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January 04, 2004

A Closer View of Zimbabwe

I just discovered Mukiwa's site (as he left a comment here yesterday) and will be reading it regularly. In reference to my comment about the rate of inflation in Zimbabwe, he noted that the real rate is something more like 1100%--and on his site, he writes this:


In 1980 when Mugabe took power, the Zimbabwe dollar was trading at 60 cents to the pound, the equivalent relationship shared with the US$ and today and ten years later marginally less than Z$5 would secure the same. In 1997, prior to the
commencement of my degree in the UK, Z$18 would buy a pound. Today, Z$10,850 will purchase one pound on the black market and the government defiantly refuses to devalue the dollar which is pegged at Z$1300 to the British currency. The net effect of the worthlessness of the money is a shortage of bank notes. The highest denomination note used to be the Z$100 bill which has now been followed by the Z$500 and Z$1000 in quick succession. Inflation has fast surpassed their value and availability which in turn have given rise to bearer cheques in values up to Z$20,000 a tangible admission that the governments monetary policy has failed spectacularly. I recall my early days of high school
when a bottle of Coca Cola would cost Z$1 and youd receive a 50c deposit on the bottle. The same bottle of Coke now costs in the region of Z$2000, a typical scenario played out across all tiers of the economy.

The rest of the post is just as informative, and, in many ways, just as bleak.

Definitely worth a visit and a place on the blogroll.

Read the rest of the post.

Posted by zombyboy at January 4, 2004 10:51 AM
Comments

Just by surfing around in net I definitely found a very informal place with a lot of good stuff for everybody. I will certainly visit your site again sometime. Really good work.

Posted by: June Joy at August 26, 2004 03:34 AM
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