Sunday, October 15, 2023
A Zimbabwe Single Currency is Now on Track, 15 OCT
A Zimbabwe Single Currency is Now on Track
On October 15, 2023 By Awake-In-3D
Amidst a backdrop of historical financial turmoil, Zimbabwe has embarked on an ambitious quest to establish a Zimbabwe single currency.
In my opinion, this is relevant to the RV/GCR since Zimbabwe would need it’s own sovereign currency, instead the basket of foreign currencies they use today, in order to participate in the GCR.
How could a country have an asset backed currency if they don’t currently have their own currency?
This journey, laden with rich history and bold decision-making, reflects the nation’s steadfast commitment to restoring economic stability.
This article outlines the multifaceted past and present events surrounding the evolution of the Zimbabwe single currency, what this transformation signifies, and provides insight into Zimbabwe’s dynamic financial landscape.
“We agreed that for us to survive we had to create a basket of currencies and allow our currency to die. It could have been a wrong decision but that is what happened in 2009. However, as a country, we must have a currency which we call our own.”
Zimbabwe President Mnangagwa
A Historical Perspective
From Hyperinflation to Multi-currency Basket
Zimbabwe’s financial saga was turbulent, characterized by hyperinflation and economic instability.
It was in 2009 that the country took the pivotal step of introducing a basket of foreign currencies, marking the transition from a period of hyperinflation to relative stability.
The necessity of a local currency became apparent, serving as the cornerstone for future endeavors
Government Action in 2009
In 2009, a committee was convened under the chairmanship of President Mnangagwa by former President Mugabe to address the financial crisis.
This committee concluded that adopting a basket of currencies was a vital strategy for survival. The decision to create this unique financial framework marked a turning point in Zimbabwe’s economic landscape.
The “Basket of Currencies” Arrangement
The current financial arrangement allows the use of a mixture of foreign currencies alongside the local currency. Under Statutory Instrument 118A of 2022, this arrangement is secured until December 2025.
While the current setup has stabilized the economy to an extent, Zimbabwe now sets its sights on establishing a Zimbabwe single currency.
The Path to a Zimbabwe Single Currency
Presidential Vision
President Mnangagwa’s vision for Zimbabwe’s financial future is clear: the nation needs its own single currency.
He strongly emphasizes the importance of this, viewing it as a foundation for achieving sustainable economic growth and development. In his words, “There is no country that can grow without its own currency.”
Benefits of a Single Currency
A single national currency grants the government greater autonomy in monetary policy, enabling more effective management of capital flows, and ensuring the protection of the nation’s interests.
This approach is crucial for economic autonomy and sovereignty. President Mnangagwa underscores the significance, stating, “We must bite the bullet, whether it gives us some suffering for a period, we shall proceed to have our own currency.”
The Road Ahead for a Zimbabwe Single Currency
“We want a single currency, and we are going there.”
Zimbabwe President Mnangagwa
As Zimbabwe moves steadily towards the realization of a Zimbabwe single currency, it faces a series of challenges.
However, the commitment and cooperation of stakeholders, the government, and the financial sector ensure a deliberate and organized transition.
Stakeholder Concerns
During the Zimbabwe Economic Development Conference (ZEDCON), stakeholders articulated their need for a well-defined currency reform roadmap.
The approaching 2025 deadline for the multicurrency regime has triggered caution within financial institutions concerning the extension of long-term foreign currency loans. In the words of President Mnangagwa, “We want a single currency, and we are going there.”
Economic Autonomy
Zimbabwe’s transition towards a single currency reflects its unwavering determination to regain economic autonomy and strengthen its monetary policy.
Relying on a foreign currency for local and international transactions can create vulnerabilities and limit the country’s ability to pursue its unique economic policies.
This enhanced autonomy enables the nation to respond effectively to economic challenges and tailor its policies to specific domestic needs, ultimately fostering sustainable development and inclusive growth.
What it All Means
The commitment to pursue a Zimbabwe single currency is not merely a financial transformation; it’s a testament to the nation’s commitment to economic growth and development.
