Printing money again
6 May 2016
Dear Family and Friends,
The day that Zimbabweans have been most dreading for the last eight years, arrived this week. Zimbabwe is going to start printing money again. We all knew that the centre couldn’t hold when the banks started running out of US dollars a few months ago and the problem has got worse with each passing day.
Government salary payments to civil servants have been staggered repeatedly; promised Christmas bonuses to some civil servants have still not been made; new demands by war veterans for government money have all added to the demand for US dollars. I’m not an economist or financial expert but you don’t need to be when you see your country importing electricity, fuel and 80% of food on supermarket shelves, while companies close down, mines get nationalized and farmers continue to be largely unproductive on seized commercial farms.
For the last month we’ve seen queues inside and outside the banks that we haven’t seen since 2008 when we were still trading in Zimbabwe dollars and prices were in billions trillions and quadrillions. When the Zim dollar crashed and we started trading in US dollars in February 2009, the mayhem disappeared overnight but it’s rapidly making a come back. For the past week as schools have re-opened for the winter term its been a nightmare for ordinary Mum’s and Dad’s.