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White Tiger
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Zimbabwe banks to issue $10m bill post #1  quote:



from bbc.co.uk

Zimbabwe's central bank is to introduce new higher-denomination banknotes in an effort to ease the critical shortage of cash in the country.

Zimbabwe has been in economic decline for the past eight years, with annual inflation widely thought to be in excess of 50,000%.

The highest value note that will go into circulation on Friday is worth 10m Zimbabwean dollars.

But that is worth less than US$3.90 (?2; 2.60 euros) on the black market.

The introduction of the new banknotes, or "bearer cheques" as they are officially called, is a further attempt to stabilise the Zimbabwean economy.

There have been long queues every day at banks as people have struggled to withdraw cash.

The government's only response is to print more money - and that is seen as the main reason for the hyperinflation.

There have been no official inflation figures published for the past three or four months.

Zimbabwe's Reserve Bank governor, Gideon Gono, has called on the business community not to increase prices every time new measures are taken to adjust the currency.

The new higher denomination bank notes are certain to cause more confusion and they may only bring short term relief.

In the meantime, many people have become dependent upon imported goods, there are still severe shortages of fuel and power supplies remain erratic.


Old Post 01-20-2008 01:38 AM
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post #2  quote:

With the exception of post world war 1 Germany I can't remember another country that has become as socially and economically messed up as Zimbabwe and the fact is that it is screwed. with the exception of aid donations nobody wants anything to do with Zimbabwe so outward investment is out of the question, they can't feed themselves because in his infinite wisdom Mugabe got riod opf the farmers and replaced them with people who could not grow a beard never mind crops, there is little crime because there is nothing worst stealing ( apart from an election ) and Mugabe and the rest of the Zanu PF have pretty much outlawed political opposition 1 million opposition supporters have "vanished" of which 500 were regarded as high profile opponents of ZPF. So nothing can change as Mugabe tells the people that things are geat and about to get greater and the whole thing is a British ploy to undermine him just because we want Zimbabwe back or something along those lines he has yet to explain why America, most of Africa and the rest of the EU want nothing to do with him.

Old Post 01-20-2008 04:31 PM
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