There were meetings on Monday and Tuesday [Between CBI and Private banks] talking about the ATMs and they called it a 'new currency.
Not once did they say lower denoms or LDs they simply called it 'new currency'. When you see this you'll know exactly what the CBI is talking about to the citizens. Not the old 3-zero notes but the lower denominations.
Bruce
[via WiserNow] ...Prime Minister Al-Sudani is telling us the RV that we're looking for...is to happen this week...He's talking about putting out the new rate which would be an international rate, not our rate that we're gonna get, but an international rate of the new Iraqi dinar in the printed version of the gazette on Wednesday [today]
...So between 8am in the morning and 8pm tomorrow [Wednesday] it is supposed to be our pay day. It is supposed to be the day that we get started with our exchanges..
...We got a visit from Prime Minister Sudani from Iraq. He met with President Trump and a few others, in an undisclosed location that I know where it is. And I think it was just going over last minute stuff. But he flew back, prime minister Sudani flew back to Iraq ...
and is going to bring out news of the revaluation of the Iraqi dinar to his people tomorrow [Wednesday]. He said...this week...will be a miracle week...He said not only for the country of Iraq, but for the entire world.
Shafaq News/ The Iraqi Prime Minister Mohammad Shia Al-Sudani, on the sidelines of the United Nations General Assembly's 78th session, told Bloomberg in an interview that Iraq's vision seeks an active role in the global gas market emphasized adherence to oil agreements, and revealed the nation's stance on foreign military presence.
Oil and Gas Policies
Al-Sudani highlighted Iraq's commitment to agreements with OPEC and OPEC+ member countries, aiming to balance the interests of both producers and consumers. Part of this strategy includes directing a portion of Iraq's oil production to refineries abroad, including discussions with Bulgaria, China, and Malaysia.
"We seek a reasonable oil price that benefits both producers and consumers, without a fixed price, with an ideal range between $85-90 per barrel," said Al-Sudani, signaling Iraq's intent to adapt to market dynamics.
Furthermore, Al-Sudani spoke about ongoing investments in natural gas fields, positioning Iraq as an active player in the global gas market.
Kurdistan Region Oil Export
Al-Sudani addressed the suspension of oil exports from the Kurdistan Region, stating, "We await Turkey's actions to resume exports via the Turkish route, especially for oil originating from the Kurdistan Region, consistent with Iraq's overall policy." He highlighted that negotiations with Turkey aim to separate export disputes from legal issues in international arbitration.
Al-Sudani stressed that the cessation of exports harms all parties involved, including Turkey, which relies on export pipeline tariffs.
Foreign Investments and American Companies
He revealed significant projects with TotalEnergies and ongoing discussions with Emirati and Chinese firms, underscoring Iraq's determination to explore its natural gas potential.
"We met with American companies operating in the Kurdistan Region eager to expand their operations in the rest of Iraq. We discussed investment opportunities inviting American companies to engage," he said.
Al-Sudani acknowledged the strategic relationship between Iraq and the United States, which includes activating the strategic framework agreement, collaborating with American companies, and resuming oil exports through the Turkish port of Ceyhan.
Foreign Military Presence
Regarding the presence of foreign forces in Iraq, Al-Sudani stated, "Our official position is clear – there is no need for foreign combat forces in Iraq. We possess capable security services to maintain order."
Al-Sudani revealed ongoing discussions about Iraq's future relationship with the Global Coalition and bilateral cooperation formulas with the United States and other nations.
"We support international efforts against terrorist groups like ISIS and believe in joint training and information exchange programs. Technical committees will determine the specifics," he explained.
He also mentioned that the current foreign presence consists primarily of advisors, and Iraq aims to regulate their roles, locations, and timeframes. An American-Iraqi committee will meet to discuss these matters.
Regional Diplomacy
The Iraqi prime minister expressed Iraq's interest in facilitating understanding and reconciliation between Iran and the United States to maintain regional stability.
"Iraq's foreign policy centers on maintaining relations based on common interests and non-interference in internal affairs."
He emphasized Iraq's desire to maintain a dialogue with the United States to ensure stability in the Middle East, a region of critical global importance.
