New Zimbabwe dollar the worst performing currency in the world

[rpm]

New Zim dollar the worst performing currency in the world

If you thought Argentina’s currency crisis was bad, spare a thought for Zimbabwe.

Measures to protect the Zimbabwe dollar — including sky-high interest rates — seem to be coming to naught.

Since the southern African nation allowed formal trading of what was effectively a new currency in February, the unit has depreciated to 13.52 per U.S. dollar, from 2.50. That equates to a loss in value of 82% — easily the worst performance globally, excluding hyperinflationary Venezuela.

 

[The_Right_Honourable_Brit]

But they have the land...

 

[Solitude]

"There's no system that has worked successfully for Africans, except the Zimbabwean system. The Zimbabweans today can be hungry and poor, but at least they own property. You are eating pap and vleis here in South Africa, [but] you have nothing to show as proof that you belong to South Africa."

 

[HelterSkelter]

Cant they use land as a currency?

 

[Magnum]

Cant they use land as a currency?

Even better. Can they eat the land...

 

[WaxLyrical]

At least its stronger than the rand - for now.

 

[neoprema]

why don't they go to some countries and start trading their minerals, land etc for PROPER currency. Adopt the currency and make strategic global export partnerships to drive the GDP up so the country's reserve bank can have proper liquidity. Then focus on jobs by getting foreign companies to open up shop in the country and create work opportunities.

It will take time but its doable in the next 10 years.

 

[Urist]

Failed state. They should just colour it grey on the map and build a wall around it.

 

[Urist]

why don't they go to some countries and start trading their minerals, land etc for PROPER currency. Adopt the currency and make strategic global export partnerships to drive the GDP up so the country's reserve bank can have proper liquidity. Then focus on jobs by getting foreign companies to open up shop in the country and create work opportunities.

It will take time but its doable in the next 10 years.

Write to their military dictator and tell him your suggestion.

 

[Splinter]

Folks, gloating at our neighbours bad fortune does nothing for SA. Just means we will have more people flooding our borders and creating heightened tensions within SA.

 

[Jopie Fourie]

Nothing wrong with this. Nothing wrong with their currency failing. They now have their land. They have their dignity. Who needs money? Who needs food? You can die of hunger, but at least with dignity on your own land. Everyone, including Zimbabweans, should stop laughing and complaining. Ignore the country and their people. They all got what they asked for.

 

[Splinter]

Nothing wrong with this. Nothing wrong with their currency failing. They now have their land. They have their dignity. Who needs money? Who needs food? You can die of hunger, but at least with dignity on your own land. Everyone, including Zimbabweans, should stop laughing and complaining. Ignore the country and their people. They all got what they asked for.

You seem rather ignorant of what the actual situation was, and is, there.

 

[Jopie Fourie]

You seem rather ignorant of what the actual situation was, and is, there.

I am totally ignorant of anything that happened after the day Mugabe decided to expropriate land without compensation. Everything else is a direct consequence and none of my problems. I do not want to know about it at all.

 

[Milano]

Folks, gloating at our neighbours bad fortune does nothing for SA. Just means we will have more people flooding our borders and creating heightened tensions within SA.

You are so belittling of their choices. That which you label bad fortune is just one element of the lasting legacy of their heroic late leader.

 

[Gordon_R]

The actual cash situation is worse than the exchange rate figures suggest: https://www.fin24.com/Economy/Africa/zimbabweans-forking-out-for-cash-as-crunch-worsens-20190917

Cash-starved Zimbabweans are forking out premiums as high as 55% to get cash on the black market in the troubled Southern African country, as liquidity shortages worsen.

Fin24 spoke to agents of EcoCash – the biggest and most widely used mobile money payment and transfer platform, owned by Econet Wireless Zimbabwe – who indicated that the premium had risen from around 35% in the previous week to around 55% currently for people seeking hard cash.

So, guess what the solution is:

But this could be coming to end if Reserve Bank of Zimbabwe governor John Mangudya is to be believed.

In his monetary policy statement on Friday, he said the central bank would issue more notes to respond to strong demand for cash.

 

[Mortymoose]

But Thabo said Bob was a hero and had done wonders....

 

[Techne]

Sadly Africa is going to exploited for a loooong time. Non-Africans see how African leaders exploit their own people for power and money and this makes it easy to manipulate and exploit the leaders. The Chinese know this and they appear to be exceptionally good at it.

 

[NarrowBandFtw]

well I never ... what a shock ... this was completely unpredictable ... absolutely nobody saw this coming

probably that van Riebeeck mothertrucker again!

 

[pinball wizard]

Failed state. They should just colour it grey on the map and build a wall around it.

Put the mexicans inside?

 

[rietrot]

Well they are following the textbook example of how to get hyperinflation each time.

I thought the Zimbos are smarter than this.