Zimbabwe Suspends Mobile Money Platforms Ecocash & trading On Stock Exchange

By Staff Reporter
|
40007
|
June 26, 2020

The Government has suspended mobile money platforms EcoCash, One Money and Telecash among others as well as trading on the Zimbabwe Stock Exchange until further notice.Government said the move was to curtail what it claimed was economic sabotage perpetrated by the “wolves in sheep skins amongst our populations”.

Government has accused the mobile platforms of facilitating the skyrocketing of rates in the markets. In a statement seen by Nehanda Radio, government through the Information Ministry confirmed the development adding that the measures would subsist until the the mobile platforms are reformed.

“Government has with immediate effect undertaken a series of prudent and coordinated interventions to deal with malpractices, criminality and economic sabotage perpetuated by the wolves in sheep skins amongst our population that his Excellency the President alluded to during his official address on the occasion of heroes burial of Cde Stanely Nleya (Gagisa) at the National Shrine.

“The measures include the suspension of all monetary transactions on phone-based mobile money platforms in order to facilitate intrusive investigations leading to the arrest and prosecution of offenders. Concurrently the measures will also include the suspension of all trading on the Zimbabwe Stock Exchange.
“These measures are to subsist until such time that the mobile money platforms have been reformed to their original purpose and all the phantom rate of exchange have converged into one genuine rate that is determined by the market forces under the Foreign Currency Auction System which was launched by the Reserve Bank of Zimbabwe of the 23rd June 2020,” read the statement.

Four days ago, the RBZ replaced the interbank market with weekly foreign exchange auctions to determine the Zimbabwe dollar exchange rate.

Government added that the operational modalities and details of the envisaged measures are going to be announced by the relevant monetary, regulatory and law enforcement authorities in the next few days.

“Government will concurrently ensure that prudent measures are also put in place to mitigate and prevent any collateral damage that these interventions may cause to the innocent transacting public who were using these platforms.

“Government is in possession of impeccable intelligence which constitutes a prima facie case whereby the phone-based mobile money systems of Zimbabwe are conspiring, with the help of the Zimbabwe Stock Exchange, either deliberately or inadvertently, in illicit activities that are sabotaging the economy.
These activities include: –

a) Illegal externalization of foreign currency through transfer mispricing;

b) Acting as banks outside the purpose for which they were originally licensed, as non-banking financial institutions. This includes, in the particular case of Ecocash, holding well in excess of ZWL$8 billion distributed across just over 501 000 agent/merchant lines as at 10 June 2020, which is not under the scrutiny of the Financial Intelligence Unit;

c) Fraudulently creating and issuing non-attributable and non-auditable agent cellphone lines/accounts;

d) Hiding irreconcilable accounts in suspense accounts which hold huge credit balances for unjustifiably long periods;

e) Ecocash, in particular, is acting as the centre pivot of the galloping black market foreign exchange rate and therefore, fuelling the incessant price hikes of goods and services that are bedevilling the economy and causing untold hardship to the people of Zimbabwe.

In this regard, it has been conspiring with big merchants to act as their conduit through which they transfer hundreds of millions of dollars per day to runners on the street who then buy US Dollars on their behalf;

f) Rampant, often arrogant, non-compliance with directives issued by the Reserve Bank of Zimbabwe and the Financial Intelligence Unit;

g) Facilitating illicit trade in notes and coins, at contrived rates of between 30% and 50%, thus causing artificial shortages of the same within the banking system;

h) Criminally allowing agent lines that were banned by the RBZ to continue trading illegally;

i) Using bulk airtime sales at discounted prices which are cross rated to phantom USD exchange rates, which further distort the Zimbabwe market and deliberately mop up US Dollars from the black market, thus forcing up the rate of exchange in a manner that has hitherto been difficult to explain for
the monetary authorities;

j) Engaging in rampant unchecked tax evasion;

k) Failure to report suspicious transactions or to take action against them;

l) Creation of illegal transient and permanent money through airtime loans, unaccounted wallet-to-bank and bank-to-wallet transactions and other malpractices;

m) Maintaining auditable mobile phone lines or accounts which are being used by criminal syndicates, in connivance with insiders, to steal money from subscribers through such fraudulent practices as teeming and lading;

n) Acting as conduits for the circulation of counterfeit USD notes; and

o) Facilitating criminal activities through the non-enforcement of KYC requirements; and

“Ecocash, OneMoney, Telecash and MyCash Mobile Money platforms are all complicit in these illicit activities in varying degrees. Ecocash, however, which controls nearly 94% of all mobile money transactions, is the centre pivot of this problem and its resultant impact on Zimbabwe’s economy.

“The impact is exacerbated by the existence of fake counters on the Zimbabwe Stock Exchange, which is epitomized by the so-called Old Mutual Implied Exchange Rate (OMIR). This, in turn, results in four or more US: ZWL parallel market exchange rates operating in the market.

