Thursday, January 29, 2009

Now They Just Need to Give Up on Their Leaders

The Zimbabwe Government has thrown in the towel financially.

The announcement was made by acting Finance Minister Patrick Chinamasa......."In line with the prevailing practices by the general public, [the] government is therefore allowing the use of multiple foreign currencies for business transactions alongside the Zimbabwean dollar," he said.

Not that they're giving up much.

The country is in the grip of world-record hyperinflation which has left the Zimbabwean dollar virtually worthless - 231m% in July 2008, the most recent figure released.

A 40-year-old Zimbabwean primary school teacher from the capital Harare, told the BBC news website earlier this week it cost nearly US$2 a day to travel to work, but inflation had reduced the average teacher's wage to the equivalent of US$1 a month. He said he now made a living reselling maize to families in high density areas, as it made more money than teaching.