(Article reprinted in brief with permission from source)
July 21, 2013
Long-suffering Zimbabweans are pretty much resigned to Robert Mugabe
romping home to another engineered election victory later this month; but what
truly sends a shiver of fear through the streets of Harare is talk of
reintroducing the country's currency, the hated Zimbabwe dollar.
Zimbabwe has used the US dollar as its de-facto currency since 2009, not
so much by choice as by necessity, after its own paper fiat became virtually
worthless after years of dizzying hyperinflation.
However, the 89-year-old Mr Mugabe, who has ruled the southern African
country since 1980, told supporters at the ruling Zanu-PF party's kick-off
election rally in the capital, Harare, this month: "We cannot use the US dollar
forever. We will have to look at ways of bringing back our currency some time in
He speculated that the currency would be backed by gold - hinting that the
country's reserves, still mostly unmined and therefore in the ground, would be
used to give substance to the Zimbabwe dollar.
Read more: http://www.thenational.ae/business/industry-insights/economics/unpopular-zimbabwe-dollar-set-to-return#ixzz2bC23Ct00
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