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DINARESGURUS.BLOGSPOT.COM_________________ _______

Saturday, June 13, 2015

LJ POST, 14 JUNE

 In lieu of doing a recorded call, I wanted to chronicle pertinent events that have occurred in Iraq since our announced break which coincides with their legislative break/Ramadan.

My belief then and now is that Iraq must complete the formation of their government by including the three prominent sects Sunni, Shiite and Kurd.

As I type the head of the House of Representatives,  Jubouri, is on his way or has arrived in New York for a meeting with UN Secretary-General Ban Ki Moon where the two will discuss the UN Member States continued support in capacity of Security and Humanitarian relief for the displaced citizens.  Days before he was meeting with the US President, Senators and the US Secretary of Defense, Asthon Carter.  Jubouri informed the US that any delay in arming Sunni fighters will advantage Daesh as the West (Sunni Territory) believes their government has yet to show allegiance by inaction and continued marginalization.

Their position is that words are pointless if not translated into action. Should Abadi and his Shiite led government continue to breach agreements arrived at the time of his government’s inception there is no tangible difference between he and his government and the perfunctoriness of Maliki’s.

Jubouri, a prominent Sunni representative, told the world and the US, after a 2 hour discussion with President Obama and VP Joe Biden, that Iraq must become more inclusive if they are to achieve success both economically and militarily; that arming the Sunni is not just a political request, the people who reside in the West know the lay of the land much better than anyone else combined with creating  positive mental dispositions in that they are a prideful people and want to see an integrated effort in liberating their homeland as they (Sunni) will be (after the passage of the National Guard Law) apart of the Iraqi Army, formally.

Both America and Jubouri agreed on the importance of increasing support of the Iraqi Sunni and international support for those that have fled their homes.

He also met with Senators Mitch McConnell and John McCain and Asthon Carter (Defense Secretary) where they covered the same topic areas as discussed with the President.

Initially he met with American business leaders at the US Chamber of Commerce building where he stressed the need for US Corporate involvement in assisting Iraq in developing its private sector but was met with caution by said entities as they informed him that without ability to protect investment the risks would be too great as Iraq has not yet made a commitment to itself in creating a palatable environment to open the way for economic growth.

Today, before venturing to New York, Jubouri made certain that the US realizes that there are parallels between arming the Sunni tribes and Iraq’s ability to find political agreement/reform. He said, “Security reform is closely linked to Political reform, and asked that there also be support for making sure the Iraqi government IMPLEMENTS the POLITICAL AGREEMENT CONTRACTS that were arrived at to give Mr. Abadi the Prime Minster position indicating, “We want to build a State that RESPECTS the LAW and that takes human rights into consideration.”

The Chairman of the US Foreign relations committee, Ed Royce did reiterate the US’s support for Iraq and its eventual passage of the National Guard Law noting that the US supports a government in Iraq that includes ALL PEOPLES of the country.

Overall it was a progressive meeting with rhetoric similar to that we have heard in the past, now we WAIT and WATCH to see if traction can be had by all components of Iraq. All factions Abadi (Shiite), Barzani (Kurd) and Jubouri (Sunni) have all had their independent meetings to inform the US as to how it should proceed by acquiring needed information.

Meeting in Germany by Abadi

The US media portrayed Abadi’s visit to Germany as a snub by President Obama but it was Abadi who made his presence felt at the G7 summit in Schloss Elmau, Germany last week.  This mischaracterization was to sensationalize an occurrence that was to be nothing more than a side-bar.

The G7 is a group consisting of Canada, France, Germany, Italy, Japan, the UK and the United States of America – the largest economies of the world. Mr. Abad last I checked, as he does not have that status, cannot be represented as a member. His visit was for the President to simply have another face-to-face encounter.

Often times, conversations get lost in translation, the President thought Mr. Abadi understood his INCLUSIVE message of integrating POLITICAL REFORM but apparently Mr. Abadi did not comprehend.  Prime Minister Abadi, after his meetings in France, which focused on the war against Daash told the Iraqi people that no contingencies were offered by his country to procure increased support from the international community.

This public announcement infuriated the President thus another meeting was scheduled. Abadi had no purpose for being in Germany other than for the US to set the record straight with regard to what was expected of Iraq going forward. Abadi included himself in the photo opportunities, the picture with all Heads of State and conversations but he was to be a fly on the wall so to speak as there was not supposed to be a grandstanding moment. There the two discussed the need to get the Sunni more involved, in fact, the President told Mr. Abadi that he would be building a new military base in Anbar province (Sunni Province) and providing 450 additional military training personnel to Iraq.