The United States confirms its support for the success of the Sudanese government’s “reform” steps.
9/21/2023
Iraqi Prime Minister Muhammad Shiaa Al-Sudani confirmed, during his meeting in New York with the US President’s Special Envoy for the Middle East and North Africa, Brett McGurk, that the investment arena in Iraq is open for American companies to contribute to the reform and reconstruction plans of Iraqi infrastructure, while the latter expressed his country’s support for steps Sudanese government.
A statement issued by Al-Sudani’s office, received by Shafaq News Agency, said that the latter met in New York, after midnight on Wednesday (Baghdad time), with the US President’s special envoy to the Middle East and North Africa, Brett McGurk, on the sidelines of his participation in the 78th session of the Assembly’s work. General of the United Nations.
According to the statement, the meeting witnessed discussion of the overall relations between Iraq and the United States, and ways to strengthen and develop them at various levels and fields, in a way that serves the interests of the two friendly peoples.
The statement quoted the Prime Minister as confirming that Iraq seeks to pursue strategic relations with the United States, based on mutual interests and constructive economic partnership, indicating that the investment arena in Iraq is open for American companies to contribute to the reform and reconstruction plans of Iraqi infrastructure.
Al-Sudani also renewed his reference to the readiness of the Iraqi security forces, the advanced level of performance and integration of their formations in various categories, and their success in pursuing the terrorist remnants of ISIS, stressing the investment of the successful visit recently conducted by an Iraqi delegation headed by the Minister of Defense to Washington, and its discussion with the American side of the future relationship with The International Coalition to Combat Terrorism.
For his part, McGurk affirmed, according to the statement, his country’s support for the success of the reform steps pursued by the government, and the United States’ continued provision of advice and training to the Iraqi forces in their fight against ISIS, reiterating the American administration’s commitment to the Strategic Framework Agreement, and supporting the reforms undertaken by the government, in the economic and reconstruction fields. Infrastructure and anti-corruption. LINK
Article: "AUSTRIA SEES OPPORTUNITY AS IRAQ RETURNS TO STABILITY"
...Why would a foreign country want to invest in Iraq if they were not truly stable and ready to reinstate back on FOREX? The signs are all around us...
...the dinar, when reinstated, will NOT come out at the low program rate and then float slowly to something we want to see to exchange. Instead, it will be placed back on FOREX and by the time you hear about it, it may very well already be over $4. Remember at some point the IMF will cap it out and let it settle down. I heard this could be at about $9...
Angel1
I am zero concerned about HCL. Yesterday I do believe the Kurd's issues were resolved officially...
We see some very strong rumblings that HCL is done. We have seen a few articles on it...we are having translated for us...On Friday it was announced on the radio that it was going to be resolved on Sunday and activated...
Intel is hot right now. There were some dotting in the I's and crossing the T's that Sudani needed to do before he came to New York for the United Nations session.
The New York Times has already put out a beautiful article praising him.
Sudani has been in New York...We were told Sudani was scheduled to speak on Friday - Sudani has already spoke...
Last week Sudani had a special meeting that was broadcast across the nation, 1 hour and 24 minutes. He went off on security, stability, exchange rate, water, wheat, deals, about how incredibly well Iraq was doing. Today in a speech we see a mirror image of that...in New York on an international stage...He has let the world leaders know exactly where Iraq is and that they are open for business and they are coming.
The series of American lies and Iraqi Kurdistan oil
It is often said that criticizing America is unfair as it has a solid democratic system, strong institutions, and is a model for the free world. However, those who hold this opinion do not consider the country’s flaws and injustices, while its allies turn a blind eye.
Despite this, America is subject to lies and deceit, including claims made by former American ambassador James Jeffrey, who blamed Iran for disrupting oil exports from Iraqi Kurdistan through Turkey. This accusation is false and shows a biased attitude towards the Iraqi government. Mr. Jeffrey has a history of making false statements and it is possible that he was paid to make them. Evidence shows that it is actually Turkey that is obstructing the exports.
