Sources also report that staff morale at the bank is "at rock bottom with the bank reportedly still paying its workers' salaries in de-monitised Zimbabwe dollars
piling up in the vaults".
In consequence, price increases for goods and services sold in Zimbabwe dollars
mirrored the depredation of the Zimbabwe dollar
against the U.
The value of the Zimbabwe dollar
weakened steadily against hard currencies throughout last year, but its fall quickened dramatically in recent weeks, one dealer said.
Gono also slashed the value of the Zimbabwe dollar
by 60% to further relieve fiscal constraints on the industrial sector.
Mkangi may be interested to know that the street value of the Zimbabwe dollar
has decreased by about 25% since his visit.
Economist Steve Hanke is proposing that the country of Zimbabwe, currently mired in an economic collapse, replace the Zimbabwe dollar
, its battered currency, with the U.
6% estimated for 2009 (Zimbabwe's best performance since 1996), a functional (albeit delicate) unity government in place and perhaps most importantly, from a fast-moving-consumer-goods point of view, hyperinflation out of the picture after the Zimbabwe dollar
was replaced by the US dollar, 2009 could one day be known as the year Zimbabwe turned the corner as discussed in BMI's recently published Zimbabwe Food & Drink Report for 2010.
The 10 million Zimbabwe dollar
notes will be issued today along with one million and five million dollar ones.
He attributed the need for the increase to soaring world oil prices, boosted by the effects of Hurricane Katrina in the Gulf of Maxico, and the falling value of the Zimbabwe dollar
, devalued twice since the last fuel prices were announced in June.
By contrast, the Zimbabwe dollar
plunged 93% during the same reporting period.
Zimbabwe's economy has contracted for ten years in a row under gross mismanagement by its political leaders, sending annual inflation to an unprecedented rate of several billion percent and the exchange rate of the Zimbabwe Dollar
to more than 50 billion per US$, until in early 2009 the government finally gave up and allowed foreign currencies as alternative legal tender, which had already been the inofficial fuel of the local economy for years.
That hints that the England tour might not take place but there are too many bucketsful of that mucky whitewash sloshing about to wager even one Zimbabwe dollar
on such an outcome.