SW Radio Africa (London)
Lance Guma
26 June 2009
Robert Mugabe on Friday said he wanted to bring back the Zimbabwe dollar, in place of the current system of multiple currencies. The ZANU PF leader said the dollarization of the economy has failed to help the plight of ordinary people, who did not have access to foreign currency. Mugabe said although prices have gone down, 'people should have the money.' He also gave the example of people in rural areas being forced to trade their livestock.
The Zimbabwe Dollar was dropped from use 4 months ago because it had become worthless after years of economic decay and corruption. At one point inflation ran over a trillion percent, with businesses struggling to supply any goods or services. The new coalition government in February quickly introduced the United States Dollar and the South African Rand as legal tender, and within days shops were full to the rafters with groceries and other supplies.
But the big question was always the issue of the supply of the forex cash notes themselves. On numerous occasions banks witness customer queues after running out of foreign currency to disperse. Economists conceded that although multiple currencies would bring some stability to the economy, the supply of the forex would always be the downside to the strategy.
Cynics say Mugabe's concerns about dollarization have nothing to do with the plight of ordinary people. They point to the current inability of his henchmen to make the kinds of obscene money they used to get from printing endless amounts of Zimbabwe dollars and using the black market to at least double their cash. It's also alleged Central Bank governor Gideon Gono produced bank notes with duplicate serial numbers in the system and that this funded ZANU PF's brutal hold on power, and ended up fuelling the world-record hyper-inflation levels.
But while Mugabe was talking about re-introducing the Zimbabwe Dollar, Economic Planning Minister Elton Mangoma was singing from a different hymn sheet. Mangoma told mining executives in London that the US dollar had helped them revive investor confidence and there were no plans to return to the Zimbabwe Dollar.
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NO NO to zim dollar - People were conned of their hard earned forex through the printing of worthless dollar bills. No more this zillion syndrome. We only appreciate the Zim Dollar when all the conmen have stepped down from power.
How true !!!
Criminal Mugabe is not able to print Rand notes according to his whims and caprices! That's why he wants the Zim $ back. Cunning, isn't it?
But Zimbos know his game now. He won't have it his way. Not anymore!!
Bob wants the Zim dollar back. His printing presses could not keep up with demand. A wheelbarrow of billion dollar notes for a loaf of bread, no food in the shops everything knackered. He wants to take the country back to the stone age. What an idiot, up there with takunya and richerson. Bob your policies put zimbabwe in the doldrums, let market forces go with the flow. Your days are numbered , look at the calender.
Uncle Bob is finally feeling the pinch that the ordinary Zimbabweans have been feeling all along. he misses printing the zim dollar to fund his selfish ZANU PF agendas. Its over uncle Bob... your days are numbered...ha ha ha .. how the mighty have fallen and are desperate..... Zimbabwe is for the people and not for you to abuse.