In more detail, Turkey refused to resume exporting Iraqi oil after the delegation from the Iraqi Ministry of Oil visited Ankara in June. Turkish officials cited technical issues with the conveyor pipeline’s condition and its vulnerability to damage from the southwest Turkey earthquake as the reason for their refusal.During the minister’s visit, the Turkish attitude of rejection was again reiterated. Iraqi oil to talk about the same issue on August 20th, 2017.
After that, when the Turkish Foreign Minister visited Baghdad at the end of August, there was a thorough discussion on the subject. Hakan Fidan transmitted Ankara’s prerequisites for resuming the flow of oil from Iraqi Kurdistan through the Turkish pipeline, which included the following requirements:
1- Iraq should revoke the lawsuit it filed against Turkey at the International Court of Arbitration in Paris, where the court ordered the Turkish side to pay $1.5 billion for breaking the law and selling oil without consulting the Baghdad administration.
2- Iraq pays up damages to Turkish firms managing the Iraqi-Turkish pipeline after oil exports were halted.
3- The pipeline is being maintained by the Iraqi side at its own expense because the earthquake that struck Turkey damaged it.
4- payment of $7 to the Turkish side for each barrel of Iraqi oil exported via the Ceyhan port.
If Turkey’s requirements are like this, then who controls this file, Mr. Jeffrey? In addition to other details that show Turkey’s haughtiness and its haggling with Iraq in this economic file, Jeffrey was oblivious to them, perhaps due to reasons related to his practice of blackmail behavior during his diplomatic work. Isn’t the American lying, inventing crises, and blaming Iran and the Baghdad government standard Zionist-American practice for which no one holds you accountable? Who sets the terms and deals with Iraq over the water issue?
It is evident that America is turning a blind eye to terrorist groups, providing them with logistical support and covering up subversive elements operating in Iraq. It is not surprising to learn about this, but what is surprising is the issuance of a statement from an honest American official who presents the truth as it is. The White House government uses many files to blackmail the Iraqi government in order to weaken and thwart its efforts. It is not worth all the trouble to prove the unproven, cheap, false allegations with ill-conceived goals.
Thank you MarkZ for all your time, and encouragement daily….. PDK
MarkZ Thursday Update- Some highlights by PDK-Not verbatim
MarkZ Disclaimer: Please consider everything on this call as my opinion. People who take notes do not catch everything and its best to watch the video so that you get everything in context. Be sure to consult a professional for any financial decisions
Member: Happy Thursday all! Blessings and health for everyone!
Member: the weeks are flying by so quickly…..Praying this is our last week of waiting.
Member: Charlie Ward always thought it would happen on a Thursday….Hoping he is right
MZ: Things are looking good….that’s for certain.
MZ: In Iraq: “Parliamentarian :Baghdad and Erbil disputes prevent the adoption of the Oil and Gas law” We were also hearing this kind of thing from Kuwait before their last RV. I was always told to watch for this as a final trigger that needs to be hit right before we see RV. They are working on it. They may be releasing things like this so we don’t know if it’s already done or not.
MZ: There was a fantastic video from MilitiaMan- He really knocked it out of the park last night …He talks about what is going on with Sudani and the speeches in the UN. He also talked about the international exchange rate…..Be sure to go watch it and like and share it.
Member: Militia Man seems to think things will happen this weekend
Member: Rv in a blink of an eye! It’s Biblical!
Member: I heard Reno is going through some preliminary stuff …..then boom its on
Member: If al-Sudani is going to announce a new rate for Dinar next week, wouldn't that force RV for us?
Member: I read that Sudani wont be back to Iraq till after 1400 est Saturday at the earliest
Member: where is Sudani staying I want to tell him to speed things up!
MZ: Some interesting things happening on the bond side. They were given some “solid” dates for when they get their funds. It seems to coincide with other gurus thoughts on timing.
Member: Well if this still stands…We are in the open RV window from yesterday till Oct. 8th…..
MZ: “The coming collapse of the US banking system” This is a really solid piece of reporting from Thomas Mallard(?)…and where we are at. It looks like the US banking system may be the first to collapse …There really are some great articles out this morning.
