Dinar Daily
Would you like to react to this message? Create an account in a few clicks or log in to continue.
Latest topics
» Deadly stampede could affect Iraq’s World Cup hopes 1/19/23
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Mar 27, 2024 6:02 am by Ditartyn

» Dave Schmidt - Zim Notes for Purchase (NOT PHYSICAL NOTES)
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeSat Mar 23, 2024 9:25 am by swizzlestick

» ZIGPLACE
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Mar 20, 2024 6:29 am by Zig

» CBD Vape Cartridges
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeThu Mar 07, 2024 2:10 pm by Arendac

» Classic Tony is back
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeTue Mar 05, 2024 2:53 pm by Mission1st

» THE MUSINGS OF A MADMAN
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Mar 04, 2024 11:40 am by Arendac

»  Minister of Transport: We do not have authority over any airport in Iraq
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Mar 04, 2024 11:40 am by Verina

» Did Okie Die?
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Mar 04, 2024 11:34 am by Arendac

» Hello all, I’m new
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 31, 2024 8:46 pm by Jonny_5

» The Renfrows: Prophets for Profits, Happy Anniversary!
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 31, 2024 6:46 pm by Mission1st

» What Happens when Cancer is treated with Cannabis? VIDEO
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 31, 2024 8:58 am by MadisonParrish

» An Awesome talk between Tucker and Russell Brand
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 31, 2024 12:16 am by kenlej

» Trafficking in children
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Jan 29, 2024 7:43 pm by kenlej

» The second American Revolution has begun, God Bless Texas
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Jan 29, 2024 6:13 pm by kenlej

» The Global Currency Reset Evolution Event Will Begin With Gold, Zimbabwe ZWR Old Bank Notes
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeSun Jan 28, 2024 3:28 pm by Mission1st

» Tucker talking Canada
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 24, 2024 6:50 pm by kenlej

» Almost to the end The goodguys are winning
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Jan 22, 2024 9:03 pm by kenlej

» Dinar Daily Facebook Page
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeMon Jan 22, 2024 3:34 pm by Ponee

» The Fundamentals of Finance and Pimpy Live
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeThu Jan 18, 2024 7:17 am by Dinarhater

» Why Won't the Iraqi Dinar Scam Die?
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti I_icon_minitimeWed Jan 17, 2024 5:19 pm by RamblerNash

Zimbabwe: Brace for Zimbabwe Dollar Return - Biti

Go down

Zimbabwe: Brace for Zimbabwe Dollar Return - Biti Empty Zimbabwe: Brace for Zimbabwe Dollar Return - Biti

Post by RamblerNash Sat Oct 28, 2017 9:57 pm

Zimbabwe: Brace for Zimbabwe Dollar Return - Biti

28 OCTOBER 2017

Zimbabwe: Brace for Zimbabwe Dollar Return - Biti 00131270:6df07a74918fbac93d4a67e9f8b35acf:arc614x376:w285:us1

Photo: Kate Lucy/AllAfrica

People's Democratic Party (PDP) leader Tendai Biti has warned that President Robert Mugabe's government will soon reintroduce the Zimbabwean dollar as the bloated government struggles with its finances.

Government abandoned the Zimbabwe dollar in 2009 after the currency had been rendered worthless by hyperinflation. The crisis peaked in 2007 when the country experienced the second-highest recorded inflation rate in history.

Biti, who served as a Finance minister during the Government of National Unity, said Zimbabweans should brace for another hyperinflationary environment as Mugabe puts the money printers into high gear.

"Our biggest fear is that Zanu PF's appetite for expenditure is insatiable," said Biti during his second State of the Economy Address (SEA) on Wednesday.

"Expenditure and expenditure obligations will thus continue to increase whilst the fiscal space continues to shrink.

"However, this government has exhausted the capacity of domestic resource mobilisation as no one is prepared to accept Treasury Bills anymore. In this situation, we view the return of the Zimbabwe Dollar as inevitable."

The PDP leader said the current monetary situation in Zimbabwe was based on the myth of transferable balances known as RTGS.

"This is a serious danger to the banking system. The banking system is holding mirror balances; should they ever be called to account for them, they will fail to do so," said Biti.

"Thus, from a very short period time, from Aug 2016 to August 2017, there's been a massive growth in broad money supply (M3) the bulk of which has been the RTGS balances.

Steve Hanke, an economics professor at Johns Hopkins University in the United States, also warned this week that hyperinflation was returning to Zimbabwe.

According to a Reuters report, Hanke said Zimbabwe's real inflation rate was 313 percent a year and 112 percent on a monthly basis.

He dismissed official statistics that put year-on-year inflation at just 0.78 percent in September as a "truly fantastical piece of artwork".

"Zimbabwe, welcome back to the record books! You have once again entered the inglorious world of hyperinflation. It is a world of economic chaos, wrenching poverty and death," he said.

"Its purveyors should be incarcerated, and the keys should be thrown away."

Meanwhile, Biti also said the issue of capture and corruption was a concern particularly the involvement of the First Family being at the centre of countless questionable deals including the creation of Zimbabwe Airlines a, firm that is meant to benefit the first family.

"The first family is also at the centre of the formation of a new airline called Zimbabwe Airways in respect of which several individuals are being paid millions of dollars to approve the purchase of second-hand Boeing planes from Malaysia airlines despite these being at the centre of crashes that happened in recent times," he said.

http://allafrica.com/stories/201710280010.html

*****************
Zimbabwe: Brace for Zimbabwe Dollar Return - Biti 258310255 
>>>TNTBS's YouTube Channel<<<
RamblerNash
RamblerNash
GURU HUNTER
GURU HUNTER

Posts : 24270
Join date : 2015-02-19

Back to top Go down

Back to top


 
Permissions in this forum:
You cannot reply to topics in this forum