Zimbabwe Business Watch : Week 4
The much anticipated new Bearer Cheques broke onto the scene at the end of last week. More importantly, this boosted the volume of cash available to transact foreign currency unofficially and this has resulted in the rapid devaluation of the Zimbabwe Dollar as there is now, once again, more cash chasing less forex. The US Dollar is trading between 7 and 8 million and the Old Mutual Implied Rate hovers in the same territory. Massive blackouts have been experienced with outages exceeding 18 hours in some cases.
South African economists estimate losses per business of around ZAR 25000 000/hour. The absurdity of Reserve Bank regulations continues as it is reported that daily cash withdrawals for the individual have been increased to $500 000 000 and it is the same rate for corporates. The assault on business continues with the blame proportioning exercise being stepped up again as the RBZ governor comes under increasing pressure. The IMF says that inflation rose to 150 000% in January, the same rate reached by Germany during the Weimar Republic in the 1920’s.
February 3rd, 2008 01:05
I suppose the reason you have a slight delay in posting comments is to make sure hat no pro goverment views get posted. Here I i sit in the uk and wonder what foreign imperial power pays for your website and its support for the MDC, also a puppet of several western governments, and it leader Morgan mi5 Transagi. This is the nickname now given to the western puppet as he is their creation . Most websites and blogs that are anti Mugabe are slowly being exposed as being done by ghost writers in the pay of one anti Mugabe agency or another .Mi5 Tranagi is day by day here in the UK, on blogs sites as a stooge of western imperialism hence his new name Mi5 TRANAGI IT WONT BE LONG BEFORE YOU WILL SEE POSTERS ALL OVER ZIM WITH HIS NEW NAME ON IT. mi5 mi5 transagi