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Africa Subsaharan
Plan for Zimbabwe to join S African rand
2007-07-09
Zimbabwe's inflation-ravaged economy could be rescued by switching to South Africa's currency in exchange for political concessions by President Robert Mugabe, South Africa's Sunday Independent newspaper reported yesterday.
It's not as if South Africa is in the best position to throw away large amounts of money.
Quoting unnamed sources, the paper said the Southern African Development Community (SADC) was working on a plan to extend the rand monetary union to Zimbabwe, which would help stabilise the economic crisis in the country, where inflation has rocketed to 4,500%. The monetary union, under which currencies are pegged to the rand, consists of South Africa, Namibia, Lesotho and Swaziland. The plan would also involve the central banks in South Africa and Botswana injecting huge amounts of funds into their counterpart bank in Zimbabwe, the paper said.
Most of which will go to Bob and his cronies.
Mr Mugabe's government last week sought to curb galloping inflation, the highest in the world, by ordering prices of basic goods to be slashed by half, but this sparked panic buying by shoppers who emptied shop shelves.

On Friday, 17 business leaders were arrested for flouting the government directive to lower their prices. Over the weekend another 16 were arrested, the official media reported yesterday. Among those arrested in the latest sweep were the directors of Edgars, a leading clothing and fashion retailer, and supermarket and gas station owners.

At least 200 businesses have already been charged for alleged price violations and 40 market vendors arrested for hoarding goods. A police spokesman told state radio some managers had gone into hiding or had taken holiday to avoid police action against them. "We want to warn them we will pursue them up until they face the full wrath of the law," he said.
Posted by:Steve White

#2  Deck chairs, deck chairs quickly, along the rail now... in groups of 5! No more than 5. There, there you have it....don't mind the slipping, they'll soon stabilize. Now back to your stations!
Posted by: Besoeker   2007-07-09 04:51  

#1  3-to-1 that Zim's "economy" drags SA down with it. Glub, glub.
Posted by: mojo   2007-07-09 01:13  

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