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Zimbabwe dollar 'not back soon' | Zimbabwe dollar 'not back soon' |
(about 1 hour later) | |
Zimbabwe's national currency will remain suspended for at least a year following the legalisation of foreign currencies, officials say. | Zimbabwe's national currency will remain suspended for at least a year following the legalisation of foreign currencies, officials say. |
"There was nothing to support the value of the Zimbabwean dollar," Economic Planning Minister Elton Mangoma said. | "There was nothing to support the value of the Zimbabwean dollar," Economic Planning Minister Elton Mangoma said. |
Since January use of foreign currency has been allowed, to combat hyper-inflation that had left even top-value Zimbabwe dollar notes worthless. | Since January use of foreign currency has been allowed, to combat hyper-inflation that had left even top-value Zimbabwe dollar notes worthless. |
Since the move, consumer prices have fallen for three months in a row. | Since the move, consumer prices have fallen for three months in a row. |
Consumer prices are currently falling by 3% month-on-month, the Central Statistical Office (CSO) said using figures collated in March. In February, prices fell by 3.1% according to the CSO. | Consumer prices are currently falling by 3% month-on-month, the Central Statistical Office (CSO) said using figures collated in March. In February, prices fell by 3.1% according to the CSO. |
The power-sharing government led by Prime Minister Morgan Tsvangirai has prioritised rebuilding the devastated Zimbabwe economy since taking office in February. | The power-sharing government led by Prime Minister Morgan Tsvangirai has prioritised rebuilding the devastated Zimbabwe economy since taking office in February. |
State-controlled Sunday Mail newspaper said the government had decided the Zimbabwe dollar should be brought back only when industrial output returns to about 60% capacity from the current average of 20%. | |
Critics of veteran leader Robert Mugabe blame him for mismanaging the economic affairs of the country and for the collapse of its water, sanitation and health systems. | Critics of veteran leader Robert Mugabe blame him for mismanaging the economic affairs of the country and for the collapse of its water, sanitation and health systems. |
An outbreak of cholera last August has killed about 4,000 people, though the World Health Organisation says the peak of the outbreak may have been passed now. | An outbreak of cholera last August has killed about 4,000 people, though the World Health Organisation says the peak of the outbreak may have been passed now. |
The international community has been helping Zimbabwe cope with its cholera epidemic, but most development aid is being withheld until signs of effective power sharing are deemed apparent. | The international community has been helping Zimbabwe cope with its cholera epidemic, but most development aid is being withheld until signs of effective power sharing are deemed apparent. |
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