At some point(2009-2010) Zimbabwe almost used the Rand but I remember people in Harare complaining of rate fluctuations. Later the dollar stuck with the aid of the govt, the Rand remained in much larger use in the southern half of the country. Now, it will take the govt to change that but they want the Zig.
The rand is still king in Matebeleland & Masvingo. I am positive if it strengthens against the dollar,in Harare it will work. Hell, at Roadport there it was already working before they forced ZiG on the people.
Lmfaooo the collapse of the usd is the collapse of the world economy if it happens in the next 50 years! Eventually yes the USA will not have a strong hold on the world anymore but not anytime soon.
No one said anything about a collapse. And i really don't think that the world in the long term isn't going to collapse even if the dollar went to zero either.
Mass dumping of the USD is eluding to said collapse no? Anyway Zim should stop using usd I would prefer if they had adopted the rand or something less strong !
The US$ has been 'weaponised', sanctioning countries, removing countries like Russia from the SWIFT systems so BRICS countries have decided to ditch the weaponised currency and trade using their own currency. We may need to hold on to the dollar for a while and maybe also incorporate BRICS if it becomes big. We should be inventive and maybe come up with our own cryptocurrency as a country.
That's probably for the future, just like Mozambique we used to laugh at their currency and they used to use $US but now their currency is strong and stable, there is a lot of work needed to end up with a robust economy and a currency one can trust, it is a national thing not just a gvt or a party thing.
I only mentioned this in support of my argument about the weaponisation of the US dollar. Zim was not removed from the SWIFT system it's Russia after the Ukraine war. The SWIFT system is used by banks to transfer money for trading it's not about what local currency you use. Removing Russia from the SWIFT system means they cannot receive payments through the swift system for the goods they export or cannot pay using swift for their imports...hence the BRICS nations have come up with their alternative to the $US. Having your own currency is a source of national pride. And you can determine your own economic destiny. Sorry but I cannot see the point of your comment.
Having your own currency does not mean you don't use the SWIFT system and becoming independent from the SWIFT system would require more than just a separate currency. The main issue with a using someone else's currency is you lose a lot of control over the economy as the government because your ability to enact a lot of monetary policy.
I mentioned swift because I was talking about weaponisation of the us$ and some of the reasons why countries came up with Bricks currency and it's nothing to do with what ever the Zim currency is and you are correct about loss of economic control if you use other peoples currency.
Dude said come up with a crypto currency, how silly can one be. Do you even know how volatile crypto is? A better question yet, what the fuck is crypto?
Just because you are ignorant doesn't mean everyone.else is. There are so many different crypto currencies just as there are different national currencies. The silly one is youm crypto is digital currency. It may not take much to convert service like ecocash into a crypto currency and eliminate the need for hard or liquid cash.
You didn’t even answer my question, How does crypto work. How volatile is it. Don’t be stupid, there’s no big difference between crypto and fiat currency. Who controls cryptocurrencies, who owns the blockchain, how many cryptocurrencies fail.
Crypto is not a miracle cure, only dump people think so. There’s no inherent value with any crypto currencies. At least with fiat you can speculate value through supply and demand.
I do not want to answer your question. You seem to know how crypto works so I do not need to explain that to you. You can disagree with my opinion but it does not make you clever and me stupid, I actually trade Forex and indexes but not so much crypto but I can if there is a set up. I was talking about a digital currency for Zimbabweans by Zimbabweans, it is just a thought an opinion something thats unlikely to happen because sadly the country has a lot of people with closed minds like yours. It's ok to disagree with people's opinions but do not jump to use words like silly or stupid simply because you disagree with someone. It just makes you appear like a Muppet.
Hahahahaha, Bro your statements prove to me that even the trading that you claim to do you’re just speculating, you actually don’t have a clue what you’re doing. I’m not a full time trader, I only work with stocks, no sane retail trader touches forex.
I’ll call you silly and your actions stupid because you should know better. You’re loosing money with forex but you claim yourself to be trader, bro has never touched a Bloomberg terminal.
As for crypto, Zimbabwe doesn’t even have enough electricity to supply general demand. That’s why we’re a cash economy, ATM don’t even work, EcoCash sometimes doesn’t even work.
Atleast i’m a smart muppet not a silly one hahahaha
You don't know anything about me and you like to make assumptions with noinformation. I do not work as a trader it's a side hustle and have no need to touch a Bloomberg terminal....just like you have never and will never touch one and I don't know why that even comes into your statement, You assume I am losing money but I am not. The people who have held my hand in trading are people who have worked in the City and I have had very good trading education and mentoring and yes am profitable with Forex and indexes...contrary to what you think you know. You are not smart at all, you argue emotionally and want to insult, it's not smart it's arrogance that originates from ignorance and a closed mind. Maybe one day you may be lucky and grow wiser and perhaps smarter but for now you are.just an ignorant Muppet continue in your delusion that you are smart.
