that the formal market rate is being administered by the central bank, so exporters are reluctant to sell. But now that the rate has weakened further, we expect the market to be liquid from now on.
When the RTGS dollar was introduced in late February 2019, the Reserve Bank of Zimbabwe placed an official RTGS rate of $ 2.5: $ 1. Since then, the currency has depreciated to its current levels. The official exchange rate is, however, 40% lower than that prevailing in the parallel market, "said one economist.