Zimbabwe Has $370 Million in Reserves to Back Currency - Bloomberg (7/7/24)

 Zimbabwe Has $370 Million in Reserves to Back Currency  - Bloomberg (7/7/24)

Cash and mineral reserves backing Zimbabwe’s new currency have risen to approximately $370 million from $285 million over the past three months, the state-run Sunday Mail reported citing central bank governor John Mushayavanhu.

The increase in currency and mineral reserves provides a strong “buffer” for the Zimbabwe Gold, or ZiG, against external forces, according to the report. 

Mushayavanhu said the central bank has been accumulating reserves from royalties of gold and conversion in kind of other minerals such as diamonds, lithium and platinum.

“As a result, the total reserves have progressively increased about 30% from $285 million as at ” to above $370 million as at the end of June, he said. 

The southern African country introduced the ZiG, which began trading  It replaced the Zimbabwe dollar, which had lost 80% of its value against the greenback this year.

In September 2022, Zimbabwe introduced regulations to compel mining firms to pay half of their royalties to the government in the commodities themselves, as part of measures to build up mineral reserves. Zimbabwe has the world’s third-largest reserves of platinum, and also mines nickel, chrome, lithium and coal.

https://www.bloomberg.com/news/articles/2024-07-07/zimbabwe-has-370-million-in-reserves-to-back-currency-mail

Coffee with MarkZ. 07/08/2024

 MarkZ  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: Welcome to a new week….hope everyone had a wonderful 4th of July weekend

Member: Did you know today JULY 8th is the anniversary of the first time ringing of the Libery Bell in 1776???

Member: Fingers crossed Mark has some great news for us today.

Member: I hope that we will see something on the RV This week?

MZ: Expectations are stinking high for today and tomorrow on the bond side….so will be waiting on updates today.

MZ: The expectation on the bond side is fully spendable funds by tomorrow. Many are expecting updates today.

MZ: I’m expecting a lot of news throughout the week….i am expecting we will have an extremely busy 4-7 days right now.

MZ: There are a number of groups with expectations for around the 12th. Everything appears to be lining up.

MZ: I’m praying this is our week. I have extreme anticipation for this week.

Member: I wonder if the event is postponed because of the hurricane going through the United States?

Member: I wonder -Do all bonds have to be paid in full for exchanges to start?

Member: We were told recently that they need to have paid at least a third of bond folks before we get to start? Who knows if that is still true?

Member: on Jon Dowling,s show it was said that Russia has backed Vietnam to revalue!

MZ: “Vietnam targeting Q3 GDP growth of 6.5%-7%, inflation below 4.5% PM says” And this is just the third quarter. They are obliterating the US….this is big…..and they are under pressure to raise their exchange rate.

Member: will the Hungary pengo or milpengo be in the first basket?

MZ: They are expected to go in the first basket ..but we will not know for certain until we get through the door.

Member: When do we expect the ZIM to go in relation to the Dinar?

Member: We expect it to go at the same time as the dinar and the dong.

​​ Member: "Gold is money. All else is credit.” J.P. Morgan

Member: Happy birthday to everyone having a birthday today.

Stacie Z joins the stream today. Please listen to the replay for her information

THE CONTENT IN THIS PODCAST IS FOR GENERAL & EDUCATIONAL PURPOSES ONLY&NOT INTENDED TO PROVIDE ANY PROFESSIONAL, FINANCIAL OR LEGAL ADVICE. PLEASE CONSIDER EVERYTHING DISCUSSED IN MARKZ’S OPINION ONLY.

IRAQI DINAR 💥 HUGE INCREASE IN DINAR VALUE | IRAQI DINAR NEWS TODAY | IR...

Iraq to Import Gas from Turkmenistan via Iran

 Turkmenistan and Iran have marked an agreement for the buy and offer of flammable gas in how much up to 10 billion cubic meters of gas each year, which will be provided from Turkmenistan to Iraq through Iran under a trade plot.

The negotiations between Turkmenistan and Iran, which took place this week in Ashgabat, resulted in the signing of the agreement. During the negotiations, a wide range of issues related to the expansion of cooperation between Turkmenistan and the Islamic Republic of Iran in the gas industry were discussed.

