to adopt Chinese currency to boost confidence in banking
sector By Nelson Bhebhe - 2 September 2018
ZIMBABWE is lobbying to be included among African offshore
clearing centres for the Chinese currency, the renminbi (RMB),
as it seeks to grow trade between the two countries and
boost confidence in the local banking sector, a top
diplomat has said.
The RMB was added to the IMF’s basket of currencies two
years ago, meaning it is now a reserve currency that can
be used as a unit of exchange in international trade and
international cross-border transactional settlements.
Presently, the UK is the world’s largest clearing centre
for the RMB outside Greater China, followed by Singapore.
Zimbabwe hopes to reach an agreement with Beijing on the
offshore centre during the 2018 Forum on China-Africa
Co-operation that officially opens tomorrow. This year’s
edition of the triennial summit will be co-chaired by host
President Xi Jinping and South Africa’s President Cyril
Zimbabwe’s Ambassador to China Mr Paul Chikawa told our
Harare Bureau last week that Harare was also pursuing
opportunities in e-payments, telecommunications,
infrastructure, and power transmission and distribution.
Zimbabwe is also angling for a market for its agricultural
Ambassador Chikawa said: “If all goes well, we will be so
keen to be one of the centres in Africa, if not the
leading centre, to have an offshore Renminbi Centre. You
know, Hong Kong — which is part of China — is; Singapore
is; London is. That means it is a reserve currency in its
“So, if we are able to fashion out an agreement in the
area of banking, and we are hopeful that our own (Reserve
Bank of Zimbabwe) Governor (Dr John Mangudya) — though he
is not part of Focac — could find space and time to come
“We are pursuing certain interests, very formative stages
to introduce the e-payment system as a part of dealing
with the liquidity situation and also growing with the
times. This is part of the vision, part of the dream, but
it’s a lot bigger.”
President Emmerson Mnangagwa is in China for Focac 2018,
and his delegation expects to conclude bilateral agreement
in several projects at Focac.
“There was the mention of the NetOne Phase Three project,
which is between our NetOne and Huawei . . . The NetOne
Phase Three expansion project is going through some
necessary paperwork before it is implemented. It’s going
to be in two or three phases.
“Related to power generation, in March, President
Mnangagwa commissioned the completion of Kariba South
power extension, which added 300MW. So, you see, we are
now producing additional power. So, logically and
necessarily, you want to attend to your power transmission
and distribution aspect of the whole power equation.
So one area that we will be hoping to quickly resolve this
time around is support from our Chinese partners to make
sure that the transmission and distribution aspect of the
power has been dealt with. In other words, we are saying
we have a partner that we are working with to quickly
implement the transmission and distribution of the power;
otherwise, the power generated will go to waste,”
Ambassador Chikawa said.
The 7th Ministerial Conference of Focac — a platform of
engagement between China and Africa on economic, social
and political issues — runs from September 3 to September
At the last Summit held in Johannesburg, South Africa in
2015, China pledged $60 billion in loans to Africa.
Beijing has funded the expansion of Kariba South Power
Station and Victoria Falls Airport, which has been
completed. The $1,5 billion expansion of Hwange Thermal
Power Station is underway.
President Donald J. Trump Signs S. 2779 into Law
On Wednesday, August 8, 2018, the President signed into
S. 2779, the “Zimbabwe Democracy and Economic Recovery
Amendment Act of 2018,” which amends the Zimbabwe
Democracy and Economic Recovery Act of 2001.
April 17, 2018 Zimbabwe in tight timeline to repay arrears, seek more funding
Zimbabwe stuck on Monday to its plan to clear its debt arrears by September with
the aim to tap international capital markets by the end of the year, though that
timeline would be “very fast-tracked.” Zimbabwean officials met with investors
in New York in search for cash that would clear about $1.8 billion in arrears
with the World Bank and the African Development Bank. Repayment would unlock
more cash from the ADB and is necessary to tap other sources of development
“We need to clear the ADB and World Bank before we’re able to go into a program
with the IMF,” said John Mangudya, governor of the Reserve Bank of Zimbabwe, at
a press event following the investors’ meeting. “What we need is a bridge
financing from the likes of these investors,” he said. In 2016, Zimbabwe paid
off 15 years’ worth of arrears to the International Monetary Fund. The timeline
for the arrears payment and the added funding “is possible, but it would be very
fast-tracked,” said Dean Tyler, head of fixed income at Exotix Capital, which
hosted the meeting.
