The Reserve Bank of Zimbabwe has put to rest Tendai Biti’s claim that the government is going to introduce a new currency this week. The former Finance Minister’s claim gained the ire of many people who were accusing the government of trying to make the situation worse for them by demonetizing their bond notes and RTGS balances. In its Twitter post the, Central Bank said:
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The Reserve Bank of Zimbabwe would like to urge members of the public to dismiss, with utmost contempt, claims being circulated on social media regarding the introduction of a new Zimbabwe currency. The country shall continue to use the multi-currency system. Members of the public should not be misled by such counterproductive fake news.
Tendai BitiReserve Bank of ZimbabweRTGS
Tendai Laxton Biti is the president of the People's Democratic Party, a prominent lawyer, activist, politician and Member of Parliament for Harare East. Biti was part of the founding team of the Movement for Democratic Change in 1999 together with Morgan Tsvangirai, Gibson Sibanda, Welshman… Read More About Tendai Biti
The Reserve Bank of Zimbabwe (RBZ) is the central bank of Zimbabwe. Its offices are located at number 80 Samora Machel Avenue in Harare. The Reserve Bank of Zimbabwe operates under the Reserve Bank of Zimbabwe Act, Chapter 22: 15 of 1964. The Act provides… Read More About Reserve Bank of Zimbabwe
Real-time Gross Settlement (RTGS) is a fund transfer system where the transfer of money takes place from one bank to any other bank on a "real time" and on a gross basis. Settlement in "real time" means a payment transaction is not subjected to any… Read More About RTGS