AUTHORITIES have announced Zimbabwe introduce a currency in the next 14 days.
Reserve Bank of Zimbabwe Governor John Mangudya told a press conference after the monetary policy committee meeting, that the new currency will be issued in $2 and $5 notes as a way of dealing with the parallel money market.
"The committee noted that the level of physical cash in the economy is inadequate to meet transactional demand, considering that the current proportion of cash to broad money of 4% is low compared to regional and international levels of 10-15%. This low ratio has resulted in an undesirable cash premium which the Committee would like to see eliminated," Mangudya said.
The bank said in 2019, the economy reached new levels of electronic money usage.
"However, the committee felt that there was a need to boost the domestic
availability of cash for transactional purposes through a gradual increase in cash supply over the next six months.
“The committee also noted the need to review upwards the cash withdrawal limits to ease the burden on the transacting public. This additional cash injection will be carried out through the non-inflationary exchange of RTGS money for physical cash," Mangudya said.
Government last month denied reports that a new currency was being minted and would be introduced in November.
Monetary Policy Committee member Eddie Cross in an interview with Zimbolivenews however stuck to his guns despite the denial arguing he had not made any announcement but was only saying what President Emmerson Mnangagwa had consistently said.
Mnangagwa however had given three separate dates including the first quarter of 2020 for the introduction of the new currency.
Zimbabweans have had to sleep in queues for years to access cash which has been selling at a premium on the parallel market.
Zimbabwe’s central bank says it will soon introduce a new currency, which is expected to be at par with the bond notes and coins, amid serious cash shortages in the country.
Governor of the Reserve Bank of Zimbabwe (RBZ), John Mangudya, told reporters in Harare today that the introduction of the new currency is designed to ease the current cash crunch.
Mangudya, who chairs the Zimbabwe’s Monetary Policy Committee, said the RBZ would introduce two and five dollar notes. He could not be drawn to provide details of the new currency.
He said the move would also result in an upward review of daily cash withdrawals and also curb high premiums on cash.
“The Committee noted that the level of physical cash in the economy is inadequate to meet transactional demand, considering that the current proportion of cash to broad money supply of 4% is low compared to regional and international levels of 10-15%. This low ratio has resulted in an undesirable cash premium which the Committee would like to see eliminated.
“In this regard, the Committee noted with satisfaction the fact that the domestic economy in 2019 achieved new heights in terms of the utilization of electronic systems for market transactions. However, the Committee felt that there was a need to boost the domestic availability of cash for transactional purposes through a gradual increase in cash supply over the next six months.”
He noted that the committee noted the need to review upwards cash withdrawal limits to ease the burden on the transacting public.
“This additional cash injection will be carried out through the non-inflationary exchange of RTGS money for physical cash.”
Mangudya said the Committee is committed to see efficient, stable and competitive financial markets with minimal obstacles and regulations for sustainable economic development.
“The Committee remains convinced that if strict fiscal and monetary discipline are maintained, it will be possible to achieve low inflation and stability within the shortest possible time.”
Reacting to this move, some independent economists warned that the introduction of a new currency is likely to result in the shrinking of the local economy expected to contract by 6.5% this year.
But the Monetary Policy Committee noted that key basic economic fundamentals remain sound, and in place for the country to meet its stabilization and development objectives.
“… Thus, notwithstanding the projected contraction in Gross Domestic Product (GDP) growth by around 6.5% in 2019 on account of the twin climatic shocks, the devastating drought and cyclone Idai, the foreign exchange generation capacity of the economy is still sufficient to support a stable exchange rate.
“This is also reflected in the projected narrowing of the current account deficit to 1.5% by end of year, and if sustained, this is a positive trend for the Balance of Payments position.”
According to Mangudya, the Committee is of the view that the country’s potential growth rate is still strong and needs to be buttressed by appropriate structural policies to ensure sustainable growth.
On inflation, Mangudya said Zimbabwe is concerned the continued inflationary pressures in the economy.
