Monday, June 10, 2024
"74 MILLION DINARS... 80 TRILLION DINARS... IT IS A CONSTANT POLICING FOR THE MONETARY REFORM SUCCESS". BY FRANK 26, 10 JUNE
KTFA
FRANK26: "74 MILLION DINARS... 80 TRILLION DINARS... IT IS A CONSTANT POLICING FOR THE MONETARY REFORM SUCCESS"...........F26
Watch the raid on a currency smuggling den and the arrest of two speculators in possession of 74 million dinars
6/8/2024
Baghdad –
Today, Saturday, the National Security Service raided dens of speculation and currency smuggling operations in Baghdad, arrested suspects, and seized more than a million dollars in their possession, and about 74 million dinars prepared for smuggling.
National Security Statement, a copy of which the 964 Network received:
As a continuation of the security operations carried out by the National Security Service against economic crime gangs and currency dealers, our detachments in Baghdad were able to arrest two defendants after raiding one of their hideouts in which speculation and currency smuggling operations were conducted. They were caught red-handed and in possession of more than a million dollars and approximately 74 million dinars prepared for smuggling after an intelligence effort and careful field follow-up.
They were referred, along with the seized items, to the competent judicial authorities to take the necessary measures against them in accordance with the law.
"ABOUT THE WORLD RESERVE CURRENCY" BY GOLDILOCKS, 10 JUNE
GOLDILOCKS
"China has diversified its holdings by selling $53.3 billion worth of US Treasuries and agency bonds. This adjustment aligns with BRICS nations gradually broadening their investment portfolios since 2022."
China is moving away from buying US Treasuries to Global opportunities that will expand the Chinese Yuan and the BRICS Nations coalition.
This is all part of leveling the playing field from a World Reserve Currency to payments transacted in local currencies.
This shift will increase the demand for their own currency and make available higher exchange rates with China and whoever they trade with going forward.
© Goldilocks
https://www.msn.com/en-us/money/other/china-s-new-investment-play-shifting-away-from-us-treasuries-to-global-opportunities/ss-BB1nOjHM
Coffee with MarkZ. 06/10/2024
ZiG Zagged: Zimbabwe Central Bank Ironing Out Wrinkles In New Currency BY TYLER DURDEN, 10 JUNE
ZiG Zagged: Zimbabwe Central Bank Ironing Out Wrinkles In New Currency
Zimbabwe Gold (ZiG), the new currency that evolved from a gold-backed token, has performed well on the foreign exchange market, but has faced difficulties at home. The ZRB announced new steps to combat the black market for the currency and improve its usability on June 4.
The Zimbabwe Reserve Bank (ZRB) appealed directly to the public via its X account to urge people to turn in illegal currency traders or businesses that refuse to accept its new currency. This was part of a continuous effort to combat illegal foreign exchange trading, sometimes at unofficial rates. According to Bloomberg, the ZiG has gained 1.9% against the United States dollar since its introduction in physical form.
ZiG introduction has mixed success
On May 15, South African-based Crime Watch Zimbabwe reported that police in Zimbabwe had arrested 224 illegal FX traders, and the RBZ Financial Intelligence Unit (FIU) froze 90 bank accounts and fined 40 people. The FIU was also monitoring activity in bank services to uncover evidence of illegal ZiG dealing.
100 ZiG note. Source: Copperbelt Katanga Mining/LinkedIn
The organization reported that the crackdown resulted in “a significant decline in the number of illegal money changers operating in the Central Business District (CBD) [of the capital Harare] and surrounding areas.” Judging from the June 4 RBZ X post, the struggle continues.
Apparently, a lack of coins is another issue troubling the central bank. “The Bank particularly seeks to expand economy-wide availability of small change in the following denominations, ZiG1, ZiG2, ZiG5, ZiG10,” the RBZ stated in an X post that went up several hours after the message about illegal traders.
The RBZ also said ZiG cash would be available for withdrawal from the government-owned Homelink financial services company using debit cards in seven cities beginning on June 10 , and other financial institutions would offer the service in the future.
ZiG gets mixed reviews
The ZiG is Zimbabwe’s sixth currency in 15 years. It is backed by gold and foreign currency but began as a digital currency tied to the price of gold. It was introduced in physical form in April and was greeted with a mixed response from the public.
Source: The Zimbabwean Patriot
The gold-backed token, now called the GBDT (gold-backed digital token), was doubted and criticized because of its resemblance to central bank digital currency.
The GBDT now functions as an “investment instrument” separately from the physical Zig.
Several foreign currencies are still legal to use in Zimbabwe.
