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Luckily, now Zim made US dollars.......
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Zimbabwe is introducing its own version of US dollars to deal with its worsening cash crunch. John Mangudya, governor of the Reserve Bank of Zimbabwe, said the bank will introduce “bond notes” of $2, $5, $10, and $20, which will hold the same value as their US dollar counterparts, according to a statement (pdf) yesterday.

Ever since declaring its own currency defunct in 2009, Zimbabwe has relied on a basket of currencies that includes the US dollar, the South African rand, the British sterling, and most recently the Chinese yuan. A strengthening dollar has made Zimbabwe’s trade deficit worse—Zimbabwe imports everything from cooking oil to bath soap—imports for the first quarter of the year stood at $490 million, compared to $167 million in exports.

And that has made cash shortages in the country worse. “We’re importing more than we’re exporting and we can’t print money because we use mainly the U.S. dollar,” said Sam Malaba, the chief executive officer of Agricultural Bank of Zimbabwe.

The government is struggling to pay its workers. Some banks have closed their ATMs, worried about long lines of anxious depositors. Workers are going unpaid, or else receiving their wages “bit by bit,” according to a farmhand in central Zimbabwe. And parents are struggling to pay school fees, cutting down on groceries, and taking on more debt to pay their bills.

The bond notes, to be introduced over the next two months, will be backed by $200 million provided by the Africa Export Import Bank, the regulator said. Mangudya also said the bank will also convert 40% of dollar receipts from the country’s exports into rand and limit daily withdrawals to $1,000.

Critics say the new bond notes aren’t likely to be well received. Zimbabwe introduced bond coins, of between 1 cent and 50 cents, pegged to the US dollar in 2014, to deal with the country’s lack of small change. But few Zimbabweans took to them, fearing that the government was bringing back its now worthless currency that caused many to lose their life’s savings.

“The way the economy responds to notes now is the same way it responded to notes five or eight years ago. So there’s not going to be any difference,” said Rejoice Ngwenya, an economist with the Coalition for Markets and Liberal Solutions in Harare. “Mangudya is once again trying to introduce the Zimbabwe currency through the back door.


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Posts: 17099 | Location: Texas USA | Registered: 07 May 2001Reply With Quote
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Zim printing money......here we go again....


.
 
Posts: 42463 | Location: Crosby and Barksdale, Texas | Registered: 18 September 2006Reply With Quote
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What's that saying about doing the same thing over and over, yet expecting different results?


Hunting: Exercising dominion over creation at 2800 fps.
 
Posts: 3113 | Location: Southern US | Registered: 21 July 2002Reply With Quote
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I don't have enough cash either.
I think I will start printing my own US dollars.
 
Posts: 1245 | Location: Arizona | Registered: 09 January 2005Reply With Quote
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How can a foreign government print US currency? Will it look like ours ie. counterfeit, or will it show that it is theirs? If they start counterfeiting our currency, I see no alternative but to invade them and stop it.

Now that would be a solution and open up Zim. IMHO.
 
Posts: 10489 | Location: Houston, Texas | Registered: 26 December 2005Reply With Quote
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Originally posted by lavaca:
How can a foreign government print US currency? Will it look like ours ie. counterfeit, or will it show that it is theirs? If they start counterfeiting our currency, I see no alternative but to invade them and stop it.

Now that would be a solution and open up Zim. IMHO.


I think they are basically printing bonds for 200 mil dollars provided by the import export bank. Very short term vision on their part....sad really.
 
Posts: 62 | Location: USA / Temporarily South Korea | Registered: 18 April 2013Reply With Quote
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Yeah, how does that help?
 
Posts: 10489 | Location: Houston, Texas | Registered: 26 December 2005Reply With Quote
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Originally posted by Gatogordo:
quote:

Zimbabwe is introducing its own version of US dollars to deal with its worsening cash crunch. John Mangudya, governor of the Reserve Bank of Zimbabwe, said the bank will introduce “bond notes” of $2, $5, $10, and $20, which will hold the same value as their US dollar counterparts, according to a statement (pdf) yesterday.

Ever since declaring its own currency defunct in 2009, Zimbabwe has relied on a basket of currencies that includes the US dollar, the South African rand, the British sterling, and most recently the Chinese yuan. A strengthening dollar has made Zimbabwe’s trade deficit worse—Zimbabwe imports everything from cooking oil to bath soap—imports for the first quarter of the year stood at $490 million, compared to $167 million in exports.

And that has made cash shortages in the country worse. “We’re importing more than we’re exporting and we can’t print money because we use mainly the U.S. dollar,” said Sam Malaba, the chief executive officer of Agricultural Bank of Zimbabwe.

The government is struggling to pay its workers. Some banks have closed their ATMs, worried about long lines of anxious depositors. Workers are going unpaid, or else receiving their wages “bit by bit,” according to a farmhand in central Zimbabwe. And parents are struggling to pay school fees, cutting down on groceries, and taking on more debt to pay their bills.

The bond notes, to be introduced over the next two months, will be backed by $200 million provided by the Africa Export Import Bank, the regulator said. Mangudya also said the bank will also convert 40% of dollar receipts from the country’s exports into rand and limit daily withdrawals to $1,000.

Critics say the new bond notes aren’t likely to be well received. Zimbabwe introduced bond coins, of between 1 cent and 50 cents, pegged to the US dollar in 2014, to deal with the country’s lack of small change. But few Zimbabweans took to them, fearing that the government was bringing back its now worthless currency that caused many to lose their life’s savings.

“The way the economy responds to notes now is the same way it responded to notes five or eight years ago. So there’s not going to be any difference,” said Rejoice Ngwenya, an economist with the Coalition for Markets and Liberal Solutions in Harare. “Mangudya is once again trying to introduce the Zimbabwe currency through the back door.


Sounds like good reasonable fiscal and monetary policy to me Wink

Maybe they took a lesson from Donald Trump who a few days back said "I would borrow, knowing that if the economy crashed, you could make a deal.” The deal was that US govt would pay less than principal on debt it has issued. Basically a sovereign default by Uncle Sam.

I have zero faith in Zim government. Maybe this is their plan to reduce trophy fees on buffaloes - by pricing them in their new funny money. I am truly surprised the hunting industry has lasted this long in Zimbabwe.

And recently there was an AR member talking about how great property and housing market in Harare has been.

Mike
 
Posts: 13145 | Location: Cocoa Beach, Florida | Registered: 22 July 2010Reply With Quote
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Originally posted by lavaca:
Yeah, how does that help?


It doesn't.


Jan Dumon
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www.shumbasafaris.com

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Posts: 774 | Location: Greater Kruger - South Africa | Registered: 10 August 2013Reply With Quote
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I expect to see one last great act of theft from Uncle Bob's cronies. The theft will be on liquid assets that can be transferred - nothing like central bank reserves.

http://www.nytimes.com/2016/05...l&WT.nav=bottom-well

Mike
 
Posts: 13145 | Location: Cocoa Beach, Florida | Registered: 22 July 2010Reply With Quote
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John Mangudya, governor of the Reserve Bank of Zimbabwe, said the bank will introduce “bond notes” of $2, $5, $10, and $20, which will hold the same value as their US dollar counterparts, according to a statement (pdf) yesterday.


Same value????? What sane person would ever believe that!!


Go Duke!!
 
Posts: 1299 | Location: Texas | Registered: 25 January 2009Reply With Quote
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