“However, these are projected to recede in the outlook period as attested by the recent decline in monthly inflation from 39.26% in June 2019 to 18.07% in August and further to 17.72% in September 2019. A monthly rate of 10-12% is projected for the year end. Current inflation trends are largely driven by inflation expectations and temporal shocks from speculative pricing as well as the recent increase in reserve money.”
To curb some of the inflationary trends, Mangudya said the Committee noted that there is need to limit the exchange rate pass through effect to inflation by stabilizing the exchange rate and boosting confidence in the local currency
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Medicare Supplement Plans: How Medigap Helps Cover Out-of-Pocket Costs
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Medicare Supplement Plans: How Medigap Works
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Medicare Supplement Insurance, also called Medigap, helps pay certain out-of-pocket costs left by Original Medicare.
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For many people, Medigap is appealing because it can make health care costs more predictable.
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Medicare says Medigap is extra insurance sold by private companies to help pay your share of costs in Original Medicare, such as copayments, coinsurance, and deductibles.
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Who Can Buy a Medigap Policy?
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Generally, you need Original Medicare Part A and Part B to buy a Medigap policy.
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Medigap works with Original Medicare. It is not the same as Medicare Advantage.
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This matters because you generally cannot use Medigap to pay Medicare Advantage plan costs.
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What Does Medigap Cover?
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Medigap policies may help with costs such as:
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Part A coinsurance
rnPart B coinsurance or copayments
rnBlood costs
rnSkilled nursing facility coinsurance
rnPart A deductible
rnForeign travel emergency coverage, depending on plan
rnOut-of-pocket gaps in Original Medicare
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Coverage depends on the specific plan letter.
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Medicare provides a comparison chart showing what different Medigap plan letters cover.
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Medigap Plan Letters
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Medigap plans are standardized by letter in most states.
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Common plan letters include:
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Plan A
rnPlan B
rnPlan D
rnPlan G
rnPlan K
rnPlan L
rnPlan M
rnPlan N
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The benefits for a plan letter are standardized, but prices can differ by insurance company.
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For example, Plan G benefits are generally the same standard benefits regardless of company, but premium pricing and service may vary.
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Medigap vs. Medicare Advantage
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This is a major decision.
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Medigap Works With Original Medicare
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You keep Original Medicare and add Medigap to help with out-of-pocket costs. You may also buy a separate Part D plan for prescriptions.
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Medicare Advantage Replaces How You Receive Medicare Benefits
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Medicare Advantage plans are private plans that provide Part A and Part B benefits as an alternative to Original Medicare.
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The choice affects doctor access, network rules, drug coverage, monthly premiums, and out-of-pocket costs.
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When Is the Best Time to Buy Medigap?
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Medicare says your federal Medigap Open Enrollment Period lasts 6 months and starts the first month you have Medicare Part B and are 65 or older. During this period, you have important rights when buying Medigap.
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If you apply later, medical underwriting may apply in many situations, depending on your state and circumstances.
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Medigap Pros
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Potential advantages include:
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Predictable out-of-pocket costs
rnWorks with Original Medicare
rnNo Medicare Advantage network rules
rnHelpful for frequent travelers
rnStandardized benefits
rnCan reduce surprise medical bills
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Medigap Cons
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Potential disadvantages include:
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Monthly premium
rnUsually requires separate Part D drug plan
rnDoes not usually include dental, vision, or hearing extras
rnPricing can increase over time
rnMay be harder to buy later depending on rules
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How to Compare Medigap Plans
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Compare:
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Plan letter benefits
rnMonthly premium
rnRate increase history
rnCompany reputation
rnHousehold discounts
rnEnrollment timing
rnCustomer service
rnAvailability in your state
rnWhether you need Part D separately
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Do not choose only by brand name. Since benefits are standardized by plan letter, price and service matter.
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Who May Like Medigap?
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Medigap may be a strong fit for people who:
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Want provider flexibility
rnTravel often
rnPrefer Original Medicare
rnWant predictable costs
rnSee specialists frequently
rnDo not want network restrictions
rnCan afford a monthly premium
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Final Thoughts
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Medicare Supplement plans can help reduce the financial gaps in Original Medicare.
