RTGs: Wise technology put to wrong use in Zimbabwe
The introduction of the Real Time Gross Settlement System (RTGS) a few years ago further enhanced the country's reputation for having one of the most advanced banking systems on the African continent, but there is now a serious rethink on whether such an advanced payments system is good for Zimbabwe, a nation battling its worst economic crisis in history.
According to the Reserve Bank of Zimbabwe (RBZ), the RTGS meant, primarily, to stem cash shortages, reduce cheque fraud risks and delays in customer payments, has become a vehicle for illicit foreign exchange parallel market dealings that have distorted exchange rates beyond the wildest imagination.
