Zimbabwe begins issuing new notes to help ease cash crunch

[Frustrated 3219 19]

It has been announced (according to the Patriot Intel Report) that Zimbabwe has stated that they will introduce new money in 2 weeks.  The $5 bill will = $0.25 cents US if I understand it correctly.  Any opinions or thoughts on how this effects our bonds?

[Frustrated 3219 19]

Ok heres the article.  https://af.reuters.com/article/investingNews/idAFKBN1X81ID-OZABS

[umbertino 14,594]

Zimbabwe is getting another 'new' currency

The new currency will have denominations with a maximum value of $0.25, says Zimbabwe's central bank chief

 

by Chris Muronzi

23 hours ago

 

 

 

https://www.aljazeera.com/ajimpact/zimbabwe-currency-191029204042086.html

 

[Master Oogway 190]

Wow. That seems like it HAS to mean something significant. I don't know what, but it's something.

[DinarThug 104,681]

30 minutes ago, Master Oogway said:

That seems like it HAS to mean something significant.

The Words Zim And Significant Have Never Been Used In The Same Sentence Together ...
 

 

 

Other Than A Significant Loss ...
 

     

[Frustrated 3219 19]

It appears that the new Zim which will run concurrent with the bonds will be worth $.25 per $5 dollars/Zim.  Which equates to $.05 on a dollar US.  If I understand it correctly.  Add to that the fact that ferates.com/visa echange rates are at 

ZWL

Zimbabwe dollar

today

0.0622 -0.0001

0.0658 -0.0001

[Frustrated 3219 19]

Plus the visa exchange is also showing values for the dinar and dong.

[Frustrated 3219 19]

Plus the visa exchange is also showing values for the dinar and dong.  Maybe it's just me but it looks like they are quietly setting the system up, putting out the values in prep for an announcement soon.

 

[umbertino 14,594]

22 hours ago, DinarThug said:

The Words Zim And Significant Have Never Been Used In The Same Sentence Together ...
 

 

 

Other Than A Significant Loss ...
 

     

 

 

No...I had a significant time in Zim..

 

I know 4/6 words of Shona ( main ethnic group....Origin: Bantu)....Don't know any word of N'debele ( 2nd ethnic group....Origin:Zulu)

 

I recall ..."HAPANA BASA"  - no work...It was written everywhere in Harare in the 2nd half of the 80's

 

And "MURUNGU" - white

Edited October 31, 2019 by umbertino

[umbertino 14,594]

7 hours ago, Frustrated 3219 said:

Plus the visa exchange is also showing values for the dinar and dong.  Maybe it's just me but it looks like they are quietly setting the system up, putting out the values in prep for an announcement soon.

 

 

 

About time.....

[Butifldrm 29,595]

Zimbabwe begins issuing new notes to help ease cash crunch

 

With prices in Zimbabwe rising faster than at any point in a decade amid rapid devaluation of the local currency, cash is king. (AP)

Updated 14 sec ago

AP

November 12, 201910:32

90

New notes the latest currency reform in the troubled southern African country’s constantly changing monetary framework

Zimbabwe now has the world’s second highest inflation after Venezuela, according to IMF figures