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If you want flexibility, predictable cost-sharing, and fewer network concerns, Medigap may be worth comparing. But timing matters, and premiums vary.
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Before buying, compare plan letters, prices, Part D needs, and long-term affordability.
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Uncontested Divorce Lawyer: How to End a Marriage Without a Long Court Fight
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Uncontested Divorce Lawyer: How Simple Divorce Works
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Not every divorce has to become a long courtroom battle.
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If both spouses agree on the major issues, an uncontested divorce may be possible. This can save time, reduce stress, and lower legal costs.
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An uncontested divorce lawyer can help prepare the paperwork, review the agreement, and make sure the final divorce order is clear and enforceable.
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What Is an Uncontested Divorce?
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An uncontested divorce means both spouses agree on the terms of the divorce.
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Those terms may include:
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Property division
rnDebt division
rnChild custody
rnParenting time
rnChild support
rnSpousal support
rnRetirement accounts
rnHealth insurance
rnTax issues
rnWho keeps the home
rnWho pays certain bills
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If there is disagreement on any major issue, the case may become contested.
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Do You Still Need a Lawyer for an Uncontested Divorce?
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You may not be legally required to hire a lawyer, but legal help can prevent mistakes.
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A divorce agreement can affect:
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Your home
rnYour retirement
rnYour custody rights
rnYour future support obligations
rnYour debts
rnYour taxes
rnYour ability to enforce the agreement
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A lawyer can help make sure the agreement says what you think it says.
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Benefits of an Uncontested Divorce
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Potential benefits include:
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Lower cost
rnLess conflict
rnFaster process
rnMore privacy
rnLess stress on children
rnMore control over the outcome
rnReduced court involvement
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The biggest advantage is control. Instead of leaving major decisions to a judge, spouses create their own agreement.
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When Uncontested Divorce May Work Well
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Uncontested divorce may be a good fit when:
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Both spouses are honest about finances
rnBoth spouses agree the marriage should end
rnThere is no domestic violence or intimidation
rnBoth spouses understand the property
rnCustody terms are agreed
rnSupport terms are clear
rnThere are no hidden assets
rnBoth spouses are willing to sign documents
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When Uncontested Divorce May Not Be Safe
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Uncontested divorce may not be appropriate if:
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One spouse is hiding money
rnOne spouse is pressuring the other
rnThere is abuse or fear
rnCustody is disputed
rnOne spouse controls all finances
rnA business must be valued
rnThere are major retirement assets
rnOne spouse does not understand the agreement
rnThere are complex tax issues
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A “simple divorce” can become expensive later if the agreement is unfair or unclear.
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What Documents Are Usually Needed?
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Depending on the state and case, documents may include:
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Petition for divorce
rnWaiver or acceptance of service
rnSettlement agreement
rnParenting plan
rnChild support worksheet
rnFinancial affidavit
rnDecree of divorce
rnQualified domestic relations order for retirement
rnReal estate transfer documents
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State requirements vary.
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What Should the Divorce Agreement Cover?
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A strong uncontested divorce agreement should clearly address:
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Who receives each asset
rnWho pays each debt
rnHow retirement is divided
rnWhether spousal support applies
rnChild custody schedule
rnHoliday parenting schedule
rnTransportation rules
rnMedical expenses for children
rnEducation expenses
rnTax dependency claims
rnInsurance responsibilities
rnDispute resolution process
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Vague agreements can cause future conflict.
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How Long Does an Uncontested Divorce Take?
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Timing depends on state law, local court procedures, waiting periods, and whether children are involved.
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Some states require a waiting period before a divorce can be finalized. Others move faster if all documents are complete.
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A lawyer can explain the timeline in your county.
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Final Thoughts
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An uncontested divorce can be a calmer, faster, and more affordable way to end a marriage.
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But “uncontested” does not mean “unimportant.”
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Before signing a divorce agreement, make sure your rights, finances, custody terms, and future obligations are clear.
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