Thursday, January 29, 2009

Zimbabwe Abandons Its Currency

Zimbabweans will be allowed to conduct business in other currencies, alongside the Zimbabwe dollar, in an effort to stem the country's runaway inflation. For all practical purposes this is the end of the Zimbabwean dollar.

The announcement was made by acting Finance Minister Patrick Chinamasa.

Until now only licensed businesses could accept foreign currencies, although it was common practice.

This is a big break for the average impoverished Zimbabwean.

Now I'm wondering, does this make Ben Bernanke the world's top active inflationist?

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