RTGS dollar definition

RTGS dollar means any funds held as bank deposits under the Real Time Gross Settlement system established in terms of the National Payment Systems Act [Chapter 24:23];
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RTGS dollar means any funds held as bank deposits under the Real Time 25
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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.

  • The currency giving rise to the currency risks is primarily the South African Rand (ZAR) and the RTGS dollar (ZWL).

  • It was determined that the functional currency changed from USD to real time gross settlement (RTGS) dollar.

  • The RBZ subsequently introduced Statutory Instrument 142 of 2019 on 24 June 2019 resulting in the renaming of the RTGS dollar to Zimbabwe dollar (ZWL $), and the ZWL $ being the only form of legal tender in the country.

  • The impact of this was that the RTGS dollar became the Zimbabwean functional currency.

  • 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.

  • 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.

  • 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.

  • 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.

  • This is different from the approach taken by the group’s South African parent company, Old Mutual Limited, which treated the RTGS dollar as a functional currency effective from 1 October 2018 at an exchange rate of USD1: RTGS$3.3.

Related to RTGS dollar

  • Dollar and “$” mean lawful money of the United States.

  • U.S. Dollars and “$” each means the lawful currency of the United States of America.

  • Index Currency means USD.

  • Euros means the currency adopted by those nations participating in the third stage of the economic and monetary union provisions of the Treaty on European Union, signed at Maastricht on February 7, 1992.

  • Euro and “€” mean the single currency of the Participating Member States.

  • Quote Currency means the second currency in the Currency Pair which can be bought or sold by the Client for the Base Currency.

  • Exchange Rate means, in relation to any amount of currency to be converted into U.S. Dollars pursuant to this Agreement, the U.S. Dollar exchange rate as published in the Wall Street Journal on the relevant date of calculation.