MZ: “3000 percent inflation in 110 years.” Since the Federal Reserve was created this is the inflation we have seen.
Member: Everyone should read “The Creature from Jekyll Island” The Fed Reserve was created in 1913……..
Member: Got a notice from our credit union yesterday that there will be limited banking from Oct 3rd through the 11th due to system updates.
Member: How will the RV affect those of us on SS?
MZ: I was told to expect a increase in SS payments. A lot of bonuses…We should talk about this with Mr. C tomorrow.
Member: My resignation/retirement letter is a bit too long: So changed it to “I quit.”
Member: Hoping you get to turn it in ASAP
MZ: I will be traveling back to the states today….So no podcast tonight
Member: Have a great trip --- safe travels Mark. We appreciate you
Member: We hope you will be exchanging while in the states on this trip !!
THE INFORMATION IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY. NOT INTENDED TO PROVIDE ANY PROFESSIONAL & LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IS MARKZ ’S OPINION ONLY.
FOLLOW MARKZ : TWITTER . https://twitter.com/originalmarkz?s=21. TRUTH SOCIAL . https://truthsocial.com/@theoriginalm...
Mod: MarkZ "Back To Basics" Pre-Recorded Call" for Newbies 10-19-2022 ) https://www.youtube.com/watch?v=37oILmAlptM
MARK’S TELEGRAM ROOM FOR WORLD NEWS EVENTS & CHAT? LINK: https://t.me/TrollingNews_telegram
HAVE A GREAT DAY ALL! NO PODCAST TONIGHT! MARK WILL BE BACK TOMORROW MORNING AT 10:00 AM EST! MR. C. WILL BE JOINING! THANKS
Note from PDK: Please listen to the replay for all the details and entire stream….I do not transcribe political opinions, divisive social commentary, medical opinions or many guests on this stream……just RV/currency related topics.
An Iranian official reveals the country's reserves of black gold
The Executive Director of the National Iranian Oil Company stated that Iranian oil production has increased by more than one million barrels per day since the current government took office in August 2021.
Executive Director Mohsen Khojasta Mehr said, “Iran has regained its previous production ranking in the Organization of the Petroleum Exporting Countries.” OPEC, which was registered before the embargo, pointed out that “oil production during the era of the previous government was on average 2.25 million barrels per day, and today it has reached 3.3 million barrels.”
He added, "Within the next 10 days, production will reach 3.4 million barrels per day. He revealed that Iranian oil production will reach the level of 5.7 million barrels per day in the next eight years, and gas production will reach 1.5 billion cubic meters per day."
He stressed that "Iran's oil and gas reserves amount to 340 billion barrels, and it has 400 oil and gas reservoirs and is at the forefront of the world in this field, adding that the average recovery in oil fields is 25%, and gas is about 70%." link
Al-Sudani meets with American companies to support gas investments in Iraq
9/21/2023 Baghdad
Iraqi Prime Minister Muhammad Shiaa Al-Sudani announced yesterday, Wednesday, that he will meet with dozens of American companies as part of efforts to boost investment in the gas sector.
Al-Sudani said in an interview with Bloomberg TV in New York: “My government is serious about investing in gas and in becoming an active and strong player in the market.”
Al-Sudani, who met with US Secretary of State Anthony Blinken while he was in New York, said that the latter invited him to visit the White House, expressing his hope to do so by the end of this year.
Al-Sudani revealed that he met with American companies operating in the Kurdistan region of Iraq and wishing to move to the rest of the regions in his country, and that he intends to meet representatives of 31 other companies today. He indicated that his government also aspires to complete agreements with Emirati and Chinese companies, although he refused to give specific information in this regard.
Iraq aims to achieve self-sufficiency in gas production and export
Iraq is trying to reduce its dependence on Iran for obtaining gas, a measure that has become more difficult given that the harsh US sanctions on Iran make the payment process difficult. It is also spending billions of dollars to increase its gas production to avoid supply disruptions.
Al-Sudani stated that Iraq - the second largest oil producer in OPEC - wants to maintain stable oil prices “to ensure the interests of producers and consumers,” expecting the price of oil not to fall below a range ranging between 85 and 95 dollars per barrel.