“At any time, therefore, there is the official rate, an Ecocash rate, an OneMoney rate, and the OMIR among others. As the RBZ Governor aptly observed recently, there are multiple contrived phantom exchange rates in use in the Zimbabwe Economy, which conspire to defeat fiscal policy, ” further read the statement.

Category:
News
Financial

Info News

GLP-1 Diet Plan: What to Eat While Taking Weight Loss Medication

rnrn

GLP-1 weight loss medication can reduce appetite, but that does not mean food no longer matters.

rnrn

In fact, food may matter even more.

rnrn

When your appetite is lower, every meal needs to count. You need enough protein, fiber, fluids, vitamins, and minerals to support your body while losing weight.

rnrn

A GLP-1 diet plan should not be extreme. It should be simple, balanced, and easy to follow.

rnrn

Why Nutrition Matters on GLP-1 Medication

rnrn

Some people make the mistake of eating too little while taking GLP-1 medication. They feel full quickly, skip meals, and assume that less food automatically means better results.

rnrn

But undereating can create problems.

rnrn

You may feel weak, tired, nauseated, or constipated. You may also lose muscle along with fat.

rnrn

A JAMA Internal Medicine guide notes that GLP-1 medications can cause loss of muscle and fat, and it recommends protein and muscle maintenance strategies.

rnrn

The goal is not just weight loss. The goal is healthier weight loss.

rnrn

The Best Foods to Eat on a GLP-1 Diet Plan

rnrn

1. Lean Protein

rnrn

Protein should be the foundation of your meals.

rnrn

Good options include:

rnrn

Chicken
rnTurkey
rnFish
rnEggs
rnGreek yogurt
rnCottage cheese
rnLean beef
rnBeans
rnLentils
rnTofu
rnTempeh
rnProtein shakes when needed

rnrn

If your appetite is very low, protein shakes may help you meet your needs.

rnrn

2. Vegetables

rnrn

Vegetables provide fiber, water, and nutrients.

rnrn

Good choices include:

rnrn

Spinach
rnBroccoli
rnCauliflower
rnGreen beans
rnPeppers
rnCucumber
rnZucchini
rnCarrots
rnCabbage
rnLettuce
rnTomatoes

rnrn

Cooked vegetables may be easier to tolerate than raw vegetables for some people.

rnrn

3. Fiber-Rich Carbohydrates

rnrn

You do not need to fear carbs. Choose better carbs.

rnrn

Good options include:

rnrn

Oats
rnSweet potatoes
rnBrown rice
rnQuinoa
rnBeans
rnLentils
rnWhole-grain bread
rnFruit

rnrn

These foods can support energy and digestion.

rnrn

4. Healthy Fats

rnrn

Healthy fats help with satisfaction, but portions matter because fats are calorie-dense.

rnrn

Good options include:

rnrn

Avocado
rnOlive oil
rnNuts
rnSeeds
rnNatural peanut butter
rnSalmon

rnrn

5. Hydrating Foods and Drinks

rnrn

Hydration matters because appetite changes, nausea, and constipation can be affected by fluid intake.

rnrn

Choose:

rnrn

Water
rnHerbal tea
rnSparkling water
rnBroth
rnWater-rich fruit
rnLow-sugar electrolyte drinks when appropriate

rnrn

Foods That May Worsen Side Effects

rnrn

Some people experience nausea or digestive discomfort on GLP-1 medication.

rnrn

Foods that may worsen symptoms include:

rnrn

Greasy foods
rnLarge heavy meals
rnFried foods
rnHigh-sugar desserts
rnAlcohol
rnVery spicy foods
rnLarge portions of red meat
rnCarbonated drinks for some people

rnrn

Not everyone reacts the same way. Track your own tolerance.

rnrn

How to Build a GLP-1-Friendly Meal

rnrn

Use this simple formula:

rnrn

Protein first
rnVegetable second
rnFiber-rich carb third
rnSmall healthy fat
rnWater or low-calorie drink

rnrn

Example:

rnrn

Grilled chicken
rnSteamed broccoli
rnSmall sweet potato
rnOlive oil drizzle
rnWater

rnrn

Another example:

rnrn

Greek yogurt
rnBerries
rnChia seeds
rnSmall handful of nuts

rnrn

Sample GLP-1 Meal Plan

rnrn

Breakfast

rnrn

Option 1: Greek yogurt with berries and chia seeds
rnOption 2: Scrambled eggs with spinach
rnOption 3: Protein smoothie with unsweetened yogurt and fruit

rnrn

Lunch

rnrn

Option 1: Chicken salad with vegetables and avocado
rnOption 2: Turkey lettuce wrap with fruit
rnOption 3: Lentil soup with side salad

rnrn

Snack

rnrn

Option 1: Cottage cheese
rnOption 2: Boiled egg
rnOption 3: Protein shake
rnOption 4: Apple with peanut butter

rnrn

Dinner

rnrn

Option 1: Salmon with green beans and quinoa
rnOption 2: Turkey meatballs with roasted vegetables
rnOption 3: Tofu stir-fry with brown rice
rnOption 4: Chicken soup with vegetables

rnrn

What to Eat When You Feel Nauseated

rnrn

If you feel nauseated, try smaller meals.