Some 40 to 50 international investors, institutions and hedge funds among them,
attended the meeting, according to Tyler, and it follows a similar meeting in
London last month. The pitch to investors comes shortly after Robert Mugabe,
Zimbabwe’s president for nearly 30 years, was forced to resign following a de
facto army coup last November.
Zimbabwe became a pariah in the West after Mugabe’s government was accused of
rigging votes and abusing human rights, and over the years it has turned to
China for investment to help an economy desperate for new infrastructure.
‘Bond notes to stay’ 2018-04-12
Bond notes will remain in circulation until Zimbabwe introduces its own
currency, Finance and Economic Planning Minister Patrick Chinamasa has said.
Responding to questions on the fate of the bond notes after media reports
claimed they will be phased out, Minister Chinamasa said the introduction of a
local currency will mark the end of bond notes.
“Nowhere did the Deputy Minister (of Finance and Economic Planning Terrence
Mukupe) say the bond notes are going to go away and that is the sort of
negativity that is not going to get us anywhere,” Minister Chinamasa said at a
breakfast meeting in Harare yesterday. It’s not true; bond notes will stay until
we have our own currency and the Governor (of the Zimbabwe Reserve Bank of
Zimbabwe) and myself have been at pains to spell out the macroeconomic
fundamentals that we need to put right before we can do that.
“We need to address the budget deficit; we need to address the issues of exports
and we need to build foreign currency reserves of at least three months, at the
moment we are at 0,7 months,” the Minister added. Minister Chinamasa said the
country needs to boost production.
“This is why we are coming up with all these proposals or incentives to
incentivise production so I just want to plead with you, please let’s look at
the positive side, let’s not dwell on the negative, let’s not be driven by some
of the falsehoods that are peddled through social media. You are intelligent
enough to distinguish between an obvious falsehood and that which may have
credibility,” he said. Minister Chinamasa said Government was working on a
cocktail of measures to improve the economy.
For instance, Government has more than doubled export incentives for tobacco
producers to 12.5 percent, from 5 percent. Gold producers will also be
prioritised in the export incentives. Gold and tobacco, Chinamasa said,
contribute 86 percent of export receipts.
Minister Chinamasa said Government is also cutting down on expenditure to reduce
fiscal deficit. Government is also rationalising expenditure on wages and at the
same time grow the economy to ensure recurrent expenditure finds its right
proportion within a bigger cake. Minister Chinamasa said Government is
normalising relations with the United Kingdom, The European Union and the United
States. The key, he said, is normalising relations with the United Kingdom.
Moreover, an investor friendly environment is being created. The huge RTGS
balances, Minister Chinamasa said, are going to be used for infrastructure
development and to fund the production. Minister Chinamasa also commented on the
country’s arrears clearance plan which he said is still on course.
Zim finance minister says 'bond notes aren't going anywhere'
Harare – Zimbabwe's
finance minister Patrick Chinamasa has reportedly denied reports that the
country's surrogate currency - the bond motes - would be phased out soon.
The state-owned Herald newspaper quoted Chinamasa as saying that the
controversial bond notes were not going anywhere until the southern African
country had its own currency.
The minister said that there were macroeconomic fundamentals that the treasury
was working on before the surrogate currency could be discontinued.
"We need to address the budget deficit, we need to address the issues of exports
and we need to build foreign currency reserves of at least three months, at the
moment we are at 0.7 months. This is why we are coming up with all these
proposal or incentives to incentivise production so I just want to plead with
you, please let’s look at the positive side, let’s not dwell on the negative,
let’s not be driven by falsehoods that are peddled through social media. You are
intelligent enough to distinguish between an obvious falsehood and that which
may have credibility," Chinamasa was quoted as saying.