He concluded: "Iraq is committed to achieving the voluntary goal that we agreed upon within OPEC." LINK
During this time-frame we had some key components that were needed to be sorted. We've been talking about this for a while - the 23, 24, 25 tripartite budget has not been spending any money, hasn't allocated any money...that's going to be resolved.
This U.N. assembly goes on for quite a few days...it goes all the way out to the 23rd and then a final day on the 26th. Iraq is going to showcase themselves this next Friday.
Al Sudani going to New York for a week to cut deals? Maybe. We'll see how that turns out...
Everything we've been seeing...is showing Iraq is going to have a big week.
Al Sudani is set to arrive in New York on the 18th. I would imagine there's going to be sideline deals. If you look at the lineup from the U.N...Iraq is slated [to speak] on Friday the 22nd...Iraq is coming out to the world and we're going to be a part of it. I'm really excited to see it...
Conflicting expectations for dollar prices…and talk of a “big shock”
2023-09-20 23:19
Conflicting expectations for dollar prices...and talk of a big shockShafaq News/ The visit of the Iraqi Prime Minister, Muhammad Shiaa Al-Sudani, to the United States of America is important in terms of its timing, which coincides with the crisis of the rise in the dollar exchange rate, amid high hopes that Iraqis have for the possibility of finding solutions to this issue.
Al-Sudani left for New York to participate in the meetings of the United Nations General Assembly, at its seventy-eighth session, and met on the sidelines of his participation in the meetings with US Secretary of State Anthony Blinken, who was issued an official invitation by US President Joe Biden to visit the White House.
This comes at a time when the dollar exchange rates in Iraqi local markets are witnessing unstable jumps until they approached 160 thousand dinars per 100 dollars, for internal and external reasons, as attributed by specialists.
In this context, a member of the Iraqi House of Representatives, Firas Al-Muslimaoui, says, “The House of Representatives hosted the Governor of the Central Bank following the rise in the dollar exchange rate, and he explained that the reasons for the rise are due to internal and external factors.”
Internal factors
Al-Muslimaoui explained to Shafaq News Agency, “Internal factors include those related to merchants escaping taxes and purchasing dollars from the black market, and among them are administrative obstacles, some of which require those who take dollars to register a company.”
He added, “The Central Bank sought to address these obstacles, and decided to allow individuals, not companies, to buy dollars if they supply goods, provided that they are committed to ensuring that the goods are of the country’s need, real, and have official receipts.”
The third factor, according to Al-Muslimaoui, is that “the Central Bank submitted a proposal to the Prime Minister to reconsider the tax rate imposed on existing goods and reduce it, to encourage the merchant to buy through official methods.”
He continues, “The fourth factor is smuggling. There is security work and large gangs have been arrested for smuggling dollars out of Iraq.”
External factors
The representative points out that “external factors are related to the US Treasury policy, and these are outside the management of the Central Bank, so it is expected that the dollar exchange rate will be one of the issues that the Prime Minister will discuss in his current visit.”
At the conclusion of his speech, Al-Muslimaoui expected that “the dollar exchange rate will witness a gradual decline over the next few days, in a way that does not affect the Iraqi market.”
Continuous rise
On the other hand, the researcher in financial affairs, Ahmed Fouad Shukri, believes that “the dollar will continue to rise due to the government not taking real measures to curb its rise, but rather was content with some preventive or precautionary measures.”
Shukri explained to Shafaq News Agency, “The government banned dealing in the dollar within the local market, and it succeeded to a certain extent, but a large percentage of Iraq’s imports come from neighboring countries that are subject to American sanctions, such as Syria and a number of Turkish and Iranian companies that are completely banned from dealing in the dollar, and they did not The government has so far established a specific mechanism for trade exchange with these countries, and for the purchase and payment processes.”
He points out that “there are other factors that the government did not pay attention to, including the country’s high budget, which leads to fears and bad and negative expectations, high inflation, and Iraq’s foreign debts. These are all factors that contribute to the decline of the currency locally against foreign currencies in general, and since Iraq is linked to… In dollars, this rise will certainly happen.”
