Summary Of the 2019 Monetary Policy Statement

RTGS dollars is a currency; an addition to multi currency; will be the functional currency; used for pricing, settlement of local transactions; budget is in this currency; legal instrument has been crafted, reference currency changed from USD to RTGS
Lines of credit arranged to stabilize the currency

RBZ will provide seed FX so that every bank can trade Friday morning
RBZ will sell this FX to banks at a rate of allowable margin 2.5%

Fuel, cooking oil, electricity etc will get separate allocations – will not be part of interbank applications
3.5 million individual accounts have $205 million only. People have no money! Bulk of RTGS is held by about 1,900 firms
Managed float concept



By Mandisa

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