The Turkmen and Iranian sides are currently actively collaborating to put into action the agreements that were previously reached at the highest state level regarding the expansion of gas cooperation. As a result, Iranian businesses will work on the construction of a new 125-kilometer gas pipeline and three gas compressor stations on Turkmenistan’s territory in order to improve the infrastructure for transporting gas. These facilities are required in order to supply Iran with additional quantities of gas.

It is planned to increase the annual volume of gas supplied to Iran along the Dovletabad-Sarakhs-Hangeran routes and through the Chaloyuk gas measuring station to 40 billion cubic meters in addition to the capacities that are already in place.

According to Turkmenistan’s Foreign Ministry, the positive experience of joint activities in the supply of Turkmen gas to Iran and through its territory to third countries serves as a solid foundation for expanding the potential of bilateral partnership in this area.

ABOUT THE REGULATION OF THE E-COMMERCE IN IRAQ BY GOLDILOCKS

 GOLDILOCKS

His Excellency the Governor of the Central Bank of Iraq, Mr. Ali Mohsen Al-Alaq, chaired the meeting of the Diwani Order Committee (24079) to regulate e-commerce in Iraq with the participation of the concerned authorities." 

The meeting dealt with defining the service provider and granting a license. This procedure will be done through an electronic platform accepted by the Ministry of Trade. How this is to take place is through a "system paper" given to the Council of Ministers for approval.

This "regulation paper" will give detailed instruction on how to implement a procedure or policy. In this case, e-commerce is the topic of instruction, and specific details on how to move products through a standardized process will be very important. 

In this case, an e-commerce website will be created to fulfill the above requirements. This website will enable the process of selling physical goods, services, and digital products through the internet, and not, a brick and mortar building. 

An e-commerce website business will be able to process orders, accept payments, manage shipping and logistics, and provide customer service. 

Upon  approval of this system paper from the Council of Ministers, Iraq will be able to begin the process of interfacing their new banking reforms with e-commerce regulations. 

Watch the water.

© Goldilocks

https://cbi.iq/news/view/2612

https://iclg.com/practice-areas/digital-business-laws-and-regulations/usa#amp_tf=From%20%251%24s&aoh=17203859696480&referrer=https%3A%2F%2Fwww.google.com&ampshare=https%3A%2F%2Ficlg.com%2Fpractice-areas%2Fdigital-business-laws-and-regulations%2Fusa 

https://mailchimp.com/marketing-glossary/ecommerce-website/#:~:text=A%20website%20that%20allows%20people,logistics%2C%20and%20provide%20customer%20service.

https://academia.stackexchange.com/questions/48444/what-is-a-system-paper

"IRAQI DINAR 18TH JULY 2024 A DAY OF DINAR CURRENCY REVALUATION CONFIRM"...

Under the patronage of Barzani.. The National Bank of Iraq signs an agreement to finance the construction of a hospital in Kurdistan for $50 million

 Economy News – Baghdad

The National Bank of Iraq signed an initial agreement to finance the construction of a modern hospital in the region, with a total value of up to 50 million US dollars, under the auspices of the Prime Minister of the Kurdistan Regional Government, Masrour Barzani,

The funding of this vital project by the National Bank of Iraq comes with the aim of supporting the direction of the regional government to improve the reality and quality of health care in the region and provide advanced health services to its residents.

Commenting on the signing of this agreement, the Plenipotentiary Director of Al Ahli Bank of Iraq, Ayman Abu Dhaim, expressed his happiness with this important step, saying: “We are proud of the National Bank of Iraq to finance the construction of a new and advanced hospital in the Kurdistan region. This initiative reflects our ongoing commitment to supporting development and infrastructure projects that benefit our community and contribute to improving the quality of life for citizens.”

Abu Dhaim pointed out that this project is a model of partnership between the public and private sectors to contribute to achieving sustainable development, explaining that this project, in addition to providing high-quality medical services to citizens, will contribute to creating new job opportunities and promoting economic growth, and in a way that will reflect positively on progress and prosperity in Iraq.

Financing this project will be subject to the bank’s credit policies and the instructions of the Central Bank of Iraq.

The bank also plays a major role in economic development and promoting financial inclusion, as the bank has localized more than 200,000 employees in the public and private sectors, and has granted advances to more than 80,000 employees with a total value of 1 trillion Iraqi dinars. At the level of small and medium enterprises, the bank has granted loans to more than 5,000 companies from various governorates of Iraq in many economic sectors.

https://economy-news.net/content.php?id=44996