The journey from hyperinflation to a multi-currency system and, now, towards a single currency signifies a remarkable transformation.
Zimbabwe’s economic landscape is undergoing a significant shift, and stakeholders eagerly await the fulfillment of this ongoing financial evolution.
As President Mnangagwa reiterates, “We want a single currency, and we are going there.”
SUPPORTING ARTICLES
The Chronicle: Zimbabwe to revert to local currency
The South African: Zimbabwe to reintroduce local currency
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Sudanese Advisor: America Gives Us Instructions And Does Not Impose Pressure On The Dollar Issue, 15 OCT
Sudanese Advisor: America Gives Us Instructions And Does Not Impose Pressure On The Dollar Issue
Politics 10/15/2023 Number of readings: 189 Baghdad - Iraq Today: Muhammad al-Najjar, advisor to the Prime Minister for Investment Affairs, stressed that the method of cash in Iraq must be electronic, noting that the US Federal Reserve’s instructions to Iraqi banks were years ago, but previous governments “ignored” them.”
Regarding the impact of the dollar exchange rate on internal investment in Iraq, Al-Najjar said in a press interview that this problem produced confusion in the market at the beginning of its appearance, due to the presence of contracts signed in dollars, but now it has “adjusted” because most of the contracts, especially the executive ones, were signed in Iraqi dinars, indicating that the issue The effect will decrease until the old contracts signed in US currency expire.
He pointed out that countries around the world approve contracts in local currency, with exceptions, according to the type of project.
Regarding the possibility of controlling the dollar exchange rate or not, he commented that this is “related to the transfer of a culture, from paper to electronic, and this process takes time,” stressing the need for the method of cash in Iraq to be electronic and not as is prevalent through paper currency.
The Prime Minister's Advisor for Investment Affairs pointed out that “some are trying to exploit this stage,” pointing out that the process of transferring from cash to data “is in the interest of the Iraqi state to control and track funds, especially in light of the existing financial corruption.”
Regarding the US Federal Reserve’s pressure on Iraq, Muhammad al-Najjar considered it “instructions, not pressures,” adding that the US government has the right to set controls on the use of its currency.
He continued: “The US Federal Reserve had requested these demands from Iraq several years ago, and previous governments had constantly ignored them, but now it has become unhealthy for these practices to continue, which have led to a large scale of financial corruption because the amounts cannot be tracked."
Regarding the Iraqi government's vision in the field of investment, he revealed that the Board of Directors of the Iraq Fund for Development will approve it in the next session of the Council of Ministers, after approving the bylaws, noting that the delay came due to the delay in approving the budget.
He added: “After the Board of Directors is approved, the executive director of the fund will be appointed to launch investment projects, the results of which we will see at the beginning of next year.”
The Iraq Fund for Development promised that it would serve as “a middle ground between ministries and provide funding to individual innovators and grant loans to young people to start new projects.”
He explained that the government is working on several programs to reach a strategic plan on how to activate and employ graduates annually, in order to train them professionally in preparation for new specializations that the government will need in the future, such as information technology, adding that the final plan for the total absorption of graduates does not yet exist. LINK
The Forces of Representatives: A Global Rally for Palestine, 15 OCT
The world watches with bated breath as citizens rally behind ‘The Forces of Representatives’, a new phenomenon sweeping across global communities. This is not a political movement or a revolution, but a stirring of hearts, a collective sentiment echoing the Palestinian cause. The hashtag #InSolidarityWithPalestine trends on social media, a digital battle cry resonating in the ether.
Diplomatic Outcry
Several nations, including Algeria, Brazil, Colombia, Cuba, Iraq, Iran, Ireland, Kuwait, Morocco, Malaysia, Norway, Oman, Qatar, and South Africa, have voiced their concern over the escalating violence in Gaza. They have urged Israel to cease its aggression and work towards a ceasefire. The call for a two-state solution resonates around the world, a solution that seems increasingly elusive amidst the turmoil.
