Zimbabwe Currency Plunges to New Low

donsutherland1 · 06-05-08, 11:52 AM

On account of the Mugabe dictatorship's fueling hyperinflation by running the printing presses, Zimbabwe's battered currency, which was floated last month, reached a new low today. The U.S. dollar is now worth 1 billion Zimbabwean dollars.

Today, Reuters reported:

Zimbabwe's currency plunged to a new record low on Thursday, trading at an average 1 billion to the U.S. dollar on a recently introduced interbank market and triggering massive price increases.

Traders were quoting the Zimbabwean dollar at between 995 million and 1.45 billion against the greenback in Thursday morning trade, up from an average 700 million at the beginning of the week. The currency has depreciated by about 84 percent since the central bank effectively floated it in early May after years of an official peg.

Goldenboy219 · 06-05-08, 03:24 PM

A few years back, i was training a kid who's father was a well to do farm owner who employed hundreds of black Africans, provided housing for the workers, and educated his children in the US.

In Feburary of 2006, the government confiscated all of his land, farms, etc... (everything). Something to do with the white minority controlling much of the wealth, there so called president promised prosperity in exchange for the true Africans support and acceptance of his revolution.

Suffice to say, it has led to what your OP describes. The family now lives in Exicuter UK (sp?) and is supposedly doing well.

Edify_Always_In_All_Ways · 06-05-08, 03:50 PM

At some point, will some rich guy in Europe or here just be able to buy the entire country? That would be a solution to their Mugabe problem...

mikhail · 06-25-08, 12:17 PM

Its now at about 20 billion Its gonna get to the point where mugabe cant afford to pay his thugs anymore.

gunner · 06-26-08, 04:03 PM

Quote:

Originally Posted by Goldenboy219

A few years back, i was training a kid who's father was a well to do farm owner who employed hundreds of black Africans, provided housing for the workers, and educated his children in the US.

In Feburary of 2006, the government confiscated all of his land, farms, etc... (everything). Something to do with the white minority controlling much of the wealth, there so called president promised prosperity in exchange for the true Africans support and acceptance of his revolution.

Suffice to say, it has led to what your OP describes. The family now lives in Exicuter UK (sp?) and is supposedly doing well.

The last White Farmer has now left. After agreeing with government officials to give them 9 of his 10 farms, They were not happy with that and have now confiscated his last holding.

Zimbabwe's last white farmer forced to quit - Telegraph

Its a sad state of affairs with the fellow African nations not doing a great deal to curb the violence by government Thugs.
If only he had "Oil" I'm sure then it would had of become a humanitarian crisis

Paul.

Infinite Chaos · 07-21-08, 12:56 AM

Quote:

Virtually all of the remaining 280 white farmers have been invaded by government supporters since Mr Mugabe lost the first round of the presidential election in March.

Yesterday Reinier van Rensburg left Upper Romsey farm for the final time, evicted by a senior official in the ruling Zanu-PF party.

Mugabe started all of this in the 1980's and the world sat by and did nothing. He sent North Korean trained thugs into Ndebeleland and the UK gave him a knighthood (now rescinded). The world has a hand in the eventual outcome, simply from our various governments tacit knowledge and failure to act when the danger signs where there for all to see.