Since that time it seems that the US congress has shot down the idea of additional personnel. Without Iraq doing its part to democratize their land by including the Sunni and the Kurds there will be lackadaisical support by the International community. The plan was to fashion an inclusive State whereby all could benefit from that which Iraq has to offer the development of its own land, region and the world, namely Energy through Oil.

Once the Central Banking System was implemented a NEW GOVERNANCE had to take hold the same way that it has taken hold in every other country that has its systems in place. Iraq is not different, they must comply. However, they differ in their controversial makeup as they have 3 factions that have a desire to not lose ground on any garnered achievement. Once the Kurds obtained their ability to control their resources and could contract for oil sales they are reticent to reverse that gain.

Once the Shiite had the ability to exercise majority rule by having the largest population there’s no way they will allow the enemy Saddamist’s (Sunni) to regain strength by having political involvement, thus we continue to see the continuance of stagnation. Fear of being dominated weighs so heavily in the minds of those once oppressed that they cannot conceptually realize their cohesiveness will bring reward to future generations and their children could live in an Iraq that will, not necessarily accomplish a Sunni kissing a Shiite; but an Iraq that could flourish by being able to create laws that affect all citizens equally and fairly so as to not blur lines.

Liking a counterpart has nothing to do with completing a task; two individuals as they built the Egyptian Pyramids may not have been fond of the other as long as the building blocks continued moving toward completion both could marvel at their individual contribution and not thrash the contribution of the other. No one is asking Shiite Muslims to next-door neighbor their Sunni counterpart, except by Provincial lines; the world is asking them to get along just enough to allow Iraq to breathe and achieve the greatness that the land has in store.

The meeting in Germany was to right the ship’s course and only for that reason. As it happens, we will see no movement in Iraq in the way of the countries betterment until they get out of their own way and make way to Greatness! And the only way to accomplish that is to LEGISLATE!

Ramadan

In 2015, Ramadan will begin on June 18th it is time for fasting and prayer by all Muslims. They commemorate during the 9th and holiest month for 29-30 days (depending on the Crescent Moon), a spiritual exercise that is designed to bring them closer to Allah (God) through contemplation and humility.

This is said to be a joyful and festive time but it will require fasting from food, drink and sex of any sort during daylight hours.  They may participate in all three in the evening hours.  It is one of the five pillars of the essential practices of Islam.

The rules are not inflexible as children, the infirmed, pregnant women and sometimes even those who travel are not required to fast.  It does not fall on a specific date categorized by our Gregorian or western calendar.  It starts by use of the naked eye’s observation of the first sliver of the new Moon on the ninth month of the Muslim calendar and that is why different countries observe Ramadan contrarily.

Ironically, it is the most UNIFYING of Muslim observation COMMUNITY between the Sunnis, Shiites and Alawites – they are supposed to an act the spirit of “UMMA” or which is central to Islam in its ideal form.  Ramadan was meant also to impose a truce on all hostilities; I wonder if the war with Daash will also break in the spirit of this holiday.  We have seen in the past that this does not matter and I presume that Daash will continue in its efforts.  Source

IQD Team Connection
With that said, historically, things in Iraq move even slower during this time.  It is not that they won’t convene, work or even try and come up with strategies to move their legislative process forward.  Coupled with the legislative recess we anticipate not seeing much in the area of action at least until the 1st of July and that is why we have decided to take a break.

As I’ve told you before nothing in America with the exception of our leadership speaking to the leadership in Iraq has anything to do with our desire to follow things newsworthy.  We’re not affected by any statement, speculation, fool hearted guesses or events that occur in the United States – we’re only focused on what the Iraqi people say about the Iraqi predicament as that is the only barometer that can give measure to the eventual growth pattern Iraq will take to satisfy the demands of the system at large.

We hope that this message is received with an integral effort on our part to share and impart information obtained from Iraqi media sources - the only truth that can be had. 

BGG UPDATE, 14 JUNE

BGG ~ Ok – so stop and think about this for a sec…

Iraq’s 2015 Budget was roughly 119 Trillion IQD…

Today is June 13th 2015 – almost EXACTLY half way thru the year…

The other day they went public with their “true deficit” as 30% the budget… (of 119 Trillion IQD) – in other words more like 40+ Trillion IQD (roughly all of their currency in circulation is their deficit – JUST THIS YEAR – or 40 Billion USD).