The southern African country adopted the use of multiple currencies in 2009
after its currency had been rendered worthless by hyperinflation.
The US dollar had been the main transacting currency but it has been in short
supply since 2015 due to low exports and externalization.
This led to the introduction of a surrogate currency in November 2016 to ease
chronic shortages of US dollars, and to encourage exporters who earn the country
If you ever wondered what Zimbabwean One Hundred Trillion Dollars look like, you
have come to the right place. Zimbabwe experienced a period of hyperinflation
spanning a few decades that culminated in 2008 with the introduction of the
100,000,000,000,000 banknote! Currency in Zimbabwe was so devalued that you
needed a big stack of high denomination bills to buy a loaf of bread! Only a few
million copies of the banknote were ever produced up until 2009.
However Truth is the Zim Currency is not really used in their country and is
currently worthless. They practically give it away in Zimbabwe.
The Zim flat Rate concept has arisen due to the extreme
nature of the Zim. All other currencies are of a
manageable size with the Dong's largest note @ 500,000
Dong, and the Dinar's largest note @ 25,000 Dinar. Since
these currencies have rates that are basically "Whole
Numbers" in dollars and cents, it is easy for anyone to
understand the conversion from Foreign currency to USN.
However, when it comes to the ZIM, we, the informed &
internet people, will be getting very high "Whole Number"
rates as well, even on the Zim. These are ALL considered
the "Privately Negotiated Rates." This means, that if you
ask for the higher rates, you will be offered them, but if
you do not ask, they will not be offered. This has been
made clear and explained so many times that I can't
imagine that informed currency holders don't already know
Importantly, there has been mention of supposed "Screen
Rates" in the range of $2 and change per ZIM. This is a
complete misunderstanding, and needs to be cleared up.
This rate is NOT the screen rate but instead a "Privately
Negotiated Rate" that MUST be asked for. The ONLY thing
that is interesting and important about this particular
rate, is that it requires NO NDA. Frankly, you could
consider it to be the highest rate you can get without the
NDA requirement. But, it MUST be asked for to get it.
Now, let's consider what the "regular" public will get,
now, and until they no longer redeem the large Zim
Bonds/Currency. We can get a "Clue" from what Yosef
mentioned in his "Speed Bump" post:
"Speed Bump" - Intel SITREP
I also commented on this as well in my post:
"Understanding: The Speed Bump SITREP (Zim)" from One Who
According to his post there "WERE" going to be two
possible rates, one with the NDA and one without an NDA.
As of my conversation with Grandfather last night, this is
now ONLY one rate with no NDA.
According to the Speed Bump SITREP, the Screen Rate was:
0.00000018 without an NDA (Or 18 Million for 1 100 T
note), 0.00000200 USD with an NDA (Or 200 Million for 1
100 T note) As I mentioned This HAS Changed. While, I
don’t know what the final EXACT rate will be, it most
likely will be close to these previously mentioned rates.
Also the new BIG IDEA, is to offer a "Flat Rate" per note
so that it is easy to calculate and exchange. This makes
perfect sense to me. Instead of telling the uninformed
currency holder that the rate is some huge fraction with
lots of zeros to the right of the decimal point, they are
just quoted a Flat Rate per note depending on the size of
the note. A $100T Bond = $xxxx.xx, a $50T Bond = yyyy.yy,
a $500 Million Bond = zzzz.zz per bond note, etc. Remember
these are NOT experienced, nor informed currency holders,
and most likely this will be the most money they have ever
seen in their lives. Very simple to understand, and easy
The Moral Question
Who decides what rate a person should or should not get?
Of course, for us the informed, we will be asking for the
rate we FEEL is right for our circumstances. Frankly, when
it comes to ZIM, we will probably never spend it all,
before money becomes obsolete. However, the question still
remains.... Who decides what rate a person that is not
informed, should or should not get? Before you consider
that question, let's think about this:
We know that there are lots of times that Big money ruined
people or even got them killed. We hear these stories all
the time about lottery winners. So, what makes currency
exchanges any different than winning a Lottery?
