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Here's some articles of Dinarian interests... Zimbabwe Set To Announce Fate Of Local Currency After 73% Plunge. Iraqi Economy Faces Threat As US Closes Oil Revenue Account. Treat as rumors. Not verified. Your opine. TNT via Harambe: Zimbabwe Set To Announce Fate Of Local Currency After 73% Plunge. ARTICLE: Zimbabwe’s currency plunged to yet another record low as citizens rushed to the safety of the USD amid speculation an announcement from the CBZ on the fate of the local unit is imminent. The Zimbabwe Dollar traded at 22,476 against the greenback, taking its losses this year to 73%, the world’s 2nd-worst performance only after the Lebanese pound. A sense of urgency has gripped the nation after authorities brought forward the start date of the new governor, John Mushayavanhu, by a month. The local media reported the move was made to announce a new currency plan that may include embracing the gold standard. The southern African nation’s unstable currency risks sending the nation back into hyperinflation 15 years after its old local dollar had to be abandoned. The latest two Reserve Bank of Zimbabwe governors, John Mangudya and Gideon Gono, failed to bring order to the exchange rate despite multiple efforts. These included the launch of gold coins and gold-backed digital tokens under Mangudya’s watch, while Gono repeatedly slashed zeros off banknotes as hyper-inflation spiraled & topped 231 million percent in 2008. “What we are seeing is anxiety & people preferring to hold USD,” said Lloyd Mlotshwa, head of research at IH Securities, a Harare based brokerage. “This signals reverting to a place of safety ahead of the currency announcement.” Local media reports at the weekend said Mushayavanhu, who assumed office on March 28 instead of as planned, may announce at the end of this week the new currency policy in a monetary policy statement, which has been delayed for almost two months. The CBZ has not given a date on the release of the monetary-policy statement that was originally scheduled for February but had been deferred to give policymakers time to finetune the currency plan. David Mnangagwa, the country’s deputy finance minister, said last week the statement’s release was imminent, attributing volatility in the exchange rate to “anxiety & anticipation” over the policy’s delay. Meanwhile, the premium for Dollars in the parallel market over official rates has widened 60% to as much Z$36,000, according to which monitors the exchange rates. Tishwash: Iraqi Economy Faces Threat As US Closes Oil Revenue Account. ARTICLE: According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in Dollars & utilize them to cover essential expenses in accordance with agreements with the US. In a recent development that has raised concerns over the stability of the Iraqi economy, the US has closed the account through which Iraq collects revenue from its oil sales. This revelation came to light through a letter addressed to the Finance Committee of the Iraqi Parliament, dated March 18, 2024. The letter, signed by Ammar Khalaf, Deputy Governor of the CBI, outlines the closure of the account known as the Development Fund for Iraq (DFI), which has been operational since 2003. The DFI, under the supervision and protection of the UN & the US, served as a crucial mechanism for Iraq to collect & manage its oil revenues. According to the letter, Iraq maintained this account with the US Federal Reserve Bank, allowing it to receive oil revenues in Dollars & utilize them to cover essential expenses in accordance with agreements with the US.
