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https://face2faceafrica.com/article/photos-a-look-at-zimbabwes-defunct-yet-historic-banknotes-of-up-to-10-trillion............From May 11 2018....

BY NDUTA WAWERU, at 07:56 am, May 11, 2018, FEATURES

[Photos] A look at Zimbabwe’s defunct, yet historic banknotes of up to $10 trillion....

 
1x1.trans.gif Photo: The Next Web

In 2009, the economic status of Zimbabwe was so bad that inflation rose to levels of 5 billion percent.

In response to the cash crisis, the Zimbabwe government, then under President Robert Mugabe, suspended the Zimbabwe currency indefinitely and resorted to using a variety of international currencies, including the U.S. dollar and South African Rand.

 
 
 
 
 

There have been reports that the country, under President Emmerson Mnangagwa, is looking to re-introduce the currency as the country starts rebuilding its economy.

Before the country abandoned the Zimbabwe Dollar, it produced trillion- and billion-dollar notes, which were later replaced by bond notes.

Here are photos of the now defunct currency:

1. The 100 trillion note

100-1024x520.jpeg

Photo: Zimbabwe Dollars

2. 50 Trillion note

50-1024x517.jpeg

Photo: Zimbabwe Dollars

3. 20 Trillion Note

20-1024x505.jpeg

Photo: Zimbabwe Dollars

4. 10 Trillion dollars

10-1024x501.jpeg

 

5. 100 Billion dollar

100-m.jpg

Photo: .learn cfds

 

6. 50 billion dollars

50_Billion_Front.jpg

Photo: Cheapest Dinar

7. 20 billion dollars

20b.jpg

 

8. 10 billion dollars

10-B.jpg

Photo: Currency Quest

 

 
 
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http://bitcoinist.com/reserve-bank-zimbabwe-bans-cryptocurrency-trading-financial-institutions-given-60-days-comply/...............

RESERVE BANK OF ZIMBABWE BANS CRYPTOCURRENCY TRADING, FINANCIAL INSTITUTIONS GIVEN 60 DAYS TO COMPLY

 
 
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NIGEL GAMBANGA · MAY 12, 2018 · 8:00 PM

 

  
 

The financial services regulator for the southern African country of Zimbabwe – the Reserve Bank of Zimbabwe (RBZ) – has banned all financial services institutions in the country from all forms of cryptocurrency trading. The directive was shared in a circular on virtual currencies distributed to all institutions on Friday.


CRYPTOCURRENCY TRADING BANNED THROUGH BANKING SERVICES

According to a news report, the circular which was signed by the RBZ registrar of banking institutions Norman Mataruka, the central bank has said that it is taking these measures to protect the public and safeguard the integrity, safety, and soundness of the country’s financial system.

All financial institutions in Zimbabwe which include commercial banks and mobile money service providers have been told to ensure to not use, trade, hold or transact in virtual currencies or provide banking services that would facilitate any individual or entity in dealing with or settling cryptocurrencies.

The ban outlined a swathe of services that include maintaining accounts, registering, trading, clearing, collateral arrangements, remittances, payment and settlement accounts, giving loans against tokens, accepting tokens as collateral, opening accounts of cryptocurrencies exchanges and moving money in accounts relating to cryptocurrency trading.

The RBZ has also directed banks to terminate any existing relationships with virtual currency exchanges in sixty days to liquidate existing account balances.

Zimbabwe does not recognize cryptocurrencies as legal tender and the country does not have a regulatory framework for virtual currencies or cryptocurrency trading. However, it has managed to effect a ban by directing financial institutions to keep their hands off all transaction and services related to cryptocurrencies.

Cryptocurrency Trading Banned Through Banking Services

EXERCISING CAUTION AND CHOKING AN INDUSTRY AT THE SAME TIME

The stance that has been taken by Zimbabwe’s central bank isn’t new. The cryptocurrencies space is still facing a lot of scrutiny and regulators in other markets have taken a cautious approach, pushed by concerns around money laundering, tax evasion, fraud and in cases like Zimbabwe, the externalization of foreign currency in response to the country’s foreign currency challenges.

Countries like India and China have explored this route before and in Africa, Kenya’s regulator has also taken a hard stanceagainst cryptocurrencies. They are all meant to be measures against potential risks in a new space.

However, such moves also have a negative impact on legal service providers including entities that solve some problems that affect the economy.

In Zimbabwe, a number of businesses that have emerged in this space over the past few years that include the local cryptocurrency exchanges like Golix as well as outfits that have been using cryptocurrencies to facilitate remittances such as Bitmari will be affected by the directive.

Do you think that regulators that put restrictions on cryptocurrency activities because of the risk of crimes like money laundering are justified? Please let us know in the comments below. 


Image courtesy of AAAB, Shutterstock

CRYPTOCURRENCY TRADINGRESERVE BANK OF ZIMBABWEZIMBABWESHOW COMMENTS
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https://www.bloomberg.com/news/articles/2018-05-07/afdb-leading-talks-with-zimbabwe-and-creditors-to-clear-arrears..................

AfDB Leading Talks With Zimbabwe, Creditors to Clear Arrears

By 
May 7, 2018, 2:28 PM CDT Updated on May 8, 2018, 12:17 AM CDT
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    Bank is talking with government to set timeline for repayment
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    New leaders create opportunity for Zimbabwe, Adesina says
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The African Development Bank is leading talks with Zimbabwe and its creditors to make plans for the nation to pay off some of its arrears so it can restore relations with lenders, said Akinwumi Adesina, the bank’s president.

 
 

During almost two decades of economic mismanagement the southern African nation’s debt surged to more than 70 percent of gross domestic product and the economy has halved in size since 2000, according to the government.

 
 

“We’re talking with the government and were looking for a way we can all have a common agreement and hopefully reach a mutually acceptable timeline for an arrears clearance,” Adesina said in an interview on Monday in Johannesburg. “The AfDB is spearheading that conversation with all the creditors.”

 
 
 

While Zimbabwe has paid $110 million of arrears to the International Monetary Fund, it’s still saddled with $1.7 billion of arrears to the AfDB and World Bank. The Finance Ministry forecast total debt of $14.5 billion in the 2018 budget.

 
 

It needs to clear the arrears so it can once again seek foreign assistance from lenders such as the IMF.

President Emmerson Mnangagwa took power in November when Robert Mugabe resigned as the nation’s leader after the military temporarily took control and effectively ended his 37-year reign. He has pledged to revive the economy and sell bonds to finance infrastructure development.

“With the new government it creates a new opportunity to support the country to unlock its potential and to stabilize,” Adesina said. A new Zimbabwe is great for “political stability and regional trade in the Southern African Development Community area.”

The nation abandoned its own currency in 2009 as runaway inflation rendered it worthless, opting instead for a basket of currencies that includes the dollar, South Africa’s rand, the pound and Botswana’s pula.

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Politics

U.K. Making Wrong Calculation on Zimbabwe, Opposition Says

By 
 and 
May 8, 2018, 5:11 AM CDT Updated on May 8, 2018, 7:24 AM CDT
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    Chamisa accuses U.K. of favoring stability over governance
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    Zimbabwe vote this year will be first since Mugabe’s departure
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Zimbabwe’s main opposition, the Movement for Democratic Change, accused the U.K. government of siding with the ruling party as the southern African nation gears up to hold national elections this year.

