Zimbabwe Adopts De-Dollarization Roadmap
Zimbabwe’s government has approved a roadmap to transition from using US dollars to the gold-backed ZiG currency, which was introduced several months ago in an effort to stabilize the southern African country’s economy.
Information Minister Jenfan Muswere announced the move during a media briefing on Tuesday, following a cabinet meeting in the capital, Harare.
“On modalities to operationalize ZiG as legal tender for use in the economy, a de-dollarization roadmap is now in place with a time frame, as presented by the minister of finance, economic development, and investment promotion,” the minister told reporters.
Zimbabwe has relied heavily on the US dollar amid a currency crisis that has persisted for more than a decade. The greenback currently accounts for around 70% of all economic transactions, Bloomberg reported, citing data from the country’s central bank.
READ MORE: African country to criminalize use of dollar
Prior to the unveiling of ZiG (Zimb Gold) in April, the Zimbabwean dollar had depreciated against the US currency on every trading day this year. The ZiG launch, reportedly the government’s sixth attempt to stabilize the local currency in 15 years, is backed by 2.5 tons of gold and $100 million in foreign currency reserves.
In a late June press release, the International Monetary Fund (IMF) reported that the ZiG official exchange rate has so far remained stable, ending a bout of macroeconomic instability that Harare experienced in the first three months of the year.
READ MORE: Zimbabwe launches ‘gold’ currency to replace dollar
Zimbabwean President Emmerson Mnangagwa said last month that the new currency could become the country’s sole legal tender by 2026, ahead of the projected 2030 deadline.
On Tuesday, Information Minister Muswere announced the government’s plan to increase penalties for “perpetrators of unjust price hikes, manipulation of ZiG currency, smuggling, and all forms of unfair trade practices.”
He said the authorities will review fines for various offenses, ranging from a minimum of $200 to a maximum of $5000, or the ZiG equivalent.
FBI Raid Home Of Former UN Weapons Inspector Scott Ritter
Federal agents and state police have searched the home of former US Marine and UN weapons inspector Scott Ritter in New York state earlier this week. Ritter told reporters that a search warrant was executed […]
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Hunter Biden was Paid in US ‘Influence’ Plot – Prosecutors
Federal prosecutors in the criminal tax case against Hunter Biden have accused him of accepting payments from a Romanian businessman who allegedly sought to “influence US government agencies.”
According to a filing made by the Justice Department on Wednesday in a Los Angeles federal court, a Romanian national hired Biden for legal work in 2015. His father Joe Biden was vice-president under then-President Barack Obama at the time.
The filing reportedly did not name the Romanian businessman but only identified him by his initials as “G.P.”
US media outlets have identified him as Gabriel Popoviciu, who was facing corruption charges in Romania at the time. The businessman was sentenced to seven years in prison in 2017 after being convicted of real-estate fraud. He denied any wrongdoing.
In the Wednesday filing, prosecutors said they had evidence that Hunter Biden and an associate had “received compensation from a foreign principal who was attempting to influence US policy and public opinion” and to end the local investigation against him in Romania.
According to prosecutors, Biden and his associate “were concerned that lobbying work might cause political ramifications for the defendant’s father” Joe Biden and acted to cover up the “true nature” of the work.
Hunter Biden and two associates split over $3 million in payments from Popoviciu, prosecutors say.
According to the Associated Press, Biden’s lawyers said in court papers that the president’s son is “the target of politically motivated attacks and conspiracy theories” about his foreign business dealings, and pointed to the fact that he has not been charged with any crime related to the allegations and the Special Counsel “should thus be precluded from even raising such issues at trial.”
READ MORE: Hunter Biden charged with $1.4 million tax evasion
The latest accusations form part of a broader case against the younger Biden, who was charged last year with evading $1.4 million in taxes between 2016 and 2019 and using the money to live an “extravagant lifestyle.” Biden has pleaded not guilty to the charges.
The trial in the case is scheduled for September in California. Biden was earlier found guilty on three charges in a federal gun trial in Delaware. Prosecutors in that case argued that Joe Biden’s son lied on a mandatory gun-purchase form in 2018 by claiming he was not addicted to or illegally using drugs.
Hunter Biden could face up to 25 years behind bars. However, experts have predicted that as a first-time offender he is unlikely to receive such a harsh sentence and may avoid prison entirely.
The 54-year-old is the first son or daughter of a serving US head of state to have criminal charges brought against him.
Japan Issues First Ever ‘Megaquake’ Warning Following 7.1 Quake Off Coast Of Kyushu
For the first time ever, Japan has warned about an increased risk of a “major earthquake” striking in the near future. Prime Minister Fumio Kishida was forced to cancel plans for a trip to Central […]
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Navy SEAL Commander Says 100 Trainees Quit After Mandated Covid Shot Killed Their Comrade
A Navy SEAL Commander has blown the whistle on the devastating impact of the military’s COVID-19 mRNA vaccine mandate on the health, well-being and motivation of our most elite troops. According to Capt. Brad Geary, […]
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Expect Tim Walz To DROP OUT After Being Caught In Massive Stolen Valor Scandal
Kamala VP pick Tim Walz is in over his head as more Americans and veterans learn about his history of embellishing his military career, claiming higher rankings and that he fought in combat while in reality he deserted his platoon as they were about to deploy to Iraq in 2005.
Expect Tim Walz To DROP OUT After Being Caught In Massive Stolen Valor Scandal pic.twitter.com/weLL0z4GVg
— Alex Jones (@RealAlexJones) August 8, 2024
Read more: ‘Me Not Being Tim Walz’ Trend Goes Viral Among Veterans Who Didn’t Abandon Their Platoons
Read more: 2009 Video Shows Veteran Confronting Tim Walz’s Staff Over Stolen Valor Allegations