Yes, it’s Zim-time once again.
There are reports around that Zimbabwe plans to issue a series of Z$20bn and Z$50bn bank notes. But this seems a strange move: aside from the fact that virtually all goods and services in Zimbabwe are now priced and charged in foreign currency, the government there was already printing Z$100bn notes last summer. Maybe deflation has taken hold.
No matter. A related web search alerted us to this — another swivel-eyed take on the state of the African nation from Dr G Gono, governor of the Reserve bank of Zimbabwe.
This Statement comes at a time when the ugly heads of indiscipline, corruption, fraudulent activities and underhand manipulation of our money and capital markets have reached epic proportions that are threatening to wipe the face of our economy.
That some players in the banking sector had relapsed into the retrogressive mode of lax controls and risk management systems, leading to their officials engaging in corrupt activities;
Er, hang on…
(Tip - it will take a while for Gono banking page to load.)
Related links:
USA, UK: following Zimbabwe’s lead - FT Alphaville
Central bank intervention, Zim-style - FT Alphaville
