Breaking News: Exchange rate to open at US$1: RTGS$2.50

Central bank Governor  John Mangudya has set an official opening rate between USD and the newly introduced RTGS$ at  1USD:2.50 RTGS$ when interbank forex trade begins.

This was revealed by Mangudya at a monetary policy review breakfast meeting held in the capital on Friday.

“The rate will open at $1: 2.50(RTGS) as per agreement with forex dealers in the Banks,” said Mangudya.

“The RBZ will play in the Open Market by buying when the rate is low and sale when the rate is high,” he said.

Mangudya also said: “For forex dealers in the streets, they now have an opportunity to open formal beaurue de changes and trade formaly.”

Mangudya once told the nation that if USD fail to be one as to one with Bond note he was going to resign.

The government confirmed through the monetary policy statement on Wednesday that the Central Bank no longer rates US dollars as one is to one with the RTGS$.

Most Zimbabweans made a clarion call to the Reserve Bank of Zimbabwe to be practical by not rating Bond note as one is to one with the USD.

Zimbabweans were now opting to exchange their forex in the streets but now they have an option of exchanging it in the banks on willing buyer willing seller basis.

After abolishing the 1:1 United States Dollar to bond note exchange rate,the Reserve Bank of Zimbabwe floated the exchange rate leaving the market in speculation.