Examples of RTGS dollar in a sentence
The Zimbabwean government’s Transitional Stabilisation programme, which seeks to achieve macro-economic stability, among other objectives, has seen the recent introduction of a local currency, the RTGS dollar, and the end to a multi-currency system.
This change was applied prospectively and an estimate of 1 RTGS dollar to 4.35 ZAR was used as the exchange rate to translate the results, net assets and cash flows of the Group’s businesses in Zimbabwe in the 2018 financial statements.
Above average demonstration by the Applicant of the relevant ability, understanding, experience, skills, resource, and quality measures required to deliver the Project.
The impact of this was that the RTGS dollar became the Zimbabwean functional currency.
The currency giving rise to the currency risks is primarily the South African Rand (ZAR) and the RTGS dollar (ZWL).
Due to this change being at the end of the reporting period, we have continued to reference RTGS dollar in our interim results.The impact of applying the hyperinflationary provisions of IAS 21 in the current year was a decrease in the Group’s profit after tax of R493 million reflecting the difference in applying the average vs the closing exchange rate.
On 20 February 2019 the Reserve Bank of Zimbabwe (RBZ) announced that the RTGS dollar would be recognised as an official currency and that an interbank foreign exchange market would be established to formalise trading in RTGS dollar balances with other currencies.
On 1 October 2018, following the directive issued by the RBZ, the RTGS dollar was adopted as the functional and presentation currency of AOP.
The most significant exposure is to the Mauritian Rupee, the Botswana Pula, the Zimbabwean Real Time Gross Settlement (RTGS) dollar and the United States Dollar (US Dollar).
The closing rate used to translate the December 2018 results was 1 RTGS to 4.35 ZAR.By way of background, the Group applied a change in functional currency from the US dollar to the Real Time Gross Settlement (RTGS) dollar in respect of our businesses in Zimbabwe on 1 October 2018.