Tag Archives: hyperinflation
hyperinflation: Latest News
Peter Pedroncelli, 3:44 am
In the confusion and concern surrounding the potential for hyperinflation to heavily affect Zimbabwe, bitcoin has become a viable and popular means of transacting with regards to big ticket items, driving the price of the cryptocurrency on the local exchange. The price of bitcoin on Zimbabwe’s exchange, BitcoinFundi, was trading at a 85 percent premium at $7,200 per bitcoin on Wednesday.
Dana Sanchez, 11:17 am
Hyperinflation in 2008 had Zimbabweans paying 50 billion Zimbabwean dollars for an egg and 100 trillion dollars for a weekly bus ticket. The U.S. dollar has been Zimbabwe’s main currency since 2009 but those are in short supply. Now it’s deja vu all over again as the Zimbabwe government forces bond notes into circulation, a move many feel is a ploy to bring back the Zimbabwean dollar. The central bank promised to keep a lid on issuing bond notes, insisting they are not an official currency and will have no value outside of Zimbabwe. The first test will be in the informal foreign exchange markets on the streets.
Dana Sanchez, 10:31 am
Bond notes will not be forced on consumers, the Zimbabwe government has said. This is not about re-introducing the Zimbabwean dollar, which became worthless in 2008 due to hyperinflation. The public has been warned not to adopt a negative attitude towards bond notes because they’ll ease the country’s cash shortage. Zimbabweans fear bond notes will trigger a repeat of 2008 hyperinflation. Adopting the U.S. dollar as the official currency in 2009 helped stop the bleeding. For Zimbabweans, cash isn’t the only thing running low. There’s a shortage of trust.
Dana Sanchez, 9:02 am
Zimbabwe has had several national shutdowns since 2000. This one is different. It wasn’t called by any one opposition political party. Anger is growing in the country as cash shortages intensify. Bond notes are expected to be introduced soon, prompting fears of hyperinflation, which wiped out savings and pensions in 2006 to 2008. A ban on imports is cutting off an economic lifeline for many families. And calls are mounting against abuses by law enforcement.
Kevin Mwanza, 5:14 am
In 2014, 150 companies in Zimbabwe were placed under receivership leaving nearly 4,000 workers without jobs as the country’s economy suffered from under sanctions from western powers and bad politics locally. The Reserve Bank of Zimbabwe further said that there are more “companies in distress” meaning they could be more closures and scale downs this year
Dana Sanchez, 4:11 pm
Strive Masiyiwa, the “Bill Gates of Africa,” wants his company’s EcoCash technology to replace printed currency with digital money, making Zimbabwe Africa’s first paperless economy.
Can it be done? It’s not as far-fetched as you might think, CNNMoney reports.
Dana Sanchez, 2:30 pm
The Zimbabwe dollar was abandoned in 2009 after it was rendered virtually worthless by hyperinflation which peaked at 79,600,000 percent per month in 2008.
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