HARARE, Zimbabwe: Zimbabwean banks on Tuesday began issuing new notes and coins aimed at easing severe cash shortages, but they are severely limiting the amounts that people can withdraw.
“What can I do with such a pittance?” asked Shorai Tomu after withdrawing the equivalent of about $5. “It can only buy five loaves of bread.”
The new notes are the latest currency reform in the troubled southern African country’s constantly changing, and at times confusing, monetary framework.
Zimbabwe now has the world’s second highest inflation after Venezuela, according to International Monetary Fund figures. With prices rising faster than at any point in a decade amid rapid devaluation of the local currency, cash is king.
In 2009, Zimbabwe’s government abandoned the local currency amid hyperinflation and adopted a multi-currency system dominated by the dollar. In June the government outlawed the use of foreign currencies, opting for a local currency mainly consisting of electronic and mobile money and a trickle of bank notes.
President Emmerson Mnangagwa has struggled to fulfill promises to improve the economy two years after taking office following the resignation of the late Robert Mugabe.
Many retailers and service providers now demand payments in cash only. Others, including street vendors, charge a higher price for goods paid for using mobile money or bank cards.
The Reserve Bank of Zimbabwe says it will “drip feed” ZW$1 billion in the new small notes and coins to manage the cash shortages. The highest denomination is ZW$5. The notes are strikingly similar in design to the old ones.
“It is just like the old money, and like the old money it can’t buy anything of value,” said 81-year-old Filbert Sibanda after withdrawing his monthly pension, enough to buy a kilogram of beef.
Other customers left disgruntled.
“This is not an improvement,” said Wicknell Magidha, waving a few new notes and a plastic bag filled with coins. “These coins are just too heavy.”
People trooped out of one bank carrying similar bags of coins, shaking their heads. Others in line laughed.
Magidha said the small bills and coins leave him with another headache, that of haggling with traders who usually reject them.
“The same item can have three different prices: one for cash, one for mobile money and another one for those paying using small coins,” Magidha said. “The government should just print higher denominations to match this inflation.”

https://www.arabnews.com/node/1582926/business-economy

[yota691 202,633]

Zimbabwe launches banknotes for the first time in 10 years

 12 November 2019 07:28 PM
LONDON: Banks in Zimbabwe began launching low-value banknotes on Tuesday, a move for the first time in 10 years to help end liquidity shortages.

Banks are scheduled to issue banknotes in denominations of 2 Zimbabwean dollars and 5 Zimbabwean dollars plus cash.

The Central Bank of Zimbabwe has sent Zimbabwe $ 30 million in new banknotes to local banks.

Bloomberg quoted these developments, quoting the government-controlled Zimbabwean Herald, which cited the words of the country's Reserve Bank governor, John Manguduya.

However, the rigid withdrawal limits of ZD 300 ($ 19) per week mean that consumers continue to struggle to access cash to cover costs.

This year, Zimbabwe abolished the multi-currency system and reintroduced the Zimbabwe dollar nearly a decade after being excluded from trading due to hyperinflation.

The Zimbabwe currency has suffered sharp losses since its re-use in February and pegged it to the US dollar evenly to 15.8742 per US dollar in Tuesday's trading.

Zimbabwe's central bank plans to inject 1 billion Zimbabwean dollars into the economy over the next six months.

 

[Luigi1 2,371]

In 2014, the Zim Series AA & AB notes were declared a dead currency by the bankrupt Zimbabwe government. 

TNT Tony is still spewing to bring in your 100 Trillion Zims to the bank & leave a $Trillionaire.

Dead, dead , dead. The Zims we hold are a dead currency.

What part of dead don't you understand...TNT.

[Frustrated 3219 19]

6 hours ago, Luigi1 said:

In 2014, the Zim Series AA & AB notes were declared a dead currency by the bankrupt Zimbabwe government. 

TNT Tony is still spewing to bring in your 100 Trillion Zims to the bank & leave a $Trillionaire.

Dead, dead , dead. The Zims we hold are a dead currency.

What part of dead don't you understand...TNT.

Everybody has their opinion.  One says its a no go the other says its a done deal.  As I've come to realize, no one knows what they are talking about.  It's all a hope and a prayer.  Same with Dinar, Dong, Rial etc.

[umbertino 14,594]

On 11/13/2019 at 5:02 AM, Frustrated 3219 said:

Everybody has their opinion.  One says its a no go the other says its a done deal.  As I've come to realize, no one knows what they are talking about.  It's all a hope and a prayer.  Same with Dinar, Dong, Rial etc.

 

 

Holy words and a much needed sense of realism....Thanks

 

I think that in about 5 years  nothing will have changed for us investors ...I'd love for it to change but I have serious doubts after having invested 15 years ago already......

 

I do realize the difficulty of this thing as it's all very complex and involves a lot of things...But I'm not sure we're gonna see anything substantial anytime soon...Too many bad issues to deal with...JMHO

 

Of course hope is still on...But more and more feeble......

Edited December 2, 2019 by umbertino