The Central Bank of Iraq issued a directive to the banks, private banks and exchange companies, regarding travel tickets for the purchase of dollars for travelers.
According to a document issued by the Central Bank, received by Economy News, it is: “For regulatory and regulatory purposes, it is decided not to accept air tickets issued by airlines and travel and tourism companies listed on domestic or international sanctions lists in the sale of the cash dollar for passengers.”
How the Zimbabwe Gold ZiG is Reshaping the Future Global Currency System Today
The resurgence of gold as a global currency is becoming a reality, with Zimbabwe leading the way. The introduction of the Zimbabwe Gold ZiG currency has sparked significant interest and marked a seminal shift in the global financial landscape.
Zimbabwe’s approach provides a glimpse into humanity’s promising financial future.
In This Article:
What is the Zimbabwe Gold ZiG?
Is the Zimbabwe Gold ZiG Currency Being Used?
How has the ZiG helped Zimbabwe’s Economy?
Will the Gold ZiG Replace the US Dollar in Zimbabwe?
Is the Zimbabwe Gold ZiG a Part of a GCR?
What is the Zimbabwe Gold ZiG?
The Zimbabwe Gold currency, or ZiG, launched in April 2024, is a gold-backed currency designed to replace the depreciated Zimbabwean dollar.
The ZiG is backed by foreign exchange reserves and precious metals, providing a stable and secure alternative to the previously volatile local currency.
This marks Zimbabwe’s sixth attempt to establish a reliable currency in the past 15 years.
The Zimbabwe Gold ZiG. Source: AP Newswire
Is the Zimbabwe Gold ZiG Currency Being Used?
Since its introduction, the adoption of the ZiG has been remarkable. Zimbabwean Central Bank Governor John Mushayawanha reported that the usage of ZiG has doubled, now representing 30% of all transactions in the country.
This rapid increase in acceptance indicates growing confidence among Zimbabweans in the new currency’s stability and value.
How has the ZiG helped Zimbabwe’s Economy?
The introduction of the ZiG has had a stabilizing effect on Zimbabwe’s economy. The gold-backed currency has helped to curb inflation and restore some confidence in the national monetary system.
Previously, hyperinflation and a depreciating local currency plagued the economy, but the ZiG’s success suggests a turning point.
The use of gold coins in 2022 laid the foundation for this success, proving effective in managing liquidity and preserving value.
Will the Gold ZiG Replace the US Dollar in Zimbabwe?
The Zimbabwean government has ambitious plans for the ZiG to become the sole legal tender by 2030.
Finance Minister Mthuli Ncube has introduced measures to increase demand for the ZiG, including requiring government departments to accept payments in the local currency.
President Emmerson Mnangagwa has indicated that the transition could be completed as early as 2026, aiming to reduce reliance on the US dollar.
Is the Zimbabwe Gold ZiG a Part of a GCR?
The ZiG’s introduction is seen as a significant step towards a Global Currency Reset (GCR), where gold re-emerges as the foundation for a fair and sovereign financial system open to all of humanity.
The success of the ZiG will lead other nations to adopt gold-backed currencies, fostering a more secure and equitable global economy.
The GCR envisions a future where gold and other real assets underpin global financial systems, reducing the debt, volatility and uncertainty associated with fiat currencies.
The Bottom Line
Zimbabwe’s introduction of the ZiG currency marks a pivotal moment in the global financial landscape. By embracing a gold-backed currency,
Zimbabwe is not only stabilizing its own economy but also paving the way for a broader global currency reset.
Zimbabwe’s success with the ZiG will bring a new era of financial stability and prosperity, driven by the strong properties and value of gold.
Commerce Minister Atheer Daoud Al-Ghurairi discussed on Thursday morning with a number of gold traders to discuss the obstacles they face in their work inside Iraq and work to provide the necessary facilities to localize the gold industry in the country.
The Minister of Commerce confirmed during the meeting, according to a statement by the ministry that received a copy of {Euphrates News}, that “the Ministry of Commerce, within its ministerial platform on developing trade and foreign policy, is working to support and regulate the work of the commercial sectors, including the gold trade sector because of its great weight in the country’s economy. “
“Through our meeting, we want to identify the mechanisms of action and obstacles in order to provide the appropriate environment for economic growth and the development of policies that contribute to strengthening the position of the gold sector in the local and international market,” Al-Ghurairi said.
