Zimbabwe dollar notes issued for first time in a decade – The Zimbabwean

REUTERSPeople were eager to get hold of the new notes

The currency was scrapped a decade ago because of hyperinflation when prices were almost doubling every day.

Zimbabwe’s central bank hopes the new notes will ease a severe cash shortage as the country suffers a deepening economic crisis.

The bank has played down fears that the move will fuel further inflation.

Currently inflation is thought to be about 300%.

This figure is an estimate according to the latest data published by the International Monetary Foundation. The Zimbabwean government has stopped publishing an official figure itself.

The Reserve Bank of Zimbabwe insists that the two- and five-Zimbabwe dollar notes will not increase overall money supply. The cash is supposed to replace money that was stored electronically.

Why didn’t Zimbabwe have its own currency?

Since the country scrapped its own currency in 2009, Zimbabweans had relied at various times on US dollars, South African rands, as well as other foreign currencies, an electronic currency called the RTGS dollar, and what are called bond notes.

A woman poses with ZimbabweREUTERSThe banks limited the number of dollars each customer could withdraw

In 2016, the government introduced the bond notes and coins, which were supposed to be equivalent to the US dollar, to make up for the dollar cash shortage.

But no-one had faith that they were equivalent in value and, on the black market, bond notes lost value against the US dollar.

Then in February this year, the government introduced the Real Time Gross Settlement (RTGS) dollar, which was described as a new currency, but only existed electronically.

US dollars and other foreign currencies were banned in June by the central bank, citing the need to return to normality.

The government says the new notes will ease the cash shortage that has seen most people unable to withdraw their pay and savings.

But the BBC’s Shingai Nyoka in Harare says the government has a chequered past with money management and many people remain convinced that a huge cash injection in the middle of an economic crisis will stoke inflation.

Since the reintroduction of the RTGS dollar local currency in February, inflation has soared. A loaf of bread now costs seven times as much as in January.

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Long queues form in Harare as Zimbabwe releases new bank notes, coins

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Long queues form in Harare as Zimbabwe releases new bank notes, coins – The Zimbabwean

New bank notes and coins finally hit the streets of Zimbabwe on Tuesday after a false start the day before, with depositors forming long queues at banks and ATMs.

The new notes are part of President Emerson Mnangagwa’s monetary reforms to have Zimbabwe revert to using its own currency in place of the US dollar and the rand. In June, Finance Minister Mthuli Ncube banned the usage of foreign currencies for the settlement of local transactions.

On Tuesday, depositors started withdrawing the new notes, in 5 and 2 Zimbabwean dollar denominations, as well as 2 dollar bond coins, from banks and cash machines. The new currency was supposed to be available on Monday but the introduction was delayed.

“We are overwhelmed today because people want the money to avoid paying premiums for their cash on the streets. I am not sure how much we will give out today but we are prepared for a busy day,” said a bank teller at a local finance institution in Harare.

By mid-morning depositors pushed and shoved each other in long queues at most of the banks in the capital. The new notes will circulate alongside and at a value equal to the quasi-currency bond notes of similar denominations introduced in 2016.

Barnabas Mbanga, 52, told Fin24 on Tuesday he managed to withdraw 300 Zimbabwean dollars from his bank account after two hours in a queue. He will use the money to pay for transport for him and his children who commute to school every day.

“I got some money but it’s not much because of the rising prices. I hope next week the banks will still have cash,” he said.

The central bank and other government officials are hoping that the new notes will help end perennial cash shortages in Zimbabwe. Because of the cash shortages, currency dealers and traders were now selling bond notes at a premium of 50%, whereby depositors and mobile wallet holders will only get half of their balances in cash.

Despite the introduction of the new notes and the number of people queuing up to withdraw the new money, some economists are skeptical the new currency will help solve Zimbabwe’s financial crisis.

Economist Steve Hanke of Johns Hopkins University in the US tweeted to say Zimbabwe will need to re-dollarize. “The only change to Zimbabwe’s new currency will be the removal of the words bond note. No one is fooled, Zimbabwe’s annual inflation rate is 513% per year. Zimbabwe must dollarize to crush inflation and ensure growth,” he tweeted on November 7.

Another economist, Vince Musewe, said on Tuesday that nothing much had changed.  “People seem very tense and angry of what they must go through to get a few [Zimbabwe dollars]. Little fights & skirmishes about nothing in the streets cause Zimbabweans are generally stressed. Life is generally brutish, stressful and unprofitable for most,” said Musewe.

