Wednesday, July 29

LATEST:Finance Minister Mthuli Ncube- Introducing New Currency For Zimbabwe Was A Must

Zimbabwe, the country I serve as finance minister, has been in the news for restricting the use of the US dollar and other international currencies as legal tender. Why would we want to return to our own currency, given such recent, home-made, experience of monetary turmoil?
The answer can be found in our recent history. Following hyperinflation at the close of 2009, and to stem the instability produced by bad governance and fiscal ill-discipline, a mixture of other nations’ bills — the US dollar, British pound, South African rand, the euro, the Chinese renminbi and the Botswanan pula — became Zimbabwe’s medium of exchange in place of the Zimbabwean dollar.
But while this curtailed household prices — its primary purpose — today it is outdated. It is overlooked that this was a tourniquet, not a cure.

Dollarisation has acted as a break on Zimbabwe’s economic development as we are a country reliant on exports. The strong dollar stifled our competitiveness. Without our own currency, we have had no control of monetary policy. We have had no mechanism to stimulate economic activity — not exports, nor foreign direct investment — or to deal with downturns in international markets. That is why the government must introduce its own new, and permanent, fiat currency.To be clear, at this time, in this year, any and every responsible Zimbabwean government would be doing the same as we are today. This is not a “political” decision, therefore, but simple economic and geopolitical necessity. Zimbabwe’s recovery will still depend on export-led growth. Had the opposition been in office, they too would now be introducing a new currency — just the same — despite their present protestations to the contrary.As the former chief economist at the African Development Bank, I have witnessed the results of currency volatility across many contexts. I have seen what works — and the reverse. And that is why, in June of this year, the government made the RTGS — a quasi-currency that will act as a bridge to the introduction of a sovereign currency later this year — the sole legal tender in Zimbabwe.
To an outsider, it may seem puzzling that the government chose to implement this now. Plenty of foreign exchange is required to stabilise the introduction of a new currency and leaven its inevitable inflation. Zimbabwe’s reserves could not be described as abundant. Yet, with the US dollar strengthening over the years against the currencies of Zimbabwe’s major trading partners, exports were continually losing competitiveness. A fresh tranche of foreign exchange in the required volume and timeframe was improbable.

Sooner or later, the current administration knew it would have to introduce a new, national currency. Prevarication would only place Zimbabwe in a weaker position. It was a choice between short-term turbulence now or far greater anguish later.
The compromised position Zimbabwe found itself in would always mean there would be some damage — though it will presage a revival. With a weaker currency, exports will gain in competitiveness, bringing much-needed foreign exchange to counteract the inflationary pressures the nation is currently experiencing.
There is also an imperative to develop a market for Treasury bills and long-dated bonds and create a yield curve. A monetary policy committee will be appointed soon to buttress monetary policy conduct.The Zimbabwe dollar, comprising RTGS and bond notes, is now the designated sole legal tender in Zimbabwe — pending the rollout of a fiat currency later in the year. Initially, the government introduced it alongside the other currencies, with the intention of it becoming the main currency of exchange in place of the dollar, which would primarily be used as a reserve of value.The theory was not borne out in reality. Every day, the RTGS was shedding one percent of its value against the dollar, hampering its transition to the primary currency of domestic exchange.
Change had to be driven more forcefully: it was clear the RTGS had to be designated the sole legal tender. Admittedly, the government did not manage this without fault. The implementation was too indiscriminate, with international and export facing companies under its purview, causing disruption to the flow of business.

The government has recognised this was wrong and rectified it. International facing companies can again trade in foreign exchange. Only to carry out transactions in the domestic market they must first convert into RTGS dollars.For the moment, it is causing some economic turbulence — something no serious government would wish to be the result of their policy. But this was always to be expected. There is no way to fully avoid it. And a commitment to better their citizen’s future requires the same government to make sometimes difficult choices.Zimbabwe was once the exporting breadbasket of Africa. Now, its balance of payments is negative. But with control of our currency, we can reclaim the best parts of our past — and resume our place in the world economy as an export-led nation in the near future.

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Cyber Insurance for Small Business: Coverage Guide

Cyber insurance has moved from a nice-to-have policy to a serious risk management tool for small businesses. Even companies with fewer than 50 employees depend on email, cloud software, online banking, remote access, customer databases, websites, point-of-sale systems, and mobile devices. A single ransomware infection, stolen password, or fraudulent wire request can stop operations and create expensive response costs.

Cyber insurance is designed to help with certain costs after a covered cyber incident. It is not a replacement for good security, but it can support response and recovery when controls fail. The exact coverage depends on the insurer, policy form, endorsements, exclusions, and security requirements.

