News, Rumors and Opinions Sunday 10-18-2020
TNT:
Harambe: The Zimbabwean: Zimbabwe sees economy expanding in 2021 on waning virus impact
(10/18/20)
INTERNATIONAL - Zimbabwe’s economy is forecast to rebound in 2021 as the country shrugs off the effects of the coronavirus pandemic and the government takes further measures to stabilize the currency, Finance Minister Mthuli Ncube said.
Gross domestic product is seen expanding by 7.4% after contracting by an estimated 4.5% this year, Ncube said in a budget strategy paper presented to reporters and businesspeople on Friday in the capital, Harare. Growth next year will be anchored by agriculture and mining, which forecast to grow by 11.3% and 11% respectively, he said. The country generates the bulk of its foreign currency earnings from exports of tobacco, gold and platinum.
Inflation, which eased to 659% in September — the second straight decline from a July peak of 837% — is expected to reach 134% by year-end, supported by weekly foreign currency auctions, Ncube said.
Highlights:
The wage bill for government workers will be managed in line with budget capacity and inflation. The target is to contain employment costs below 50% of total expenditure.
The introduction of a market-based foreign exchange auction system will be supported by the “implementation of strong fiscal and monetary policies for stabilizing inflation, and the preservation of the external value of the local currency.”
The budget to be presented in November will outline plans to offset the loss of value arising from currency reforms. In February last year the government abandoned the local unit’s 1:1 to the dollar and four months later the Zimbabwean dollar was reintroduced as sole legal tender.
https://www.thezimbabwean.co/2020/10/zimbabwe-sees-economy-expanding-in-2021-on-waning-virus-impact/
Harambe: Bloomberg: New Currency Notes Gets 1 Million Ethiopians Into Banking System (10/17/20) https://www.bloomberg.com/news/articles/2020-10-18/new-currency-notes-gets-1-million-ethiopians-into-banking-system Ethiopia’s effort to stamp out counterfeiting by introducing new currency notes is pulling people who’ve never had a bank account into the financial system.
************
Mark Z Tweet:
IMF has called for a Bretton Woods style renegotiation of the world wide monetary system. Buckle up buttercups..... A world wide asset backed digital block chain system..... Your resistance is futile, you will be assimilated? What will it look like?
See the thread here https://twitter.com/originalmarkz/status/1317853551750795264
************
Courtesy of Dinar Guru
Frank26 ...for the international world of investors for them to see this oil and gas company and the white papers introduced to parliament all in one day it will launch the economic reform in Iraq along with the monetary reform because they will be doing something with that soon and it will also allow them to have the HCL enacted so they can get their percentage rights from the oil and minerals in the ground. I'm excited can't you tell?
************
Iraqi Dinar News 10/18/20 - again more exchange rate talk
Pimpy’s Investment Chat: Oct 18, 2020
CURRENT EVENTS - HOLLYWOOD, DINAR, GLOBAL RESET.....
The River’s Edge: Oct 17, 2020
At 1hr:17minutes
Q: What will it take to get the dinar to revalue?
Pimpy: There is a ton of movement with the Iraqi Dinar between governments and there has been since March of 2019. Why are the governments buying such large amounts of Iraqi dinar?
There are huge currency swaps going on right now and there are 22 countries that did currency swaps with Iraq and have a huge amount of dinar.
A friend of mine said it appears that they may be using the Iraqi dinar as a “poor man’s reserve currency” . I do not know why governments are purchasing so much dinar.
Kelli: Charlie Ward says the dinar has already revalued and it’s going in tiers.
Pimpy : There are some things we don’t agree with. I only talk about what I can prove.
Pimpy: I have permission to say that yes the Lower denominations are there. They are getting ready to be released but there has been no official announcement yet…..There is no date yet on when they will be released.
Pimpy : So there are a lot of countries buying the Iraqi dinar, We hear it will be used as a “poor mon’s reserve currency……the lower denoms are there……and we hear the 25,000 notes and the 50,000 notes will be used for internal bank transfers……this is good because they are going to want our dinars. IMO it cannot stay this low in value….it’s impossible. Nobody knows the timing though…and no one who knows would say….…that would be insider trading….. they will just do it.