Outline · [ Standard ] · Linear+ Zimbabwe & Mugabe

[Pete]

From the May 2008 issue of Airliner World:

Zimbabwe's Minister of Transport and Communication, Christopher Mushohwe, is understood to have visited Russia in February to sign a contract to purchase three Illyushin Il-96 airliners for the state-controlled flag carrier Air Zimbabwe...

Although Rusian lessor Ilyushin Finance Corporation (IFC) is reported to be providing most of the funds for the $223 million deal, the Zimbabwean Government has put up the cash to cover the deposits, around a third of the total purchase price.

The total deal is valued at almost seven trillion Zimbabwe Dollars (Z$6,848,094,000,000) when based on the official conversion rate (US$1 = Z$30,035) as at March 10, 2008.  However, the actual rates for conversion are very different from this - with annual inflation rates in the southern African country now rising above 100,000%, the largest denomination note currently in circulation, the Z$10 million bill, is thought to be worth little more than 40 US cents (at the above rate).  Based on this unofficial figure, the total transaction would be valued at more than five quadrillion Zimbabwe Dollars (Z$5,547,263,681,592,040), the deposit alone being almost two quadrillion Zimbabwe Dollars (Z$1,849,087,893,864,010).

In view of the use of modern technology, it is expected that the funds for the deposit changed hands electronically.  However, had the VASO assembly facility at Voronezh, Russia, demanded a cash payment, which is not unheard of, Mr Mushohwe would have had to transport almost 700,000 Z$ million notes to Russia.  At an average thickness of 0.1 mm per note, the bundle would have stretched to almost 230 ft (70 m).

These mind-bending figures are based upon the official exchange rate.  If the unofficial exchange rate is used, almost 185 million Z$10 million bills would have been rquired, together measuring 8,860 ft (2.7 km)!!

This is in a country that cannot feed its population

[Kezz]

When is this twit Mugabe going to shrivel up and go away!

[Charlie]

He is an evil person. Already shrivelled, but still alive and plaguing his country.

[Pete]

It gets worse and worse there.................

[Kezz]

I was just saying this morning after hearing more news on the radio, "god I wish he'd up and croak it"

[Pete]

Yet, after all this, we have a UK company investing 200 million squids there.

[Kezz]

Yes but now you have taken away his honorary (sp) knighthood or summat like that.

[Pete]

He was a good leader for the first ten years. For whatever reason, he went a bit dodgy. Zimbabwe used to be the bread basket of Africa but the farms were still predominantly white owned and run. Mugabe kicked them off their land and gave the farms to his cronies. They couldn't manage them and ran them into the ground.

[Kezz]

That mongrel Mug a be is back grrrrrrrrrr.


Oh I have a good idea about that compound bow Whimsy

[Whimsical Logic]

That mongrel Mug a be is back grrrrrrrrrr.


Oh I have a good idea about that compound bow Whimsy 

Whimsy

[Pete]

Zimbabwe introduces Z$100bn note

Zimbabwe is to introduce a bank-note worth Z$100bn in response to rampant inflation - but the note will barely cover the cost of a loaf of bread.

Some Zimbabweans are already calling for higher denominations in a country where the official annual inflation rate has exceeded 2,200,000%.

Independent economists believe the real rate is many times higher.

Zimbabwe's meltdown has left at least 80% of the population in poverty, facing mass shortages of basic goods.

The country's central bank has introduced several new notes already this year in response to the hyperinflation.

In January, a Z$10 million note was issued, followed by a Z$50 million. By June the denominations had reached tens of billions.


In a notice in the state-controlled Herald newspaper, central bank governor Gideon Gono said the Reserve Bank of Zimbabwe would introduce the new notes - known as special agro-cheques - to help consumers.

"This new $100 billion special agro-cheque will go into circulation on Monday," the notice said.

But Zimbabwe residents say the latest note is already worthless, and does not even cover their daily lunch.

"Nowadays, for my expenses a day, I need about Z$500 billion," one resident said.

"So Z$100 billion can't do anything because for me to go home I need Z$250 billion, so this [note] is worthless."

Zimbabwe was once one of the richest countries in Africa.

But it has descended into economic chaos in recent years, with many international observers blaming the policies of President Robert Mugabe.


2,200,000% inflation!!!!!!!

[Kezz]

So what do we reckon about the accident in which killed the wife of the other President? I think it may have been on purpose rather than an accident.

[Pete]

If it was on purpose, it would be hard to prove. I think it has been accepted as an accident.
Not that I would put it past Mugabe to try something like that though.

[Kezz]

I am very suspicious of this. You are right though Pete, hard to prove.