I have been saying this – right?? The deficit was waaaaaaay more than 25 Trillion (IQD)
So 50% of their budget and remaining year is likely GONE…

Surely they have spent the full budget allocation during the first half of the year…

So they probably have only 20% of their budget left (of 119T IQD) to cover 50% of the remaining year…
At a current rate of a bit over 10 Trillion IQD per month… they have a tiny bit over 2 months before they run out of money completely.

They aren’t like the US where we turn on the printing presses and have a “QE1, QE2, QE3″ and make wealth out of thin air.

So where will it come from??
This is the question… and has no one bothered to read the fine print on the loan articles?

They aren’t even close to actually getting the assistance – and even if they were, the loans were only for like 833 million USD… 9 million USD (grant)… 5 billion USD (if they GET a credit rating and their bond issues sell… lots of “if’s”)… and not until well past July…

Further, it really has the feel they are being slow walked. After all the “good will” Abadi got during his visit to DC – it appears there was an “IF” he didn’t hear or hasn’t “ponied up” with yet. IF you do XYZ, we’ll give you XYZ…

Is anyone curious about the early August time-frame for Customs (tariffs)?

All those numbers put together aren’t even CLOSE to 40 Trillion IQD (and they may need more than that if oil prices keep falling)…

So – I ask the rhetorical – were do you think they will get 40 Trillion IQD in spending power between now and the end of the year??

The GOI needs buying power. They are in the same boat as us.

If they change the value of their currency – the GOI benefits greatly – just like you.

Their budget problem goes – POOF!! If they increase the currency value (even a little) the GOI benefits just like you to – they have have the buying power  they need for “internal projects”.

TLM724 UPDATE, 13 JUNE

6-13-15 tlm724: We posted this from the Minister of Finance site yesterday and it is certainly worthy of repeating. This is the official decision from the Cabinet to impose the tariffs beginning August 1st, 2015. I look forward to watching the progress and hope there are no further delays!

Fulfillment of customs tariffs and taxes of border crossing points
The Cabinet decided in its session usual twenty-second On June 2, 2015 the following:
1. moavgah to meet the customs tariff on all border crossing points, without exception, as well as taxes, including sales tax on Kartat mobilize the mobile phone and the purchase of cars of all kinds pursuant to the provisions of Article (33) of the general budget of the Federal Republic of Iraq for the fiscal year / 2015 Act from the date of August 1 2015 and that for the necessities of practical and technical.

2. Work is continuing in accordance with previous mechanisms up to the date mentioned above.

Article Link

BREITLING REPORT (AUDIO # 1& #2), 13 JUNE

Audio #1

Audio #2



POPPY3 TIDBIT, 13 JUNE

Poppy3   I COULD CARE LESS ABOUT THEIR DEALINGS.

I COULD CARE LESS ABOUT THEIR LOANS, THEIR POLITICS ETC UNLESS IT EFFECTS MY POCKET BOOK AND POSSIBLE RATE OF EXCHANGE OF MY DINAR.

BOTTOM LINE IS THEY NEED $$$$$$$$$ AND MORE THAN THEY CAN BORROW
UNLESS THEY HAVE AN APPROVED CREDIT RATING AND VALUED CURRENCY.
IT SHOULD BE OBVIOUS TO ALL OF US THEY ARE AT A PANIC STAGE.  

ABADI WORKING DAY AND NIGHT ALONG WITH MANY KEY LEADERS TO GET TO THE POSITION OF FULLY FUNDING THEIR BUDGET AND MOVING THE COUNTRY FORWARD WITHOUT GOING BACKWARDS.  

DR SHABIBI STATED THEY NEEDED A MEDIAN RATE THAT THEY COULD MAINTAIN AND STILL GROW THEIR ECONOMY FOR 24 TO 36 MONTHS.

NOTHING NEW HAS BEEN SAID FROM CBI LEADERS TO CHANGE THAT.
  