 
 

The vote will be the first since the resignation of former President Robert Mugabe, whose relations with the U.K. deteriorated after its government accused him of human-rights abuses. Mugabe’s successor, Emmerson Mnangagwa, has promised to revive an economy that’s halved in size since 2000 as a result of a failed land reform program, hyperinflation and mass emigration.

 
 

The U.K. is miscalculating in Zimbabwe, MDC leader Nelson Chamisa, 40, said in an address in London on Tuesday. “There’s a tendency to align with one political party against another,” he said. “There has been a shift by the British government to focus on stability at the cost of governance. That is a false calculation.”

 
 

Britain’s ambassador to Zimbabwe, Catriona Laing, and her deputy Simon Thomas have faced criticism from the MDC and civil-rights organizations for tweets seen as praising the ruling Zimbabwe African National Union-Patriotic Front and “on-going reforms.” Both have rejected the criticism, saying on social media that the U.K. is attempting to “normalize relations” with Zimbabwe.

 
 

Propaganda Tools

Critics including Bulawayo Senator David Coltart and the leader of the People’s Democratic Party, Tendai Biti, argue that there haven’t been any reforms, and allege that Zanu-PF continues to use the national broadcaster and state-controlled newspapers as propaganda tools. The Harare-based Herald newspaper, controlled by the government, described the MDC visit to the U.K. this week as “sinister.”

Elections in Zimbabwe must take place by Aug. 22, but a date hasn’t been set. Chamisa will run as the candidate of the MDC, which has formed an alliance with six opposition parties, after he was elected to replace Zimbabwe’s main opposition figure and MDC founder, Morgan Tsvangirai, who died of cancer in February.

Chamisa reiterated the coalition’s call for a number of reforms to allow for a credible vote, including the publication of the voters’ roll, and said the party would stage protests to demand its release. While Tsvangirai served as prime minister in a unity government with Zanu-PF in 2009, Chamisa said he won’t consider a power-sharing deal after the elections.

The southern African nation hasn’t had a peaceful political transition since white-minority rule ended in 1980, and all the votes held since 2000 that handed victory to Mugabe were marred by violence and allegations of rigging.

The MDC will review state business deals and introduce a new currency if it wins the election, Chamisa said.

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1.2.20188:03
 

Donald Trump Envoy Announces Massive Business Influx Into Zimbabwe Under Mnangagwa

 
US President Donald Trump’s local envoy has announced a massive influx of US business men and women flying into Zimbabwe to set up business here.
 
 
Donald_Trump-221x300.jpg

Donald Trump

In a statement, the embassy said even top US government officials are headed for Zimbabwe.

The development comes after President Emmerson Mnangagwa introduced several economic reforms including cancelling Robert Mugabe’s reckless land reform program.

“Zim should expect high level visits by US govt; American businesses are opening shop in Zim,” the US embassy said in a statement yesterday.

What does this mean for Zimbabwe?

With an effective restoration of Zimbabwe’s agriculture industry, ZimEye.com projects that in less than a year, Zimbabwe is set to once again become the world’s largest crop economy as it was in 1976 under former Prime Minister, Ian Smith. So far Mnangagwa has implemented other reforms which include removing the indigenisation Act.

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S.2779 - Zimbabwe Democracy and Economic Recovery Amendment Act of 2018115th Congress (Congress.gov
                             Current LegislationAll LegislationAll Sources--Committee ReportsCongressional RecordMembersNominationsHouse CommunicationsSenate CommunicationsTreaty Documents                            
 
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                 All Congresses 93-115 (1973-2018)115 (2017-2018)114 (2015-2016)113 (2013-2014)112 (2011-2012)111 (2009-2010)110 (2007-2008)109 (2005-2006)108 (2003-2004)107 (2001-2002)106 (1999-2000)105 (1997-1998)104 (1995-1996)103 (1993-1994)102 (1991-1992)101 (1989-1990)100 (1987-1988)99 (1985-1986)98 (1983-1984)97 (1981-1982)96 (1979-1980)95 (1977-1978)94 (1975-1976)93 (1973-1974)                
 
