Zimbabwe Issues - Articles - Zimbio

Zimbabwe introduces 100-billion-dollar note

Sat, 20 Jul 2008 03:14:00 GMT

posted by Eahopp

A Zimbabwean man holds on May 16, 2008 a new five hundred million dollar note in Harare, May 2008. Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages.
(AFP/File/Desmond Kwande)

I wonder if the U.S. will ever end up in the same situation as Zimbabwe? From Yahoo News:

HARARE (AFP) - Zimbabwe, grappling with a record 2.2 million percent inflation, has introduced a new 100-billion-dollar bank note in a bid to tackle rampant cash shortages, the central bank said Saturday.

The new note will go into circulation on Monday, the bank said in a statement cited by state media, joining about half a dozen new high denomination notes already issued this year.

In January, a 10-million-dollar note was issued, then a 50-million-dollar note in April. In May, notes for 100 million and 250 million dollars were issued, swiftly followed by those for five billion, 25 billion and 50 billion.

The southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation which shot up from 165,000 percent in February to 2.2 million in June.

Independent economists however believe the official inflation figure is grossly understated, estimating it could be running between 10 million and 15 million percent.

Zimbabwe's chronic economic crisis has left at least 80 percent of the population living below the poverty threshold and mass shortages of basic goods in shops.

New $100 billion bank note introduced in Zimbabwe

Fri, 19 Jul 2008 22:02:00 GMT

posted by wafaz75
Does the Zimbabwe central bank know any other way of controlling the cash shortage other than printing more valueless higher denomination bank notes? In a desperate effort to control the recurrent cash shortages plaguing the inflation ravaged economy, the Zimbabwe central bank has introduced a new $100 billion bank note.

The reserve bank governor's first initiative was to remove the zeros from the currency, when that did not work he resorted to printing more useless bank notes.

How on earth can they manage the monetary situation in the country by printing more of these worthless notes. Every month the central bank is introducing higher denomination notes.

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.

The new note officially comes into circulation on Monday.

Is it time for the central bank governor to admit he has failed? His track record shows how bad the current government has managed the economy and they should just leave for the sake of the lives of innocent Zimbabweans.

The highest denomination bank note in the country can not even buy you a loaf of bread? Gives us a break Mr Gono.....is it real money?

Reserve Bank of Zimbabwe increase daily cash withdrawal limit to ZW$100 Billion

Tue, 2 Jul 2008 13:35:00 GMT

posted by wafaz75

Is there another country in the world which trades in trillions? Zimbabwe's $100 Billion is less than one British pound (1) at today's exchange rate.

The economic crisis in Zimbabwe is getting worse everyday. Even though Robert Mugabe gave himself the mandate to manage the country's economy for another five years, his government does not seem to have a clue on how to solve the economic problems affecting Zimbabwe.
Not even the Reserve Bank of Zimbabwe governor, Mr Gideon Gono. Struggling to contain inflation estimated to be over 2 million percent, Mr Gono has announced that the daily cash withdrawal limit is going up from the current ZW$25 Billion to ZW$100 Billion.

The reserve bank governor is also expected to deal with the growing number of zeros soon. We expect him to remove some of the zeros from the currency probably in a few months to come or maybe weeks.

Meanwhile companies have started removing zeros for transacting purposes as their systems fail to compute figures now running into trillions.

Zimbabwe face severe food shortages

Mon, 3 Jun 2008 08:39:00 GMT

posted by wafaz75

The Zimbabwe food situation is set to worsen after the preparations for the country's winter wheat crop failed. The state media is reporting that only 13 percent of the planned winter wheat crop has been planted. Zimbabwe's winter wheat crop needed to be planted by May 10, after which the rate of germination of the seed and development of kernels on the plant become increasingly negligible. According to the Herald newspaper only 8 963 hectares of wheat had been planted.

"We have missed the target, with challenges being shortages of fertilisers and fuel as well as frequent breakdowns of tillage facilities," Agriculture Minister Rugare Gumbo told the Herald.

