A man holds the new Zimbabwe currency specimen, Feb. 2, 2009. Zimbabwe's central bank revalued its dollar again, lopping another 12 zeros off its battered currency to try to tame hyperinflation and avert total economic collapse Tuesday.(Xinhua/AFP Photo)
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BEIJING, Feb. 3 (Xinhuanet) -- Zimbabwe's central
bank revalued its dollar again, lopping another 12 zeros off its battered
currency to try to tame hyperinflation and avert total economic collapse
Tuesday.
The crisishas been worsened by political
stalemate, but the opposition last week agreed to join a coalition government,
raising prospects the economy could be saved from further ruin.
The southern African country is battling the world's
highest inflation rate, officially put at 231 million percent, and acute
shortages of food and foreign exchange.
Reserve Bank of Zimbabwe Governor Gideon Gono
announced the new currency moves on Monday, adding that some foreign exchange
controls will be relaxed and gold producers now can sell bullion directly and
not to the central bank as in the past.
"This Monetary Policy Statement unveils yet another
necessary program of revaluing our local currency, through the removal of 12
zeroes, with immediate effect," Gono said in his MPC statement.
"Yesterday's trillionaires, I am sorry, will not be
able to buy their favourite drink today," said Gono.
"His statement does contain some positive measures
but it does not go far enough. It would appear he is trying to restore the
Zimbabwean dollar, but given the choice of multiple currencies, who would want
to trade in Zimbabwe dollars?" John Robertson, a leading Harare-based economist
said.
(Agencies)
Photo taken on Jan. 16, 2009 shows a specimen of the old Zimbabwe currency of one hundred trillion dollars. Zimbabwe's central bank revalued its dollar again, lopping another 12 zeros off its battered currency to try to tame hyperinflation and avert total economic collapse Tuesday.(Xinhua/AFP Photo)
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