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Zimbabwe Currency Reform: Remove Some Zeroes
by jordan | July 27, 2008 at 12:47 pm
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There's a rock 'n' roll legend (I do not know if it's actually true) about how Slash, of Guns 'n' Roses fame, had hired someone to follow him on his nightly booze binges to carry him home afterward. In a similar vein, Zimbabwe's central bank is addressing the symptoms of that nation's runaway inflation without really dealing with the cause.
Previous currency reforms have failed to tame Zimbabwe's inflation -- officially pegged at 2,2-million percent a year but estimated by independent analysts to be closer to 12,5-million percent. It also has become virtually impossible to get access to cash as the country's economic collapse worsens.
Authorities last week released a new Z$100-billion bank note.
By Sunday it was not enough even to buy a scarce loaf of bread in what has become one of the world's most expensive -- and impoverished -- countries.
"The influx of Zimbabweans, whether there is or there is no government [in Harare], is an issue to be dealt with," said Foreign Minister Phandu Sekelemani said on South African public broadcaster SAfm.
"We ask the international community to help us because it is a drain on our resources. Even after the failed presidential run-off, we have more 215 who crossed last week ... But we cannot turn them back once they qualify" for refugee status.
(According to Slash's fan site, the legend is only partly true: )
SLASH did have a bodyguard who sometimes did have to carry or half-carry him home, but the bodyguard was NEVER hired to do that. Ben said that in that same issue GNR was voted the Top Soap Opera of 2003. Amen to that one.
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Most RecentMost Recommended Comments (1)
at 12:55 on July 27th, 2008
Will the paper the money's printed ever become more valuable than the money?