Also, we should consider if we are the ones who were
"Meant" to be in this position due to soul contracts,
manifested destiny, or calculated planning and faith. If
that is true about us, and I think it is, that means that
there are those who were not supposed to get this big
money.... Right? This includes the sleeping public and
those who rejected our suggestions that they should get in
on this opportunity.
But, life is not black and white, become Trillianaires or
get nothing at all. Clearly there must be some In-Between
ground where, some get money, but not the big money.
Frankly, if there were those who were MEANT to get the Big
money, and those who were MEANT to get no money at all,
then it follows that there are those who were meant to get
some money, but not the big money. That would be those who
have Zim but are not informed about the Privately
Negotiated Rates. Is this somehow wrong? No, how could it
be. By logical extension if there is anything wrong with
the Universe's placement of money for those at that level,
it could be said that maybe the placement of Trillions in
your hands might be wrong as well. But, we know it is not.
The Universe is perfect in every way, and it is not
failing now either.
Those who have Zim and know what to do with it are MEANT
to get the most money. Those with Zim and don't know what
to do with it, are MEANT to get really big money, but not
as much as we, the informed, will get. Those without zim
or any currency at all, are clearly NOT MEANT to get any
money from this GCR. They will be the ones who we help. Do
you really think that the Universe is out of order in any
way? Of course not. That is impossible.
Who's Responsibility Is It?
I saw a post about the new Flat Rate on the Zim that made
me laugh a bit. Someone, who I shall not name, was
complaining that the Banks were somehow trying to short
change his friends and family by giving them the flat
Rate. In so many words, he said the Bankers were the bad
guys for offering the flat rate instead of the Privately
Negotiated Rates. But, who's responsibility is it anyway?
We have been told again and again that the high rates were
only going to be offered to those who ASK FOR THEM. If
they do not ask for them, they will get the flat rate.
Nothing going wrong here on the Banks' part. Importantly,
if someone asks for the Higher rates, they will be able to
get them. Again, nothing wrong on the Bank's part.
My question is "If these are your friends and family who
have the Zim, why haven't YOU told them to ask for the
higher rate? That is not the Bank's job, or right to do
that. If you have gifted Zim to others, they will get the
Flat rate, unless they ask for more. Should you tell them?
That is a hard one, and it is your Responsibility to
decide and not the Bank's.
I noticed a special exception to this Flat Rate option.
Interestingly, and wonderfully, it was said that if a
person had a total of Zim that was more than $200 T, they
would get something other than the Flat Rate. They didn't
say exactly, but they would get some sort of upgrade offer
that was more than the Flat Rate. Based on the idea that
they are not permitted to give higher rates unless asked,
I think this is WAY MORE THAN FAIR. It might be that if
they have a lot of Zim to start with, maybe they were
MEANT to have the big money by Universal standards. It
makes sense to me.
The bottom line is that people are MEANT to get what they
get, Light Workers and the sleeping public alike. If you
force your will on another, no matter if you have good
intentions or not, it may inadvertently hurt them in the
end. So that begs the question "Should everyone who has
Zim be Trillionairs?" Of course, the answer is no. But the
trick is Feeling the situation and doing what you think is
right for others, the best you can. A few hundred million
could be more than a person would ever need and is NOT
wrong in any way.
The Flat Rate makes sense for the novas who has a small
amount of Zim. If you feel the need to inform your Giftees,
then do so, but don't think that it is someone else's job
to do so, as it is not. If you gave them the currency, it
was your gift, and it is up to you to decide what size
that gift is, or will be. However KNOW THIS: Whatever you
decide, will be the right answer, because whatever
happens, is always (In ALL Ways) what is MEANT to be. In
the end, whatever you feel "Compelled" to do, is most
likely the right thing to do. Follow your heart, and
accept it's answer, no matter what that answer is.
May You Get Everything You Want and Live The Life Of Your
Dreams / Plans
Signed: One Who Knows
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