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Mugabe launches new currency in 'last gamble' for Zimbabwe
Source: The Guardian
Mugabe launches new currency in 'last gamble' for Zimbabwe
Many fear ‘bond notes’ will cause hyperinflation as protests
grow against autocratic 92-year-old’s rule
Jason Burke Africa correspondent
Monday 28 November 2016 10.15 GMT
Zimbabwe has launched a controversial new currency in a last ditch bid to inject desperately needed cash into its failing economy.
Many ordinary people fear the new “bond notes”, issued on Monday by the central bank in Zimbabwe, will trigger economic chaos, wiping out savings and causing massive hardship for millions.
Zimbabwe has been ruled by Robert Mugabe, 92, since 1980. Some observers have called the bond notes the autocratic president’s “last gamble”.
The central bank says bond notes will ease crippling shortages of currency, but there are fears their introduction could encourage rampant printing of cash, as happened in 2008.
[font size=1]-snip-[/font]
Many fear ‘bond notes’ will cause hyperinflation as protests
grow against autocratic 92-year-old’s rule
Jason Burke Africa correspondent
Monday 28 November 2016 10.15 GMT
Zimbabwe has launched a controversial new currency in a last ditch bid to inject desperately needed cash into its failing economy.
Many ordinary people fear the new “bond notes”, issued on Monday by the central bank in Zimbabwe, will trigger economic chaos, wiping out savings and causing massive hardship for millions.
Zimbabwe has been ruled by Robert Mugabe, 92, since 1980. Some observers have called the bond notes the autocratic president’s “last gamble”.
The central bank says bond notes will ease crippling shortages of currency, but there are fears their introduction could encourage rampant printing of cash, as happened in 2008.
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Read more: https://www.theguardian.com/world/2016/nov/28/mugabe-launches-new-currency-in-last-gamble-for-zimbabwe