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To counter an inflation rate that economists now estimate to be 5,000,000,000,000,000,000,000 (five sextillion) per cent, Mr Gono has now struck 25 zeros from the plunging national currency since August 2006. One American dollar would now buy Z$2,500,000,000,000,000,000,000, 000,000 (2.5 octillion) had he not done so.
Mr Gono, 49, recently published an autobiography – sold only in US dollars, in violation of his own currency regulations – in which he claimed that President Bush had offered him the post of senior vice-president at the World Bank last July.
Originally posted by deltaalphanovember
Members from countries like the USA start losing their marbles when they find they can't find their favourite brand of chocolate spread on their local shelves and declare that it is surely a sign that the end is near.
President Kgalema Motlanthe said on Sunday that Zimbabwe, crippled by a record inflation rate, could adopt the South African Rand as its standard currency. "We have to help them so that the coalition government works," Motlanthe said in an interview with the SABC channel, referring to power-sharing between President Robert Mugabe and prime minister-designate Morgan Tsvangirai. It "may be practical for them to enter into an arrangement with the reserve bank here and allow the rand to become the common currency," he added, without fleshing out his suggestion.
Originally posted by jatsc
Has he ever had an assassination attempt because i'm surprised no one has tried to get rid of it somehow.
The Zimbabwean government has accused the opposition of being behind a failed "assassination attempt" against the widely feared head of the air force, Perence Shiri, who was shot and wounded in the arm. The government described the shooting as the latest in a series of "terror attacks" as the opposition "prepares for war" and "presses the west to invade Zimbabwe".
Two men die in a crash involving the President's motorcade, in what security forces believe was an attempted assassination President Robert Mugabe's motorcade - notorious for its strict security procedures and high-speed travel - came to a sudden halt in Harare today when a mystery vehicle evaded outriders and guards before smashing into a security vehicle. Both drivers died at the scene.
The Reserve Bank of Zimbabwe was not considering the use of the rand to anchor its worthless currency, the central bank said yesterday. This follows a suggestion by President Kgalema Motlanthe on an SABC Sunday broadcast that it "may be practical for [Zimbabwe] to enter into an arrangement with the Reserve Bank here and allow the rand to become the common currency" to help Zimbabwe's crippled economy, now that a government of unity was in place. Gideon Gono, the governor of the Reserve Bank of Zimbabwe, told Business Report yesterday that a formal bi-monetary arrangement with South Africa "is not an option we are considering", adding: "I have not exercised my mind on this issue."