EXCERPTS OF MNT. GOAT, 13 JUNE

 They announced that a NEW OIL AND GAS LAW is going to be presented soon. This is what is holding up parliament. This is what is also holding up the National Reconciliation Reforms effort. I believe that once this new draft of the HCL bill is completed, it will have its first and second readings then become part of a “package” of laws presented to the legislature for a vote.
We should all now focus on only three (3) major items at this point in time. My timelines below are just my perception of how this may all play out. In the next couple weeks:

1) Getting the 1st and 2nd readings of this new oil and gas law.
2) Getting announcements that they are about to hold a session to vote on the “package of laws” and that the package still contains what we need to complete the National Reconciliation. Then to see them pass these laws and then begin the implementation process.  By the end of Ramadan (mid-July).
3) Our major news focus should be on coalition forces defeating ISIS and getting rid of Iranian militias and Nori al-Maliki.
I truly believe if we begin to see these events take root and move ahead we should also begin then to see articles slowly trickle out of the CBI telling us they are moving forward with the project to delete the zeros and currency reform (distributing the new lower denoms and the 50k and 100k notes).

TNT CHAT TIDBIT & ARDVARK RATNICK INTEL, 13 JUNE

6-13-15 TNT:
Elmerf123456:  Check this out Family...the part of Iraq the media would never show you:http://t.co/zLlgaXFFa2

Lealoha:  elmer - the next Dubai! Absolutely gorgeous! Thanks for sharing.
**********
6-13-15 Ardvark Ratnick: Good evening. Treat as rumor but this afternoon my wife heard on DW German TV on the English broadcast that the ZIM is to be exchanged on Monday at 65 Billion ZIM for 1$ US. This would be 100 Trillion note for $1,500 US. Not bad if true. 

EXCERPTS OF MNT. GOAT & RANDY KOONCE, 13 JUNE

6-13-2015   Intel Guru Mnt Goat   We should all now focus on only three (3) major items at this point in time. My timelines below are just my perception of how this may all play out. In the next couple weeks:  1)  getting the 1st and 2nd readings of this new oil and gas law  2)  getting announcements that they are about to hold a session to vote on the “package of laws” and that the package still contains what we need to complete the National Reconciliation.  Then to see them pass these laws and then begin the implementation process.  By the end of Ramadan (mid July).  3)  Our major news focus should be on coalition forces defeating ISIS and getting rid of Iranian militias and Nori al-Maliki.   I truly believe if we begin to see these events take root and move ahead we should also begin then to see articles slowly trickle out of the CBI telling us they are moving forward with the project to delete the zeros and currency reform (distributing the new lower denoms and the the 50k and 100k notes).

6-13-2015   Newshound/Intel Guru Randy Koonce
   I am writing this note to calm the people who are having trouble understanding what happen with the Sterling stuff and if you have been scammed or not... Is the Iraq money good? Yes it is unless you have sadam hussiens face on the bills. Why did the FBI raid Sterling... I read the doc and the charges they are all on BUSINESS PRACTICE NOT THE BILLS... I have not seen any bills that Sterling sold that was bad...and unless you have Sadam Hussein face on a bill then you will be ok...The FBI said in a statement that it was not going to RV...No they did not they were quoting a partner who at the time did not care because they were making lots of money...Why did GID and others get shut down... because they were partners to Sterling. What does this mean to me... It means you are ok if you are holding dinar and as soon as Barzani gets enough pressure on Obama to be paid you will see the RV...We are close. Every large bank will exchange.  RELAX the RV is coming... Barzani is the Person that has to be paid... and Iraq nor the US can do this without Money and the only way for that is RV...

DINAR IRAQ & DONG VIETNAM UPDATE, 13 JUNE

Dinar Iraq and Dong Vietnam :Article quote: “Economic Adviser to the Prime Minister called on the appearance of Mohammed Saleh, to adjust the exchange rate by the central bank.”
As I see this Saleh is advocating…for the CBI to go ahead NOW and move to a floating currency. Once the official rate is the same as the street rate, then the demand for dollars becomes meaningless, right?
If I have to pay a commission to someone to buy dollars when my dinars are going to go up and down just as the dollar does, why would I do that? I wouldn’t.
Remember, what happens WITHIN a country is different than what is happening OUTSIDE the country. We know that with our own currency: it goes up and down outside the country, but is still “just a dollar” at home.
The same will happen with the dinar: it will be “just a dinar” and no “difference” inside the country between it and a dollar will matter. Once the incentive to buy dollars is removed by changing the exchange rate regime, then the fire to abandon dinars in favor of dollars will go out.
At that point, market forces will come into play and the dinar will rise in value…once it is set free natural market forces will show that it is actually STRONGER than the dollar. This won’t take long, either, because if they change the exchange rate regime then that means that OTHER people besides locals will have access to the currency. This includes speculators.
*****
a given currency’s strength is determined by its reserves. Iraq has the largest reserves in the world in comparison to the value of its money supply. Therefore it is the strongest currency, irrespective of the fact that the locals prefer dollars
******
Good Bank announced on Wednesday the launch of its service to cover imports of individuals and companies from foreign currency.
He said General Manager Rasheed Bank Mohammed Abdul Wahab Abdul said in a statement received agency Iraq IGN that “this initiative came to support our economy through the coverage of the business done by the merchant and the Bank is willing to pay for the goods and goods imported from overseas in foreign currency”. 
Abdul Wahab said that the importer can request promotion by bank or licensed remittance companies by the Central Bank of Iraq, noting that earlier Bank announced the completion of its procedures to sell us dollars to travelers through the branch ended at Baghdad international airport.

