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POOFness for JAN 31: DID YOU KNOW UPDATE BY DJ

Posted By: hobie
Date: Thursday, 31-Jan-2019 19:01:00
www.rumormillnews.com

In Response To: POOFness for JAN 2: MIDWEEK BY ZAP 1-02-19 (hobie)

Hi, Folks -

Received via e-mail:

=====

Subject: DID YOU KNOW UPDATE BY DJ
From: "The Office of Poofness" <2goforth@humanus.ca>
Date: Thu, January 31, 2019 11:47 am

DID YOU KNOW ?

Excerpts from Bloomberg articles Jan 14 2019.


Zimbabwe said it will allow companies and individuals to transfer dollars electronically, as it looks to ease a crippling scarcity of foreign exchange that’s sent the economy into meltdown .

The Reserve Bank of Zimbabwe has upgraded its systems to allow for such transactions and will run testing until Feb. 1, after which it plans to go live, the bank said in a statement Monday.
The southern African nation’s cash crisis has caused shortages of everything from fuel to bread, much of which is imported. Zimbabwe scrapped its own currency a decade ago to end hyperinflation and adopted a basket of units instead, with the dollar being the most widely used. The central bank then printed quasi-greenbacks called bond notes and an electronic currency known as RTGS$ to fund rampant government spending. That’s resulted in a convoluted system of exchange rates, with consumers charged different prices depending on how they pay.
Until now, Zimbabweans have struggled to transfer real dollars electronically and usually use the black market and cash dollars instead.

“This is a small but important step in a long process of normalizing the monetary system in the country, which has become significantly dependent on the parallel market for goods and services payments,” said Chiedza Madzima, a senior analyst at Fitch Solutions in Johannesburg.

The Confederation of Zimbabwe Industries earlier this month said the government should allow banks to trade dollars in a bid to halt the economic collapse, which has seen the official inflation rate surge to 42 percent. It said businesses have not been allocated foreign exchange by the government since October.

“The fact that banks are now allowed interchange of FX is the first positive step, although we are not sure how it would operate,” said Sifelani Jabangwe, president of the lobby group.

The value of bond notes and RTGS$ has plunged in the past six months, even though the government says they should be worth the same as real dollars. Bond notes now trade at 3.81 per dollar on the black market, according to marketwatch.co.zw, a website run by financial analysts.

Finance Minister Mthuli Ncube has said he wants to introduce a new currency this year.
Not having a currency of its own hasn’t stopped Zimbabwe from sliding into a currency crisis.
A scarcity of foreign exchange has led to long queues for fuel, bread and medicine and sent prices surging. The government more than doubled gasoline prices to $3.31 a liter ($12.58 a gallon) over the weekend, the highest in the world, according to data on GlobalPetrolPrices.com.

The roots of the pain lie in Zimbabwe’s decision to scrap its own currency a decade ago and adopt a basket of foreign units, with the U.S. dollar being the most widely used. The central bank then printed quasi-greenbacks to fund rampant government spending.

The result is a convoluted system of exchange rates, with consumers charged different prices depending on whether they pay in real dollars, electronic money or so-called bond notes -- even though the government insists all three have the same value. It undermined that argument by saying that foreigners could still pay the old price for fuel of $1.32 a liter if they used cash dollars.

President Emmerson Mnangagwa, a 76-year-old former spy chief who promised better times for Zimbabweans when he won elections in July. Those were the first after long-standing ruler Robert Mugabe, under whom the economy began its descent, was ousted by the military in late 2017. Mnangagwa was close to Mugabe and served as his vice president.

Finance Minister Mthuli Ncube said on Jan. 11 he’d introduce a new currency within a year. But he gave few details, beyond that the central bank was building reserves, which currently cover barely two weeks of imports. He’s also trying to restructure billions of dollars of defaulted multilateral debts so that Zimbabwe can obtain new international loans.

Bond notes now trade on the black market at 3.2 per dollar, according to the Harare-based ZimBollar Research Institute. RTGS$ units are worth even less.
Zimbabwe’s main stock index has climbed 72 percent since last March, easily the most globally. Foreign investors struggle to get their money out of the country due to capital controls.

The above information is one of those “Needed Components” to realize a currency exchange that has been going on behind the scenes. Putting it simply “Zim can’t exchange without the mechanisms to exchange”. Many more such components are in play that the general public is unaware of in particular when we view things on a global scale. This is merely a piece of the larger puzzle that is the GCR. But, like in a puzzle, the more pieces that are put together the clearer the bigger picture becomes and the faster the puzzle is finished the quicker your awaited exchanges can begin.

DJ

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With Much Gratitude and Appreciation,
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"The Office of Poofness"
DJ and Susan

This post is for information and education purposes only. All representations, presentations, products and opinions are strictly that of the author and do not necessarily reflect the opinion or endorsement of the “Poofness News Letter” and its principals. All readers should perform their own independent due diligence before acting on any information provided.

***********************************************************************





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