SoylentNews is people
SoylentNews
Zimbabwe's central bank said on Saturday it will circulate $10 million worth of new bond notes on Monday, a quasi-currency that authorities expect to ease a serious cash crunch, but will limit withdrawals to curb any abuses.
The Reserve Bank of Zimbabwe (RBZ) first announced the plan in May to issue bond notes to address chronic cash shortages and supplement dwindling U.S. dollars that have been in circulation for the past seven years.
But many Zimbabweans are sceptical about the scheme after a 2008 multi-billion percent inflationary meltdown caused by rampant money-printing. The new plan has already caused a run on the banks as Zimbabweans empty their accounts of hard currency.
The bond notes will be officially interchangeable 1:1 with the U.S. dollar.
Source: Reuters
See also: India grapples with the effects of withdrawing 86% of cash in circulation
(Score: 2) by fritsd on Monday November 28 2016, @11:32AM
I once knew somebody who had travelled the length of Zimbabwe.
She said that (besides being piss-poor and having Mugabe as autocrat and having to eat sadza [wikipedia.org] all the time) the country has a very large social problem:
After the revolution, there was no real plan to take care of the numerous veterans, called "war-vets". No health care, housing etc. for the men who risked their lives.
So now they have a situation where the war-vets tolerate the ZANU-PF [wikipedia.org] government, and the government stays out of the way of the war-vets, and if the war-vets need anything from the villages they live in, they take it.
Because they have all the military training and heavy weaponry (as souvenirs), and nobody seems to care for them, so they care for nobody.
It will all explode once Mugabe is finally dead, because I've read somewhere that, despite him being a despot, behind the throne there are other ZANU-PF brass waiting in the wings that are *even much worse*.
(Score: 2) by Entropy on Monday November 28 2016, @09:02PM
So in short--They can't manage themselves, and really need someone to do it for them.
(Score: 2) by fritsd on Monday November 28 2016, @09:59PM
They can't manage themselves as long as they haven't gotten rid of their corrupt government, that's for sure. Otherwise I don't know what you mean.
I don't think the Zimbabweans fancy some kind of re-colonisation, if that's what you're thinking about :-)
I don't know what Morgan Tsvangirai is doing, is he dead yet?