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Mel’s Hole Second Call

Published on Aug 4, 2015
4 Days after his original call, Mel Waters informs Art Bell about the developments after the first call.

Mthuli Ncube

Bulawayo Bureau
GOVERNMENT has secured a loan facility from Afreximbank to guarantee the 1:1 convertibility value of Real Time Gross Settlement (RTGS) balances into the United States dollar and availability of the greenback for Nostro foreign currency accounts.

This was said by Finance and Economic Development Minister Professor Mthuli Ncube yesterday.

The decision follows widespread fears over loss of value for RTGS or electronic balances in banks, on the back of spiralling parallel market exchange rates which have spiked inflation, which is now hovering above four percent.

The situation has been compounded by unjustified price increases which have seen some retailers increasing prices by over 50 percent even though producers have not increased the prices.

Minister Ncube, who is in Bali, Indonesia, attending International Monetary Fund (IMF) and World Bank (WB) meetings, allayed fears over loss of RTGS savings, saying Government had put in place measures to retain value for electronic deposits.

“Government recognises concerns surrounding RTGS deposits and we commit to preserve the value of these balances on the current rate of exchange of 1 to 1, in order to protect people’s savings,” said Prof Ncube.

He later posted on his Twitter handle: “Today in Bali, Indonesia at the IMF/World Bank Meetings, I had fruitful discussions with the President of Afreximbank Dr Oramah. Afreximbank has offered Zimbabwe a facility to guarantee 1:1 convertibility of RTGS balances into US$ and availability of US$ for Nostro Foreign Currency Accounts (FCA).”

Prof Ncube could not disclose the value of the back-up facility. Over and above the Nostro deposit protection guarantee from Afreximbank, Prof Ncube said Treasury was also reinforcing Nostro FCA accounts with a statutory instrument to guarantee that they are private deposits.

This will ensure that “neither the Reserve Bank nor Government has any access to them,” he said.

In its mid-term Monetary Policy Statement last week, the Reserve Bank of Zimbabwe (RBZ) directed all banks to effectively operationalise the ring-fencing policy on Nostro FCAs by separating foreign currency accounts (FCAs) into two categories, namely Nostro FCAs and RTGS FCAs.

Despite admitting earlier that market forces were resisting the parity value of RTGS to the US$, Prof Ncube said measures were being implemented to accelerate economic reforms that were necessary to right sizing the economy.

Official statistics indicate that RTGS deposits had risen to about $9 billion. Prof Ncube said Government was committed to reducing fiscal imbalances, which are the root cause of the many challenges the economy is facing.

He acknowledged the problem of cash shortages and the challenge of foreign exchange parallel market rates, which have a negative effect on prices and subsequent inflationary pressures.

Prof Ncube said these challenges could only be addressed by positioning the economy on a strong footing through implementing reforms that include cutting on Government expenditure, working towards import parity pricing system, increasing efficiency on Government delivery systems and fast-tracking the State Owned Enterprises reforms, among a host of reforms.

“These reforms shall be accompanied by a strong and sustainable currency reform system, which will follow after the execution of the above reforms,” he said. “This is necessary to ensure that any currency reform programme that the Government would put in place is effective and that it has minimum disruption to business.”

Prof Ncube said in view of the need for an orderly currency reform programme that will be followed when the economic fundamentals are right to do, the country will continue to use the multi-currency system that was adopted in 2009.

He said this policy position entails that foreign exchange earners are not prejudiced of their regulatory foreign exchange receipts and that those who do not earn foreign exchange have access to foreign exchange through the banking system.

Published on Oct 10, 2018

Published time: 10 Oct, 2018 13:44

Edited time: 10 Oct, 2018 18:08

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‘A once-in-a-lifetime event’: Record-breaking Hurricane Michael makes landfall in Florida

A satelite image shows Hurricane Michael closing in on the Florida coast © AFP / NOAA

Hurricane Michael has made landfall in Florida, bringing with it winds of 155 miles per hour. Michael is on track to be the strongest hurricane to batter Florida since 1851.