rnrn

Helpful options may include:

rnrn

Plain crackers
rnToast
rnBanana
rnRice
rnApplesauce
rnBroth
rnSmall protein smoothie
rnGinger tea
rnPlain yogurt

rnrn

Avoid large, greasy meals when nausea is worse.

rnrn

Contact your health care provider if nausea is severe, persistent, or you cannot keep fluids down.

rnrn

How to Avoid Constipation

rnrn

Constipation can happen when you eat less, drink less, or reduce fiber.

rnrn

Try:

rnrn

Drinking more water
rnEating vegetables daily
rnAdding fiber slowly
rnWalking after meals
rnEating beans or oats
rnUsing prunes if tolerated
rnDiscussing options with your provider if needed

rnrn

Do not suddenly overload fiber if your stomach is sensitive. Increase gradually.

rnrn

Protein and Muscle Maintenance

rnrn

Protecting muscle should be a priority.

rnrn

Ways to support muscle:

rnrn

Eat protein at every meal
rnStrength train at least 2 days per week
rnWalk regularly
rnAvoid crash dieting
rnDo not skip meals daily
rnUse protein shakes if needed

rnrn

The CDC recommends adults include muscle-strengthening activities at least 2 days per week.

rnrn

What Drinks Are Best?

rnrn

Best choices:

rnrn

Water
rnUnsweetened tea
rnBlack coffee
rnSparkling water
rnLow-sugar electrolyte drinks
rnBroth

rnrn

Limit:

rnrn

Soda
rnSweet tea
rnJuice
rnAlcohol
rnHigh-calorie coffee drinks

rnrn

Liquid calories can slow progress and may worsen stomach discomfort for some people.

rnrn

Common GLP-1 Diet Mistakes

rnrn

Eating Too Little Protein

rnrn

Low appetite makes it easier to miss protein. Make protein your first priority.

rnrn

Skipping Meals Too Often

rnrn

Skipping meals may lead to low energy or poor nutrient intake.

rnrn

Eating Greasy Foods

rnrn

Greasy meals may worsen nausea or digestive discomfort.

rnrn

Not Drinking Enough Water

rnrn

Lower appetite can reduce thirst cues too. Keep water nearby.

rnrn

Ignoring Strength Training

rnrn

Weight loss without resistance training may increase muscle loss risk.

rnrn

Grocery List for a GLP-1 Diet Plan

rnrn

Protein

rnrn

Eggs
rnChicken
rnTurkey
rnFish
rnGreek yogurt
rnCottage cheese
rnTofu
rnBeans
rnLentils
rnProtein powder

rnrn

Vegetables

rnrn

Spinach
rnBroccoli
rnCauliflower
rnGreen beans
rnCarrots
rnCucumber
rnPeppers
rnLettuce
rnZucchini

rnrn

Carbohydrates

rnrn

Oats
rnSweet potatoes
rnBrown rice
rnQuinoa
rnFruit
rnWhole-grain bread
rnBeans

rnrn

Healthy Fats

rnrn

Avocado
rnOlive oil
rnNuts
rnSeeds
rnNatural peanut butter

rnrn

Drinks

rnrn

Water
rnHerbal tea
rnSparkling water
rnBroth
rnLow-sugar electrolyte drinks

rnrn

Final Thoughts

rnrn

A GLP-1 diet plan should help you lose weight while protecting your energy, digestion, and muscle.

rnrn

Eat protein first. Add vegetables. Choose fiber-rich carbs. Drink water. Strength train. Keep meals smaller if your stomach feels sensitive.

rnrn

Medication may reduce appetite, but your habits still build the result.

rnrn

GLP-1 weight loss works best when food, movement, medical care, and consistency all work together.

Spirit Airlines Shutdown Leaves Travelers Searching for Answers

Travelers across the United States are reacting to the unexpected shutdown of Spirit Airlines after years of financial challenges and industry competition. The airline, known for its low-cost fares and budget-friendly travel options, had become one of the most recognizable names in domestic air travel. Millions of passengers are now searching for information regarding refunds, canceled flights, and alternative travel arrangements.

rnrn

Industry experts say the closure could have a major impact on airfare prices, particularly for travelers who relied on budget airlines for affordable transportation. Airports in several major cities are expected to experience delays and increased demand as passengers attempt to rebook canceled trips with other carriers. Searches for “cheap flights,” “Spirit Airlines refunds,” and “best budget airlines” have surged online as travelers seek new options.

rnrn

Aviation analysts believe the shutdown reflects larger financial pressures facing the airline industry, including rising fuel costs, labor shortages, and increased operational expenses. Some experts predict that ticket prices may rise in the coming months as competition decreases on several domestic routes previously dominated by discount carriers.

rnrn

Travel advisors are encouraging passengers affected by cancellations to monitor official airline updates, contact credit card providers regarding refund protections, and review travel insurance coverage where available. The story continues to dominate travel and business headlines across the country.