Monday, November 28, 2016

Zimbabwe's Mugabe Launches A New Currency

A Zimbabwean man shows off new bond notes in Harare. Photograph: Philimon Bulawayo/Reuter

The Guardian: Mugabe launches new currency in 'last gamble' for Zimbabwe

Many fear ‘bond notes’ will cause hyperinflation as protests grow against autocratic 92-year-old’s rule.

Zimbabwe has launched a controversial new currency in a last ditch bid to inject desperately needed cash into its failing economy.

Many ordinary people fear the new “bond notes”, issued on Monday by the central bank in Zimbabwe, will trigger economic chaos, wiping out savings and causing massive hardship for millions.

Zimbabwe has been ruled by Robert Mugabe, 92, since 1980. Some observers have called the bond notes the autocratic president’s “last gamble”.

The central bank says bond notes will ease crippling shortages of currency, but there are fears their introduction could encourage rampant printing of cash, as happened in 2008.

Only the introduction of the dollar as the official currency in 2009 halted an economic meltdown.

Read more ....

WNU Editor: Currency is only valuable if its users have trust in the government that is issuing it .... and in this case no one trusts Mugabe and his government.

More News On Zimbabwe's Mugabe Launching A New Currency

Zimbabwe’s issuing new ‘bond notes’ to avoid a cash crunch -- CNBC
Zimbabwe Begins Issuing New Currency -- VOA
Zimbabwe adds yet another currency -- CNN
Zimbabwe ‘Zombie Currency’ Hits Streets as Bond Notes Arrive -- Bloomberg
Zimbabwe launches new currency to ease cash crunch -- RT
Zimbabwe introduces 'bond notes' -- DW
Zimbabwe note launch stokes currency fears -- BBC
Insight: As Zimbabwe's money runs out, so does Mugabe's power -- Reuters

2 comments:

Aizino Smith said...

I started learning about currency devaluation at 11. By age 13 the lesson was complete.

PacificExchange said...

Nice Post. I Learned a Nice Idea from your Post. Thank you very much for sharing.

Foreign Currency Exchange