The Minister of Commerce pointed out that “the ministry is ready to cooperate with traders and start steps to overcome obstacles and provide the appropriate environment to achieve the localization of the gold industry inside Iraq according to the need of the market and the consumer, for the return of this industry as it was in the past and even stronger, in light of the government’s direction to support the commercial and industrial sector in the country.
Minister Al-Ghurairi announced, “In his talk about regulating the commercial sectors, the issuance of instructions to regulate e-commerce in Iraq, which is a step to update trade policies and in line with the developments in this aspect to provide a safe and prosperous trade environment that contributes to advancing the national economy.”
For their part, “Gold traders thanked the minister for his interest and support, and raised a set of problems and challenges to their work, expressing their hope that these meetings will contribute to improving and developing this sector.
The meeting resulted in accordance with the statement, “Agreement to submit an integrated study to localize this industry, similar to the developed countries that have been famous during the recent decades of this industry, and a period of fifteen days was set for the preparation of the study, provided that another meeting will be held to explain that study, its basic aspects and its results, to come up with recommendations that are presented to the competent government agencies and take the appropriate decision for them.”
Article: "By names and addresses.. Details of the arrest of 8 main suspects in the theft case of the century" [Find Name & Companies in original article]
1- Total stolen amounts nine hundred and eighty-two billion dinars from the tax deposit account
2- Stolen amounts two trillion two hundred and eighty-three billion Iraqi dinars
3- stolen funds / one trillion one hundred and eighty-five billion two hundred and twenty million
4- Stolen funds / six hundred and seven billion Iraqi dinars 5- Stolen funds / six hundred Twenty-four billion Iraqi dinars
6- Position: Office of the former Prime Minister Stolen funds: Four hundred and ninety-seven billion Iraqi dinars
7- Stolen funds: one hundred and twenty-four million US dollars 8- [Unknown total]
Clare
Article: "He is 19 years old and the most important of 150 suspended laws... Will the powers give up the 'golden paper' in oil and gas legislation?"
Quote: "The Parliamentary Oil and Gas Committee expressed, today, Sunday, its 'optimism' about the imminent approval of the Oil and Gas Law, which has been suspended for 19 years,"
Clare
Article: "The US Federal Reserve adopts a new strategy towards Iraq.. The dollar is threatened with rising to unprecedented levels"
Quote: "The Federal Bank has detected political influences from the Iraqi government..
.The US Federal Reserve will not be able to wait forever, and it is expected that there will be federal measures that may occur at any moment, and there will be a sudden and large demand for the dollar, which will lead to a decrease in the value of the Iraqi dinar against the dollar, which will generate great pressure on the Iraqi banking system, the Iraqi economy and the official political system."
Article: "Iraqi banking system..A significant increase in the number of bank accounts and the volume of deposits for citizens"
Quote: "The banking system in Iraq is gradually regaining citizens’ confidence...In Iraq, economic and political challenges over the decades have provided a strong justification for keeping money at home rather than in banks.
However, the accession of the Iraqi Deposit Insurance Corporation (ICDI) to the International Association of Deposit Insurers was a decisive step in improving confidence in the banking system.
Since its accession, Iraq has witnessed a significant increase in the number of bank accounts and the volume of deposits...This development enhances Iraq’s ability to attract investment and support economic growth by converting savings into productive investments."
The Ministry of Finance and Economy of the Kurdistan Regional Government announced today, Thursday, the transfer of non-oil revenues of the Kurdistan Region to the bank account of the Federal Ministry of Finance.
The ministry said in a statement received by Mawazine News that the amount of (74,844,532,000) seventy-four billion, eight hundred and forty-four million, five hundred and thirty-two thousand dinars was transferred today, Thursday as the share of the Federal Treasury in the non-oil revenues of the Kurdistan Region.
The statement pointed out that this amount is for the year 2024, pointing out that the General Directorate of Accounting of the Ministry of Finance and Economy transferred to the bank account of the Ministry of Finance in the federal government, Erbil branch.
