In an exclusive interview with TechnoMag, the Chancellor of the Exchequer, apex bank boss, Reserve Bank of Zimbabwe (RBZ) Governor Dr John Panonetsa Mangudya says Zimbabwe only has one currency, the Zimbabwe dollar, and there is no currency called RTGS or Nostro.
Dr Mangudya has had an open door policy to this publication were he clarifies anything including social media which is awash with the Chancellor of the Exchequer answering back Alpha Media Holdings (AMH) chairman “In Conversation with Trevor”, as the RBZ Governor Dr Mangudya retorted that the Zimbabwe dollar was the country’s sole currency.
The apex bank boss had been asked to shed light on the identity of the local currency since traders use various terms such as EcoCash, Nostro, Swipe, RTGS and bond, among others.
In typical fashion expected of the intellectual who once went toe to toe with Zimbabwe former Minister of Finance and Economic Development Hon Tendai Biti before a portfolio committe the MDC Alliance Vice President chaired, Dr Mangudya said:
“Our local currency is called the Zimbabwe dollar. I always meet people who say RTGS, bond note, the local currency in Zimbabwe is called the Zimbabwe dollar,”
“… The confusion comes from the fact that in 2019 when we separated the local currency from the foreign currency, and we had a Statutory Instrument 33 of 2019, we referred to the local currency as the RTGS, and subsequently changed to the local currency called the Zimbabwe dollar.”
Governor Mangudya added,
“So there is Nostro, and such because people are perhaps too educated they use all kinds of acronyms.”
Asked further if as Governor he was not worried about presiding over an economy where so many acronyms are used, Governor Mangudya said:
“It does not worry me, because there is diversity in Zimbabwe.”
“As long as we speak the same language, I know when they are referring to the RTGS, they are talking about the Zimbabwe dollar.”
He went on “Maybe from this conversation, we need to change the narrative.”
“The narrative of our local currency is called the Zimbabwe dollar, and the foreign currency that we are using here, we normally use the US dollar, rand or British pounds, but predominantly in the market there is the US dollar, that is what is being used.”