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Africa: Subsaharan
Zimbabwe dollar hits new low
2005-08-02
Somebody send me another wheelbarrow of zeros!
The Zimbabwe dollar tumbled to an all-time low yesterday as it became apparent that President Robert Mugabe had failed to get the billion dollars he sought from China to relieve the country's shortages of fuel, food and power. One US dollar purchased 45,000 Zimbabwe dollars yesterday on the illegal black market. The official exchange rate is US$1 to Z$17,000, but neither banks nor corporations use it.

Mr Mugabe returned from Beijing over the weekend with pledges from the Chinese government of $6m (£3.4m) for food, a passenger aircraft and 100 computers, according to the state media. He will now have to go back to South Africa for financial assistance. South African officials have made it clear they will demand substantial political and economic reforms in return.
So much for the China junket. At least Bob got fed.
Posted by:Steve White

#15  Hey they still have a long way to go until they reach 1bn like the Reichsmark in the 20s
Posted by: True German Ally   2005-08-02 21:56  

#14  From the US State Dept:

Natural resources: Deposits of more than 40 minerals including ferrochrome, gold, silver, platinum, copper, asbestos; 19 million hectares of forest (2000).

and the Zimbawe Geological Survey:

About 60% of the country is covered by an Archaen Granite Greenstone terrain well known for its rich endowment of gold and base metals. Cutting across the entire Archaen is the famous Great Dyke hosting one of the world’s largest reserves of chrome and platinoids. Covering the edges of the Archaen terrain are younger sedimentary rocks hosting huge reserves of coal.
Posted by: Pappy   2005-08-02 21:28  

#13   Mineral rights, titles

Aw Pappy, come on. :>

The good news is from the illustration provided by Ed the Zim Buck is evidently backed by rocks.
Posted by: Shipman   2005-08-02 20:10  

#12  Mrs D. "Donkeys" in Zimbabwe have stripes...

Prisoner metaphor?
Posted by: BigEd   2005-08-02 18:37  

#11  I wish we could put elephants on the twenty...and donkeys on the three.
Posted by: Mrs. Davis   2005-08-02 18:09  

#10  $20.00 Zimbabwe - Worth less than an S&H Green stamp from the 1960s



If the ZimBob Bux inflate too much then there still is a use...

Posted by: BigEd   2005-08-02 17:27  

#9  lol, Dread! I'm actually awaiting the e-mail from Queen Mugabe, who wants to give me $10 million if i'd just give her my bank acct #. Although, I do need to follow up on if she means U.S. dollars or ZimBOBwean "dollars."
Posted by: BA   2005-08-02 14:03  

#8  a relatively exclusive market for their goods.

I thought that was called Wal-Mart.
Posted by: Dreadnought   2005-08-02 12:11  

#7  Also, a relatively exclusive market for their goods.
Posted by: Pappy   2005-08-02 11:41  

#6  Mineral rights, titles to some of the better and still-producing farms, political influence.
Posted by: Pappy   2005-08-02 11:40  

#5  Steve, you get today's Roget Award for Creative Synonyms! :)

Anybody know what return the Chinese expect to get on this investment?
Posted by: mom   2005-08-02 09:44  

#4  That would be Bob's escape plane when the defecated matter hits the air circulation device. (Just trying to calm those easily offended people who were complaining about the foul language on this site yesterday.)
Posted by: Steve   2005-08-02 09:36  

#3  Bob got an airplane outta of the deal. Nice.
When do all his "subjects" get to line up at the airport for a ride on it?
Posted by: tu3031   2005-08-02 09:20  

#2  How many wheelbarrow to by a meal? I can believe even Bob's own cronies can live with this. Is there any noise that he is soon to be done for?
Posted by: Sock Puppet 0’ Doom   2005-08-02 07:10  

#1  On Friday, according to one source in Zimabwe, the rate was US $1 = Z$ 36,000. A Z$ 9K increase in 3 days.

China also reportedly is going to build a hydroelectric plant in addition to giving Bob all the other goodies.





Posted by: Pappy   2005-08-02 02:16  

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