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I TOLD EVERYONE ON ALL MY LISTINGS THAT THE ZEROS WOULD BE BACK FOR CHRISTMAS. PLEASE NOTE THAT THE NEW MONEY IS PRINTED ON BOND PAPER AND THE REAL INVESTMENTS ARE THE GERMAN PAPER MONEY.
ZIMBABWE CRASHES UNDER INTERNATIONAL PRESSURE:
December 07 2008 at 09:07AM
By Peta Thornycroft, Basildon Peta, Stanley Gama and Eleanor Momberg
The Zimbabwe dollar halved in value every five to 10 minutes on Friday as the country crumbled to depths disastrous even by Zimbabwean standards.
With the nation ravaged by a hunger crisis and in the grips of a cholera epidemic, the United States and the United Kingdom called for the removal of President Robert Mugabe and his regime, while South Africa geared up to send more medical supplies and food to the starving Zimbabwean people.
The meltdown of the economy was graphically illustrated by hyper-inflation - the Reserve Bank of Zimbabwe handed out the new Z$10-million and Z$100-million notes to street traders on Friday, and is to release a Z$200-million note on Monday. At the time of going to press, Z$100-million was worth about $14.
The US said at the weekend that Mugabe's departure from office was long overdue and the food crisis and cholera epidemic meant it was now vital for the international community to act, Reuters reported.
"It's well past time for Robert Mugabe to leave," Condoleezza Rice, the US secretary of state, said in Copenhagen.
Rice said the stalled power-sharing talks, a "sham election" earlier in 2008, economic meltdown and the humanitarian toll from the cholera epidemic required swift action.
"If this is not evidence to the international community that it's time to stand up for what is right, I don't know what will be," Rice told a news conference.
"Frankly the nations of the region have to lead it."
British Prime Minister Gordon Brown yesterday added his voice to the condemnation of Mugabe, saying the world should tell the 84-year-old ruler "enough is enough". He urged co-ordinated international action to help Zimbabwe overcome food shortages and the cholera epidemic.
Zimbabwe has declared an emergency and appealed for international help to battle a cholera outbreak that has killed 575 people with 12 700 reported cases of the disease, according to the United Nations.
Zimbabwe does not have the funds to pay doctors and nurses or buy medicine, and aid agency Oxfam said at least 300 000 people weakened by lack of food were in danger from the epidemic.
"Millions of people were already facing starvation. With unemployment over 80 percent and food unavailable across the country, they now have to contend with cholera and other diseases as the water and sanitation systems break down," Peter Mutoredzanwa, the country director for Oxfam in Zimbabwe, said.
South Africa will announce an aid package for Zimbabwe this week, with the provision that all aid should be distributed in a non-partisan way. Hopes of rescuing Zimbabwe from the humanitarian crisis are complicated by the deadlock between Mugabe and Morgan Tsvangirai, the leader of the opposition Movement for Democratic Change (MDC), about how to implement a power-sharing agreement.
In the midst of the crises, Zimbabweans are still being terrorised by Mugabe's regime.
Fifteen MDC activists were abducted six weeks ago from their homes in Banket, about 70km north of Harare. They are still missing, despite a Harare high court order for the police to produce them.
Jestina Mukoko, a human rights activist, was also abducted from her home, in Norton, about 40km from Harare, before dawn on Wednesday. But on Friday, Beatrice Mtetwa, a human rights lawyer, was unable to find a judge to hear an urgent application to instruct the police to produce Mukoko.
Mtetwa was the lawyer who represented the family of activist Tonderai Ndira, who was abducted from his home in the Mabvuku township southeast of Harare in May.
His body was found a week later and an autopsy showed that he had been killed minutes after he was dragged out of his house and shoved into an unmarked vehicle.
Nelson Chamisa, the MDC spokesperson, appealed on Saturday to regional and other African leaders to act.
"We call upon the Southern African Development Community chairperson, President Kgalema Motlanthe, and the African Union chairperson, President Jakaya Kikwete, to urgently intervene and make sure that the 16 disappeared are released," said Chamisa in a statement.
