Zimbabwe fail yet again

Name-Driver · 12-08-2006, 11:37 PM

Aftab Ahmed's second fifty of the series sealed another Bangladeshi win

The series now belongs to Bangladesh 4-0

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waltky · 07-19-2008, 05:43 PM

Zimbabwe money becomes meaningless...

Zimbabwe introduces $100 billion banknotes
Sat July 19, 2008 - New bills officially come into circulation Monday; Bills aren't enough to buy a loaf of bread. They can only buy four oranges; Gideon Gono: Notes for "convenience of the banking public and corporate sector"; The new note is equal to just one U.S. dollar

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Zimbabwe's troubled central bank introduced $100 billion banknotes Saturday in a desperate bid to ease the recurrent cash shortages plaguing the inflation-ravaged economy. The bills officially come into circulation Monday, although they were on the foreign currency dealers market Saturday. As high as they are, though, the bills still aren't enough to buy a loaf of bread. They can buy only four oranges. The new note is equal to just one U.S. dollar.

Once-prosperous Zimbabwe has seen an unprecedented economic meltdown since it gained independence in 1980, with the official inflation rate now at 2.2 million percent. Gideon Gono, governor of the Reserve Bank of Zimbabwe, said the new notes are for "the convenience of the banking public and corporate sector" in light of price hikes. "The RBZ has noted with concern the unjustifiable and incessant general increases in prices of goods and services. It is therefore appealing to the business community to follow ethical business practices as well as take an interest in the plight of the general public," Gono said in a statement dated Friday.

Zimbabwe started issuing large bank notes in December, starting with denominations of $250,000. In January, the government issued bills in denominations of $1 million, $5 million, and $10 million -- and in May, it issued bills from $25 million and $50 million up to $25 billion and $50 billion.

The new bills are actually bearer checks and have an expiration date of December 31. Zimbabwe has not had formal currency since the introduction of bearer checks as a temporary measure in 2003. "The RBZ is fighting a losing battle," economist John Robertson said in Harare. "As long as the inflation remains high, cash shortages will persist. There is need to address the inflation by increasing production so that too goods do not [cost] a lot of money."

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Mbeki seeks team to help mediate Zimbabwe crisis
Sat Jul 19, 2008 - Zimbabwe opposition may sign initial talks agreement

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Zimbabwe's main opposition party could sign an agreement as early as Monday to begin substantive talks with President Robert Mugabe's party on ending a political impasse that has worsened the country's severe economic crisis, opposition officials said on Saturday. The apparent breakthrough came after South African President Thabo Mbeki proposed forming a team drawn from African regional bodies and the United Nations to help him mediate the worsening crisis in neighboring Zimbabwe. A statement seen by Reuters on Saturday said Mbeki had proposed during a meeting on Friday creating a team representing the African Union, the Southern African Development Community (SADC) and the United Nations, with which he would liaise in efforts to foster dialogue between Zimbabwe's warring parties.

The Movement for Democratic Change has refused to recognize Mugabe's overwhelming victory in a June 27 vote held after MDC candidate Morgan Tsvangirai pulled out, citing violence by ruling party militia. The resulting impasse has dampened hopes of halting an economic meltdown that has forced the central bank to introduce a 100 billion Zimbabwe dollar note -- enough to buy two loaves of bread -- in a desperate fight against hyperinflation.

In a public letter to his supporters, Tsvangirai -- who has previously demanded that an AU envoy join the mediation before his MDC will agree to more substantial talks -- said setting up the new team was a positive step. "We welcome (the) appointment of a reference group of eminent Africans who will work with President Mbeki and the main parties in Zimbabwe to find a peaceful negotiated solution to the Zimbabwean crisis," he said.

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