Zimbabwe dollar notes issued for first time in a decade
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Zimbabwe to enforce “use it or lose it” policy for mining assets – The Zimbabwean

Winston Chitando. File Picture: REUTERS/PHILIMON BULAWAYO

Chitando said some investors had not developed gold and platinum assets that they had held dating back to the 1960s and the mines ministry had asked some companies to justify why they should keep their claims to those assets.

“This is to prohibit the holding of mining title for speculative purposes. We will deal with that more vigorously,” Chitando told a meeting of the mining industry in Harare.

Chitando said the government had been lax in enforcing the “use it or lose it” policy but that would change as authorities pin their hopes on the sector to drive the recovery of an economy grappling with power cuts and acute shortages of U.S. dollars and fuel.

Miners have raised concerns over power cuts that have affected production and want to be allowed to keep all their foreign currency earnings because they are disadvantaged by having a proportion paid to them in Zimbabwe dollars.

But that request was shot down by central bank governor John Mangudya who told the meeting the miners could not keep all their earnings in forex because the government needed some of the money to fund crucial imports like fuel, power and medicines.

Mining companies are only allowed to keep up to 55% of their foreign exchange sales and the central bank pays them in local currency ZWL= for the balance at the official interbank rate.

Zimbabwe is home to the second largest known platinum reserves and large lithium, gold and diamond deposits, but many investors fret over whether they can take money out.

Chitando said platinum output was expected to rise to 1,023,000 ounces by 2023 from 917,000 ounces last year as the producers Anglo Platinum AMSJ.J, Impala Platinum Holdings IMPJ.J and Sibanye-Stillwater SGLJ.J ramp up output.

Zimbabwe’s platinum production now justified the setting up of base metals and precious metals refineries, Chitando said. Miners currently process their raw platinum in South Africa.

(Reporting by MacDonald Dzirutwe; Editing by Elaine Hardcastle)

Zimbabwe dollar notes issued for first time in a decade

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The Delta Model for Lawyers Fits Solos and Smalls to A T

In a world where lawyers are being displaced by technology, data scientists and policy experts, law schools are searching for ways to train lawyers to make them more relevant in today’s world.   After all, law schools’ survival depends on placing students in jobs, so they need to teach them skills to make them marketable. Hence,the development of the  Delta Model, a new competency model for the 21st-century lawyer.  The brain child of five legal industry professionals with different backgrounds, the Delta Model incorporates three categories of skills critical for lawyers’ success in today’s world:  substantive knowledge, business operations (which encompasses tech savvy, data analytics and project management) and Personal Effectiveness, which includes characteristics like entrepreneurial mindset, emotional intelligence and character.   

Though billed as a new model (and indeed it is for most sectors of the legal industry), the Delta Model describes what successful solo and small firm lawyers have been doing for decades.  We’re responsible for mastery of our substantive practice area, we leverage technology and workflows to get the same bang as biglaw out of our narrowly constrained budgets, and we frequently help clients through not just the legal but the personal and emotional aspects of their case.  In fact, I wrote about solos’ and smalls’ competitive advantage over a decade ago in my post Solos Do Everything Biglaw Does Only Backwards and in High Heels:

In many ways, biglaw is like Fred Astaire – both great at what they do.  But don’t forget, in many cases, just like Ginger Rogers, we solos do everything that biglaw does, only backwards (in that we’re often on the other side of the issues), in high heels (in that, we often teeter precariously as we strive to get the most out of our clients’ more limited budgets) and with real live human beings to whom we’re accountable.

Solos and smalls get the value of the Delta Model because without it, we couldn’t survive. Solos who lack substantive skills will find themselves the subject of bar complaints and malpractice actions. Solos without biz ops savvy will either wind up working 24/7 or will routinely exceed client budgets. And solos who lack personal skills will be hard pressed to find referrals or obtain favorable testimonials from clients. 

But I’m not so sure that others in the profession truly understand the value of the Delta Model. And without buy in, the Model won’t find much success. I also question how much of the Delta Model can be taught in a classroom by professors who’ve gotten by largely on grades alone and view biz ops and personal effectiveness as lesser skills. Or, law schools could do more to share the experience of solo and small lawyers with successful firms who are after all, the living breathing model of the Delta Model. 

