Thursday, February 29, 2024
RBZ tokenized gold mops up ZW$5,24 bln, 29 FEB
RBZ tokenized gold mops up ZW$5,24 bln
28th February 2024
By Alois Vinga
THE Reserve Bank of Zimbabwe’s (RBZ) latest tokenized gold sales have mopped up a whooping ZW$ 5, 24 billion.
Synonymously known as Zimbabwe Gold (ZiG) was launched in October 2023 following the successful issuance of physical gold-backed tokens in 2022. The digital tokens can be stored in either e-gold wallets or e-gold cards and are tradable for peer-to-peer and business transactions.
ZiG value is at par with the value of the physical Mosi-oa-Tunya gold coin and remains informed by the international gold price.
In a statement Tuesday, the RBZ revealed that a significant chunk of ZW$ was mopped up after the latest sales.
“The RBZ would like to notify the public of the results of the RBZ Gold Backed Digital tokens Issue No 22 /20/2024 held on Tuesday 27 February 2024. The bank received 12 applications valued at ZW$5,24 billion to purchase GBDT and the full amount was allotted,” the bank said.
Total Milligrams of gold purchased during the sales amounted to 4,86 kgs of gold and cumulatively a total of 736,5 kgs of equivalent gold has been purchased to date.
The southern African country 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 ZiG introduction is part of a wider plan by the central bank to stabilise the country’s local unit, which has been faltering against the US dollar, by mopping up excess liquidity in the market.
Source: New Zimbabwe
"IRAQ HAS A RATE!!" BY TRUTH WARRIOR VIA BEARDED PATRIOTUSA, 29 FEB
TRUTH WARRIOR
πΊπΈπ₯❤️πΊπΈ. Iraq has a rate! Great news! π₯π₯π₯. $3.22-3.55 and will float upwards! π₯π₯π₯. Our Event should occur when the rate stabilizes on the Forex! πΊπΈπ₯πΊπΈπππ
"IRAQ- DELETION OF 3 ZEROS PROJECT" BY ARIEL, 29 FEB
Ariel
Iraq- Deletion Of 3 Zeros Project
A Currency Redenomination:
Ex. The key equation governing this is:
Value = Exchange Rate x Face Value
Where:
Exchange Rate: The value of one currency unit against another (e.g. Dinar vs Dollar) Face Value: The number printed on the banknote (e.g. 10,000 IQD printed on a 10,000 dinar bill) When 3 zeros are removed from the Face Value via redenomination, the New Face Value becomes 10 IQD. Remember all of this is happening internally in Iraq. For their domestic market.
So if you already have the IQD this has nothing to do with anyone outside the country. The central bank will adjust the Exchange Rate proportionally at the same time. For example: Old Face Value: 10,000 IQD Old Exchange Rate: 0.00085 dollars per 1 IQD New Face Value: 10 IQD New Exchange Rate: 0.85 dollars per 1 IQD So in both cases: Value = (Exchange Rate) x (Face Value) = 0.00085 x 10,000 = 0.85 x 10 = 8.5 dollars Thus the Value in dollars is conserved, keeping real purchasing power constant in the economy. Only the numeric aesthetics change essentially.
Banks will implement this across deposits, loans, bills, salaries, prices etc simultaneously via the issuance of new banknotes/coins. Timing and Logistics: A key challenge is smoothly swapping old dinars for new dinars without economic disruption. So the Central Bank of Iraq will set a specific exchange period – let’s say 1 month. During that time, citizens can bring old cash and account balances to banks/financial institutions to exchange directly for newly issued bills/coins based on the adjusted exchange rate and face values. Old 10,000 dinar note x 0.00085 exchange rate –> New 10 dinar note x 0.85 exchange rate Banks do this incrementally to scale. They will likely bring in newly printed money (with 3 less zeros) in stages to swap for old money until the full money supply is transitioned. The central bank monitors and manages money supply inflation indicators throughout.
Additional new bills can be printed if needed to meet transactional demand during the swap. But care is taken not to devalue by overprinting recklessly. Accounting Impacts: All reporting like financial statements and accounts must reflect the changes as well during this time. It means scaling accounting balances like: Prices of goods and services Salaries Market capitalizations House values Bank balances With three less zeros appropriately. Proper protocols will govern this for auditability and truthfulness.
After the Transition: After the exchange period closes, the old dinars would likely no longer hold legal tender status as a vintage collectors item. The new dinar serves all money functionality at appropriately denominated scales for ease of use. So if you bought your Iraqi Dinar before this redenomination you will not be effected. Your currency will be honored.
Only people who purchase the Dinar after it goes international on the Forex will not see any significant returns no matter how much IQD they have purchased. Which is why you those who already have IQD are now top priority for Tier-2 exchanges. But hey’ do not take my word for it. Here is an economists from Iraq confirming everything I just told you officially.
Once again you all need to stop listening to people who get their info from Western media outlets.
Please share this with people who may be confused.
Read: https://search4dinar.wordpress.com/2024/02/26/doe
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Ariel
@Prolotario1
Now do you see why I told you all how important it us to have your receipt? The banks will need to know if you bought the currency before the “Deletion Of The Zeros Project”. This is not to say they may not do your exchange. But this will make the process more difficult for you. Because you will have to go through additional steps to prove you got the currency through legitimate means. But when you read the article that explains thar your currency will not lose any value you are hearing it directly from an Iraqi official who made it clear that whoever may hold IQD at this particular moment do not have to worry about your holdings not being honored as the value they will be worth once the currency is on the Forex. Because everything about the “Deletion Of The 3 Zeros Project” is for the Iraqi economy. This has nothing to do with what you hold outside the country. So everyone that has Iraqi Dinars now are is great shape.
