Philip Haslam on Zimbabwe's plan to introduce bond notes
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So another rough week for the rand and across our border, Zimbabweans are shunning our currency. That's just one of the reasons why there's an acute shortage of dollars in the country. The demand for dollars is so high that ATMs have been running dry and Zimbabwe has introduced limits on the number of dollars that can leave. Now the Reserve Bank says it will soon introduce bond notes which will be a Zimbabwean form of the US dollar and will share a par value with the US dollar. There are already so-called bond coins in circulation. Zimbabwe ditched its own currency in 2009 after years of hyper-inflation. Since then Zimbabweans have been using the dollar as well as other foreign currencies including the rand and the Chinese yuan. For more News visit: http://www.sabc.co.za/news
Comments
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Was hoping for a more intellectual discussion. You might as well have
interviewed a high school Zimbabwean student. -
Philip is just a good story teller; mere waffling
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we don't use Chinese currency here
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Philip to me is just one more author/economist making profits from story telling
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incredible how Mugabe has destroyed the nation - what a humiliation and loss of pride, not to even have your own national currency - what a complete and utter moron. And people still support him. Incredible. And totally dumb.
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How will it share a value with the US dollar? Whats the basis? Interesting,.
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Liberalising markets is not the way Haslam does not know what he is talking about.
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mugabe must go
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its not a bad thing at the end of the dae....one sees that most business open businesses here and take the money away from the coutry....so introduction of bond notes is not a bad thing at ol....
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Well pegging our local bonds(near money instruments) is not a bad thing especially economically taking into consideration the U.S. dollar is the world's reserve currency, so this is one reason that countries peg to it. That means that most financial transactions and international trade is done in U.S. dollars. besides ZIMBABWE other countries that are heavily reliant on their financial sector, Hong Kong, Malaysia and Singapore, peg their currencies to the dollar. The same situation with Nambia and the rand, what ever happens to the south african economy will have an impact on Nambia to... The introduction of our own Zimbabwean currency or even printing bonds wouldn't be a bad motive to, the Zimbabwean economy is mostly relying on its fiscal policy(increase in duty tariffs- low rand value compared to the U S dollar- buying more good in south africa with little U S dollar) and not in use of its monetary policy, therefore the government has no direct control of its own economy. The shortages in money has cause the inflation rate to be negative and unemployment to be high (negative relationship between inflation and employment) so we need our money or more of our own personal currency to stipulate a growth in our own economy. We are trying to fight to evils in Zimbabwe, INFLATION and UNEMPLOYMENT..
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we never used Chinese Yuan
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great discussion not one sided
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Great name!
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