Waning Faith
However, surveys reveal an alarming trend. The faith in a two-state solution is dwindling not just amongst Israelis, both Arab and Jewish, but also within the Palestinian population. The belief in dialogue and negotiations is being replaced by a grim resolve favoring armed struggle to establish an independent state. Yet, amidst the despair, the rallying cry of ‘The Forces of Representatives’ continues to echo, a testament to the resilience of human spirit.
Challenges and Threats
Palestinian Americans and activists advocating for Palestinian rights are facing a growing menace. Personal information is released without consent, leading to doxxing and harassment. Yet, they persist, their voices refusing to be stifled, their determination unbroken. In Kansas City, residents, including many from the local Palestinian community, gathered in support of Palestine, their voices a poignant demand for an end to the Israeli occupation.
Global Power Play
Meanwhile, China maintains a stance of neutrality, a strategic move to curry favor with Arab states and further its own global agenda. The Israeli-Palestinian conflict is no longer just about two nations. It has become a global chessboard, with powerful players maneuvering for advantage. Yet, amidst the political power play, ‘The Forces of Representatives’ continue their relentless rally, a beacon of hope in the swirling storm of conflict.
https://bnn.network/world/the-forces-of-representatives-a-global-rally-for-palestine/
On the Precipice: US Fears Israel-Hamas Conflict Could Ignite Wider War, 15 OCT
On the Precipice: US Fears Israel-Hamas Conflict Could Ignite Wider War
In the hushed chambers of the United States’ highest echelons of power, fear is taking root. A specter of a broader conflict hangs heavy over the Middle East, as the intensifying conflict between Israel and Hamas threatens to pull in other regional actors, potentially sparking a conflagration that could engulf the entire region.
The Unfolding Crisis
Israel, a small yet powerful nation, is readying its troops for a ground assault on Gaza, escalating its response to Hamas attacks. This move follows a punishing bombing campaign, a retaliation for a barrage of missiles launched by Hamas that claimed countless Israeli lives. The US, Israel’s staunch ally, watches warily, anxious about the potential for this localized conflict to spiral out of control.
Simultaneously, the US is working tirelessly to ensure that Palestinians trapped in the besieged Gaza Strip aren’t left without access to basic necessities amidst the escalating violence. There’s a palpable urgency to these efforts, an acknowledgment of the humanitarian crisis unfolding before the world’s eyes.
The International Response
As the situation deteriorates, the US is preparing to bolster its allies with a significant new weapons package. Estimated to be worth significantly more than $2 billion, this package is meant to strengthen Israel and Ukraine, offering them support in their respective conflicts. However, these preparations are accompanied by a fervent dialogue about how to best protect civilians caught in the crossfire and evacuate American citizens from the danger zone.
The message from the US is clear: while it remains committed to Israel’s security, it is equally committed to preventing civilian casualties and working towards a peaceful resolution of the conflict. The Biden Administration is balancing its support for Israel with a deep-seated concern for the preservation of human lives and the cessation of hostilities.
The Gathering Storm
Yet, beneath the surface, a more ominous reality is forming. There’s a dark undercurrent to the crisis, a fear that Hezbollah or Iran might seize this moment of turmoil to further their agendas. Iran’s Foreign Minister Hossein Amir Abdollahian has warned of potential escalation if the attacks on Gaza aren’t halted, a statement that has sent ripples of concern through the international community.
Already, clashes between Hezbollah and the Israeli army along the Lebanon border have intensified, causing casualties on both sides. To deter hostile actions and prevent the war from widening, the US is deploying a second aircraft carrier to the eastern Mediterranean, while sending Special Operations forces to Israel to assist with potential hostage rescue operations.
The Fragile Balance
In this volatile scenario, the US is reinforcing its military presence in the region, closely monitoring Hezbollah forces in Lebanon, and Iran-backed militias in Iraq and Syria. The fear of an Israeli invasion of Gaza spiraling into a broader conflict involving Iran and other proxy groups is ever-present.