The MDC is itself facing criticism from its own members over the absence of its leaders during the crisis.
MDC sources said that "while the country is dying", Morgan Tsvangirai, the MDC leader, was believed to be in Botswana, Thokozani Khuipe, the deputy leader, was in South Africa, Tendai Biti, the secretary-general, was in Australia and Lovemore Moyo, the national chairman, was in the US.
It is not clear if the leaders are in exile.
"But the tyrant Mugabe is at home and conducting a predictable programme," one MDC source said.
With service delivery having virtually collapsed, the cholera epidemic is worsening and is threatening thousands more people.
The Sunday Independent toured the townships of Harare and the city centre on Saturday and discovered that the government has done nothing to rectify the problems that have helped cholera to escalate at an alarming rate in the country.
Doctors, most of whom are on strike because of poor salaries and untenable working conditions, paint a grim picture, unless more international aid - which is beginning to flow into the country to assist in the fight against cholera - is made available soon.
Meanwhile, the South African government is to ask non-governmental organisations, churches and international donors already operating in Zimbabwe to distribute food and other aid to desperate people.
This will prevent food being used as a political weapon by either of the parties involved in the power-sharing talks and to ensure that those most in need of nutrition receive it.
This condition will be set when a South African government delegation visits Zimbabwe on Monday on a fact-finding mission.
This article was originally published on page 1 of Sunday Independent on December 07, 2008
On 11-Jan-09 at 08:54:01 AEDST, seller added the following information:
Zimbabwe introduces new banknotes as inflation bites ================ APA-Harare (Zimbabwe) Zimbabwe's central bank has introduced new 20 billion and 50 billion Zimbabwe dollar banknotes, worth about US$1 and US$2 on the black market, as the country battles runaway inflation estimated at more than one trillion percent, APA learns here Saturday.
The higher denominated notes were announced in a government gazette published on Friday, in what has become a regular ritual in the inflation-ravaged southern African country.
New 1 billion, 5 billion and 10 billion Zimdollar notes were also put into circulation on December 19 when the central bank also raised monthly cash withdrawal limits fivefold to 10 billion Zimdollars.
Prices are doubling every day in Zimbabwe where hyper-inflation has rendered the Zimdollar almost worthless.
Most traders no longer accept the Zimdollar, preferring the more stable US dollar, South African rand, Botswana pula and British pound sterling.
Zimbabwe has the world's highest inflation rate, officially pegged at 231 million in July 2008 but believed to be much higher today.
Critics blame the economic meltdown on mismanagement by the Robert Mugabe government, including the seizure and redistribution of thousands of white-owned farms. The once thriving agricultural sector has fallen into ruin.
The veteran Zimbabwean leader, however, blames Western sanctions for the economic crisis.
JN/daj/APA 2009-01-10
On 16-Jan-09 at 19:35:05 AEDST, seller added the following information:
Zim introduces $100 trillion notes as inflation spirals
by Wayne Mafaro Friday 16 January 2009
HARARE - Zimbabwe's central bank has introduced new 100 trillion Zimbabwe dollar notes, in the latest sign of runaway inflation officially estimated at 231 million percent as of last July but which independent analysts say could be anything in the trillions.
The $100 trillion note - the highest in a new range that includes new 10, 20 and 50 trillion dollar notes - is enough to buy only about six loaves of bread.
"In a move meant to ensure that the public access their money from banks, the Reserve Bank of Zimbabwe (RBZ) has introduced a new family of notes," The RBZ said. The notes will be gradually introduced into the market with effect from Friday.
With its value falling faster than any other currency on earth, the Zimbabwe dollar is nearly worthless, and both consumers and traders are increasingly shunning the currency in favour of the South African rand or the United States dollar.
A collapsed currency is the most visible sign of Zimbabwe's deepening economic and humanitarian crisis that is also seen in acute shortages of food and basic commodities, amid outbreaks of killer diseases such as cholera and anthrax.
