Friday, April 27, 2007

ZIMBABWE INFLATION REACHES 2.200% !!!

Zimbabwe's once prosperous economy has been destroyed. Inflation in Zimbabwe reached a record 2,200% in March amid a deepening economic and political crisis in the southern African country.
Both food and non-food contributed to the year-on-year inflation rate, said central bank Governor Gideon Gono.
The March data had been due for release earlier this month but had been delayed, fanning fears of further crippling price rises.
Mr Gono said secured interest rates would rise to 600%, up from 500%.
He said the Zimbabwean currency would remain at the existing exchange rate of 250 to the US dollar but offered a new rate for central bank purchases of foreign currency to help build a new "drought stabilisation fund".
Exporters claim their businesses have been devastated by this skewed exchange rate.
Inflation hit 1,730% in February, the highest in the world.
BBC NEWS REPORT.

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