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Africa Subsaharan
Zimbabweans scramble to offload old currency
2006-08-21
HARARE: Zimbabwe may allow "exceptional" extensions to Monday's deadline to trade in old currency, state media said on Sunday as panicky consumers went on weekend shopping sprees to offload their old banknotes. The Reserve Bank of Zimbabwe last month announced it was lopping three zeros off the Zimbabwe dollar in a move aimed at taming hyperinflation and gave Zimbabweans until Aug 21 to adopt new banknotes. Central Bank Governor Gideon Gono told the Sunday Mail that while there would be no blanket extensions to the deadline, the bank might make a few exceptions. "As in all situations in life, there will always be genuine cases that merit exceptional consideration. We will treat each case on the basis of its own circumstances," Gono said, saying disabled people were one group who may win more time to make the switch.
Posted by:Fred

#8  French francs would be hilarious, seeing as they were replaced by Euros almost 5 years ago. But no doubt they're still worth more than ZimBob dollars.
Posted by: Ulating Glolurong5291   2006-08-21 17:55  

#7  Start smuggling in counterfeit French Francs and watch Bob lose his cool when it starts replacing his funny money in people's wallets.

Fiat money - it's worthless by definition. One of the few true lessons to come out of the Soviet State and it's centrally-managed "economy".

ALL HAIL THE NEW FIVE-YEAR PLAN!
Posted by: mojo   2006-08-21 12:07  

#6  Simply whacking 3 zeros off the note won't do shit to stop inflation. It won't trade internationally at a higher rate, it will simply look and carry a little lighter in your pockets. Maybe you can use a smaller wheelbarrow to go to the bread store.
Posted by: bigjim-ky   2006-08-21 07:06  

#5  "As in all situations in life, there will always be genuine cases that merit exceptional consideration. We will treat each case on the basis of its own circumstances how much they're willing to bribe us"

There - fixed that for ya', Mr. Gonorrhea.
Posted by: Barbara Skolaut   2006-08-21 03:10  

#4  How, exactly, does changing Z$1000 to Z$1 "tame hyperinflation"? Someone want to explain the economics of this one to me?
Posted by: gromky   2006-08-21 01:41  

#3  It is the soalist Dream!!
Posted by: newc   2006-08-21 01:14  

#2  What is not mentioned is, that with panic buying, comes higher prices.

There have been other drastic actions within the government. Perhaps what we are seeing here is a sort of campaign amongst the younger government officials within ZANU-PF; an effort to prove that one can lead both the party and this failing state.
Posted by: Fordesque   2006-08-21 01:11  

#1  The Reserve Bank of Zimbabwe last month announced it was lopping three zeros off the Zimbabwe dollar in a move aimed at taming hyperinflation

oh that'll werk, especially since we're not bound by colonial rules anymore.

Posted by: Bob   2006-08-21 00:33  

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