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[D-NC] (108th-115th)Byrne, Bradley [R-AL] (113th-115th)Calvert, Ken [R-CA] (103rd-115th)Capuano, Michael E. [D-MA] (106th-115th)Carbajal, Salud O. [D-CA] (115th)Cardenas, Tony [D-CA] (113th-115th)Carson, Andre [D-IN] (110th-115th)Carter, Earl L. "Buddy" [R-GA] (114th-115th)Carter, John R. [R-TX] (108th-115th)Cartwright, Matt [D-PA] (113th-115th)Castor, Kathy [D-FL] (110th-115th)Castro, Joaquin [D-TX] (113th-115th)Chabot, Steve [R-OH] (104th-110th,112th-115th)Chaffetz, Jason [R-UT] (111th-115th)Cheney, Liz [R-WY] (115th)Chu, Judy [D-CA] (111th-115th)Cicilline, David N. [D-RI] (112th-115th)Clark, Katherine M. [D-MA] (113th-115th)Clarke, Yvette D. [D-NY] (110th-115th)Clay, Wm. Lacy [D-MO] (107th-115th)Cleaver, Emanuel [D-MO] (109th-115th)Cloud, Michael [R-TX] (115th)Clyburn, James E. [D-SC] (103rd-115th)Coffman, Mike [R-CO] (111th-115th)Cohen, Steve [D-TN] (110th-115th)Cole, Tom [R-OK] (108th-115th)Collins, Chris [R-NY] (113th-115th)Collins, Doug [R-GA] (113th-115th)Comer, James [R-KY] (114th-115th)Comstock, Barbara [R-VA] (114th-115th)Conaway, K. Michael [R-TX] (109th-115th)Connolly, Gerald E. [D-VA] (111th-115th)Conyers, John, Jr. [D-MI] (89th-115th)Cook, Paul [R-CA] (113th-115th)Cooper, Jim [D-TN] (98th-103rd,108th-115th)Correa, J. Luis [D-CA] (115th)Costa, Jim [D-CA] (109th-115th)Costello, Ryan A. [R-PA] (114th-115th)Courtney, Joe [D-CT] (110th-115th)Cramer, Kevin [R-ND] (113th-115th)Crawford, Eric A. "Rick" [R-AR] (112th-115th)Crist, Charlie [D-FL] (115th)Crowley, Joseph [D-NY] (106th-115th)Cuellar, Henry [D-TX] (109th-115th)Culberson, John Abney [R-TX] (107th-115th)Cummings, Elijah E. [D-MD] (104th-115th)Curbelo, Carlos [R-FL] (114th-115th)Curtis, John R. [R-UT] (115th)Davidson, Warren [R-OH] (114th-115th)Davis, Danny K. [D-IL] (105th-115th)Davis, Rodney [R-IL] (113th-115th)Davis, Susan A. [D-CA] (107th-115th)DeFazio, Peter A. [D-OR] (100th-115th)DeGette, Diana [D-CO] (105th-115th)Delaney, John K. [D-MD] (113th-115th)DeLauro, Rosa L. [D-CT] (102nd-115th)DelBene, Suzan K. [D-WA] (112th-115th)Demings, Val Butler [D-FL] (115th)Denham, Jeff [R-CA] (112th-115th)Dent, Charles W. [R-PA] (109th-115th)DeSantis, Ron [R-FL] (113th-115th)DeSaulnier, Mark [D-CA] (114th-115th)DesJarlais, Scott [R-TN] (112th-115th)Deutch, Theodore E. [D-FL] (111th-115th)Diaz-Balart, Mario [R-FL] (108th-115th)Dingell, Debbie [D-MI] (114th-115th)Doggett, Lloyd [D-TX] (104th-115th)Donovan, Daniel M., Jr. [R-NY] (114th-115th)Doyle, Michael F. [D-PA] (104th-115th)Duffy, Sean P. [R-WI] (112th-115th)Duncan, Jeff [R-SC] (112th-115th)Duncan, John J., Jr. [R-TN] (100th-115th)Dunn, Neal P. [R-FL] (115th)Ellison, Keith [D-MN] (110th-115th)Emmer, Tom [R-MN] (114th-115th)Engel, Eliot L. [D-NY] (101st-115th)Eshoo, Anna G. [D-CA] (103rd-115th)Espaillat, Adriano [D-NY] (115th)Estes, Ron [R-KS] (115th)Esty, Elizabeth H. [D-CT] (113th-115th)Evans, Dwight [D-PA] (114th-115th)Farenthold, Blake [R-TX] (112th-115th)Faso, John J. [R-NY] (115th)Ferguson, A. Drew, IV [R-GA] (115th)Fitzpatrick, Brian K. [R-PA] (115th)Fleischmann, Charles J. "Chuck" [R-TN] (112th-115th)Flores, Bill [R-TX] (112th-115th)Fortenberry, Jeff [R-NE] (109th-115th)Foster, Bill [D-IL] (110th-111th,113th-115th)Foxx, Virginia [R-NC] (109th-115th)Frankel, Lois [D-FL] (113th-115th)Franks, Trent [R-AZ] (108th-115th)Frelinghuysen, Rodney P. [R-NJ] (104th-115th)Fudge, Marcia L. [D-OH] (110th-115th)Gabbard, Tulsi [D-HI] (113th-115th)Gaetz, Matt [R-FL] (115th)Gallagher, Mike [R-WI] (115th)Gallego, Ruben [D-AZ] (114th-115th)Garamendi, John [D-CA] (111th-115th)Garrett, Thomas A., Jr. [R-VA] (115th)Gianforte, Greg [R-MT] (115th)Gibbs, Bob [R-OH] (112th-115th)Gohmert, Louie [R-TX] (109th-115th)Gomez, Jimmy [D-CA] (115th)Gonzalez, Vicente [D-TX] (115th)Gonzalez-Colon, Jenniffer [R-PR] (115th)Goodlatte, Bob [R-VA] (103rd-115th)Gosar, Paul A. [R-AZ] (112th-115th)Gottheimer, Josh [D-NJ] (115th)Gowdy, Trey [R-SC] (112th-115th)Granger, Kay [R-TX] (105th-115th)Graves, Garret [R-LA] (114th-115th)Graves, Sam [R-MO] (107th-115th)Graves, Tom [R-GA] (111th-115th)Green, Al [D-TX] (109th-115th)Green, Gene [D-TX] (103rd-115th)Griffith, H. Morgan [R-VA] (112th-115th)Grijalva, Raul M. [D-AZ] (108th-115th)Grothman, Glenn [R-WI] (114th-115th)Guthrie, Brett [R-KY] (111th-115th)Gutierrez, Luis V. [D-IL] (103rd-115th)Hanabusa, Colleen [D-HI] (112th-115th)Handel, Karen C. [R-GA] (115th)Harper, Gregg [R-MS] (111th-115th)Harris, Andy [R-MD] (112th-115th)Hartzler, Vicky [R-MO] (112th-115th)Hastings, Alcee L. [D-FL] (103rd-115th)Heck, Denny [D-WA] (113th-115th)Hensarling, Jeb [R-TX] (108th-115th)Herrera Beutler, Jaime [R-WA] (112th-115th)Hice, Jody B. [R-GA] (114th-115th)Higgins, Brian [D-NY] (109th-115th)Higgins, Clay [R-LA] (115th)Hill, J. French [R-AR] (114th-115th)Himes, James A. [D-CT] (111th-115th)Holding, George [R-NC] (113th-115th)Hollingsworth, Trey [R-IN] (115th)Hoyer, Steny H. [D-MD] (97th-115th)Hudson, Richard [R-NC] (113th-115th)Huffman, Jared [D-CA] (113th-115th)Huizenga, Bill [R-MI] (112th-115th)Hultgren, Randy [R-IL] (112th-115th)Hunter, Duncan D. [R-CA] (111th-115th)Hurd, Will [R-TX] (114th-115th)Issa, Darrell E. [R-CA] (107th-115th)Jackson Lee, Sheila [D-TX] (104th-115th)Jayapal, Pramila [D-WA] (115th)Jeffries, Hakeem S. [D-NY] (113th-115th)Jenkins, Evan H. [R-WV] (114th-115th)Jenkins, Lynn [R-KS] (111th-115th)Johnson, Bill [R-OH] (112th-115th)Johnson, Eddie Bernice [D-TX] (103rd-115th)Johnson, Henry C. "Hank," Jr. [D-GA] (110th-115th)Johnson, Mike [R-LA] (115th)Johnson, Sam [R-TX] (102nd-115th)Jones, Walter B., Jr. [R-NC] (104th-115th)Jordan, Jim [R-OH] (110th-115th)Joyce, David P. [R-OH] (113th-115th)Kaptur, Marcy [D-OH] (98th-115th)Katko, John [R-NY] (114th-115th)Keating, William R. [D-MA] (112th-115th)Kelly, Mike [R-PA] (112th-115th)Kelly, Robin L. [D-IL] (113th-115th)Kelly, Trent [R-MS] (114th-115th)Kennedy, Joseph P., III [D-MA] (113th-115th)Khanna, Ro [D-CA] (115th)Kihuen, Ruben J. [D-NV] (115th)Kildee, Daniel T. [D-MI] (113th-115th)Kilmer, Derek [D-WA] (113th-115th)Kind, Ron [D-WI] (105th-115th)King, Peter T. [R-NY] (103rd-115th)King, Steve [R-IA] (108th-115th)Kinzinger, Adam [R-IL] (112th-115th)Knight, Stephen [R-CA] (114th-115th)Krishnamoorthi, Raja [D-IL] (115th)Kuster, Ann M. [D-NH] (113th-115th)Kustoff, David [R-TN] (115th)Labrador, Raul R. [R-ID] (112th-115th)LaHood, Darin [R-IL] (114th-115th)LaMalfa, Doug [R-CA] (113th-115th)Lamb, Conor [D-PA] (115th)Lamborn, Doug [R-CO] (110th-115th)Lance, Leonard [R-NJ] (111th-115th)Langevin, James R. [D-RI] (107th-115th)Larsen, Rick [D-WA] (107th-115th)Larson, John B. [D-CT] (106th-115th)Latta, Robert E. [R-OH] (110th-115th)Lawrence, Brenda L. [D-MI] (114th-115th)Lawson, Al, Jr. [D-FL] (115th)Lee, Barbara [D-CA] (105th-115th)Lesko, Debbie [R-AZ] (115th)Levin, Sander M. [D-MI] (98th-115th)Lewis, Jason [R-MN] (115th)Lewis, John [D-GA] (100th-115th)Lieu, Ted [D-CA] (114th-115th)Lipinski, Daniel [D-IL] (109th-115th)LoBiondo, Frank A. [R-NJ] (104th-115th)Loebsack, David [D-IA] (110th-115th)Lofgren, Zoe [D-CA] (104th-115th)Long, Billy [R-MO] (112th-115th)Loudermilk, Barry [R-GA] (114th-115th)Love, Mia B. [R-UT] (114th-115th)Lowenthal, Alan S. [D-CA] (113th-115th)Lowey, Nita M. [D-NY] (101st-115th)Lucas, Frank D. [R-OK] (103rd-115th)Luetkemeyer, Blaine [R-MO] (111th-115th)Lujan, Ben Ray [D-NM] (111th-115th)Lujan Grisham, Michelle [D-NM] (113th-115th)Lynch, Stephen F. [D-MA] (107th-115th)MacArthur, Thomas [R-NJ] (114th-115th)Maloney, Carolyn B. [D-NY] (103rd-115th)Maloney, Sean Patrick [D-NY] (113th-115th)Marchant, Kenny [R-TX] (109th-115th)Marino, Tom [R-PA] (112th-115th)Marshall, Roger W. [R-KS] (115th)Massie, Thomas [R-KY] (112th-115th)Mast, Brian J. [R-FL] (115th)Matsui, Doris O. [D-CA] (109th-115th)McCarthy, Kevin [R-CA] (110th-115th)McCaul, Michael T. [R-TX] (109th-115th)McClintock, Tom [R-CA] (111th-115th)McCollum, Betty [D-MN] (107th-115th)McEachin, A. Donald [D-VA] (115th)McGovern, James P. [D-MA] (105th-115th)McHenry, Patrick T. [R-NC] (109th-115th)McKinley, David B. [R-WV] (112th-115th)McMorris Rodgers, Cathy [R-WA] (109th-115th)McNerney, Jerry [D-CA] (110th-115th)McSally, Martha [R-AZ] (114th-115th)Meadows, Mark [R-NC] (113th-115th)Meehan, Patrick [R-PA] (112th-115th)Meeks, Gregory W. [D-NY] (105th-115th)Meng, Grace [D-NY] (113th-115th)Messer, Luke [R-IN] (113th-115th)Mitchell, Paul [R-MI] (115th)Moolenaar, John R. [R-MI] (114th-115th)Mooney, Alexander X. [R-WV] (114th-115th)Moore, Gwen [D-WI] (109th-115th)Moulton, Seth [D-MA] (114th-115th)Mullin, Markwayne [R-OK] (113th-115th)Mulvaney, Mick [R-SC] (112th-115th)Murphy, Stephanie N. [D-FL] (115th)Murphy, Tim [R-PA] (108th-115th)Nadler, Jerrold [D-NY] (102nd-115th)Napolitano, Grace F. [D-CA] (106th-115th)Neal, Richard E. [D-MA] (101st-115th)Newhouse, Dan [R-WA] (114th-115th)Noem, Kristi L. [R-SD] (112th-115th)Nolan, Richard M. [D-MN] (94th-96th,113th-115th)Norcross, Donald [D-NJ] (113th-115th)Norman, Ralph [R-SC] (115th)Norton, Eleanor Holmes [D-DC] (102nd-115th)Nunes, Devin [R-CA] (108th-115th)O'Halleran, Tom [D-AZ] (115th)O'Rourke, Beto [D-TX] (113th-115th)Olson, Pete [R-TX] (111th-115th)Palazzo, Steven M. [R-MS] (112th-115th)Pallone, Frank, Jr. [D-NJ] (100th-115th)Palmer, Gary J. [R-AL] (114th-115th)Panetta, Jimmy [D-CA] (115th)Pascrell, Bill, Jr. [D-NJ] (105th-115th)Paulsen, Erik [R-MN] (111th-115th)Payne, Donald M., Jr. [D-NJ] (112th-115th)Pearce, Stevan [R-NM] (108th-110th,112th-115th)Pelosi, Nancy [D-CA] (100th-115th)Perlmutter, Ed [D-CO] (110th-115th)Perry, Scott [R-PA] (113th-115th)Peters, Scott H. [D-CA] (113th-115th)Peterson, Collin C. [D-MN] (102nd-115th)Pingree, Chellie [D-ME] (111th-115th)Pittenger, Robert [R-NC] (113th-115th)Plaskett, Stacey E. [D-VI] (114th-115th)Pocan, Mark [D-WI] (113th-115th)Poe, Ted [R-TX] (109th-115th)Poliquin, Bruce [R-ME] (114th-115th)Polis, Jared [D-CO] (111th-115th)Pompeo, Mike [R-KS] (112th-115th)Posey, Bill [R-FL] (111th-115th)Price, David E. [D-NC] (100th-103rd,105th-115th)Price, Tom [R-GA] (109th-115th)Quigley, Mike [D-IL] (111th-115th)Radewagen, Aumua Amata Coleman [R-AS] (114th-115th)Raskin, Jamie [D-MD] (115th)Ratcliffe, John [R-TX] (114th-115th)Reed, Tom [R-NY] (111th-115th)Reichert, David G. [R-WA] (109th-115th)Renacci, James B. [R-OH] (112th-115th)Rice, Kathleen M. [D-NY] (114th-115th)Rice, Tom [R-SC] (113th-115th)Richmond, Cedric L. [D-LA] (112th-115th)Roby, Martha [R-AL] (112th-115th)Roe, David P. [R-TN] (111th-115th)Rogers, Harold [R-KY] (97th-115th)Rogers, Mike D. [R-AL] (108th-115th)Rohrabacher, Dana [R-CA] (101st-115th)Rokita, Todd [R-IN] (112th-115th)Rooney, Francis [R-FL] (115th)Rooney, Thomas J. [R-FL] (111th-115th)Ros-Lehtinen, Ileana [R-FL] (101st-115th)Rosen, Jacky [D-NV] (115th)Roskam, Peter J. [R-IL] (110th-115th)Ross, Dennis A. [R-FL] (112th-115th)Rothfus, Keith J. [R-PA] (113th-115th)Rouzer, David [R-NC] (114th-115th)Roybal-Allard, Lucille [D-CA] (103rd-115th)Royce, Edward R. [R-CA] (103rd-115th)Ruiz, Raul [D-CA] (113th-115th)Ruppersberger, C. A. Dutch [D-MD] (108th-115th)Rush, Bobby L. [D-IL] (103rd-115th)Russell, Steve [R-OK] (114th-115th)Rutherford, John H. [R-FL] (115th)Ryan, Paul D. [R-WI] (106th-115th)Ryan, Tim [D-OH] (108th-115th)Sablan, Gregorio Kilili Camacho [D-MP] (111th-115th)Sanchez, Linda T. [D-CA] (108th-115th)Sanford, Mark [R-SC] (104th-106th,113th-115th)Sarbanes, John P. [D-MD] (110th-115th)Scalise, Steve [R-LA] (110th-115th)Schakowsky, Janice D. [D-IL] (106th-115th)Schiff, Adam B. [D-CA] (107th-115th)Schneider, Bradley Scott [D-IL] (113th,115th)Schrader, Kurt [D-OR] (111th-115th)Schweikert, David [R-AZ] (112th-115th)Scott, Austin [R-GA] (112th-115th)Scott, David [D-GA] (108th-115th)Scott, Robert C. "Bobby" [D-VA] (103rd-115th)Sensenbrenner, F. James, Jr. [R-WI] (96th-115th)Serrano, Jose E. [D-NY] (101st-115th)Sessions, Pete [R-TX] (105th-115th)Sewell, Terri A. [D-AL] (112th-115th)Shea-Porter, Carol [D-NH] (110th-111th,113th,115th)Sherman, Brad [D-CA] (105th-115th)Shimkus, John [R-IL] (105th-115th)Shuster, Bill [R-PA] (107th-115th)Simpson, Michael K. [R-ID] (106th-115th)Sinema, Kyrsten [D-AZ] (113th-115th)Sires, Albio [D-NJ] (109th-115th)Slaughter, Louise McIntosh [D-NY] (100th-115th)Smith, Adam [D-WA] (105th-115th)Smith, Adrian [R-NE] (110th-115th)Smith, Christopher H. [R-NJ] (97th-115th)Smith, Jason [R-MO] (113th-115th)Smith, Lamar [R-TX] (100th-115th)Smucker, Lloyd [R-PA] (115th)Soto, Darren [D-FL] (115th)Speier, Jackie [D-CA] (110th-115th)Stefanik, Elise M. [R-NY] (114th-115th)Stewart, Chris [R-UT] (113th-115th)Stivers, Steve [R-OH] (112th-115th)Suozzi, Thomas R. [D-NY] (115th)Swalwell, Eric [D-CA] (113th-115th)Takano, Mark [D-CA] (113th-115th)Taylor, Scott [R-VA] (115th)Tenney, Claudia [R-NY] (115th)Thompson, Bennie G. [D-MS] (103rd-115th)Thompson, Glenn [R-PA] (111th-115th)Thompson, Mike [D-CA] (106th-115th)Thornberry, Mac [R-TX] (104th-115th)Tiberi, Patrick J. [R-OH] (107th-115th)Tipton, Scott  R. [R-CO] (112th-115th)Titus, Dina [D-NV] (111th,113th-115th)Tonko, Paul [D-NY] (111th-115th)Torres, Norma J. [D-CA] (114th-115th)Trott, David A. [R-MI] (114th-115th)Tsongas, Niki [D-MA] (110th-115th)Turner, Michael