He continues, “In addition to the main and largest reason, which is the American sanctions that led to the rise of the dollar in the recent period, there are sanctions that may be more severe and may affect the Central Bank of Iraq, through which a major shock could be exposed, and also with regard to financial transfers that have become confined to the hands of the American Federal Reserve, which “The risks to the Iraqi government have increased significantly.”
Iraqi Prime Minister meets NATO Secretary-General to discuss cooperation and security
Shafaq News/ On Wednesday, Iraqi Prime Minister Mohammad Shia Al-Sudani held a meeting with the NATO Secretary-General, Jens Stoltenberg, in New York on the sidelines of the 78th session of the United Nations General Assembly.
During the meeting, Prime Minister Al-Sudani invited Secretary-General Stoltenberg to visit Iraq, emphasizing the desire for enhanced cooperation.
Al-Sudani expressed his appreciation for NATO's support during the war against ISIS. He noted that NATO's direct participation in military operations and providing advice and training to Iraqi security forces had contributed significantly to the country's stability.
Prime Minister Al-Sudani emphasized the importance of cooperation in exchanging information and tracking the sources of terrorist financing, given the global reach of terrorism networks. He also discussed challenges related to drug trafficking and smuggling.
Al-Sudani highlighted that the Iraqi government is currently reviewing its relationship with the Global Coalition in light of the readiness of the Iraqi security forces. This review process has led to the formation of a bilateral committee, multiple dialogues, and a recent visit by a delegation from the Ministry of Defense to Washington to discuss the development and training of Iraqi forces.
Secretary-General Stoltenberg expressed his gratitude to the Prime Minister for the steps taken by the Iraqi government in pursuing reforms and for the crucial role played by Iraqi security forces in defeating ISIS and countering threats within Iraq and to NATO countries.
Stoltenberg emphasized NATO's "respect" for Iraq's sovereignty and its commitment to expanding cooperation, including providing advice and training to Iraqi security forces, which could encompass formations within the Ministry of Interior.
Judy Note:At any time the Emergency Broadcast System was expected to activate and replace programming on TV, radio and Internet. On Fri. 22 Sept. the Quantum Financial System will take over the Global Financial System where The People will have complete control over their monies. Banks will no longer be independent, but will be working for the US and other countries’ treasuries. Global Currency Reset exchanges and Zim Bond redemption were expected to start within the next couple of days and be completed by Tues. 10 Oct;The Cabal’s South African government was broke and shut down.
As of Wed. 20 Sept. South Africa was officially a Failed State. The Cabal government has run out of money.
Global Currency Reset:
Wed. 20 Sept.
September 22nd: The Day the World’s Banking System Will NEVER Be the Same! | Alternative | Before It’s News (beforeitsnews.com)Fri. 22 Sept. is the dawn of the Financial Reset. In 2020 they started the Quantum Financial System as an asset-backed digital currency system that would replace the SWIFT system. On the QFS it takes nano seconds to transfer monies across the World. Once the transaction transfers into the QFS System it can’t be changed until it reaches it’s destination. In other words, no banker can access your monies. No data can be compromised. You will be notified when new monies enters your account. All problems that would interfere with the system have been solved. 192 data centers were planned across the World. You will have a new ID and password. Our accounts are totally under our control. No one can access the account but you. 24 orbiting satellites handle the QFS system. We will be our own bankers. No one else will handle our account. No nation a part of the system will go to war ever again.
Tues. 19 Sept. MarkZ: From everything I am hearing – I think the window opens Wed. 20 Sept. and would be completed by Tues. 10 Oct. Rumors were that some Bond people have been paid and were liquid.
Sat. 16 Sept. Texas Snake: “My source anticipates his exchange centers to be open and operational this coming week if no other obstacles present themselves. Everything I’ve read indicates this has to be CONCLUDED by month’s end. GOD Bless.”
As of Fri. 15 Sept. Banks were no longer independent, but working for the US Treasury: When you go into a bank to exchange like Wells Fargo you are not doing business with Wells Fargo. You are doing business with the US Treasury. They are contracting with that bank to use the space but the people don’t work for the bank they are contracted by the US Treasury.