First-party coverage applies to the business's own losses. This may include breach response, forensic investigation, data restoration, business interruption, ransomware response, crisis communications, legal consultation, and customer notification. If a business cannot operate because systems are locked or cloud access is disrupted, business interruption coverage may help replace covered lost income during the downtime period.

Third-party coverage applies when other people or organizations claim your business caused harm. This may include legal defense, settlements, regulatory investigations, privacy claims, media liability, or contractual claims after a data breach. Businesses that store customer records, health information, financial data, payment information, or confidential client files should pay close attention to this area.

Business email compromise is one of the most important topics to ask about. Many losses now involve fraudulent emails, fake invoices, payroll diversion, vendor impersonation, or wire transfer scams. Some cyber policies cover social engineering or funds transfer fraud only if a special endorsement is added. Others exclude it or provide a lower sublimit. Ask specifically: If an employee is tricked into sending money to a criminal, is that covered?

Ransomware coverage also varies. Some policies may help with negotiation, legal guidance, recovery support, and covered payments where legally allowed. However, insurers may require security controls before offering ransomware coverage. These controls can include multifactor authentication, endpoint detection, backups, patch management, email filtering, employee training, and privileged access restrictions.

Cyber insurance applications have become more detailed. Insurers may ask whether multifactor authentication is used for email, remote access, administrator accounts, and cloud systems. They may ask about backups, encryption, endpoint protection, firewalls, vulnerability scanning, incident response plans, vendor access, and security training. Answer honestly. Inaccurate answers can create problems during a claim.

Not every cyber event is covered. Common exclusions may involve prior known incidents, war or nation-state activity, bodily injury, infrastructure failure, intentional acts, failure to maintain required controls, unencrypted devices, or losses outside policy definitions. Because exclusions can be broad, review the policy with someone who understands cyber risk.

Small businesses should also ask about the insurer's response team. A strong cyber policy is not just a reimbursement document. It should connect the business with breach coaches, forensic firms, ransomware response vendors, public relations support, and legal resources. In an incident, speed matters. Knowing who to call can reduce confusion.

Cyber insurance pricing depends on revenue, industry, data type, employee count, security controls, claims history, remote access, vendor exposure, and coverage limits. Health care, financial services, legal firms, schools, professional services, and e-commerce businesses may face higher scrutiny because they handle sensitive data or payments.

Before buying a policy, map your most important systems. Include email, accounting, online banking, payroll, website hosting, customer records, cloud drives, point-of-sale, remote access, and backup systems. Then compare policy limits against realistic incident costs. A small ransomware event can involve forensics, legal review, overtime, lost revenue, customer notice, and system rebuilds.

Cyber insurance works best when paired with basic security. Use multifactor authentication, strong password management, least privilege access, regular patching, offline or immutable backups, endpoint protection, DNS filtering, email security, vendor reviews, and employee phishing training. Document these controls because insurers may request proof.

For small businesses, cyber insurance is not about fear. It is about resilience. The right policy can help a company recover faster, protect customers, and survive an incident that might otherwise be financially damaging.

DUI Lawyer Cost and Legal Process Explained

A DUI arrest creates panic fast.

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People immediately worry about:

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  • Jail time
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  • License suspension
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  • Insurance increases
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  • Employment problems
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  • Court costs
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That’s why many search for DUI lawyer cost and legal process information immediately after arrest.

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Why DUI Cases Become Expensive

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DUI cases often involve:

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  • Court fees
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  • Attorney costs
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  • License reinstatement expenses
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  • Insurance premium increases
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  • Mandatory classes
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The financial impact can last years.

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What DUI Lawyers Actually Do

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Experienced attorneys may:

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  • Review traffic stop legality
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  • Challenge breathalyzer evidence
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  • Negotiate plea agreements
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  • Represent clients in court
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  • Protect driving privileges
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Strong legal strategy matters heavily.

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Factors Affecting DUI Lawyer Costs

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Pricing depends on:

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  • Case complexity
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  • Prior DUI history
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  • Trial requirements
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  • State laws
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  • Attorney experience
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Serious felony DUI cases often cost much more.

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Final Takeaway

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DUI cases involve both legal and financial consequences.

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Experienced legal guidance may help defendants understand options, reduce penalties, and navigate complex court procedures.

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FAQ

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How much does a DUI lawyer cost?

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Costs vary widely depending on case complexity and attorney experience.

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Can a DUI charge be dismissed?

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Some cases may be reduced or dismissed depending on evidence and legal strategy.

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