Death of the Zimbabwe Dollar

[Panchito12]

"Zimdollar", we hardly knew ya, but we're going to miss your ability to make instant millionaires!!! :-( (http://news.yahoo.com/s/ap/20090816/ap_on_re_af/af_zimbabwe_zimdollar)

http://news.yahoo.com/s/ap/20090816/ap_on_re_af/af_zimbabwe_zimdollar

[Dinges]

At one stage the Zim gov was printing money where the printing of the money cost more than the face value of the printed notes.

[Wahnsinn]

Doesn't sound so dead reading the article.

[PeterRJG]

Doesn't sound so dead reading the article.

That's optimism for you.

It's as dead as dead can be. While Dictator-at-Large Bob Mugabe stills run this model failed state, the Zim dollar will be nothing more than a curio to be traded on Ebay for its joke value.

[Dinges]

alas, solution is:

http://aes.iupui.edu/rwise/banknotes/rhodesia/RhodesiaP30b-1Dollar-1976-donatedTDS_b.jpg



roflroflrofl


And give the Whenwe's some hope? Then we will not hear the end of it.p-)

[Wahnsinn]

That's optimism for you.

It's as dead as dead can be. While Dictator-at-Large Bob Mugabe stills run this model failed state, the Zim dollar will be nothing more than a curio to be traded on Ebay for its joke value.

If Mugabe wants to keep using it and people do continue to use it, I wouldn't say that's dead. Dying, yes. Dead, no. Very different things.

[Wahnsinn]

Zimbabwe: proudly dying since 1980... ;)

I wish somebody would give it a quick shove off that ledge. Mugabe has ruined Zimbabwe.

[Kit]

If Mugabe wants to keep using it and people do continue to use it, I wouldn't say that's dead. Dying, yes. Dead, no. Very different things.

I say this is a form of necromancy. It's supposed to be dead, but it's unholy how it's still alive.

[ayanami_tard]

bubble already burst

at last

[Dinges]

Zim banks haul out chequebooks

2009-08-17 14:47


(http://www.news24.com/Content/Africa/Zimbabwe/966/4fa69b549b27413796921ac4c3202a53/15-08-2009%2003-08/MDC_must_seek_end_to_sanctions)

Zimbabwe President Robert Mugabe's party has demanded that the MDC party seek removal of the Western sanctions on Mugabe and his allies.

Zimbabwe's coalition government still has many challenges to face.



Harare - Zimbabwe's gradual recovery from economic collapse was marked on Monday with the return to the country's banking system of one of the rest of the world's most basic business instruments - the cheque.
The Bankers' Association of Zimbabwe said in a statement that local commercial banks would start with immediate effect to issue their customers with chequebooks, for the first time in over a year. Until now, business has been almost exclusively with foreign cash.
Economic chaos brought about by President Robert Mugabe (http://www.whoswhosa.co.za/Pages/profilefull.aspx?IndID=3562)s reckless policies of rigid price controls and printing of vast quantities of banknotes, reached its worst point early this year with inflation hitting 50 billion per cent and the national currency, the Zimbabwe dollar, plummeting to a sextillionth of a US dollar.
Bank transactions ground almost to a complete halt, except for sporadic issues of the Zimbabwe dollar, while business was conducted nearly exclusively in cash black market deals with the US dollar.

Electronic transfers
As the value of the Zimbabwe dollar fell drastically over single days, payment by cheque - taking several days to clear - became pointless. Even same-day electronic transfers were stopped because of sharp falls in the Zimdollar's value between morning and afternoon.
The crisis was dramatically halted after the inauguration in February of a power-sharing government between Mugabes Zanu (PF) party and opposition leader Morgan Tsvangirais Movement for Democratic Change.
The MDC took over the finance ministry and immediately abolished the Zimbabwe dollar and established the US dollar and the South African rand as official legal tender. Inflation is now about 3%.
Commercial banks closed clients' Zimbabwe dollar accounts and allowed them to open fresh accounts in hard currencies.

Severe shortage of cash
However, business executives say the return to banking normality has been slow, because of a critical shortage of US dollar and rand cash, and because Zimbabweans' reluctance to put money in foreign currency-denominated accounts.
This followed a scandal last year when it emerged that the central bank, controlled a Mugabe crony, had stolen hundreds of millions of US dollars out of foreign currency accounts to prop up Mugabe's bankrupt regime.
In a reflection of the severe shortage of cash, the Bankers' Association said chequebooks would be denominated in US dollars, but that personal account holders could issue cheques up to a maximum of only 200 US dollars, while companies could write them up to 500. The limits would be reviewed from time to time, it said.

