This week Zimbabwe has given its people an early Christmas gift. After abandoning its original currency five years ago, Zimbabwe currently uses the US dollar and the South African rand as its currency despite very few coins of these money in circulation. As a result, most shoppers were simply given arbitrary items for change such as candy. So, leading up to Christmas, this week the central bank of Zimbabwe reintroduced coins of the original Zimbabwe dollar into circulation. However, the government insists that the nation will not return to using the Zimbabwe dollar in the near future.
The economy of Zimbabwe grew unstable in the latter part of the first decade of the 21st century. Hyperinflation caused the government to start printing Zimbabwe dollar notes worth $100 trillion. Prices fluctuated hourly, and 80% of the population was unemployed. Abandoning the Zimbabwe dollar in favor of the US dollar and South African rand has helped stabilize the economy, though many Zimbabweans still face harsh financial difficulties.
Connects the World to YOU!
Subscribe to:
Post Comments (Atom)
Popular Posts
-
The president of Kazakhstan is considering changing the country's name by dropping the -stan. The new name would be Kazakh Eli or Kazakh...
-
Formerly The Trucial State Trucial Oman Capital: Abu Dhabi Major City: Dubai Major Geographical Features Persian Gulf Strait of ... -
The field is set for this year's NCAA tournament. To help you pick your perfect bracket (if you choose by location, of course), we h... -
The Seattle Seahawks won the state of Washington its first Lombardi Trophy, ever. (In fact, it was the first professional championship fo... -
Last week, the Thai people awake to new government; a military coup overthrew the democratically elected government, claiming that the m...
No comments:
Post a Comment