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 Wednesday, July 23, 2008
Zimbabwe has economic problems too!
Posted by george

Zimbabwe has been in the news the better part of the last two years with particular attention paid to their political situation - a contested election and many random ethnic killings.

Much of that hate stems from the spiraling economy. The past several years the national inflation rate has been around 40,000 %. An awful situation for a poor country.

In August, 2006 the Reserve Bank of Zimbabwe instituted a monetary reform, and this year several new notes have been issued in a series which began with denominations of 1, 5, 10 50 cents and 1 dollar.

ZIM50.jpg

Within the last few weeks the Reserve Bank has issued a 50 Billion Dollar  and a 100 Billion Dollar note.

Yikes.

George



7/23/2008 9:09:45 AM (Eastern Daylight Time, UTC-04:00)  #  Comments [1]
8/23/2008 7:32:50 AM (Eastern Daylight Time, UTC-04:00)
George,
Zimbabwe has carried out a 'currency reform' in which 1 new Zimbabwean Dollar is worth $10,000,000,000 old Zimbabwean Dollars.

A whole new banknote issue (as opposed to Bearer Cheques & Agro-Cheques) has been issued in a series of denominations ranging from $1 right up to $500,plus there are also the old Zimbabwean coins that have been remonetised.In addirion to this,bimetal $10 & $25 coins dated 2003 have now finally been issued.

I reckon that the 'currency reform' is an exercise in futility,as the real problem in Zimbabwe has still not been sorted out - Robert 'Crackpot Bob' Mugabe & his barbaric Z.A.N.U.-P.F. regime,who have run Zimbabwe right into the ground.The inflation rate is in reality 100,000,000,000% & climbing!
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