Zimbabwe suspends own currency for 12 months

semiautomatix

semiautomatix

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Harare - The Zimbabwean government has decided to suspend the country's national currency for a year, which has in fact already disappeared from circulation, state-run media reported on Sunday.
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http://www.iol.co.za/index.php?set_id=1&click_id=68&art_id=nw20090412131617671C301051

Finally, some good news from our northern neighbour!

In January, in response to unprecedented hyperinflation, Zimbabwe legalised the use of foreign currencies including the Botswana pula, the South African rand, the United States dollar, the Euro and the British pound. The Zimbabwe dollar immediately went out of circulation.
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This should benefit us then, I guess.

Its a start, if nothing else. At least Zimbabweans can start comparing apples with apples and this will end hyperinflation.
 
I doubt it will benefit us at the moment. I suspect the US Dollar will be most welcome above all the currencies mentioned.
 
Not really antowan, with all the Zimbabweans in our country sending money over monthly i would imagine the rand will be but i may be wrong.
 
as long as the reserve bank doesn't just print a bunch of extra money just to cover this. If anything they should allow our currency to become more scarce. It will increase in value.
 
How so sub? Maybe someone like djk or something could explain the pro's and cons of the Rand becoming the dominant currency in zim, there is no doubt in my mind it will as i know 4 Zimbabweans employed within our family that send majority of their moneys over to zim. Now that is just me so i would imagine most Zim people working here would send money over to support their families so considering the volume of working zims in this country it would be fair to say the rand should be dominant, again this is what i think :).

/insert djk :p
 
I think it would be good for the rand,unless the rand somehow offically becomes there currency.It'll make the demand for the rand increase,which can't be a bad thing.
 
One can go all over there and pay with rands or US cant say that they prefer one or the other. Problem there are change they never seem to have any so if you buy something you can kiss your change goodbye :mad:
 
BDL said:
Maybe they will now seriously consider moving forward to the stone-age; exchange a chicken for a haircut, a cow for petrol, a mielie for water...
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Man you must have been bad at economics... a mielie for water? I reckon the haircut would be worth 2 mielies, a cow for water and chicken for petrol. :p
 
I'm guessing the next trading commodity from here is fake SA passports for cholera tablets?
 
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