Yet, amid this chaos, the US remains committed to ensuring the safety of civilians and working towards a peaceful resolution. It’s a treacherous tightrope walk, balancing the protection of allies, the prevention of a larger conflict, and the sanctity of human life. As the world watches with bated breath, only time will tell if this delicate balance can be maintained.
After The Dollar Jumped, Experts Explain The Reasons And Solutions That May Reduce It To 1,300 Dinars, 15 OCT
After The Dollar Jumped, Experts Explain The Reasons And Solutions That May Reduce It To 1,300 Dinars
Posted On2023-10-15 By Sotaliraq Ali Al-Hamdani Experts in the Iraqi economy expect that the crisis of the rise in the exchange rate of the US dollar against the Iraqi dinar will continue for several reasons, most notably commercial dealings with sanctioned countries, the evasion of taxes and customs by speculators and small traders, and the obstacles surrounding the relationship between banks and customers, including merchants, importers, and others, calling for a package to be taken. Measures, including those that may contribute to reducing the exchange rate to 1,300 dinars.
On Thursday, the dollar exchange rates on the Al-Kifah and Al-Harithiya stock exchanges recorded 160,400 dinars for 100 dollars, while in exchange shops in the local markets in Baghdad, the selling price reached 161,500 Iraqi dinars, while the purchasing price reached 159,500 dinars for every 100 dollars.
In Erbil, the selling price in banking shops was 160,400 dinars for 100 dollars, and the purchase price was 160,300 dinars for 100 dollars.
Causes of the dollar crisis
Researcher and writer, Halim Salman, attributes the dollar crisis and the exchange rate difference to “international restrictions imposed on trade with some neighboring countries, which causes pressure on the parallel market, and other reasons related to speculators and small merchants who escape taxes, customs, etc.”
Salman adds to (Al Mada), “In addition to the obstacles surrounding the relationship between banks and customers, merchants and importers, which result in difficulties in opening accounts, forcing some of them to go to the parallel market to obtain dollars for ease.”
He continues, “In addition to the behavior of the Iraqi individual to keep the dollar due to weak confidence in his national currency, this is the result of weak confidence in the banking system, and the problems of the blockade and conflicts that arose previously, which cast a shadow on the citizen’s confidence in his national currency.”
Solutions to the dollar problem
For his part, the financial and economic expert, Mahmoud Dagher, rules out solving the dollar problem “except by controlling the borders, completing the unified customs wall for all of Iraq, and ending the existence of two customs and two border crossings, one of which belongs to Baghdad and the other to the region.”
Dagher confirms to (Al Mada), “After the platform and compliance with the rules of international transfer, the dollar crisis cannot be ended as long as there are sanctioned entities that the country deals with, which requires stopping trade with these entities or at least establishing a customs wall with them, otherwise the crisis will continue.”
In turn, the economic researcher, Dr. Ali Daadush, explains that “the solution to prevent the crisis from escalating is through concerted efforts between the Central Bank and the government, and by meeting the former with his Iranian counterpart and determining dealing in the two countries’ currencies (the dinar and the toman), and setting a fixed exchange rate for commercial transactions that amount to approximately 11 billion dollars annually.” That is, about (14.5) trillion Iraqi dinars.
Speaking to Al Mada, Daadoush stressed the importance of “controlling border crossings and placing a customs wall linked electronically to the government treasury, accompanied by the operation of factories and laboratories to produce local goods and services in accordance with international market standards.” For his part, economic researcher, Abdul Salam Hassan Hussein, says, “The dollar continues to rise because it has become a trade, not to mention it is smuggled openly to neighboring countries, and the events that took place in Palestine will also affect it.”
Hussein believes, while speaking to (Al Mada), that “the central bank is unable to address this problem, and its danger lies in the fact that money exchange offices are buying large amounts of dollars.” At the conclusion of his speech, he confirms that “the exchange rate can be reduced to 130 thousand dinars through a program to fight the dollar,” indicating that “the program includes a secret numbering to control the pumping of money and the distribution of the dollar,” expressing his readiness to “present it to the Prime Minister for fear of revealing it and he will benefit from it.” The powerful and the corrupt,” he said. LINK
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