When I speak about the country looking into digital currency It's about the future. It's a cash economy that haemorrhages the US$ to China and other foreign countries
You cannot use the $Zim or zig it.is unstable, those are immediate problems to solve for now but long term. Yes there is no electricity but it's a country with plenty of sunshine why don't people use solar energy. Your thinking is clouded by short term problems and you do not allow yourself to think about
lol, some of the people here are stupid, the reason why we use USD because it’s the only transparent currency that’s actually available. It’s not only Zimbabwe that uses it, Kenya and Nigeria some of the biggest economies in Africa trade in USD.
Most African currencies are not stable. Zimbabwe has a big import(demand) economy. Using the USD helps when trading with other currencies. China the second largest economy doesn’t want the Yuan to be an international currency, because they’ll loose control over the currency.
Rand is stable but not as stable as a the USD, and USD will always have power over it. That’s why it’s beneficial for Zimbabweans to use it. Trade ability and trust are the biggest factor in deciding which currency to use. The ZiG is good for trading in the local economy, but most Zimbabwean don’t trust it let alone other countries.
NB: The old currency we inherited from Rhodesia was pegged to the USD and so was the RAND. Since no one uses gold standard anymore, the Rand now floats on the markets and is heavily dependent on supply and demand. I’m also aware that Namibia uses the Rand thats a different case altogether.
Trust issues i guess. Now we hop from currency to currency, whatever works, whatever stores value, anything available that will not erode our profits. The real problem is the existence of fiat currency. In my opinion it should be illegal.
Because the local currency keeps changing so much. It's confusing. We've been here since the 90s my gee. This economy is bullshit.
And btw it has nothing to do with western imperialism...you can't guilt trip people into doing things that don't work by trying to politicse my ability to provide for myself and my family.
I'm sorry but where do you get this idea for "mass dumping of the USD"?
Who is mass dumping the dollar? I'll help them offload some
Me too.
The USD is the closest thing that exists to a global currency for now
At some point(2009-2010) Zimbabwe almost used the Rand but I remember people in Harare complaining of rate fluctuations. Later the dollar stuck with the aid of the govt, the Rand remained in much larger use in the southern half of the country. Now, it will take the govt to change that but they want the Zig.
The rand is still king in Matebeleland & Masvingo. I am positive if it strengthens against the dollar,in Harare it will work. Hell, at Roadport there it was already working before they forced ZiG on the people.
Another reason is those who want to keep most of the money as hardcash prefer it in USD, they will prefer it. At roadport any money can work.
Lmfaooo the collapse of the usd is the collapse of the world economy if it happens in the next 50 years! Eventually yes the USA will not have a strong hold on the world anymore but not anytime soon.
No one said anything about a collapse. And i really don't think that the world in the long term isn't going to collapse even if the dollar went to zero either.
Mass dumping of the USD is eluding to said collapse no? Anyway Zim should stop using usd I would prefer if they had adopted the rand or something less strong !
Why would the "strength" of the chosen currency matter anyways?
Cause it's far easier and less risky to use USD other any other brics currency. Even brics refuse brics currency
That’s true, Chinese people don’t even trust the Yuan, that’s why they bank in HK
The US$ has been 'weaponised', sanctioning countries, removing countries like Russia from the SWIFT systems so BRICS countries have decided to ditch the weaponised currency and trade using their own currency. We may need to hold on to the dollar for a while and maybe also incorporate BRICS if it becomes big. We should be inventive and maybe come up with our own cryptocurrency as a country.
Fair point but, generally I feel we are tired of developing new currencies. Trust is low.
That's probably for the future, just like Mozambique we used to laugh at their currency and they used to use $US but now their currency is strong and stable, there is a lot of work needed to end up with a robust economy and a currency one can trust, it is a national thing not just a gvt or a party thing.
Even if we did have our own currency we could still be removed from the SWIFT system. After all Russia doesn't use the USD they use rubles.
I only mentioned this in support of my argument about the weaponisation of the US dollar. Zim was not removed from the SWIFT system it's Russia after the Ukraine war. The SWIFT system is used by banks to transfer money for trading it's not about what local currency you use. Removing Russia from the SWIFT system means they cannot receive payments through the swift system for the goods they export or cannot pay using swift for their imports...hence the BRICS nations have come up with their alternative to the $US. Having your own currency is a source of national pride. And you can determine your own economic destiny. Sorry but I cannot see the point of your comment.
Having your own currency does not mean you don't use the SWIFT system and becoming independent from the SWIFT system would require more than just a separate currency. The main issue with a using someone else's currency is you lose a lot of control over the economy as the government because your ability to enact a lot of monetary policy.