LANDA CONFERENCE CALL ARCHIVE, 13 JUNE

LANDA GLOBAL

CONFERENCE CALLS

Landa Global has been hosting a dial-in conference to inform holders of assets and intermediaries of the current status of the historic bond redemptions, and general information in respect of procedures and pricings of assets.
To access the weekly conference, please observe the following information: 
Date:  Each Wednesday
Time:  3:00 p.m. Mountain time (MST)
           5:00 p.m. Eastern (EST)
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           2:00 p.m. Pacific (PST)
Conference line:  (559) 546-1000
Access Code:     1013931#
The complete past recordings of all conference calls  in mp3 format files are posted below for easy access after the conference.
Thank You
LANDA GLOBAL

CONFERENCE CALL ARCHIVE

Below are links to the previous conference calls. Once the link is clicked on, a new window will open with a player. Controls allow for playback functions with a slider to access times within the recording.

KTFA CHAT UPDATE, 13 JUNE

KTFA:
bravesfan : Frank!! I know you're being quiet till the CC but I like seeing your blue name below.

Frank26:  Miss You i do but am with You more than You know.  KTFA Frank

Sillytilly:  So guess it's safe to say no rv before Ramadan ??

Frank26:   Dear Friend of KTFA .......... In this dinar speculative investment it is imparative not to give nor ask for a date.

That to me and my TEAMS is the definition of SAFE ........ Please keep us that way by reframing to temptation to ask.

We SHARE our studies with You out of kindness not greed. We call it The Lava Flow.

Due to what three have recently done to the integrity of simply studying the dinar MR many are now effected by it. i will spend a great deal of time on this subject on Mondays CC.

It is not that the dinar is illegal ........ It is what evil does in lying to humans with it.

If so ...... Then DRS and The CBI should also be arrested ....... WHY?......... Because they have made it very clear they are in the process of adding value to their dinar via a lifting of their currencies exchange rate.

No such fear nor cause.

When do i believe is the date?

When The Voice of God says so ......... Not mine.

Aloha oi.....\m/   KTFA  Frank

Email from Sterling, 13 JUNE

Dear Customer,

We write because we know you have one or more open orders with Sterling Currency Group. We want to address that issue with you.

We were completely surprised by the recent federal complaint and the June 3, 2015 interruption to our business. Unfortunately, that interruption has made it currently impossible for us to fulfill your outstanding order(s).

We are working with the federal government to re-acquire what we need to fulfill all outstanding orders, including yours, and complete our obligations to you and other customers.

Can you please confirm, by responding to this email, that you wish for us to fulfill your outstanding order? We believe that confirmation from you will help us during our discussions to re-acquire what we need to fulfill your order if possible. Please include in your response your Order Number.

Thank you for your patience and understanding.

RANDY KOONCE UPDATE :"Relax, The RV Is Coming", 13 JUNE

How are you makin it. ?  I am adding a date to archive..Friday, June 12, 2015

 First Off I won the Nigerian Lottery so I am set as it is.......

 I am writing this note not because we are having great intel, I am writing this note to calm the people who are having trouble understanding what happen with the Sterling stuff and if you have been scammed or not......