A September power-sharing agreement meant to ease the political situation and allow the country to focus on tackling the economic meltdown remains deadlocked as President Robert Mugabe and opposition leader Morgan Tsvangirai bicker over control of key posts in a unity government outlined under the deal. - ZimOnline
On 23-Jan-09 at 03:53:07 AEDST, seller added the following information:
Inflation at 6.5 quindecillion novemdecillion percent
JOHANNESBURG, 21 January 2009 (IRIN) - The Zimbabwe dollar now seems to have lost all its appeal, and calls for the adoption of a foreign currency to replace the struggling monetary unit and put an end to the country's crippling hyperinflation are becoming louder.
"We have to accept the economy has been 'dollarised' and all companies should be registered to trade in hard currency," Obert Sibanda, president of the Zimbabwe National Chamber of Commerce, told the state-run The Herald newspaper on 19 January.
Dollarisation, or the use of a foreign currency - not necessarily the US dollar - in parallel to, or instead of, the domestic currency, has long been a daily reality for most Zimbabweans. Record-breaking inflation has made them reluctant to accept the local currency, preferring either to trade in a more stable currency, or to barter.
They could not get their hands on their Zimbabwe dollar savings and salaries even if they wanted to - banks have been limited by law to a ceiling on withdrawals that no longer covers the cost of a loaf of bread.
The US dollar and South African rand are in use across the country, while Botswana's pula is favoured in Bulawayo and the west of the country, the Zambian Kwacha is used in the northern areas, and the Mozambican metical in Mutare and the country's eastern regions.
The Reserve Bank of Zimbabwe (RBZ) had already endorsed semi-official dollarisation in September 2008 by introducing 'Foreign Exchange Licensed Warehouses and Shops' when some 1,000 retail outlets and 250 wholesalers were permitted to trade in foreign currency.
In a statement released earlier in January 2009, the Zimbabwe Congress of Trade Unions (ZCTU) demanded that "all workers should be paid in foreign currency, given the fact that shops are now selling their goods in foreign currency - even those that have not been licensed to do so."
The ZCTU was previously opposed to introducing foreign exchange as legal tender, but the reality on the ground has caused it to reconsider. "Workers are even forced to pay rentals and fares in foreign currency ... public hospitals can now charge for their services in foreign currency, but the majority of workers who utilise these hospitals do not earn in foreign currency."
Various reports in the local media this week noted that a draft economic recovery plan, purportedly issued by the RBZ, had said: "It is imperative that Zimbabwe informally adopts the rand alongside the Zimbabwe dollar", in a bid to stem the rampant economic crisis.
However, RBZ governor Gideon Gono distanced himself from these reports by telling The Star newspaper, a South African daily published in Johannesburg: "The Zimbabwean dollar will not be overtaken by any other currency, formally or otherwise, now or at any point in the future."
Stop printing money
Zimbabwe's out-of-control hyperinflation has become the symbol of its unprecedented economic decline, and most people simply treat the two local currencies (original and "revalued") as beyond salvation.
Prices double every 24.7 hours... Shops have simply stopped accepting Zimbabwean dollars.
The monthly inflation rate passed the 50 percent mark - the threshold for defining 'hyperinflation'- in March 2007; in January 2009 the RBZ issued the world's first 100 trillion dollar note.
"Since then, it's gotten much worse," said Steve Hanke, professor of applied economics at Johns Hopkins University, Baltimore, in the US, and a senior fellow at the Cato Institute, a Washington-based think-tank. The latest official RBZ figure, dating back to July 2008, put year-on-year inflation at more than 231 million percent.
In the absence of credible official statistics, Hanke developed a hyperinflation index for Zimbabwe and in an article in the December 2008 issue of the financial magazine, Forbes Asia, put the annual inflation rate at around 6.5 quindecillion novemdecillion percent - 65 followed by 107 zeros. "Prices double every 24.7 hours," he noted. "Shops have simply stopped accepting Zimbabwean dollars."
