Request any song you want for FREE! All songs requested will be tuned to a 432 Hz frequency.

Request Now

TETELESTAI | 1-800 Numbers

This is where the 800#'s will be listed which will be included in the TETELESTAI post once published.

(Note: The TETELESTAI post is the official "Go" for redemption/exchange. Despite Yosef's departure, it will still be sent out for publication when the time comes.)

Guest Posting Now Available

Dinar Chronicles is now allowing viewers to guest post. If you wish to speak your mind and write a post/article about the current situation relating to Iraq, the RV, the GCR and so on. You may now send in an entry.

All you need to do is send your entry to KillerZetzz.guestpost@blogger.com with these following rules.

The subject of your email entry should be: "(Title of your post)" - Guest Post by (name) OR Anonymous Guest Post

- Proper grammar
- No foul language (not strictly followed)
- No bashing of others
- Solely write intel, rumors, news, thoughts regarding Dinarland, Iraq, the RV, the GCR and anything that is relating
- Your signature/name/username at the end

If your guest post fails to send to the above email address due to a "captcha" error -- that means the daily limit has not reset yet. It resets every 24 hours. If this is the case then please send it to UniversalOm432Hz@gmail.com so that it will be posted manually.

Send your entry and speak out today!

Follow Dinar Chronicles by Email

Saturday, September 17, 2016

Zimbabwe: Substitute US Dollars to be Printed as Cash Runs Out

Zimbabwe To Print Substitute US Dollars As Cash Runs Out

Harare (AFP) - Zimbabwe said Thursday it will introduce next month "bond notes" equivalent to the US dollar, sparking fears of a return to the hyperinflation that wrecked the economy several years ago.

The southern African nation, led by authoritarian President Robert Mugabe, adopted the US dollar and South African rand in 2009 after inflation -- which peaked at 500 billion percent -- rendered the local dollar worthless.

But Zimbabwe has run out of US dollar notes in recent months, and hopes to ease the cash crunch by printing its own "bond notes", starting with small denominations of $2 and $5.

The plan immediately attracted criticism, with analysts saying the token currency would not hold its US dollar value and would be seen as a new version of the valueless local dollar.

A wave of protests has shaken Mugabe's regime this year, with "No to bond notes" among the regular slogans expressing grievances against the government amid a worsening economic crisis.

"The bond notes will start to circulate by the end of October and will be at par with the US dollar," Reserve Bank of Zimbabwe governor John Mangudya said in Harare.

"We anticipate by the end of the year $75 million will be in the market."

The cash shortage has forced the government led by Mugabe's ZANU-PF party to delay paying salaries each month to civil servants and the military.

With the government again printing its own money, many Zimbabweans fear a repeat of the excessive printing that led to hyperinflation.

- 'No trust' -

"It will immediately destroy trust. The trust is not there and the value of the bond note will not be sustained," Harare-based economic analyst John Robertson told AFP.

"There is no money because there is no new investment. There is no investment because there is no trust -- and you can't fix that by printing more notes."

Zimbabwe once removed 12 zeros from its battered currency at the height of hyperinflation in 2009 when the largest note was the $100 trillion denomination.

Mangudya denied the new bond notes would be rejected by many Zimbabweans.

"It is critical to emphasise that the introduction of bond notes does not mark the return of the Zimbabwe dollar through the back door," he said.

The new notes will be printed in Germany and backed by a $200-million support facility provided by Afreximbank (Africa Export-Import Bank), the government has said.

Further anti-Mugabe protests are planned for Saturday, despite a police ban on rallies in Harare. ​

​Mugabe, now aged 92 and in power for 36 years, has often used brutal force to silence his opponents, and he recently warned the protestors they were "playing a dangerous game".

The veteran president, who looks frail but still gives long speeches in public, has vowed to stand for re-election in 2018, while his wife Grace, 51, is seen as one of his possible successors.

"It is clear Mugabe's capacities have diminished significantly, his ability to hold things together is doubtful," Piers Pigou, of the International Crisis Group, told a briefing in Johannesburg this week.

"I don't think (Mugabe) has faced this kind of pressure before. The state of the party has never been so fractured and the state of the economy -- some are arguing that it is worse now than it was at the height of hyperinflation."

Unemployment is about 90 percent in Zimbabwe, which owes lenders including the IMF, World Bank and Africa Development Bank about $9 billion.

Last week, the government revealed that nearly 97 percent of its revenue goes to paying public workers' salaries.

It also announced and then reversed a plan to cut 25,000 government jobs.

Bond coins valued in US cents were introduced in Zimbabwe in 2014 to provide small change.

Source

Disclamer:

We are in compliance with, "Copyright Disclaimer Under Section 107 of the Copyright Act 1976, allowance is made for "fair use" for purposes such as criticism, comment, news reporting, teaching, scholarship, and research. Fair use is a use permitted by copyright statute that might otherwise be infringing. Non-profit, educational or personal use tips the balance in favor of fair use."

All rights reserved go to their respective holders. We do not own the intellectual property shown on this website, the respective holders own that privilege unless stated otherwise.

We do not endorse any opinions expressed on the Dinar Chronicles website. We do not support, represent or guarantee the completeness, truthfulness, accuracy, or reliability of any content or communications posted on Dinar Chronicles.

Dinar Chronicles is not a registered investment adviser, broker dealer, banker or currency dealer and as such, no information on the website should be construed as investment advice. We do not intend to and are not providing financial, legal, tax, political or any other advice to any reader of the website. This website is...Read More