- SAPA
http://www.news24.com/Content/Africa/Zimbabwe/966/913f65e4b49c48c2809578404713f174/17-08-2009%2002-08/Banks_reissue_chequebooks


Bob will always have one over the rest. He's a wily one politician.p-)

[SBL]

I say this is a form of necromancy. It's supposed to be dead, but it's unholy how it's still alive.
A zombie currency, eh?

[Flagg]

"Zimdollar", we hardly knew ya, but we're going to miss your ability to make instant millionaires!!! :-( (http://news.yahoo.com/s/ap/20090816/ap_on_re_af/af_zimbabwe_zimdollar)

http://news.yahoo.com/s/ap/20090816/ap_on_re_af/af_zimbabwe_zimdollar

Zimbabwean millionaire is soooooo 2002.

I've got about a trillion in Zimbabwean currency back when the 50 and 100 billion Zimbabwean notes were a big deal.

I' hoping to get my hands on a bit more of the biggest denominations in the next couple of months.

I reckon they will make effective teaching aids for my kids.

[Titani]

I country full of multi-millionaires... LoL.

[RICHICOQUI]

hey we found the solution to cuba's toilet paper shortage!!p-)

[OrangeWolf]

Isn't their unemployment rate like 94%? I'm dead serious I heard this number. I hope the extreme-leftists who supported Mugabe and the likes back in the days deeply deeply and deeply regret their stupid position, by all means they should.

[RICHICOQUI]

Isn't their unemployment rate like 94%? I'm dead serious I heard this number. I hope the extreme-leftists who supported Mugabe and the likes back in the days deeply deeply and deeply regret their stupid position, by all means they should. here in new york In harlem 125st There is an old black man been there for years still there today he got a van with a pan-african flag and a pic of robert mugabe!! on his van there are signs that says US OUT OF AFRICA and one that says US HANDS OFF ZIMBABWE!!

[PeterRJG]

here in new york In harlem 125st There is an old black man been there for years still there today he got a van with a pan-african flag and a pic of robert mugabe!! on his van there are signs that says US OUT OF AFRICA and one that says US HANDS OFF ZIMBABWE!!

And if he was actually over there, he'd be at the US Embassy's door begging to be repatriated. It's amazing how "mama Africa" looks so seductive and appealing from the other side of the Atlantic.

[Nano]

Something to note for the Mugabes of the world if they attempt to spend way out of their means. First make sure your currency is the world reserve currency and second the reserve currency is well protected and lastly fool the citizens of the world into false sense of security.

[OrangeWolf]

here in new york In harlem 125st There is an old black man been there for years still there today he got a van with a pan-african flag and a pic of robert mugabe!! on his van there are signs that says US OUT OF AFRICA and one that says US HANDS OFF ZIMBABWE!!

Imagine a South African white hold a sign "Black Africans out of Europe", "Illegal Immigrants hands off Europe" :|

[ayanami_tard]

hey we found the solution to cuba's toilet paper shortage!!p-)

use water



p-)

[BMUS]

use water



p-)
I cant afford it. I'm not a billionaire ffs.

[Switek]

Death of the Zimbabwe Dollar is a factor saying about possible death of Zimbabwe... soon.

[Flagg]

Death of the Zimbabwe Dollar is a factor saying about possible death of Zimbabwe... soon.

Well the Zimbabwean Dollar is dead for all intents and purposes......with the USD and Euro the official and unofficial currencies of choice from what I've bee reading.

Also, the significant financial support Zimbabwe receives from China makes predicting the fall of Zimbabwe rather challenging and potentially embarrassing.

[Macs.]

SPIEGEL had a interesting article about Hyperinflitation in the Weimarer Repunlic recently:


In 1914, at the start of World War I, the dollar was worth 4.20 marks. From then on the German currency steadily declined, and in the fall of 1922 it went into freefall. By November 1923 the dollar was at 4.2 trillion marks.

http://www.spiegel.de/international/germany/0,1518,641758,00.html

[Switek]

...

Also, the significant financial support Zimbabwe receives from China makes predicting the fall of Zimbabwe rather challenging and potentially embarrassing.


Hm, may be it's a good time to place Zimbabwe on eBay....