8 05 2008

Well, that was the title in The Herald anyway. It seems that the powers that be have had an attack of common sense and floated the currency. I’m not sure what this really means except that the revenue authority is now using a rate of 165 million zim dollars to the US and banks are now trading openly at 192 million. As we are so dependent on imports the price of anything imported is going to be very expensive.

It has not suppressed the black market which is now over 200 million to the US dollar. It is certainly not going to alleviate the shortage of foreign currency so demand is still going to exceed supply. There are new notes out; we now have 50 and 100 million dollar bearer cheques. Yes, like all the others they have an expiry date.



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