A report released by the Cato Institute in June 2008 - Zimbabwe, From Hyperinflation to Growth - said the RBZ's money machine was the source of the hyperinflation. "The government spends, and the RBZ finances the spending by printing money. The RBZ has no ability, in practice, to resist the government's demands for cash ... To stop hyperinflation, Zimbabwe needs to immediately adopt a different monetary system," the report said.
The RBZ sees itself in a different light, as evidenced by its strategic vision: "to become the financial cornerstone around which Zimbabwe's economic fortunes and developmental aspirations are anchored ... the pursuit of the Bank's vision will express itself through leadership in the formulation, implementation and monitoring of policies and action plans for fighting inflation, stabilisation of the internal and external value of Zimbabwe's currency and of the financial system in a manner that gives pride of achievement to Zimbabweans across the board."
The price of monetary stability
Most economists agree that ditching Zimbabwe's discredited currency would help pave the way to recovery. "This is an idea we have been suggesting for years. We need to tie up the Zimbabwe dollar with a stronger currency," Zimbabwean economic analyst John Robertson told IRIN. "We need the confidence in the South African rand to help us out of economic problems."
According to Dawie Roodt, a government finance expert in South Africa, the benefits to Zimbabwe would be considerable: "First of all, they would be importing the South African inflation rate. The Zimbabwe inflation problem is purely a Zimbabwe dollar issue, so over time the inflation rate would be equal to the inflation rate in South Africa."
This would mean the adoption of real interest rates, allowing banks to resume lending - essential to kick-start the country's ailing industrial sector.
The notion of adopting the rand is not new to the region: the Common Monetary Area (CMA) of the rand fixes relative values of the currencies of neighbouring Namibia, Lesotho and Swaziland to the South African unit.
But Roodt cautioned that there was also a downside: "The most obvious [drawback] of using another currency is that you lose control of monetary policy," and Zimbabwe would also be adopting South Africa's monetary framework.
The legal tender could also become an issue of sovereignty and national pride, which, he commented, were sensitive matters. "You don't have the president's picture on the currency."
[ENDS]
[This report does not necessarily reflect the views of the United Nations]
Zimbabwe shelves own currency for a year:
Sun Apr 12, 2009 12:00pm BST
HARARE (Reuters) - Zimbabwe will not use its own local currency for at least a year, a state newspaper reported on Sunday, while it tries to repair an economy which critics say was destroyed by President Robert Mugabe.
The southern African state has allowed the use of multiple foreign currencies since January to stem hyperinflation which had rocketed to over 230 million percent and left the Zimbabwe dollar almost worthless.
The state-controlled Sunday Mail said the unity government of Mugabe and opposition leader Morgan Tsvangirai decided the Zimbabwe dollar should only be reintroduced when industrial output reaches about 60 percent of capacity from the current 20 percent average.
"The Zimbabwe dollar will be out for at least a year. We resolved that there will be no immediate plans to (re)introduce the money because there is nothing to support and hold its value," the newspaper quoted Economic Planning and Development Minister Elton Mangoma as saying.
"Our focus is to first ensure that we have a vibrant industry. If we try to reintroduce the local currency now, it will face the same fate of being wiped out of its value within weeks."
On Thursday, Zimbabwe's Central Statistical Office (CSO) said consumer prices fell for a third straight month in March after the government abandoned its worthless currency.
The CSO said inflation stood at -3.0 percent month-on-month in March compared with -3.1 percent in February, as food prices fell.
Critics say Mugabe, who has led Zimbabwe since independence from Britain in 1980, has destroyed one of Africa's most promising economies through controversial policies, including the seizure of white-owned commercial farms for redistribution to inexperienced black farmers.
Mugabe, 85, denies the charge and says the economy has been sabotaged by enemies opposed to his nationalist policies.
Zimbabwe is seeking an urgent cash injection of $2 billion to stabilise an economy suffering unemployment above 90 percent and a severe shortage of foreign currency.
Western donors have held back aid, demanding the unity government in which Tsvangirai is the prime minister undertakes political and other reforms.
(Reporting by Cris Chinaka; Editing by Sophie Hares)
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Prices double every 24.7 hours... Shops have simply stopped accepting Zimbabwean dollars.
