By
Brian Hungwe
February
5, 2014
bbc.com
"Zimbabwe's
Confusion"
Zimbabwe’s economy is in an intensive care unit (ICU). For the past year,
Zimbabwe has stopped using their currency because of a hyper-inflation.
Instead, they have been using U.S dollars, British pound, Japanese yen, Chinese
yuan, Indian rupees, and a few other currencies. Chaos and long lines have
become the norm. This has caused huge confusion for the cashiers who are trying
to deal with many different exchange rates simultaneously. To add insult to
injury, Zimbabwe does not have a coin currency either. Instead, people are
handed candy and pens as change. Although some people find this system
acceptable, many are frustrated and long to have their own Zimbabwean currency
back. These people believe the Chinese currency has taken over their economy
completely. The Chinese are taking money out of Zimbabwe but they are not
investing in the country. Many believe this is a new form of colonization.
However, Zimbabwe’s President, Robert Mugabe, unmitigatedly opposes the idea of
bringing back the Zimbabwean currency. He believes it would lead to the return
of hyper-inflation, which in turn could lead to the destruction of their almost
nonexistent economy. There may be a light at the end of the tunnel if Zimbabwe
can somehow attract investors to their country, in order to revive their
lifeless manufacturing industries.
No comments:
Post a Comment