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Ariel
@Prolotario1
1. It’s a currency conversion or scale change more than anything else. Simply changing numerical representations rather than economic fundamentals.
2. The redenomination aims to keep the dinar at the same real foreign exchange conversion rate with US dollars and other global currencies. For example:
Pre-Redenomination: 1,300 IQD could buy $1 USD when exchanged
Post-Redenomination: 1.3 New IQD would exchange for that same $1 USD Still the same real purchasing ability.
3. Domestically within Iraq, all prices, wages, savings etc would be scaled down proportionally when denominated in new dinars. Preserving individual real buying capacity.
Do you all understand now? The value of the currency will not change. Overall it’s mostly an ease of use change in numeric scale. The currency itself does not lose economic value or power intrinsically through this conversion process if executed properly by Iraq’s central bank. It would still buy the same amount of goods or other currencies.
The Central Bank Announces The Start Of Establishing The National Company For Electronic Payment Systems, 29 FEB
The Central Bank Announces The Start Of Establishing The National Company For Electronic Payment Systems
Hawraa.m Today, Wednesday, the Central Bank announced the start of establishing the National Company for Electronic Payment Systems, while confirming the increase in the volume of deposits in the banking sector to 131 trillion dinars and the volume of foreign reserves to 148 trillion dinars.
Deputy Governor of the Central Bank, Ammar Khalaf, said in his speech during the opening of the eighth annual exhibition and conference for finance and banking services in Iraq, followed by (Al-Oula News):
“Many challenges that Iraq experienced in the past year and the Central Bank faced them with high responsibility, as it was able through monetary policy tools.”
The various decisions and the right decisions will achieve its goals set forth in its law, in addition to achieving the general level of prices through a decrease in the inflation rate, as since the beginning of 2023 the inflation rate has reached 7.5 percent and decreased at the end of the year 2023 to 4 percent.”
He pointed out, “activating monetary policy tools and raising the price from 4 percent to 7.5 percent, in addition to issuing various financial tools, including bank transfers and Islamic certificates of deposit instruments, which were considered an investment opportunity for Islamic and commercial banks operating in Iraq, in addition to using monetary policy tools.”
Various, including raising the mandatory reserve ratio from 15 percent to 18 percent,” indicating that “these tools are intended to manage excess liquidity in the Iraqi economy.”
He pointed out that “last year witnessed clear growth in most monetary changes, including an increase in the volume of deposits in the banking sector from 129 trillion dinars in 2022 to 131 trillion dinars in 2023, as well as an increase in private sector deposits in the banking system from 54 trillion dinars to 55 and a half trillion dinars.”
In addition to an increase in the volume of credit in the banking sector from 60 trillion to 69 trillion in 2023, in addition to an increase in credit to the private sector from 35 to 40 trillion dinars, in addition to an increase in the volume of foreign reserves from 140 to 148 trillion dinars.”
He continued, “The efforts led by the Central Bank of Iraq in cooperation with the government, especially with regard to expanding the use of electronic payment tools, as there was a clear rise and growth in electronic payment tools in Iraq, as the number of POS points of sale increased from 10,000 devices per year.” 2022 to more than 20 thousand machines in 2023. The number of ATM machines also increased from 2,223 machines in 2022 to about 3 thousand machines in 2023.
As for the number of electronic cards of various types, it reached about 16 million cards in 2022 and 18 million cards. In the year 2023,” noting that
“last year witnessed great cooperation between the government and the Central Bank, especially with regard to enhancing confidence in the national currency through the various decisions issued by the Council of Ministers and the Central Bank.”
He explained, “There is less use of foreign currency in daily transactions, in contrast, there is increased reliance on the national currency for local transactions,
in addition to there being cooperation in the issue of restructuring government banks and developing private banking institutions to build sound and sound banking institutions.” He stressed,
“The Central Bank of Iraq is focusing on the importance of enhancing compliance with compliance standards for all financial institutions in accordance with local and international standards,” pointing out that “external transfer operations witnessed great discipline during the past year and a
high response from all banks to facilitate trade financing operations and various external transfers.” Especially after the issuance of external transfer controls at the beginning of last year.”
He added, “The Central Bank of Iraq was able to strengthen its banking relations with a large number of Arab and foreign financial and banking institutions to open wider areas and ensure a high flow of external transfers, especially the use of different channels for external transfers in different currencies other than the dollar or next to the US dollar.”
He pointed out, “The Central Bank seeks to strengthen banks by increasing the capital of all banks from 250 to 400 billion dinars,” noting that
“One of the most important projects launched by the Central Bank last year and work on it is still ongoing this year is the establishment of a “bank.” “Riyadah” which will be specialized in providing financing for small and medium enterprises, as well as preparing a national strategy for bank lending due to the
importance of the Iraqi economic depth and financial development and the
importance of the role of financing in enhancing production and investment opportunities in Iraq,
in addition to enhancing the role of non-banking financial institutions that support financial and banking stability in Iraq. “By strengthening the role of the Deposit Guarantee Company as well as the Loan Guarantee Company,
in addition to starting to establish the National Company for Electronic Payment Systems, which it is hoped will have a major role in regulating electronic payment operations in Iraq.”
https://www.awla.news/Ψ§ΩΨ¨ΩΩ-Ψ§ΩΩ Ψ±ΩΨ²Ω-ΩΨΉΩΩ-Ψ§ΩΨ¨Ψ―Ψ‘-Ψ¨ΨͺΨ£Ψ³ΩΨ³-Ψ§ΩΨ΄Ψ±Ω/
JUDY NOTE, 29 FEB
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