More News, Rumors and Opinions Sunday Evening 5-1-2022
TNT:
Harambe: Zimbabwe to Launch Measures to Protect Currency, President Says Bloomberg
(5/1/22)
Zimbabwean President Emmerson Mnangagwa said the government will soon introduce measures to halt the rapid devaluation of the local currency.
The move would include "measures to increase confidence in the local unit," Mnangagwa wrote in the opinion page of the state-run Sunday Mail.
"De-dollarisation will be managed carefully to avert disruptions," the president said. "This government is determined to continue with a tight fiscal policy to maintain the current surplus."
The southern African country's currency officially trades at Z$159.34 to the US dollar but changes hands in the streets of the capital for as much as Z$400 to the greenback.
Mnangagwa said he met with a team of experts "in the wake of last week's exchange rate turbulences and upward movement in prices" to analyse and review the situation.
"Economies which earn far less than us by way of exports; import more than us; have larger a gross domestic product, requiring more imports; and with bigger populations are enjoying a more stable currency than we do," he said.
Between 2009 and 2019, Zimbabwe's economy was dollarized after hyperinflation led the government to print trillion-Zimbabwe-dollar notes before abandoning its currency, leaving the country’s name synonymous with economic malfunction.
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CandyKissses: The Ministry of Oil: Last month’s revenues amounted to more than 10 billion dollars
Baghdad - Mawazine News
The Ministry of Oil announced, on Sunday, revenues and exports for the month of April. And the ministry stated in a statement that Mawazine News received a copy of it, that "the total amount of exports and revenues achieved for the month of last April, according to the preliminary statistic issued by the Iraqi Oil Marketing Company "SOMO", the total amount of exports of crude oil amounted to (101) million and (390). One thousand and (662) barrels, with revenues amounting to (10.55) billion dollars."
She added, "The statistics indicated that the total quantities exported of crude oil for the month of April from oil fields in central and southern Iraq amounted to (98) million (100) thousand and (42) barrels, while from Kirkuk fields through the port of Ceyhan, the quantities reached Exporting two million and (991) thousand and (60) barrels.
She pointed out that "the average daily quantities amounted to (3) million and (380) thousand barrels per day, and that the average price of one barrel amounted to more than (104).
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Mot: A timeline of Emperor Nero's life through the coins he issued during his reign .......
From Recaps Archives:
If any of you have been doubting this dinar RV is true-Read this article from the NY times from 1991.
Kuwait revalued their currency on march 25th 1991.
NY TIMES(Kuwait RV): Published: March 25, 1991
It still has no water and little electricity or food, but Kuwait revived its banking system today, introducing a new currency.
Banks reopened for the first time since Iraqi occupation forces shut them down in December. Thousands of people lined up to exchange their old Kuwaiti dinars for crisp new ones and to withdraw a limited amount of money.
Without electricity, the banks services were slow, limited to money exchange and withdrawal. There was no telex, no electronic money transfer and no telephones. The computers were unusable, so all transactions had to be entered by hand.
"It's like going back 20 years," said Mohammed al-Yahya, the manager of the Commercial Bank of Kuwait, the nation's second-largest bank. Seized Dinars Canceled
The Central Bank is canceling the value of Kuwaiti dinars that were seized from the Central Bank and put into circulation by the Iraqis. The invalid serial numbers were posted today in front of all banks in the city.
All other old dinars can be exchanged for new ones on a one-to-one rate until May 7, when the old dinars become invalid. The new official exchange rate is 3.47 American dollars for one new Kuwaiti dinar.
Although it is severly handicapped without electricity, the Commercial Bank, like many other major banks, was able to open for business because its records had been saved from the Iraqis. Mr. Yahya hid the bank's balance sheets in his home and sent its computer records to London via Syria with an Indian employee, who packed the tapes into the back of a trailer.
The banks also face serious personnel shortages. Only 11 of the Commercial Bank's 35 branches opened today, with 137 out of 1,300 workers.
Before the Iraqi invasion, only 17 percent of the bank's staff was Kuwaiti. Many of the foreign workers -- Jordanians, Palestinians and Indians -- fled and now cannot re-enter the country.
For those exchanging money today, there was little they could buy in Kuwait. Many of those in line said they planned to use their money for vacations or for shopping trips to Saudi Arabia to buy generators and food.
"I need to get away from this pressure," said Abdul Mohammed Hussein, a computer engineer in his early 40's who said he was withdrawing 1,500 new dinars to take a vacation in the United Arab Emirates. "Everywhere you go you find lines. At the supermarket, you find lines. To get petrol for the car, you find lines."
Abdul Hamed al-Atar, a 50-year-old retired Interior Ministry official, said this was the first time he had set foot in a bank since September, and he seemed relieved. "Kuwaits always keep a lot of cash with them," he said as he was handed crisp new piles of money that he stuffed into a small bag. "It's a comfort to have money in my hands."
From March 18, 1975 to January 4, 2003 the dinar was pegged to a weighted currency basket. From January 5, 2003 until May 20, 2007, the pegging was switched to 1 U.S. dollar = 0.29963 dinar with margins of ±3.5%.[2] The central rate translates to approximately 1 dinar = 3.33745 dollars. From June 16, 2007, the Kuwaiti dinar was re-pegged to a basket of currencies,[3] and is now worth about US$3.609 (€2.686). It is the world's highest-valued currency uni
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MARKETS A LOOK AHEAD: Market Meltdown? Crash? Something Else? CRITICAL UPDATES.
Greg Mannarino: 5-1-2022