Just a day after I had send money to Zimbabwe at the exchange rate of £1 to $60 000 000.00 Zimbabwean dollars. Yesterday the rate fell to $50 million Zimbabwean dollars to £1. Is it that the Zimbabwean dollars is ‘gaining’ value against the British pound? Hell NO! it’s just the usual ups and downs of the Zimbabwean dollar over the years.
It is very unfortunate that for the past few years there have been no signs of the Zimbabwean dollars gaining against any other major trading currencies. In fact it has been on free fall. The Zimbabwean dollar is currently trading at more than $25 000 000.00 to 1US dollar.
Despite all the efforts by the Reserve Bank of Zimbabwe to control the foreign currency problems in the country. Their efforts don’t seem to be enough or helping the current situation.
In case we forget, this is even after the Reserve Bank removed three zeros from the currency last year. So is the Zimbabwean dollar currently trading at $55 Billion dollars to one British pound?
For how long will this situation remain like this?
The exchange rate has risen so high, surely it’s bound to fall at some point. Not just the current ups and downs.
But? is the government trying enough, with the right policies to control this forex problem that has reduced the country to a laughing stock.
How do people go about their day to day transactions with such large sums of bank notes? Probably the Reserve Bank may already be working on introducing another higher denomination note to reduce the amount of notes people carry. Even after the introduction of the $10 000 000.00 bank note in January.
It’s embarrassing even to mention these figures. But today the Zimbabwean dollar is trading at $55 million to one British pound. Crazy!
Related posts:
- Zimbabwe’s inflation is dropping and prices are going down Slowly things seem to be getting better, with the...
- Government suspends Zimbabwe Dollar for one year Finally no more wasting paper printing those valueless Zimbabwe...
- US Economy to enter same ‘hyperinflation’ reaching levels like in Zimbabwe Just read a quote in the UK Evening Standard,...
Related posts brought to you by Yet Another Related Posts Plugin.
Fri, Mar 7, 2008
Sending Money To Zimbabwe