Subsequent to the adoption of a new currency earlier this year, Zimbabwe has announced rebasing of its economy which broadly indicates changing the reference points used to calculate the gross domestic product. Zimbabwe adopted a new currency dubbed the “Zollar” and officially called RTGS dollars which comprised bond notes and electronic money. Zimbabwe had rebased its economy in October 2018.The Minister Ncube said the adoption of the RTGS$ required another rebasing exercise. The rebasing has put the economy at RTGS$70.1 billion ($21 billion) at the official exchange rate. The new currency has a legal tender status and will act as the unit of account for Zimbabwe’s government book
Earlier, the central bank of Zimbabwe had pegged its quasi-currency bond note and electronic dollars against the US dollar. In February this year, it scrapped it and merged them into a single transitional currency called the RTGS dollar. Announcing the rebasing of the economy, Zimbabwe’s Finance Minister Mthuli Ncube stated that the economic growth would be adversely impacted this year by the drought and cyclone that hit eastern regions. However, it was estimated that the economy grew higher than expected in 2018.The minister pointed out that the economy grew by 6.2 percent in 2018 compared to an initial forecast of 3.1 percent