Zimbabwe president Robert Mugabe, recently announced that the country had imported some 600 000 tonnes of maize. But even that will not be enough to make up the shortfall, an analyst at the U.N Food and Agriculture Organisation (FAO) said.

Last year output was down 44 percent. This year we are expecting even further decrease in maize and cereal production," said Kisan Gunjal, an FAO economist who went to Zimbabwe at the government's request to analyse the food situation.

Whilst president Mugabe always blames the Western governments for the current problems in Zimbabwe. Most analysts blame the Zimbabwe food shortages on the government policies. Most of the country's food problems began when the government allowed war veterans to invade commercial farms.

The government's often violent land redistribution policy destroyed the country's agricultural sector. Most of the prime agricultural land lie under utilised, agricultural equipment on the farms was either destroyed or sold.

There is a severe shortage of foreign currency in the country, and the government has so far failed to provide any meaningful assistance with agricultural implements to the resettled farmers.

With a general shortage of electricity in the country, and also the announced expected increases in load shedding by ZESA, there will be more disruptions in the production of the winter wheat crop.

.............I'm always interested in what you have to say. Feel free to post your comments.

Archbishop Marcus E.Davis Call out to the Leaders of the world to heal the Earth.

Mon, 24 Jun 2008 21:42:56 GMT

posted by DrMarcusEDavis

365wgcmlive’s Weblog

Archbishop Marcus E.Davis Send a Message to the Pope of the Roman Catholic Church and all the leaders of the world.

Posted in Uncategorized by 365wgcmlive on June 24th, 2008 Edit This

Why should the world care about the environment in places like Mozambique, Zimbabwe and Rwanda?

Title endorsed in part by:

Pulitzer Center on Crisis Reporting

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by Dr.Marcus Davis

The world is a body that we as man live in and we as man have been giveing charge of this great dominion this Holy body we call Earth. This is why we should care about the enviorment in places like Mozambique,Zimbabwe and Rwanda.These are Nations by name but first these Nations are body parts of the earth created by the grace of God.We are all children of God tide to this planet we call Earth We must understand my brother’s what we do to the earth in one place will triger a reaction in another.When our planet is sick we all feel her paine. We as Man have become the virus of our planet Earth through our ignorance we have become as a cancer to Earth spreading and killing her one part at a time.However ignorance is the substance of all ill it to can be overcome but first we have to admit to what we do not know this is the the only way to defeat ignorance and to heal all who wold other wise perish from ignorance. Then and only then could we start the healing process that may save this planet that has given so much to our father’s, father mother’s, mother, children’s, children of all this planet body parts we as man call nations. Mozambique,Zimbabwe and Rwanda are names that we as Man placed upon this Great body of life we call Earth. Man (NKJV Holy Bible Genesis 1:26-31) Then God said,”Let Us make man in our image,according to our likeness;let them have dominion over the fish of the sea over the birds of the air,and over the cattle,OVER ALL THE EARTH over every creeping thing that creeps on the earth.”We must heal all the Earth starting today if we are to call each other man then we must do what it is that man was created to do.We must excercise dominion of all the earth we can not afford to treat the Earth in parts we must unite the world an treat her as a whole.My brother God created man to care for the whole Earth.This is why the world should care about the evironment in places like Mozambique,Zimbabwe and Rwanda. Are they not part of this dominion we call earth?I Ordained Archbishop Marcus E.Davis of The Great Commission Ministry call upon man to take action to treat this body we call earth. I now will into this dominion through the name Jesus Christ a Ordained body to be established by the Church,Body of God,Holy Spirit for the protection of all the earth and over every liveing thing that is in the earth.This Holy body shall estabish a Dominion Report that shall be given to all Nations of the earth for the purpose of protecting all liveing things in this one earth while at the same time educateing all men as to the role that he must take throughout the earth as God has Charged man to do in the beginning.