Dear People Of The Coasts: Please Don’t Call Our Dear Deer ‘Zombie Deer’ During Deer Season This Year

My brilliant wordsmithing in that lyrical headline aside, please bear with me briefly for some self-serving exposition. At first, it was difficult to convince the wonderful leadership at ATL that I was deserving of a column here. What, after all, do the good people of the New York legal community and the many other sophisticated readers of ATL need with the opinions of some bumpkin from Minnesota?

Now, a solid readership (you folks really are world-class) and several legitimately viral articles later, I think I’ve at least justified my own existence. But all along, for me at least, part of what I brought to the table was the perspective of someone who is not sitting in some Manhattan skyscraper, staring out at the Hudson.

Just as our coastal brothers and sisters might stare down at the generous spaces between lights during the redeye to L.A., and wonder what those people down there could possibly be thinking, many a Midwesterner has peered eastward with questions that roam far beyond the limits of their vision. Sure, Americans in general have more commonalities than differences. Yet, part of what I’ve always hoped to accomplish with this column is making it just a little bit easier, for at least a few people, to understand the value of the differences between a place like New York City, and a place like my hometown of Long Prairie, Minnesota.

So today, I want to talk about something that probably seems a bit foreign to those ensconced in a big city existence: Deer hunting. Yes, deer hunting, the grand and noble tradition of nearly freezing to death so that if you’re lucky, you get to field-dress some game, which is just a euphemism for reaching inside a splayed abdominal cavity to pull out a steaming pile of entrails.

I really can’t think of a way to describe the physical conditions of hunting that make it sound tolerable, let alone great, and yet, somehow it is. It’s the way you feel moving swiftly and quietly in the morning darkness, the crunch of freeze-dried switchgrass stems barely audible beneath your boots, the pillars of frozen breath from the companions at your side billowing into the corners of your vision. It’s a weighty process, the power and responsibility of both taking and sustaining life. If you don’t want to hunt, try going to the most remote petroglyphs you can find after dark. Turn off anything electronic and light a candle or a torch. That’ll give you an idea of what I’m talking about.

Though many can’t articulate it, people get something bordering on the spiritual out of hunting. Even Justice Elena Kagan, who’d apparently never handled a gun before being appointed to the Supreme Court, became a convert to hunting after her friend Justice Scalia introduced her to the concept.

Deer hunting is also a big economic engine. In Minnesota, nearly half a million people participate in the firearms deer season. Combine that with bow season and muzzleloader season, and out of every 10 Minnesotans (including children), one of them is going out deer hunting. In-state residents pay $35 for a deer license — multiply that by the number of hunters, and you’ve got about $17.5 million in revenue in this state alone. Factor in the roughly 10 million pounds of lean healthy meat harvested each year in Minnesota, along with the property damage and human lives saved by preventing deer-on-vehicle car accidents that would otherwise occur, and you are well on your way to understanding the many benefits that a healthy deer population and a well-managed hunting season provide. There are states where deer hunting participation rates are much higher than in Minnesota, of course, and there is deer hunting in every state, including Hawaii.

And that brings me to the gratuitous headlines about “zombie deer” that plagued all of us last year, and are starting to spring up again. Chronic wasting disease is a neurological illness affecting some deer, elk, and moose populations. So far, there have been no reported cases of CWD affecting humans, although it is certainly not advisable to knowingly eat infected meat. Everyone in the hunting community has known about CWD just about forever, and knows that symptoms in an infected animal might include drastic weight loss, stumbling, listlessness, and eventually, death. Symptoms certainly do not include rearising after that death with an insatiable craving to devour flesh, an inability to be dispatched (barring a headshot), or anything else that would really be zombie-like. So, I guess we’re using the phrase “zombie deer” to describe deer with CWD because some of them are thin and stumble. Not really that good of an analogy.

CWD is a degenerative neurological disorder. There are similar diseases in humans, such as Creutzfeldt-Jakob disease, and no one would call one of the roughly one-per-million sufferers of CJD in the human population a “zombie.” That would be stupid and offensive. Chronic wasting disease is a serious issue, it is something departments of natural resources across the country need to keep working on, and hunters in particular need to take responsibility in addressing CWD. But calling it “zombie deer disease” is just shallow clickbait nonsense trying to cash in on the surprising longevity of pop culture’s zombie craze (meaning no offense to the fad itself; I myself just thoroughly enjoyed Matthew Broderick’s brilliant turn [spoiler alert] as the cannibalistic Barron Triumph in Netflix’s Daybreak).

