Tuesday, October 13, 2009

Finance minister issues ultimatum

from AFP

HARARE — Zimbabwe's finance minister Tendai Biti vowed on Monday that he would quit if he is asked to return the local dollar which was abandoned as the country fought a losing battle with hyperinflation.....

When it took office the new government abandoned the Zimbabwe dollar and adopted multiple foreign currencies as a measure to curb galloping inflation which forced thrice-daily price increases in some cases, rendering the local currency unusable.

The move saw shops which resembled empty sheds restocking although the foreign currency was hard to come by for the average citizen.

Mugabe hinted that he would ask Biti to bring back the Zimbabwe dollar saying the majority of the people had no access to foreign currency.

Biti said be was reluctant to join the inclusive government.

"I took this job because Mr Tsvangirai asked me to do it," the Herald quoted him as saying.

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