Reply #20: It could be worse, you could be in Zimbabwe - expecting 700% inflation

[54anickel]

http://www.zwnews.com/issuefull.cfm?ArticleID=8675

A team set up by Gono is set to tour key countries to encourage Zimbabweans to repatriate money home through official channels at competitive rates

Bulawayo - As Zimbabwe emerges from a three week period of relative currency stability characterised by a drop in the prices of most goods, the Reserve Bank of Zimbabwe (RBZ) has warned that official inflation will rise to 700 percent in March this year before falling steadily for the rest of the year. Addressing a business seminar in the capital Harare late last week, RBZ governor Gideon Gono said projections by the central bank showed that inflation would rise from the current 622.8 per cent to peak at 700 per cent in March. Thereafter it would sink, until reaching a low of 200 percent in December.

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Meanwhile, in a bid to bolster its foreign currency reserves, the RBZ has announced ambitious plans to tap the remittances of an estimated 3.4 million Zimbabweans living abroad in Europe, North America and Southern Africa. A team set up by Gono is set to tour key countries to encourage Zimbabweans to repatriate money home through official channels at competitive rates. The RBZ reportedly plans to increase its exchange rates to closer to the black market price currently averaging between Z$4,000 and Z$5,000 to US $.