You don’t have to like deer hunting to accept its place in this particular stage of our society. Deer season is not a wanton orgiastic slaughter. It’s thought out. It’s important. It’s meaningful to people. This year, let’s try to understand it a little better if it’s not something we grew up with, and let’s also try not to sensationalize one of the most pressing challenges in cultivating a healthy deer population with a lot of nonsensical, clickbaity article titles about “zombie deer.”


Jonathan Wolf is a litigation associate at a midsize, full-service Minnesota firm. He also teaches as an adjunct writing professor at Mitchell Hamline School of Law, has written for a wide variety of publications, and makes it both his business and his pleasure to be financially and scientifically literate. Any views he expresses are probably pure gold, but are nonetheless solely his own and should not be attributed to any organization with which he is affiliated. He wouldn’t want to share the credit anyway. He can be reached at jon_wolf@hotmail.com.

ATL’s Innovation Interrogatory: Dean Boeschen Of Husch Blackwell

Ed. note: This is the latest installment of The Innovation Interrogatories series, brought to you by Lake Whillans Capital Partners. This recurring feature will highlight insights and experiences around ongoing innovation efforts at law firms.

What is driving law firms to create the CINO position, or positions like it?  

The business model of a law firm is not hard to understand. There are relatively few levers available to drive organic growth, especially during the downturn that was dominated by lower demand and extreme sensitivity around fees. While the current outlook has improved in that regard, being able to provide clients with the highest levels of service while remaining profitable remains a challenge, particularly for those firms outside of the 20 or 30 most profitable.

Innovation is one way to give the clients a different look. Allowing us to drive efficiencies and deploy our talent on higher-end complex work, while providing clients with measurable value; however, left on its own, innovation rarely happens at the time and place of our choosing. In order for innovation to be directed toward real-world business objectives, you have to take a more intentional approach, and that requires an administration structure that can harness and focus a firm’s efforts.

What objectives you are trying to meet?  What is the biggest problem you are trying to solve?

The objectives for innovation must align with the mission of the law firm, which is to say, innovation needs to be part of the client experience, satisfaction and value. So for us at Husch Blackwell, we frame the question by looking at it from the client’s perspective — how does the client benefit from the technology and tools that we create and implement? If you get that part right — if the answer to that question is easy to get your head around — then you can pivot to all those challenges that come from developing new services or products and making them profitable.

Can you identify an under-hyped (or at least relatively overlooked) technology or trend that will eventually have a significant impact on the delivery of legal services?

One area that I would not have thought, even a few months ago, would be trending is chatbots.  While they’re great for certain functions (I’m thinking troubleshooting on a bank’s website), I thought they would be of limited use inside a firm.  Maybe I am still recovering from Clippy (Word’s paperclip chatbot). Or, I still think of that SNL skit with the older folks trying to get information out of Alexa “Silver,” created for the “greatest generation.”  Its main feature was it was super loud and responded to any name remotely close to Alexa (Alaina, Allegra, Aretha, Alisha, Alfonzo, Aldis, Arashel, Excederin… you get the idea).

However, with the new AI functionality available now and the ability to connect all of our systems and provide staff and attorneys with a one stop shop for information and automation, I see this area taking off quickly. I expect this trend will continue to grow and find new avenues in the delivery of legal services.

Innovation and technology are often conflated. To what degree does the “innovation” imperative at law firms extend beyond technological solutions?

Technology is often necessary to innovation, but hardly sufficient, and there is a lot of innovation that we can drive in the legal industry today that has very little to do with the development or application of new technology. The only thing innovation really requires is the courage to look at things a different way. Take for instance Legal Project Management — while technology is clearly involved, it is more about planning the work, working the plan, communicating regularly with stakeholders, and doing a postmortem review. We have also developed an internal vetting protocol to attack our innovative ideas, draft initial business plans, and test prototypes with clients. A certain amount of courage is required to break away from old ways of doing things and not being afraid to fail, but if you have the right talent in place and ask the right questions, that courage is a little easier to come by.

Is litigation finance an innovation that you’ve considered?  If no, why not? If yes, in what ways do you think it will help meet your innovation goals?

We are very creative when it comes to alternative fee arrangements and work to partner with our clients to help share risks but have not found the right opportunity to venture into litigation financing.


Dean Boeschen is the Chief Growth & Innovation Officer at Husch Blackwell. He is responsible for driving firm expansion and innovation through strategic planning, technology, attorney recruitment and forward-thinking solutions. He has 28 years of experience in law firm finance, client development, and operations management.