{"id":17106,"date":"2019-12-22T20:22:33","date_gmt":"2019-12-22T18:22:33","guid":{"rendered":"https:\/\/www.africa-press.com\/zimbabwe\/?p=17106"},"modified":"2019-12-22T20:22:33","modified_gmt":"2019-12-22T18:22:33","slug":"rbzs-broken-promises-responsible-for-self-redollarisation","status":"publish","type":"post","link":"https:\/\/www.africa-press.cc\/zimbabwe\/all-news\/rbzs-broken-promises-responsible-for-self-redollarisation","title":{"rendered":"RBZ\u2019s Broken Promises Responsible For Self-redollarisation"},"content":{"rendered":"<p>An economic analyst,\u00a0<a href=\"https:\/\/www.pindula.co.zw\/John_Robertson\" target=\"_blank\" rel=\"noopener noreferrer\">John Robertson<\/a>, said Zimbabwe\u2019s fiscal and monetary authorities\u2019 failure to keep promises they made in February has led to the self-redollarisation of the economy.<\/p>\n<p>Robertson asserted that if the promises had been kept, the exchange rate would have stabilised at 1:6. He said:<\/p>\n<p>Promises were made before February 28, 2019, from which date market forces were supposed to determine the Zimbabwe dollar exchange rate.<\/p>\n<p>If these promises had been kept, the rate might have become stable at about Z$6 to the US dollar. But the promises were not kept, and the imbalance remained.<\/p>\n<p>People with special privileges were also able to continue making profits by selling US dollars for more than they paid for them, and prospects of building trust were severely damaged.<\/p>\n<p>In February this year Reserve Bank of Zimbabwe governor John Mangudya announced the introduction of a new currency called RTGS dollars.<\/p>\n<p>The currency consisted of existing RTGS balances in bank accounts, Bond Notes cash and Bond Coins and the initial exchange rate with the US dollar was pegged at 2.5 RTGS dollars\/US dollar.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>An economic analyst,\u00a0John Robertson, said Zimbabwe\u2019s fiscal and monetary authorities\u2019 failure to keep promises they made in February has led to the self-redollarisation of the economy. Robertson asserted that if the promises had been kept, the exchange rate would have stabilised at 1:6. He said: Promises were made before February 28, 2019, from which date [&hellip;]<\/p>\n","protected":false},"author":84,"featured_media":3022,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[3,6],"tags":[450,653,371],"class_list":{"0":"post-17106","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-all-news","8":"category-economy","9":"tag-mangudya","10":"tag-rbz","11":"tag-rtgs"},"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v24.1 (Yoast SEO v24.1) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>RBZ\u2019s Broken Promises Responsible For Self-redollarisation - zimbabwe<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.africa-press.net\/zimbabwe\/all-news\/rbzs-broken-promises-responsible-for-self-redollarisation\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"RBZ\u2019s Broken Promises Responsible For Self-redollarisation\" \/>\n<meta property=\"og:description\" content=\"An economic analyst,\u00a0John Robertson, said Zimbabwe\u2019s fiscal and monetary authorities\u2019 failure to keep promises they made in February has led to the self-redollarisation of the economy. Robertson asserted that if the promises had been kept, the exchange rate would have stabilised at 1:6. 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