R. [R-OH] (108th-115th)Upton, Fred [R-MI] (100th-115th)Valadao, David G. [R-CA] (113th-115th)Vargas, Juan [D-CA] (113th-115th)Veasey, Marc A. [D-TX] (113th-115th)Vela, Filemon [D-TX] (113th-115th)Velazquez, Nydia M. [D-NY] (103rd-115th)Visclosky, Peter J. [D-IN] (99th-115th)Wagner, Ann [R-MO] (113th-115th)Walberg, Tim [R-MI] (110th,112th-115th)Walden, Greg [R-OR] (106th-115th)Walker, Mark [R-NC] (114th-115th)Walorski, Jackie [R-IN] (113th-115th)Walters, Mimi [R-CA] (114th-115th)Walz, Timothy J. [D-MN] (110th-115th)Wasserman Schultz, Debbie [D-FL] (109th-115th)Waters, Maxine [D-CA] (102nd-115th)Watson Coleman, Bonnie [D-NJ] (114th-115th)Weber, Randy K., Sr. [R-TX] (113th-115th)Webster, Daniel [R-FL] (112th-115th)Welch, Peter [D-VT] (110th-115th)Wenstrup, Brad R. [R-OH] (113th-115th)Westerman, Bruce [R-AR] (114th-115th)Williams, Roger [R-TX] (113th-115th)Wilson, Frederica S. [D-FL] (112th-115th)Wilson, Joe [R-SC] (107th-115th)Wittman, Robert J. [R-VA] (110th-115th)Womack, Steve [R-AR] (112th-115th)Woodall, Rob [R-GA] (112th-115th)Yarmuth, John A. [D-KY] (110th-115th)Yoder, Kevin [R-KS] (112th-115th)Yoho, Ted S. [R-FL] (113th-115th)Young, David [R-IA] (114th-115th)Young, Don [R-AK] (93rd-115th)Zeldin, Lee M. [R-NY] (114th-115th)Zinke, Ryan K. [R-MT] (114th-115th)                                             Any Senator                     Alexander, Lamar [R-TN] (108th-115th)Baldwin, Tammy [D-WI] (106th-115th)Barrasso, John [R-WY] (110th-115th)Bennet, Michael F. [D-CO] (111th-115th)Blumenthal, Richard [D-CT] (112th-115th)Blunt, Roy [R-MO] (105th-115th)Booker, Cory A. [D-NJ] (113th-115th)Boozman, John [R-AR] (107th-115th)Brown, Sherrod [D-OH] (103rd-115th)Burr, Richard [R-NC] (104th-115th)Cantwell, Maria [D-WA] (103rd,107th-115th)Capito, Shelley Moore [R-WV] (107th-115th)Cardin, Benjamin L. [D-MD] (100th-115th)Carper, Thomas R. [D-DE] (98th-102nd,107th-115th)Casey, Robert P., Jr. [D-PA] (110th-115th)Cassidy, Bill [R-LA] (111th-115th)Cochran, Thad [R-MS] (93rd-115th)Collins, Susan M. [R-ME] (105th-115th)Coons, Christopher A. [D-DE] (111th-115th)Corker, Bob [R-TN] (110th-115th)Cornyn, John [R-TX] (107th-115th)Cortez Masto, Catherine  [D-NV] (115th)Cotton, Tom [R-AR] (113th-115th)Crapo, Mike [R-ID] (103rd-115th)Cruz, Ted [R-TX] (113th-115th)Daines, Steve [R-MT] (113th-115th)Donnelly, Joe [D-IN] (110th-115th)Duckworth, Tammy [D-IL] (113th-115th)Durbin, Richard J. [D-IL] (98th-115th)Enzi, Michael B. [R-WY] (105th-115th)Ernst, Joni  [R-IA] (114th-115th)Feinstein, Dianne [D-CA] (102nd-115th)Fischer, Deb [R-NE] (113th-115th)Flake, Jeff [R-AZ] (107th-115th)Franken, Al [D-MN] (111th-115th)Gardner, Cory [R-CO] (112th-115th)Gillibrand, Kirsten E. [D-NY] (110th-115th)Graham, Lindsey [R-SC] (104th-115th)Grassley, Chuck [R-IA] (94th-115th)Harris, Kamala D. [D-CA] (115th)Hassan, Margaret Wood [D-NH] (115th)Hatch, Orrin G. [R-UT] (95th-115th)Heinrich, Martin [D-NM] (111th-115th)Heitkamp, Heidi [D-ND] (113th-115th)Heller, Dean [R-NV] (110th-115th)Hirono, Mazie K. [D-HI] (110th-115th)Hoeven, John [R-ND] (112th-115th)Hyde-Smith, Cindy [R-MS] (115th)Inhofe, James M. [R-OK] (100th-115th)Isakson, Johnny [R-GA] (106th-115th)Johnson, Ron [R-WI] (112th-115th)Jones, Doug  [D-AL] (115th)Kaine, Tim [D-VA] (113th-115th)Kennedy, John [R-LA] (115th)King, Angus S., Jr. [I-ME] (113th-115th)Klobuchar, Amy [D-MN] (110th-115th)Lankford, James [R-OK] (112th-115th)Leahy, Patrick J. [D-VT] (94th-115th)Lee, Mike [R-UT] (112th-115th)Manchin, Joe, III [D-WV] (111th-115th)Markey, Edward J. [D-MA] (95th-115th)McCain, John [R-AZ] (98th-115th)McCaskill, Claire [D-MO] (110th-115th)McConnell, Mitch [R-KY] (99th-115th)Menendez, Robert [D-NJ] (103rd-115th)Merkley, Jeff [D-OR] (111th-115th)Moran, Jerry [R-KS] (105th-115th)Murkowski, Lisa [R-AK] (108th-115th)Murphy, Christopher [D-CT] (110th-115th)Murray, Patty [D-WA] (103rd-115th)Nelson, Bill [D-FL] (96th-101st,107th-115th)Paul, Rand [R-KY] (112th-115th)Perdue, David [R-GA] (114th-115th)Peters, Gary C. [D-MI] (111th-115th)Portman, Rob [R-OH] (103rd-109th,112th-115th)Reed, Jack [D-RI] (102nd-115th)Risch, James E. [R-ID] (111th-115th)Roberts, Pat [R-KS] (97th-115th)Rounds, Mike  [R-SD] (114th-115th)Rubio, Marco [R-FL] (112th-115th)Sanders, Bernard [I-VT] (102nd-115th)Sasse, Ben  [R-NE] (114th-115th)Schatz, Brian [D-HI] (112th-115th)Schumer, Charles E. [D-NY] (97th-115th)Scott, Tim [R-SC] (112th-115th)Sessions, Jeff [R-AL] (105th-115th)Shaheen, Jeanne [D-NH] (111th-115th)Shelby, Richard C. [R-AL] (96th-115th)Smith, Tina  [D-MN] (115th)Stabenow, Debbie [D-MI] (105th-115th)Strange, Luther [R-AL] (115th)Sullivan, Dan  [R-AK] (114th-115th)Tester, Jon [D-MT] (110th-115th)Thune, John [R-SD] (105th-107th,109th-115th)Tillis, Thom [R-NC] (114th-115th)Toomey, Pat [R-PA] (106th-108th,112th-115th)Udall, Tom [D-NM] (106th-115th)Van Hollen, Chris [D-MD] (108th-115th)Warner, Mark R. [D-VA] (111th-115th)Warren, Elizabeth [D-MA] (113th-115th)Whitehouse, Sheldon [D-RI] (110th-115th)Wicker, Roger F. [R-MS] (104th-115th)Wyden, Ron [D-OR] (97th-115th)Young, Todd C. [R-IN] (112th-115th)                    
                     Any House Committees                 Agriculture (70th-115th)Appropriations (70th-115th)Armed Services (79th-115th)Budget (93rd-115th)Education and the Workforce (70th-115th)Energy and Commerce (70th-115th)Ethics (90th-115th)Financial Services (70th-115th)Foreign Affairs (70th-115th)Homeland Security (107th-115th)House Administration (79th-115th)Intelligence (Permanent Select) (94th-115th)Judiciary (70th-115th)Natural Resources (70th-115th)Oversight and Government Reform (70th-115th)Rules (70th-115th)Science, Space, and Technology (86th-115th)Small Business (77th-115th)Transportation and Infrastructure (79th-115th)Veterans' Affairs (79th-115th)Ways and Means (70th-115th)                                     Any Senate Committees                 Aging (Special) (87th-115th)Agriculture, Nutrition, and Forestry (70th-115th)Appropriations (70th-115th)Armed Services (79th-115th)Banking, Housing, and Urban Affairs (70th-115th)Budget (93rd-115th)Commerce, Science, and Transportation (79th-115th)Energy and Natural Resources (70th-115th)Environment and Public Works (79th-115th)Ethics (88th-115th)Finance (70th-115th)Foreign Relations (70th-115th)Health, Education, Labor, and Pensions (70th-115th)Homeland Security and Governmental Affairs (70th-115th)Indian Affairs (95th-115th)Intelligence (94th-115th)Judiciary (70th-115th)Rules and Administration (79th-115th)Small Business and Entrepreneurship (81st-115th)Veterans' Affairs (91st-115th)                
 