“No long-time residents of this area will have seen a hurricane this strong before,” said the Weather Channel. No category-4 hurricane has ever made landfall along Florida’s panhandle, and Michael is set to bring winds of up to 155mph and waves of up to 13 feet, enough to rip roofs off houses, and bury them beneath the storm surge.

As well as being the strongest storm to hit Florida in over a century, Michael is poised to be the strongest to hit the US mainland since the extremely active hurricane season of 2004.

“It’s a triple threat— it’s got high surge, it’s got heavy winds or strong winds and heavy rain and a wide area,” FEMA administrator Jeff Byard told Fox News.

“A storm like this could be a once-in-a-lifetime event,” Meteorologist Brett Rayburn told Bloomberg. “Winds of this intensity can really knock down any tree or structure in its path.”

via GIPHY

President Trump has declared a state of emergency for the entire state of Florida, and Governor Rick Scott pleaded earlier on Wednesday with anyone in an evacuation zone – around 500,000 people – to “leave RIGHT NOW,” or risk their lives.

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If you’re in an evacuation zone, I am urging you to leave RIGHT NOW. Do not risk your life or the lives of your loved ones- get out now.
— Rick Scott (@FLGovScott) October 10, 2018Q
Video taken by meteorologist Marc Weinberg showed Michael uprooting buildings along the beachfront in Panama City, a few miles away from the landfall point of Mexico Beach.

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New construction just collapsed in front of me in Panama City Beach from #hurricanemichael!!! It is going bad fast! pic.twitter.com/CG5R8jcUuf
— Marc Weinberg (@MarcWeinbergWX) October 10, 2018Q
After ripping through Florida, FEMA warned that Hurricane Michael could cause flash flooding throughout Alabama, Georgia, and North and South Carolina. The Carolinas are still recovering from the devastation caused by Hurricane Florence six weeks ago, and Michael is expected to be orders of magnitude stronger than Florence.

Evacuees have already begun to settle into school and government buildings, hastily repurposed as shelters by the Red Cross. 75-year-old retiree Betty Early told Reuters that she was just “blessed to have a place to come,” as she huddled on a makeshift bedroll in an elementary school building in Panama City.

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NEW: NOAA’s #GOES16 sees #HurricaneMichael — now at Cat. 4 strength — edging closer to the #FloridaPanhandle, early this morning, Oct. 10, 2018. Updates: @NHC_Atlanticpic.twitter.com/tANebsje0k
— NOAA Satellites PA (@NOAASatellitePA) October 10, 2018Q
With the storm intensifying as it hit land, Gov. Scott warned that first responders will no longer be able to make it to evacuation zones. “The time for evacuating along the coast has come and gone,” he warned later on Wednesday morning. “If you chose to stay in an evacuation zone, you must SEEK REFUGE IMMEDIATELY.”

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The time for evacuating along the coast has come and gone. First responders will not be able to come out in the middle of the storm. If you chose to stay in an evacuation zone, you must SEEK REFUGE IMMEDIATELY.
— Rick Scott (@FLGovScott) October 10, 2018Q
In addition to the imminent threat to human life, authorities are predicting sustained power outages, and “major infrastructure damage,” according to Byard. Wastewater treatment systems, as well as transportation and communication networks, are expected to be devastated by the storm, which could cause up to $16 billion in damage.

(Disclaimer: The following is an overview of the current situation based on intelligence leaks received from several sources which may or may not accurate. Other confirmed sources may also be included in this overview.)

According to sources, the United States Treasury is expecting a major change to occur in the system.

A stock market correction is inbound and it is said that the RV release will financially stabilize the economy during the correction.

Zimbabwe is the richest country in the world yet impoverished.

Zimbabwe is discretely setting the foundation for the global currency reset.

No skyscraper can stand tall without a solid foundation.

Two different realities are co-existing in real time. One is public, and the other private.

The world needs Zimbabwe (minerals) and Zimbabwe needs the world (RV).

(Disclaimer: The following is an overview of the current situation based on intelligence leaks received from several sources which may or may not accurate. Other confirmed sources may also be included in this overview.)

Sources continue to wait for the “break in the system” to ignite the transition.

Intel has been limited over the past couple of days.

We are waiting for the final showdown.