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| Africa Subsaharan |
| Zimbabwe warns US greenbackÂ’s days as the worldÂ’s reserve currency are numbered. |
| 2011-05-15 |
| THE central bank says the country must consider adopting a gold-backed Zimbabwean dollar warning that the US greenbackÂ’s days as the worldÂ’s reserve currency are numbered. Government ditched the Zimbabwe dollar in 2009 after it had been rendered worthless by record inflation levels and adopted multiple foreign currencies with the US dollar, the South African Rand and the Botswana being the most widely used. Finance minister Tendai Biti says the country needs at least six months import cover and a sustainable track-record of economic growth, inflation stability and above 60 percent capacity utilisation in industry before the Zim dollar can be brought back into circulation. However central bank chief, Dr Gideon Gono said the country should consider adopting a gold-backed currency. |
| Posted by:tipper |
| #3 Aaannnnnd EC takes the lead for Snark O' the Day.™ :-D |
| Posted by: Barbara Skolaut 2011-05-15 22:16 |
| #2 Well they DO know about inflation |
| Posted by: European Conservative 2011-05-15 21:51 |
| #1 ...Yeeeeeah, I'll take financial advice from Zimbabwe. Next? Mike |
| Posted by: Mike Kozlowski 2011-05-15 21:40 |