 
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S.2779 - Zimbabwe Democracy and Economic Recovery Amendment Act of 2018115th Congress (2017-2018) | Get alerts

Sponsor: Sen. Flake, Jeff [R-AZ] (Introduced 04/26/2018)
Committees: Senate - Foreign Relations
Latest Action: 08/01/2018 Presented to President.  (All Actions)

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

STATEMENTS & RELEASES

President Donald J. Trump Signs S. 2779 into Law

Issued on: August 8, 2018



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.

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6 hours ago, blueskyline said:

America is creating an opportunity for Zimbabwe to right the wrongs of Mugabe and move back into the International community . The Indengisation Law 

 

 “Zimbabwe Democracy and Economic Recovery Amendment Act of 2018,”:confused::blink:

Man, my head is just spinning fast right now:facepalm:.........just give it to us straight Blue, the Zim might be back on the table soon you think? :calculator::confused::confused2:

 

Edited by Freedomwish
I need another bottle of Rum, fast!!
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3 hours ago, Freedomwish said:

 

 “Zimbabwe Democracy and Economic Recovery Amendment Act of 2018,”:confused::blink:

Man, my head is just spinning fast right now:facepalm:.........just give it to us straight Blue, the Zim might be back on the table soon you think? :calculator::confused::confused2:

 

There have been reports that the country, under President Emmerson Mnangagwa, is looking to re-introduce the currency as the country starts rebuilding its economy.....The old notes are now defunct as stated . It's up to the Zimbabwe Central Bank to announce monetary policy going forward . We wait and see .

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  • 1 month later...

https://www.iol.co.za/news/africa/zimbabwe-government-de-dollarises-piles-taxes-on-transacting-public-17302950........

Zimbabwe government de-dollarises, piles taxes on transacting public

AFRICA / 2 OCTOBER 2018, 07:02AM / ANA REPORT

4S4A9398.JPG
Reserve Bank of Zimbabwe governor John Mangudya and finance and economic development minister Mthuli Ncube at the Monetary Policy Statement presentation in Harare on Monday. Picture: ANA reporter

Harare ‑ The Zimbabwean government has de-dollarised the economy by reintroducing local currency bank accounts, which will be traded in electronic transfers and bond notes only.

The new measures, outlined during the 2018 monetary policy statement on Monday by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, also saw more taxes being piled on the transacting public.

