Yap stone money...
Posted on 11/27/2007 6:03:08 PM PST by goldstategop
Zimbabwe's chief statistician has said it is impossible to work out the country's latest inflation rate because of the lack of goods in shops.
"There are too many data gaps," the Central Statistical Office's Moffat Nyoni told state media.
Many staple goods are often absent from shop shelves after the government ordered prices to be halved or frozen in a bid to stem galloping inflation.
September's inflation rate was put at almost 8,000%, the world's highest.
Other reports suggest the rate could be at near 15,000% and the International Monetary Fund had warned it could reach 100,000% by the end of the year.
Black market
Mr Nyoni said the Central Statistical Office has delayed the release of the inflation figure until an accurate way of calculating it can be found.
"We went to too many shops to observe and so compilations have not been completed," he said.
Maize meal, bread, meat, cooking oil, sugar and other basic goods used to measure inflation largely disappeared from shops after Robert Mugabe's government ordered prices to be slashed.
Manufacturers have said they cannot afford to sell goods at below the cost of producing them.
Most basics are intermittently available on the black market at well over the official prices.
Last month, the central bank offered loans, known as Bacossis, to businesses at 25% interest to restore supplies to shops, AP news agency reports.
"We hope the situation will improve, especially with the availing of Bacossi funds," Mr Nyoni said.
Yap, yap, yap...
Who’s going to give you $$$ for zimbabwean currency?
No, it is those with the most bullets.
I think he is. They are all after him to give him awards...
Ah, Zimbabwe.
Jimmy Carter’s legacy.
Preview of America under a hildabeast administration.
????????????????????????? yap
This is all quite predictable and fortunately consistent.
Venezuela is next. The intriguing part to me is how someone new comes along every few years and decide that they are going to defy the previous years and years of economic law.
Yap stone money...
It was a joke, sort of...
“If per horrible chance Obama is ever elected president, we may end up living in Zimbabwe West.”
Would you mind explaining this? Of all of the things I’ve head about Obama, I don’t think I’ve heard him share any ideas in common with Zimbabwe.
Ya know, this smacks of a cheap shot here, and if so, I hope you’re not serious.
The only thing worth talking about is when the Mugabe regime is overthrown. You would think neighboring countries would invade and put him out of his misery.
Watch for guilty liberal musicians to come up with some aid concert that will do nothing but help Mugabe stay in power and worsen the suffering of the Zimbabwe people.
Lol
500% a day....hmmmmm....hard to get mind around. essentially, as soon as you have money in hand, you have to spent that instant, meaning no one wants paper money, thus barter economy, for those that can.
Welcome to the Bono's beautiful and innocent Africa. What happened to the life saving/changing "Live Aid" back in the '80 s? Did not make a dent,did it?
That alone it proves that Africa for the most part is a loosing issue, period!
Let me guess, these Bacossis loans at a low 25% will only be available to businesses run by the same Mubabe cronies that got all the stolen farms lands, after all, that worked out so well.
Just to clarify, 100,000% annual inflation entails average monthly price change of 100%, or a double, again entailing an average daily inflation of only between 2 and 3%.
2.25% daily price change yields 100,000% annual price change, approximately.
I certainly hope I haven’t totally blown this boe calculation!
This is a typical example of an ignorant presstitute trying to adpply his template to an inapplicable situation.
There is no inflation, there is a dysfunctional non existant currency. It is not inflated, it is gone.
Disclaimer: Opinions posted on Free Republic are those of the individual posters and do not necessarily represent the opinion of Free Republic or its management. All materials posted herein are protected by copyright law and the exemption for fair use of copyrighted works.