Zimbabwe bankrupt: The facts

[mindfactory]

start drilling your own bore holes in your back yard, it will save you a fortune ... stop complaining about who the people choose to have as leaders ... its not your problem whn the stupid actions claim victory ... learn out of the lessons of others and do not try to experiment with every issue at stake ... get real and take responsibilty for your silly actions ... be glad its in Zimbabwe and not in Namibia

enjoy life

[Pietro]

Your reasoning, mindfictory, lacks a lot of common sense!

[Oneword]

In Zimbabwe, most streets are paved with discarded Zimbabwean dollar notes. And nobody is bothering to pick them up.


With the highest inflation rates in the world (1 700 000 percent) and financial chaos at both government and street level, local currency has become a conundrum, even a joke, to many Zimbabweans.


The International Monetary Fund described government’s inflation figures as “understated” and said that the inflation figure were, in fact, over 2 300 000 percent at the end of April. Economic analysts in Zimbabwe say that the actual rate of inflation could have reached 2 000 000 percent.


Running a business in a hyper-inflationary environment brings with it huge problems, unknown in the West.


Commodity prices have soared in response to inflation figures and shops and supermarkets witness scenes reminiscent of the cartoon series Wacky Races as shoppers run to grab products from shelves ahead of supermarket staff hurrying to attach the new day’s price tags.




Slightly condensed from Zimbabwe Times

[Oneword]

On Monday this week (16/06/2008), the local currency was trading at $5.2 billion (parallel market) and $4.2 billion (inter-bank) rates, to the US$.

Prices have soared drastically in the past weeks with a kg of
beef now fetching for not less than $10 billion. A bar of washing soap costs at least $10 billion. A 2 litre bottle of cooking oil costs around $30 billion. A trip to Harare's city centre is now between $1 billion to $2.5 billion.
Zim Independent



19/06/2008 (Herald)

At the advent of the exchange rate liberalisation, the Zimbabwean dollar was trading at Z$160 million to the United States dollar, but now the US dollar is being sold for a maximum of Z$6 billion as of yesterday’s exchange rate.



Zim Independent: Thursday 19/06/2008 20:38

At the time of writing this article, US$1 was worth $7 billion on the
open market and the rate to the pound sterling was at $16 billion.

Exchange rates are expected to have changed by the time the article is
published.

[Poli]

Mindfactory, the borehole driller

start drilling your own boreholes in your back yard, it will save you a fortune

Drilling boreholes needs:

1. Municipal Permission - that costs money!

2. A drill foreman and a drilling rig - that costs more money!

3. Lots and lots and lots of luck or a good geologist - he also costs money - lots of it, too!

Cheaper?

[Oneword]

Poli, I see you are back .... with a vengeance. Go easy on the guy.

[Oneword]

ZIMBABWE’S Minister of Energy and Power Development, Retired Lieutenant-General Mike Nyambuya is in Equatorial Guinea meeting his counterpart to negotiate an oil deal which will help ease the current fuel shortages in the country, the Zimbabwe Guardian has learnt.



Sources say the deal with Equatorial Guinea was a purely commercial energy trading agreement and had nothing to do with the current trial of mercenary and ‘Dog of War’ Simon Mann, as critics had speculated.



Simon Mann is currently facing trial in the west African state for trying to topple the government of President Teodoro Nguema. The coup plot was foiled when the mercenaries were captured in Zimbabwe.



Government sources confirmed that a deal had now been signed with the government of Equatorial Guinea. The energy resources are to be bought and sold at market rates on the Zimbabwean market.



President Mugabe recently confirmed this deal during his election campaign in Bulawayo, Zimbabwe’s second largest city.



"The Minister (of Energy and Power Development) is there (Equatorial Guinea) to negotiate for more fuel and also for us to get it more regularly."



The government last week launched a fuel subsidy scheme in Bulawayo which enabled passenger transporters to reduce their fares from $2 billion a trip to $500 million.



The President said the Government was committed to ensuring that the transport sector got more reliable fuel supplies.


Zim Guardian

[mindfactory]

Check this out ...

BBC NEWS | Africa | Zimbabwe's election challenge

Please comment on this.

Thank you.

[mindfactory]

The government last week launched a fuel subsidy
scheme in Bulawayo which enabled passenger transporters
to reduce their fares from $2 billion a trip to $500 million.

Can you be more specific about the above mentioned ammounts, its a lttle fishy for me for a country thats economically in rags.

[Oneword]

If this is not concise en clear enough for you; go look it up yourself!