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Zimbabwe wants new IMF staff-monitored programme by April | The Zimbabwean, 14 OCT

  Zimbabwe wants new IMF staff-monitored programme by April | The Zimbabwean (10/13/23)

HARARE (Reuters) - Zimbabwe hopes to agree a new staff-monitored programme with the International Monetary Fund (IMF) by April next year, with an IMF team due to visit later this month for initial talks, its finance minister said on Thursday.

“Our intention is that by the time we go for the Spring Meetings in April 2024 we should have signed off on a staff-monitored programme,” Mthuli Ncube told reporters in Marrakech at the IMF and World Bank Annual Meetings.

“It will focus on maintaining discipline on the fiscal front and continue fine-tuning our exchange rate system and maintaining a tight monetary policy.”

An IMF staff-monitored programme is an informal agreement under which Fund staff keep tabs on a member country’s economic programme. If successful it could lead to a financial arrangement in the future.

Zimbabwe’s economy has been scarred by successive bouts of hyperinflation.

https://www.thezimbabwean.co/2023/10/zimbabwe-wants-new-imf-staff-monitored-programme-by-april/

Zimbabwe to reintroduce local currency | TSA , 14 OCT

 Zimbabwe to reintroduce local currency | TSA (10/14/23)

Zimbabwe is set to once again have its own local currency and will enforce the use of this in its attempt to restore economic growth.

Thus, the annoying practice of paying in one currency and receiving change in another (or in a handful of several others) is expected to come to an end in that country. 

Mnangagwa said that Zimbabwe will bring back a national currency as its legal tender since the country cannot develop using several foreign currencies.   

Mnangagwa stated this when speaking at the ceremony where he was sworn into office for a second term.

BASKET OF CURRENCIES

Zimbabwe adopted a multi-currency regime in February 2009 to combat spiking inflation. It has been using a basket of different currencies as legal tender since 2009 when the country saw economic instability.  

“In 2009 our currency collapsed and former President Mugabe appointed a committee of five people, which I chaired, to look into the currency issue. We agreed that for us to survive we had to create a basket of currencies and to allow our own currency to die.”  Mnangagwa said, per The Chronicle.    

The arrangement which allows the use of several foreign currencies is guaranteed until December 2025, under Statutory Instrument (SI) 118A of 2022.  

NATIONAL CURRENCY 

During his recent swearing-in ceremony, Mnangagwa said that Zimbabwe will put into place measures that will entrench the use of a single currency.  

This is because using a single national currency will help to bring sustainable growth and development to the independent country which was known as the “Breadbasket of Africa”.

Through the use of a sole currency, a government has control over its monetary policy.  It is also better able to manage capital flows.  Ultimately, this enables a state to protect its own interests.  

ECONOMIC BENEFITS

Using a national currency enables a state to respond to the challenges it faces and to design policies that meet its specific needs.  

Mnangagwa said that using multiple currencies is not in the country’s best interests as this does not enable sustainable growth.

“We must bite the bullet. Whether it gives us some suffering for a period, we shall proceed to have our own currency – not a situation where the economy has a regime of currencies in use.  We want a single currency and we are going there.” Mnangagwa said.  

https://www.thesouthafrican.com/lifestyle/zimbabwe-to-reintroduce-local-currency-breaking-14october-2023/

CBIs Auction Ending!💣IQD International = $1.00+?🤔Iraq Dinar RV Updates |...

"RV UPDATE" BY WALKINGSTICK, PIMPY AND CLARE, 14 OCT

 Walkingstick 

 HCL payments are all over the world where Iraqi citizens live, where they qualify for these funds.

Pimpy

  People always go, 'You're so negative.' No, I'm grounded.  What's been happening lately I'm feeling really good about.  There's got to be some consistency there.  The seem to be making all the right moves and that's exactly what you want in this investment...

  Iraq can't do anything without permission of the United States.  They're on sanctions.  The only reason why I know that is because I actually read...

Clare  

Article:   "The Central Bank in Nineveh: We are subject to Washington’s sanctions and we are waiting for them to be lifted to open the dollar auction"

"RV UPDATE" BY MILITIAMAN, 14 OCT

 Militia Man 

 Article: "Parliamentary Energy: Work is continuing towards passing the oil and gas law"    This is going to be a big deal and it needs the same thing everyone else needs and that is the international acceptable currency exchange rate. The way they are talking on this gives me the impression they are ready for the rate, so that they can discus, read and vote on it.  Who wouldn't vote for it when it is for all Iraqi people. I am sure the priority is going to be toward a yes vote...A unanimous one at that!

Al Sudani was in Russia...one of the things he said is they're going to be doing business between the Iraqi dinar and the Russian ruble in commercial dealings...

Article VIII implicitly states no member may impose without the Fund's approval restrictions on the performance of payments and transfers related to international commercial transactions ... Article 14 implicitly indicates if the member is prepared to accept the obligations (which we haven't quite seen yet)...contained in sections 2, 3 and 4 of Article VIII it says thus the agreement encourages the free movement of capital between countries and the transfer of balances between other members...

to facilitate the performance of international payments and work to create a stable exchange rate system which provides the appropriate foreign investments...Article VIII...is the freedom of movement of capital.  If you don't have it and you're not released to get it, you're not going anywhere. 

Iranian President Raisi discusses regional developments and Gaza crisis with Iraqi Prime Minister, 14 OCT

 Iranian President Raisi discusses regional developments and Gaza crisis with Iraqi Prime Minister, 14 OCT

Shafaq News/ In a phone call today, Iraqi Prime Minister Mohamad Shia Al-Sudani and Iranian President Ibrahim Raisi discussed the current regional and international developments.

According to Al-Sudani’s media office, the “two leaders expressed deep concern over the deteriorating humanitarian situation in the Gaza Strip, a consequence of the ongoing aggression against the Palestinian people by Zionist forces.

During the call, both sides emphasized the critical need for the international community to take decisive action against the “severe violations targeting civilians in the occupied territories.” 

They underscored the urgency of “lifting the unjust siege on Gaza City” and stressed the necessity of establishing safe civilian passages. Additionally, they emphasized the importance of facilitating the swift passage of essential humanitarian aid to the Palestinians, highlighting the urgent nature of this assistance.