"The Reserve Bank of Zimbabwe yesterday lopped 10 zeroes off the value of the Zimbabwe dollar, thereby revaluing Z$10bn of existing currency to one Zimbabwe dollar from tomorrow.
Gideon Gono, central bank governor, said the revaluation was necessary to 'address cash constraints in the payments system' as well as "challenges" to financial and accounting IT systems caused by the proliferation of zeroes.
Independent estimates put Zimbabwe's inflation rate well above the official 2.2m per cent - the world's highest. The economic crisis has been blamed on President Robert Mugabe's policies, whichhave led to shortages of food and foreign currency.
While bankers and economists welcomed the move, one warned it was 'a Band-Aid that will ease the currency crisis for a few months and no more'."
(End of excerpt)
Full article at link by Tony Hawkins// Financial Times
-----
Photo by flickr user ZeroOne
http://www.flickr.com/photos/villes/2693551009/
Licensed under Creative Commons Attribution-Share Alike 2.0 Generic
http://creativecommons.org/licenses/by-sa/2.0/deed.en
Gideon Gono, central bank governor, said the revaluation was necessary to 'address cash constraints in the payments system' as well as "challenges" to financial and accounting IT systems caused by the proliferation of zeroes.
Independent estimates put Zimbabwe's inflation rate well above the official 2.2m per cent - the world's highest. The economic crisis has been blamed on President Robert Mugabe's policies, whichhave led to shortages of food and foreign currency.
While bankers and economists welcomed the move, one warned it was 'a Band-Aid that will ease the currency crisis for a few months and no more'."
(End of excerpt)
Full article at link by Tony Hawkins// Financial Times
-----
Photo by flickr user ZeroOne
http://www.flickr.com/photos/villes/2693551009/
Licensed under Creative Commons Attribution-Share Alike 2.0 Generic
http://creativecommons.org/licenses/by-sa/2.0/deed.en
-
- groups:
- News, News and Politics, Money
-
-
-
-
- Hawkmang
- added this
-
I guess it'll just be 1 US$ to 5.42 Z$ from now on
-
-
-
-
- joshuaheller
- 1 year ago
-