All mobile money transfer platform users will now be charged two cents for every dollar for a transaction, on top of the five cents flat charge per transaction.

The central bank also issued a directive that will see all foreigners and vehicles in transit paying for goods and services in foreign currency.

“Following developments in the fuel and retail sectors, RBZ directs that, with immediate effect, all foreigners will pay for goods and services in Zimbabwe in foreign currency,” the central bank governor said.

Furthermore, Mangudya who reviewed upward Zimbabwe’s economic growth to 5% from the earlier projected 4.5%, said all offshore investments were required to repatriate all proceeds to Zimbabwe.

The governor directed banks to, with immediate effect, separate nostro foreign currency accounts and real time gross settlement foreign currency accounts.

The banks have up to October 15 to implement the directive and Mangudya said the move was meant to encourage exports and remittances.

At the same presentation, it was revealed that Zimbabwe’s internal debt has widened from US$275.8 million to $9.5 billion as government continued to borrow from the local market to finance socio-economic development programmes.

Finance and economic development minister Mthuli Ncube said Zimbabwe’s current public debt currently stands at $16.9 billion.

Presenting fiscal measures meant to curb low economic growth, Ncube blamed the huge debt on a number of challenges, which he said required a new approach and called for urgent reforms.

“At the centre of the above challenges is the unsustainable high budget deficit. This challenge has had destabilising implications not only to the financial sector but to the rest of the economy,” he said.

“These challenges are, however, not insurmountable. These challenges call for urgent reforms. It cannot be business as usual. Bold decisions need to be taken on the reforms front in order to stimulate growth and sustainable development.”

He said the financing of the deficit was mainly through domestic borrowing with the use of instruments such as Treasury Bills, overdraft with the central bank, cash advances from central bank, arrears, and loans from the private sector.

“The high deficit has ignited expansion of domestic debt from US$275.8 million in 2012 to current levels of US$9.5 billion against US$7.4 billion external debt. This brings total public debt to US$16.9 billion,” Ncube said.

To mitigate the challenges, Ncube proposed that government limits its overdraft with the central bank, which he said stands at US$2.3 billion, well above the statutory limit of US$762.8 million.

“Government will effectively limit the use of the RBZ [Reserve Bank of Zimbabwe] overdraft facility and curtail RBZ advances to government in line with section 11(1) of the Reserve Bank Act [Chapter 22:15], which states that borrowing from the reserve bank shall not exceed 20% of the previous year’s government revenues at any given point,” he said.

The finance minister said government, in its management of domestic borrowing, was reviewing the use of treasury bills (TBs) in support of socio-economic development programmes.

To date, Ncube said, TB issuances have increased from US$2.1 billion in 2016 to a cumulative US$7.6 billion by end of August 2018.

He said this was a sharp increase compared to 2014 when the TBs to gross domestic product ratio was at 4.4%.

“This is a cost to government. Excessive issuance of short-term debt instruments at high interest rate also crowds out the private sector and compounds the increase in government recurrent expenditure,” he said.

Ncube made the presentation after central bank governor John Mangudya had presented monetary policy aimed at addressing foreign currency and cash shortages.

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Zimbabwe government de-dollarises, piles taxes on transacting public

AFRICA / 2 OCTOBER 2018, 07:02AM / ANA REPORTER

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Reserve Bank of Zimbabwe governor John Mangudya and finance and economic development minister Mthuli Ncube at the Monetary Policy Statement presentation in Harare on Monday. Picture: ANA reporter

Harare ‑ The Zimbabwean government has de-dollarised the economy by reintroducing local currency bank accounts, which will be traded in electronic transfers and bond notes only.

The new measures, outlined during the 2018 monetary policy statement on Monday by Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, also saw more taxes being piled on the transacting public.

All mobile money transfer platform users will now be charged two cents for every dollar for a transaction, on top of the five cents flat charge per transaction.

The central bank also issued a directive that will see all foreigners and vehicles in transit paying 

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https://www.iol.co.za/news/africa/zimbabwe-government-de-dollarises-piles-taxes-on-transacting-public-17302950..........

Mnangagwa offers Donald Trump land for golf course

AFRICA / 26 SEPTEMBER 2018, 4:18PM / BY FARAI MUTSAKA

 

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FILE PHOTO: Shepard Tozvireva/African News Agency (ANA)

HARARE — Zimbabwe's leader says he is willing to offer land to President Donald Trump to build a golf course in a national park teeming with wildlife.

President Emmerson Mnangagwa was speaking to a New York investors' forum ahead of his first address to a United Nations annual gathering of world leaders this week.

Mnangagwa said he made the offer to Trump staffers earlier this year at the World Economic Forum in Switzerland, pitching land in the tourist town of Victoria Falls. Trump is a keen golfer.

"I had offered President Trump ground to build a state-of-the-art golf course so that as he plays he can be able to see the big five," Zimbabwe's president said. The "big five" refers to big game: lion, rhino, elephant, buffalo and leopard.

Mnangagwa is trying to warm up to the United States in a sharp departure from his predecessor, Robert Mugabe, whose icy relations with Western countries over human rights abuses led to sanctions.

U.S. sanctions remain on Mnangagwa and others in the southern African nation, but that's not stopping him from seeking investment in an economy that has long collapsed. 

He took office in November after Mugabe resigned under military pressure. He narrowly won a disputed election in July.

Trump's sons visited Zimbabwe on a 2010 hunting trip that caused furor on social media after photos of them posing next to carcasses of animals that included an elephant and a leopard surfaced in 2016

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://www.thezimbabwemail.com/main/zimbabwe-local-currency-bounces-back/.....

Zimbabwe local currency bounces back

October 2, 2018 Staff Reporter

 
Mangudya-Mthuli-and-Guvamatanda.jpg?zoom Reserve Bank of Zimbabwe Governor John Mangudya presents his Monetary Policy Statement, while Finance and Economic Development Minister Professor Mthuli Ncube and Permanent Secretary George Tongesayi Guvamatanga look on at the RBZ in Harare yesterday. —(Picture by Tawanda Mudimu)
 

GOVERNMENT has technically de-dollarised the economy by reintroducing local currency bank accounts, which will be traded in electronic transfers and bond notes only, and piled more taxes on the transacting public.

BY TATIRA ZWINOIRA

Reserve Bank of Zimbabwe governor John Mangudya and Finance minister Mthuli Ncube during the Monetary Policy Statement presentation in Harare yesterday

Reserve Bank of Zimbabwe (RBZ) governor John Mangudya, in a monetary policy statement presented yesterday, directed banks to create nostro accounts for foreign currency transactions (nostro FCAs), which will run separately from existing bank accounts, now limited to RTGS (real time gross settlement) transactions and bond notes only.

The measures, which will technically de-dollarise the economy and reduce existing FCAs to local currency accounts, take effect on October 15.

Mangudya said the Africa Export-Import Bank (Afreximbank) has agreed to provide a $500 million guarantee to the new nostro FCAs, which have been created to cater for exporters and other foreign currency earners.

It means non-foreign currency earners, who wish to open nostro FCAs, would have to fully fund their accounts with foreign currency.

It also means government has indirectly admitted that bond notes and RTGS balances cannot trade at par with the US dollar due to a growing mismatch between cash dollars and bond note/RTGS balances.

