ºìÌÒÊÓƵ Blog - By Tag: zimbabwe

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Three weeks ago, Robert Mugabe, who at age 93 had served as Zimbabwe’s head of state for 37 years, , and longtime loyal supporter, Emmerson Mnangagwa in a move which elevated Mr. Mugabe’s 52-year-old wife to next in the line of succession. This move sparked outrage within the country and ultimately cumulated in a that forced the resignation of Robert Mugabe. The three tumultuous weeks came to a close last Friday with the swearing in of the former vice president, Emmerson Mnangagwa as the nation’s new president. While civil order appears to have been restored, the question still remains as to what the future holds for Zimbabwe’s economy.

After a long period of droughts in Zimbabwe, persistent rains in the region renewed hope for farmers across South Africa that food shortages might finally let up. A lengthy drought seemed to be the worst of the agricultural industry's problem, but a new pest has taken over those fears and multiplied them. An in countries like Zimbabwe, Zambia, and Malawi threaten the crop yield for the coming year.

The central bank issued its first currency since 2009 on Monday, in an effort to ease the nation’s shortage of US dollars, which is their primary tender. This move, which was first announced back in May, has sparked outrage across the nation, leading to several violent. In order to understand the indignation of the Zimbabwean people, one must look at the past decade of currency history within the South African nation.

Since abandoning the Zimbabwean dollar in 2009, has allowed the use of the U.S. dollar, the rand, the pound, and the pula.  Recently, the central bank announced that four additional currencies will become legal tender in : dollars, yuan, rupees, and yen.  The hope is that the move to more currencies will bring in more cash and quell the ongoing liquidity crisis, which has forced some banks to stop lending altogether.

International relations are extremely important for developing countries. Without support from abroad, funding infrastructure projects and economic development would be nearly impossible. This is exactly the case in where government officials have turned to for help. Recently, China has lent Zimbabwe by expanding its Kariba hydropower station. Although this project will take an estimated four years to complete, it can have dramatic effects on the development of Zimbabwe and international relations in Africa.

Imagine you take a bag of flour from a store shelf. In the time it takes you to make your way through the check-out line, the cost of that flour may have increased 15%. This was the situation in a few years ago, but unfortunately things have only gotten worse.

While the United States has been experiencing financial crisis for the past few weeks, Zimbabwe has been experiencing economic crisis for the past several years.

Zimbabwe boasts the highest inflation rate in the world. At 11.2 million percent inflation rate, the country is scrambling to find a solution. Since 2006, Zimbabwe has issued new currency, printed higher denominations of currency and removed 10 zeros (10 billion ZWD becoming 1 ZWD), all to no avail.