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Zimbabwe Currency

Zimbabwe 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 Ramaphosa.

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 produce.

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 own right.

“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 here.

“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 4.

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. source

 

President Donald J. Trump Signs S. 2779 into Law
FOREIGN POLICY

On Wednesday, August 8, 2018, the President signed into law:

S. 2779, the “Zimbabwe Democracy and Economic Recovery Amendment Act of 2018,” which amends the Zimbabwe Democracy and Economic Recovery Act of 2001.

https://www.whitehouse.gov/briefings-statements/president-donald-j-trump-signs-s-2779-law/

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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 financing.

“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. Source

Video Link

‘Bond notes to stay’ 
2018-04-12
Business Reporter
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.  source
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Zim finance minister says 'bond notes aren't going anywhere'
2018-01-21

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 foreign currency. source


100 Trillion Zimbabwe Dollars (Currency)

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 History of Great Zimbabwe Video

"Zim Flat Rate" from One Who Knows



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 this.

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 Knows

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 to exchange.

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.

Special Note
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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