Zimbabwe: ZIMRA introduces new currency - RTGS$

Late in February 2019, Zimbabwe introduced a new currency called the Real Time Gross Transfer dollars or RTGS dollars.

See Public Notice below from the Zimbabwe Revenue Authority(ZIMRA) released yesterday. According to the notice, payroll should be processed in the new currency known as RTGS$ with currency code ZWL.

Public_Notice_Submission_of_Paye_Returns_2019.pdf

Rate of exchange of the USD to the RTGS$ for the months of January 2019 and February 2019 is 1:1. This means that all the values used to calculate PAYE are now in RTGS$ i.e. tax tables, tax credits, deduction limits etc. These values remain the same. The main change for Zimbabwe payroll systems would be to change the payroll from a USD to RTGS$ payroll. i.e. change the currency code from USD to ZWL. From March 2019 the exchange rate will be provided by Interbank.

For assistance on possible solution for multi-currency payrolls, please contact your consultant or mail [email protected].