“With immediate effect, all banks are directed to effectively operationalise the ring-fencing policy on nostro foreign currency accounts by separating FCAs into two categories, namely nostro FCAs and RTGS FCAs,” Mangudya said.

“Accordingly, all banks are directed to use their know-your-client principles to comply with this directive to separate the accounts without requiring their clients to complete any other documentation other than for new bank accounts.”

Zimbabwe is reeling under a harsh currency crisis, characterised by a persistent shortage of cash and foreign currency, which has given rise to an active parallel market where foreign currency, bond notes, RTGS balances and mobile money are traded.

RBZ announced the currency measures, purportedly to strengthen the multi-currency regime, currently in circulation, under a broader framework of 13 measures introduced to stabilise prices; boost the amount of foreign currency in circulation and support the productive sectors of the economy.

The catalogue of interim measures include the provision of lines of credit for strategic imports; use of letters of credit for high-value foreign transactions and the introduction of a statutory reserve requirement to mop up excess liquidity.

Foreign truckers will now be required to purchase fuel in foreign currency.

Finance minister Mthuli Ncube, who issued fiscal measures to support the monetary policy, also announced an increase in mobile money transfer tax to two cents per dollar from five cents per transaction with effect from yesterday.

The tax applies to transactions conducted via RTGS, mobile phones and the internet.

“Treasury introduced the intermediated money transfer tax with effect from January 1, 2003 through the Finance Act 15 of 2002. The tax was set at five cents per transaction, which was a specific tax,” Ncube said.

“However, due to the increase in informalisation of the economy and huge increase in electronic and mobile phone-based financial transactions and RTGS transactions, there is need to expand the tax collection base and ensure that the tax collection points are aligned with electronic mobile payment transactions and RTGS system.

“The information that we have so far is that in 2018, 1,7 billion transactions went through as compared to 50 million four years ago. I, hereby, review the intermediated money transfer tax from five cents per transaction to two cents per dollar transacted, effective October 1, 2018 (yesterday).

“I am, therefore, directing financial institutions, banks and Zimra [Zimbabwe Revenue Authority], working together with telecommunication companies, to extend the collection to all electronic financial transactions.”

Government is currently working on a statutory instrument, which will give legal effect to the tax adjustment and provide more details about the measures.

Units less than a dollar will be excluded from the tax.

For example, only the first two dollars of a money transfer transaction of $2,20 will be taxed.

Ncube said the tax review has been prompted by revenue considerations following the mobile money explosion that has taken place since 2016 when the RBZ launched a campaign for a cashless economy.

“It’s a fairer tax, we’re moving in line with financial innovation that we’ve seen,” Ncube said.

In the first eight months to August 31, a total of 1,7 billion transactions were recorded, according to Ncube.

Mobile money constituted the largest share of transactions. – News Day

 

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5 minutes ago, markb57 said:

Zim's no more. Zimbabwa has a new currency called the Bond. It is 1-1 to the dollar. Check this video from Sam Chui. I follow his flights on Youtube. 

Skip down to 12:52. He talks about it.

 

 

A LOP. A neutral even. Just less bills to hold onto. 

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https://mobile-reuters-com.cdn.ampproject.org/v/s/mobile.reuters.com/article/amp/idUSKCN1MG0CB?amp_js_v=a2&amp_gsa=1#amp_tf=From %1%24s&ampshare=https%3A%2F%2Fwww.reuters.com%2Farticle%2Fus-zimbabwe-economy%2Fworried-zimbabweans-fill-up-cars-and-stockpile-goods-bank-sees-improvement-soon-idUSKCN1MG0CB......

Worried Zimbabweans fill up cars and stockpile goods, bank sees improvement soon

MacDonald Dzirutwe
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?m=02&d=20181006&t=2&i=1311866490&w=640&fh=&fw=&ll=&pl=&sq=&r=LYNXNPEE950BN
FILE PHOTO: Reserve Bank of Zimbabwe Governor John Mangudya listens to questions during an interview in Harare, March 16, 2016.
REUTERS/PHILIMON BULAWAYO/FILE PHOTO
 
?m=02&d=20181006&t=2&i=1311866491&w=640&fh=&fw=&ll=&pl=&sq=&r=LYNXNPEE950BO
FILE PHOTO: Zimbabwean President Emmerson Mnangagwa at a news conference at State House in Harare, Zimbabwe, Aug. 3, 2018.
REUTERS/PHILIMON BULAWAYO/FILE PHOTO
 
 
 

HARARE (Reuters) - Zimbabwe's central bank governor sought to reassure the public on Saturday as people again formed long queues to fill up their cars in the capital, with others panic-buying basic goods like cooking oil and sugar.

The panic has been caused by recent changes introduced by the government and a worsening U.S. dollar crunch, but the governor, John Mangudya, told Reuters that people should not be worried and that he expected an improvement in the next 48 hours

"The problem is that we did not explain things. This economy is a sentiment driven economy so we need to communicate more with the society," he said..                                                           

The southern African nation dumped its hyperinflation-wrecked currency in favor of the U.S. dollar in 2009 but a shortage of cash dollars has worsened following a disputed election won by President Emmerson Mnangagwa in July.

Fuel queues started building up this week and on Saturday outlets in Harare had either run out or had long queues as drivers patiently waited for their turn to fill up their tanks.

"I have been here for an hour because the queue is moving slowly. I have no choice because I need the petrol," said one motorist, who identified himself as Pascal, at a service station in the Avondale suburb in Harare.

At some outlets owned by Total, attendants only served motorists with pre-paid cards. Other outlets refused mobile payments, preferring bank cards and cash.

Zimbabwe spends $80 million on fuel imports every month.

Mangudya told Reuters the fuel shortages had been caused by an introduction of a 2 percent tax on electronic payments last Monday, which meant oil firms would incur weekly bank charges of $400,000 for fuel imports but were not allowed to pass the cost to consumers.                                             

The companies had stopped supplying fuel as a result, Mangudya said, but he added the situation would improve in the next 48 hours because the government on Friday night scrapped the tax on foreign payments.

 

BASIC GOODS

Zimbabweans were also stocking up on basic goods like rice, cooking oil, sugar and juice.

At some branches owned by Zimbabwe's biggest grocery chain OK Zimbabwe OK.ZI, management limited sales of sugar, cooking oil and a popular local juice.

"Management reserves the right to limit quantities," read a notice to customers.

A shortage of U.S. dollars in banks has forced importers to purchase them on the black market, which has pushed up premiums and the price of imports.   

On the black market, the premium for the U.S. dollar spiked to a new record on Saturday, reaching 165 percent from 120 percent on Monday, traders said.

That means buying $100 in cash via a bank transfer cost $265, up from $220 earlier this week.

The situation has not been helped by Mangudya's decision early this week to order banks to open accounts for clients who earn foreign currency and separate their money from dollars in the local banking system, known as "Zollars".

Analysts said the move effectively makes the dollar surrogates Zimbabwe's de-facto local currency.

There are $9.3 billion of Zollars in banks compared to $200 million in reserves, official data showed, a mismatch that creates a premium for the U.S. dollar and fans the black market.

 

(Reporting by MacDonald Dzirutwe; Editing

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