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Zimbabwe Central Bank Governor Regrets Printing Worthless Currency share See comments Print Gono told business people at a Harare conference that no country should print money indiscriminately as this inevitably leads to devaluation, flourishing black markets and widespread speculation Reserve Bank of Zimbabwe Governor Gideon Gono has expressed regret for printing the local currency in ever-larger quantities between andleading to near-record hyperinflation and the virtual collapse of the national economy.
Gono told a business meeting Wednesday in Harare organized by the Zimbabwe Independent newspaper that no country should print money indiscriminately as this leads to devaluation, flourishing black markets and widespread speculation. Gono told Parliament's budget committee this week that the ZANU PF government forced the Reserve Bank to print money for purposes such as purchasing agricultural inputs.
Gono gave no hint that he would consider stepping down for pursuing such policies. He has been described as "the world's worst central banker.
Economic commentator Walter Mbongolwane said Gono should be prosecuted for ruining the Zimbabwe economy.
Zimbabwe abandoned its worthless currency in early to adopt a monetary regimen of mixed hard currencies, in particular the US dollar and South African rand.In a what I would like to think is the chronology of events that led to Hyperinflation in Zimbabwe: debt inherited from the Smith government, most probably from bother International sanctions imposed on his rogue government and the prolonged civil war with the nationalist movements.
May 06, · What do the U.S. dollar, South African rand, the British pound, Indian rupee, Japanese yen and Chinese yuan have in common? Zimbabwe abandoned its worthless currency in early to adopt a monetary regimen of mixed hard currencies, in particular the US dollar and South African rand.
Your opinion Show comments. Zimbabwe officially abandoned their currency in early and to date, does not have an official currency. However, in , millions of Zimbabwe notes were printed. Learn more about the history of Zimbabwe currency.
May 14, · Zimbabwe’s trillion-dollar note: from worthless paper to hot investment The central bank of Zimbabwe issued $,,,, notes during the last days of hyperinflation in , and they. To have a domestic currency, you need to build reserves.” Zimbabwe abandoned its worthless dollar in and has been using the U.S.
dollar, South African rand and British sterling pound for.