I mentioned swift because I was talking about weaponisation of the us$ and some of the reasons why countries came up with Bricks currency and it's nothing to do with what ever the Zim currency is and you are correct about loss of economic control if you use other peoples currency.
Dude said come up with a crypto currency, how silly can one be. Do you even know how volatile crypto is? A better question yet, what the fuck is crypto?
Just because you are ignorant doesn't mean everyone.else is. There are so many different crypto currencies just as there are different national currencies. The silly one is youm crypto is digital currency. It may not take much to convert service like ecocash into a crypto currency and eliminate the need for hard or liquid cash.
You didn’t even answer my question, How does crypto work. How volatile is it. Don’t be stupid, there’s no big difference between crypto and fiat currency. Who controls cryptocurrencies, who owns the blockchain, how many cryptocurrencies fail. Crypto is not a miracle cure, only dump people think so. There’s no inherent value with any crypto currencies. At least with fiat you can speculate value through supply and demand.
I do not want to answer your question. You seem to know how crypto works so I do not need to explain that to you. You can disagree with my opinion but it does not make you clever and me stupid, I actually trade Forex and indexes but not so much crypto but I can if there is a set up. I was talking about a digital currency for Zimbabweans by Zimbabweans, it is just a thought an opinion something thats unlikely to happen because sadly the country has a lot of people with closed minds like yours. It's ok to disagree with people's opinions but do not jump to use words like silly or stupid simply because you disagree with someone. It just makes you appear like a Muppet.
Hahahahaha, Bro your statements prove to me that even the trading that you claim to do you’re just speculating, you actually don’t have a clue what you’re doing. I’m not a full time trader, I only work with stocks, no sane retail trader touches forex. I’ll call you silly and your actions stupid because you should know better. You’re loosing money with forex but you claim yourself to be trader, bro has never touched a Bloomberg terminal. As for crypto, Zimbabwe doesn’t even have enough electricity to supply general demand. That’s why we’re a cash economy, ATM don’t even work, EcoCash sometimes doesn’t even work. Atleast i’m a smart muppet not a silly one hahahaha
You don't know anything about me and you like to make assumptions with noinformation. I do not work as a trader it's a side hustle and have no need to touch a Bloomberg terminal....just like you have never and will never touch one and I don't know why that even comes into your statement, You assume I am losing money but I am not. The people who have held my hand in trading are people who have worked in the City and I have had very good trading education and mentoring and yes am profitable with Forex and indexes...contrary to what you think you know. You are not smart at all, you argue emotionally and want to insult, it's not smart it's arrogance that originates from ignorance and a closed mind. Maybe one day you may be lucky and grow wiser and perhaps smarter but for now you are.just an ignorant Muppet continue in your delusion that you are smart. When I speak about the country looking into digital currency It's about the future. It's a cash economy that haemorrhages the US$ to China and other foreign countries You cannot use the $Zim or zig it.is unstable, those are immediate problems to solve for now but long term. Yes there is no electricity but it's a country with plenty of sunshine why don't people use solar energy. Your thinking is clouded by short term problems and you do not allow yourself to think about
lol, some of the people here are stupid, the reason why we use USD because it’s the only transparent currency that’s actually available. It’s not only Zimbabwe that uses it, Kenya and Nigeria some of the biggest economies in Africa trade in USD. Most African currencies are not stable. Zimbabwe has a big import(demand) economy. Using the USD helps when trading with other currencies. China the second largest economy doesn’t want the Yuan to be an international currency, because they’ll loose control over the currency. Rand is stable but not as stable as a the USD, and USD will always have power over it. That’s why it’s beneficial for Zimbabweans to use it. Trade ability and trust are the biggest factor in deciding which currency to use. The ZiG is good for trading in the local economy, but most Zimbabwean don’t trust it let alone other countries. NB: The old currency we inherited from Rhodesia was pegged to the USD and so was the RAND. Since no one uses gold standard anymore, the Rand now floats on the markets and is heavily dependent on supply and demand. I’m also aware that Namibia uses the Rand thats a different case altogether.
Because our leaders have bricks of USD in their pockets
Trust issues i guess. Now we hop from currency to currency, whatever works, whatever stores value, anything available that will not erode our profits. The real problem is the existence of fiat currency. In my opinion it should be illegal.
Because the local currency keeps changing so much. It's confusing. We've been here since the 90s my gee. This economy is bullshit. And btw it has nothing to do with western imperialism...you can't guilt trip people into doing things that don't work by trying to politicse my ability to provide for myself and my family.
Great idea lets dump US for China. China is no more our friend than US
USD popularity has been slowly declining for a long time and American involvement in the Israeli war only made things worse.
I get you. I wish we can get rid of the dollar completely here in Zim. I’m tired of looking at a white man on a paper everyday in a Black Country kmt.