An Inside Source: 97 of the top 100 Central Banks are currently under transformation to become fully operational under the QFS + RTGS system. The remaining 82 smaller Central Banks are gearing up for this transition.
On October 1st all banks were required to be working with the QFS.
Goldilocks: We are going to see several announcements going forward regarding Quantum Technologies joining together in ways they have never done so before. Global Companies will be able to join digital networks allowing them to exchange goods and services and money at the push of a button within seconds. My understanding is that Protocol 20 is up and running. The test net portion of it will begin at 10:00 a.m. CST.
On Fri.1 Sept. 2023 full integration of the Quantum Financial System took place after the US National Debt of close to $33 Trillion was paid off. This triggered the Global Currency Reset.
Fri. 8 Sept. monies were moving for the Global Currency Reset. In Zurich, Yellow Dragon Bonds were paid out, while in Reno the Admiral put in the Redemption Codes and gave the Green Light.
As of Fri. 15 Sept. 97 of the top 100 Central Banks were under transformation to become fully operational under the QFS + RTGS system. The remaining 82 smaller Central Banks were gearing up for this transition.
Sun. 1 Oct. all banks have to be working with the new Quantum Financial System.
On Wed. 1 Nov. Currency Exchanges and Zim Bond Redemptions were to be completed, at which time the US Federal Dollar would be considered worthless.
Zimbabwe’s government banned the use of foreign currencies as legal tender in 2019. Mnangagwa said at the time that the country’s economy was “at the mercy of US dollar pricing, which has been a root cause of inflation.” The country was forced, however, to reverse the ban in June 2022 to rein in inflation. https://www.reuters.com/article/zimbabwe-economy-idUSL8N23V2BJ
Zimbabwe’s gold-backed digital currency comes a year after the country launched gold coins on July 25, 2022 to stabilize its rapidly devaluing currency.
In May 2023 Zimbabwe released a gold-backed digital currency for peer-to-peer and peer-to-business transactions as well as to act as a store of value as the country’s currency continues to lose ground against major currencies.
“Holders of physical gold coins, at their discretion, will be able to exchange or convert, through the banking system… into gold-backed digital tokens,” the Reserve Bank of Zimbabwe said in a statement inviting individual and corporate entities to use the digital currency that can be bought either in Zimbabwean dollars or foreign currency.
Zimbabwe now joins other African states like Nigeria, Ghana and South Africa that have introduced digital currencies, even as several others have plans in the works.
The gold-backed digital currency is backed by a certain amount of gold, which helps keep its value stable, this currency is tied to the market value of the gold – unlike a fiat currency.
The Zimbabwe gold-backed digital currency will be used as legal tender and a store of value alongside the Zimbabwean dollar and bond notes.
Users can buy and sell it using Zimbabwean dollars and other foreign currencies.
Ideally, backing a digital currency with gold involves having a certain measure of gold reserves and depends on the current market value of gold.
The Royal Bank of Zimbabwe is $835,000,082,302,000,000 strong (13 metric tons of in ground gold estimated to yield $14 billion per annum by RBZ going forward) Central Bank Zimbabwe.
Historically, there have been major policies around currencies as legal tender in Zimbabwe, including the 2009 adoption of the US dollar after hyperinflation decimated the value of the local currency (the very reason the 2008 to 2009 Zim Dollars with its high amounts were printed – the country experienced hyperinflation that ended in 2009 where people lost all their money and savings).
In 2009 the Zimbabwe dollar was demonetized (struck off as legal tender) as the use of multi-currencies takes precedence.
Recent developments are part of a wider strategy towards an ongoing re-dollarisation process (for the same reason as Iraq is re-dinarization).
Zimbabwe is now in a process to get all the 2008 to 2009 Zim Promisary Notes (Bond) of the streets.
Now you know why Zimbabwe is re-dollarizing (reviving) their own currency, and why they pegged their Zim dollar to gold recently.
Hold on to your 2008 / 2009 Zim dollars (Bonds), the hammer will soon drop!