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 Tuesday, July 31, 2007
Zimbabwe in for more of same
Posted by David

If you hadn't heard, times are tough in Zimbabwe. Inflation is wildly high, currently over 5,000%. the government ordered prices to be cut in half earlier this year. Reports state that around 5,000 people who have failed to obey the imposed price controls have been arrested. There's no real currency, the government providing instead series of bearer checks in different denominations.

Circulation of the current set, which was to expire today, has been extended for a year, and a new top denomination issued, a Z$200,000 dated Aug. 1, 2007.

Some online news reports have said that this new bearer check has a security strip to help combat counterfeiting, and that the Zimbabwe government has a new currency in the works.

No end in sight, though, for these hard times.



7/31/2007 4:41:44 PM (Central Daylight Time, UTC-05:00)  #  Comments [0]
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