Friday, June 22, 2007

Zim currancy halves in worth

 Zimbabwe in meltdown as currency halves
One US dollar is now worth 300,000
Zimbabwean dollars on the free market

Zimbabwe's beleaguered currency has lost half its value in three days, black market dealers said last night, prompting predictions that the country was plunging into an economic meltdown that its veteran leader Robert Mugabe would not survive.

According to the government in Harare, one US dollar is worth 250 Zimbabwean dollars. But the free market rate yesterday reached more than Z$300,000 to one US dollar.

"It's gone crazy," said one illegal trader. "People are holding out for the highest bidder and mentioning as much as 400,000-1, which could be tomorrow's price. It's changing by the hour. Rates have doubled since the start of the week."...

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