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Offline Disgruntled_Trini

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Zimbabwe slashes ten zeros off its currency
« on: July 30, 2008, 09:50:13 AM »



Pictures of Zimbabweans paying for a loaf of bread with sacks full of cash may be a thing of the past as the government slashes ten zeros from the currency.

Zimbabwe’s astronomical levels of inflation, which have crippled the country’s economy and made basic goods unaffordable, will be artificially deflated when the currency is revalued next month.

Gideon Gono, governor of the central bank said today: “The Zimbabwe dollar will be redenominated by a factor of one to 10, which means we are removing ten zeros from our monetary value. Ten billion [Zimbabwean] dollars today will be reduced to one dollar effective from August 1.”

The move is unlikely to end Zimbabwe's financial woes, however, and the country’s economic nose-dive is expected to continue unabated.

Similar previous attempts to rescue Zimbabwe’s inflation levels from the stratosphere have failed. In 2006, the central bank slashed three zeros from the currency when inflation stood at a few hundred percent, already the highest rate in the world.

Inflation is now officially pegged at 2.2 million per cent a year but independent analysts estimate it to be closer to 12.5 million per cent, making it almost impossible to withdraw cash.

Mr Gono also indicated that he will raise the daily amount that Zimbabweans are allowed to take out from their bank accounts.

“I am, therefore, very confident that this coming week will bring about the much needed relief in our national payment system,” Gono said.

Zimbabwean trade unions wrote an open letter to the central bank governor last week describing the current cap of Z$100bn as "a joke" with transport to and from banks costing on average Z$150bn.

Businesses in the capital Harare have been driven into the ground by the crisis as goods are priced beyond reach of even the wealthiest. The readjustment will bring a dramatic drop in the face value of goods but will do little to alleviate the suffering for millions in the country.

United Nations agencies say failed crops and a drop of nearly 50 per cent in maize imports have left 2 million people in urgent need of help. This figure is expected to leap to 5 million people – more than half of the population - by year.

Thabo Mbeki, South African President will meet President Robert Mugabe in Harare today to discuss the crisis in Zimbabwe.

Mr Mbeki held talks with Zimbabwe’s opposition leader Morgan Tsvangirai in Pretoria yesterday. He also plans to meet Arthur Mutambara, head of a breakaway faction of the opposition Movement for Democratic Change (MDC), he said.

Talks on Zimbabwe’s political crisis broke up yesterday as negotiators flew home to resolve a deadlock over power-sharing between Mr Mugabe and his rival, Tsvangirai. But Mr Mbeki insisted discussions were still on track, despite talk of a deadlock by the MDC.

In a televised address today, Mr Mugabe insisted that negotiations with the opposition on a power-sharing government were continuing. He said that “we want to succeed”, but warned that “sometimes compromise is difficult.”


Més que un club.

Offline WestCoast

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #1 on: July 30, 2008, 10:34:46 AM »
"Inflation is now officially pegged at 2.2 million per cent a year but independent analysts estimate it to be closer to 12.5 million per cent, making it almost impossible to withdraw cash.
Mr Gono also indicated that he will raise the daily amount that Zimbabweans are allowed to take out from their bank accounts.

“I am, therefore, very confident that this coming week will bring about the much needed relief in our national payment system,” Gono said.

Zimbabwean trade unions wrote an open letter to the central bank governor last week describing the current cap of Z$100bn as "a joke" with transport to and from banks costing on average Z$150bn."

 :o
speechless..............inflation of 2.2 MILLION he say day?
Whatever you do, do it to the purpose; do it thoroughly, not superficially. Go to the bottom of things. Any thing half done, or half known, is in my mind, neither done nor known at all. Nay, worse, for it often misleads.
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(1694 - 1773)

Offline Dutty

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #2 on: January 11, 2009, 06:13:27 PM »
The 2.2million % inflation ...now up to 231 million %
....dem men rockin 100 billion dollar note??
http://www.cnn.com/2009/WORLD/africa/01/10/zimbawe.currency/index.html



real rreal madness..
http://humorland.wordmess.net/20081025/what-the-real-crisis-is-like/

« Last Edit: January 11, 2009, 06:17:40 PM by Dutty »
Little known fact: The online transportation medium called Uber was pioneered in Trinidad & Tobago in the 1960's. It was originally called pullin bull.

truetrini

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #3 on: January 11, 2009, 06:19:27 PM »
I want to get one ah dem bills bad.

Offline capodetutticapi

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #4 on: January 11, 2009, 09:38:35 PM »
so everybody they is millionaire,yet they ketchin they arse.
soon ah go b ah lean mean bulling machine.

Offline asylumseeker

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #5 on: January 11, 2009, 10:02:36 PM »
If food wasn't so hard to come by, ah woulda say fling dem eggs in Mugabe's face

truetrini

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #6 on: January 11, 2009, 10:16:46 PM »
If food wasn't so hard to come by, ah woulda say fling dem eggs in Mugabe's face

Keep the eggs and when yuh get to Hell toss dem in Cecil Rhodes face instead.  Dey should be vamping by then.

Offline asylumseeker

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #7 on: January 11, 2009, 10:32:25 PM »
Hmm ... you believe in the heaven/hell dichotomy?

I rather have dem thrown at Mugabe now. Furthermore, ah sure me and Cecil Rhodes eh go be no kinda liming pardnahs NO WHERE. Mugabe and all go be flinging eggs at Cecil. :)

Yuh know de question: are there fates worse than death? Makes yuh wonder whether a rotten egg in hell is any worse than hell itself ... I go let somebody else handle de pelting in de afterlife.

Where you go be liming 6am on Judgment morning? :devil:



Doh read nutten into de devil ;D
 
« Last Edit: January 11, 2009, 10:38:14 PM by asylumseeker »

Offline ricky

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truetrini

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #9 on: January 11, 2009, 11:13:01 PM »
Hmm ... you believe in the heaven/hell dichotomy?

I rather have dem thrown at Mugabe now. Furthermore, ah sure me and Cecil Rhodes eh go be no kinda liming pardnahs NO WHERE. Mugabe and all go be flinging eggs at Cecil. :)

Yuh know de question: are there fates worse than death? Makes yuh wonder whether a rotten egg in hell is any worse than hell itself ... I go let somebody else handle de pelting in de afterlife.

Where you go be liming 6am on Judgment morning? :devil:



Doh read nutten into de devil ;D
 

I eh go be liming with you, unless yuh bring ah half chinee ting with yuh

Offline asylumseeker

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #10 on: January 12, 2009, 11:12:28 AM »
While I submit requests of that nature should be submitted to de Hades' Gateman :), I believe the appropriate thematic response here is "WHEN HELL FREEZES OVER" ...  :rotfl: :rotfl: :rotfl:

Offline Dutty

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #11 on: January 12, 2009, 11:48:25 AM »
Little known fact: The online transportation medium called Uber was pioneered in Trinidad & Tobago in the 1960's. It was originally called pullin bull.

truetrini

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #12 on: January 12, 2009, 11:57:06 AM »
Now even dem money have more value dat a canadian dollar....since dem slash off dem zeros

truetrini

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Re: Zimbabwe slashes ten zeros off its currency
« Reply #13 on: January 12, 2009, 11:57:35 AM »

 

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