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 Zim won’t be dollar fishing pond

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Ssmith
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PostSubject: Zim won’t be dollar fishing pond   Thu May 26, 2016 4:42 pm

Zim won’t be dollar fishing pond
business/news /
25 May 2016 at 16:30pm
By: Amogelang Mbatha




Johannesburg - Zimbabwe will introduce bond notes and restrict the spending of foreign currency to vital commodities to limit dollars leaving the country and exacerbating the nation’s cash crunch, according to Finance Minister Patrick Chinamasa.

“We believe the introduction of the bond notes will help stop the country from being a fishing pond for the US dollar,” Chinamasa said in an interview Wednesday at the African Development Bank’s annual meetings in Zambia’s capital, Lusaka. “A lot of companies, so-called investors, come to fish out our US dollar resources and that is what is producing the shortage.”

Zimbabwe, which abandoned its own currency in 2009 because of hyperinflation, trades mainly in US dollars, while the rand, euro, Botswana pula, yen, yuan and Indian rupee are also legal tender. The central bank limited cash withdrawals from ATMs earlier this month as the country’s ailing economy caused dollar supplies to evaporate, and started a program to explain introduction of bond notes, which will be worth their exact counterparts in US dollars as currency.

Read also: ‘Reject Zim bond notes’

The Reserve Bank of Zimbabwe has introduced measures to manage “the foreign currency earnings that we earn as a country and make sure that money is used not to import trinkets but is used to import very vital commodities,” Chinamasa said. “We have produced a priority list which will be used by the bank to guide them on what items they can use foreign currency to import.”

Struggle

The shortage highlights the struggle President Robert Mugabe’s government faces in resuscitating an economy that is half the size it was 15 years ago, according to government estimates, with about 90 percent of the population out of formal employment. Authorities abandoned an earlier plan to convert half of their export earnings into South African rand and euros and said it will now require 50 percent of those earnings to be transferred to a Reserve Bank of Zimbabwe account.

Zimbabwe’s economic growth forecast for 2016 has been cut to between 1.1 percent and 1.5 percent this year, from 2.7 percent earlier, as the region’s worst drought in decades led to increased expenditure and lower farming output, Chinamasa said. Gross domestic product expanded an estimated 1.1 percent last year, according to the International Monetary Fund.

The Washington-based lender said earlier this month the southern African nation must repay money it owes to the IMF, World Bank and African Development Bank before receiving a new IMF loan. Chinamasa said Zimbabwe can borrow money as long as it is clear about the purpose of the loan.

Read also: Zimbabwe drops plan to swap dollar earnings to rand

“We have a policy that any new loans should not go towards consumption, but towards putting up infrastructure,” he said. “We have said that the loan we borrow must create an asset infrastructure that is able to generate cash flows in order to service the loan.


http://www.iol.co.za/business/news/zim-wont-be-dollar-fishing-pond-2026206
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Dferraro
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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 4:36 pm

what i would like to find out is if the zim dollar is going to revalue in the global reset?  Also a reputable dinar seller if anyone knows, this is all new to me, so forgive me if I don't understand a lot of this.
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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 5:02 pm

@Dferraro wrote:
what i would like to find out is if the zim dollar is going to revalue in the global reset?  Also a reputable dinar seller if anyone knows, this is all new to me, so forgive me if I don't understand a lot of this.
Welcome to Dinar Daily!

The zim dollar has been abandoned and demonetized:

https://en.wikipedia.org/wiki/Zimbabwean_dollar#Abandonment_and_demonetization

A reputable Dinar Seller was thought to be Sterling, but they got shut down last year. You'll need to research them out a bit, but make sure that they have a current MSB registration and are licensed to do business in your state/country.

I hope you do some more research on all of this so that you get a better understanding of what's all going on.

winkywinky
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PostSubject: ok   Sun Jul 10, 2016 5:12 pm

okay thank you Smile
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RamblerNash
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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 5:20 pm

@Dferraro wrote:
okay thank you Smile
Your welcome.

There are more sites that have information, but it's not good news.

Sam I Am has brought back some of his archives and they are an interesting read.

You'll find them here:  https://iraqcurrencywatch.com/sam-i-am-archives/

It's probably not what you want to hear...or maybe it is?

Dinar Daily has a wealth of information, but again, it may not be what your looking for? or maybe it is...

Best of luck in your research!

juggle
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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 6:21 pm

so what you are telling me
 is the zim dollar will be worth nothing.  My brother and I were advised to buy zim dollars few months ago.  If this is the case, very sad for us.  Are there are denominations of dinar that are not good anymore?  Someone said the 50 dollar note had to be exchanged a few months ago and is no good anymore, if that makes sense.  Like I said I am new to all this, ty for your help though
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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 7:36 pm

Dferraro, if you are new and you don't understand all of this then you should just forget about it until you do understand it.  Scammers love to take advantage of people who don't have any expertise or experience to rely on.  The Zim is a good example.  It's completely worthless.  Nobody uses it, not even people in Zimbabwe.  It will never have any value other than as a novelty item, but they won't tell you that.  The global currency reset is another good example.  It's pure fantasy.  You can see what is happening with the European Union right now.  If it's that hard to keep a small group of countries like that together just imagine how hard it would be to have every nation on Earth agree to a restructuring of all of the currencies.  And the idea of returning to currencies backed by gold or any other asset is ridiculous.  It will never happen because it can't happen.  Gold's value is too unstable.  That's a big reason we abandoned the gold standard in the first place.  My advice is to avoid currency speculation completely.  The only way to make money in currency speculation is with electronic currency on forex, and that is very risky and requires a lot of knowledge, skill, and self-discipline.  You're better off just taking a small % of your paycheck and putting it into mutual funds.  You won't get rich overnight, but over time you'll be much better off than buying any currency.

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PostSubject: Re: Zim won’t be dollar fishing pond   Sun Jul 10, 2016 7:40 pm

wow okay thanks
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