 1. Is the Iraq money good? Yes it is unless you have sadam hussiens face on the bills.....

2. Why did the FBI raid Stearling........ I read the doc and the charges they are all on BUSINESS PRACTICE NOT THE BILLS.... IF it would have been the currency that was bad you would have also had the SEC filing on them.......
~~~
3: What does that mean? It means you have people that are gullible thinking that when one of the Gurus said there was and IN Country RV they believed it..... and the person saying the false statement knew it was false and he only said it to get you to buy more Dinar....

the Documents Mentions the GET team so you know that they were not telling the truth when they gave intell.... If they were reading Articles then that is just an article...

4. So does that mean all the dinar I bought from Sterling is bad....? again I have not seen any bills that Sterling sold that was bad....and unless you have Sadam Hussein face on a bill then you will be ok....

5. The FBI said in a statement that it was not going to RV....No they did not they were quoting a partner who at the time did not care because they were making lots of money....

6. Why did GID and others get shut down.... because they were partners to Sterling.
7. What does this mean to me.... It means you are ok if you are holding dinar and as soon as Barzani gets enough pressure on Obama to be paid you will see the RV.....

8. The Whole thing is over Sterling Business Practice.... Not bad dinar.

We are close.. Every large bank will exchange.. RELAX the RV is coming... Barzani is the Person that has to be paid... and Iraq nor the US can do this without Money and the only way for that is RV...

Breathe,,,

Check www.cbi.iq every day to see if it has changed... do not take a guru or a post about in country RV or any thing else do not be fooled just check the CBI

Do not let your emotions get to you.

 BREATHE BREATHE......... Yes I will do a meeting after the RV...... do not worry I will send out email.....
 ______________________________

Randy Koonce

koonce@randykoonce.com

Latest on Zim Dollar: Bring them back, says RBZ governor,13 JUNE

THE Reserve Bank of Zimbabwe yesterday invited people holding on to Zimbabwe dollar notes to bring them to banks starting on Monday in exchange for US dollars.

A Statutory Instrument which gives legal effect to the retirement of the local unit will be gazetted today, as part of the central bank's efforts to remove the legal status of the local currency.

The decommissioning of the Zimbabwe dollar will run until September 30, while banks will also pay the equivalent US dollar amount for each account balance as at December 31, 2008.

RBZ governor Dr John Mangudya said at .a Press conference yesterday that notes not exchanged until September 30 will be considered to have been demonetised

"This policy intervention is necessary to buttress Government's commitment to the multiple currency system. We, therefore, need to safeguard the integrity of the multi-currency system or dollarisation in Zimbabwe. Demonetisation is critical for policy consistency and for enhancing consumers' business confidence," Dr Mangudya said.

The Government adopted a multi-currency system in February 2009 in response to spiralling inflation which reached 231 percent at the last official count in July 2008 after the decimation of the Zimdollar by ravages of sanctions.

Zimbabwe now uses a basket of currencies which includes the US dollar, South African Rand, Botswana Pula, British Pound, Euro, Chinese Yuan, Japanese yen and Austrian dollar.

Zimdollar notes holders will exchange them at any bank, building society, POSB and Zimpost.

For walk-in clients, the process is split into two categories involving the last sets of notes issued in 2008 and 2009.

Denominations of between ZW$5 and ZW$ 500 will be paid for at US dollar exchange rates of up to US$2.

The rate for ZW5 will be US$0,02, ZW10 at US$0,08, ZW20 at US0,08, ZW$50 at US$0,20, ZW100 at US$40c and ZW$500 at $2.

During 2009, the RBZ slashed 12 zeros from the local currency as hyperinflation continued to erode its value and the removal of the zero resulted in ZW$1 trillion becoming one Zimdollar.

Under the second category, notes issued in 2008 ranging from ZW$10 trillion to ZW$100 trillion to be paid for at the US dollar exchange rate of up to US$0,40, Dr Mangudya said.

The ZW$10 trillion will fetch US$0,04, ZW$20 trillion US$0,08, ZW$50 trillion US$0,20 and ZW$100 trillion will be offset at a rate of US$0,40.

Cash customers will get their exact US$ equivalent of the converted amount, starting from US$0,01c up to $50 and where the US$ equivalence exceeds US$50, payments will be made through banks.

Corporate customers' US$ equivalents will be credited into their bank accounts.

For account holders, banks will pay the equivalent US dollar amount for each account balance as at December 31 2008.

Account balances of zero to ZW$175 quadrillion will be paid flat US$5 and those above will be paid the equivalent value after applying the UN exchange rate of US$1/ZW$35 quadrillion or US$1/ 35 000 revalued.

Customers whose banks were placed under curatorship will deal with curators, while institutions that were placed under liquidation will deal with the Deposit Protection Corporation.

Dr Mangudya reiterated that the return of the Zimbabwe dollar would only be considered when key economic fundamentals such as productivity in key sector. Link