thepeel
Joined: 08 Aug 2004
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 Posted: Tue Jan 29, 2008 8:46 am Post subject: Zimbabwe: IMF Estimates Inflation At 150 000 Percent |
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Those poor people.
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Shakeman Mugari
Harare
AN International Monetary Fund (IMF) document says Zimbabwe's inflation for January has galloped to about 150 000% as the economy continues to crumble.
This is the same rate reached by Germany during the Weimar Republic in the 1920s in the post-First World War era.
The document which contains the figures has not yet been officially released but was distributed to government and RBZ officials who attended an IMF seminar as part of a lecture package.
The seminar which was held mid-December was conducted by the IMF team which visited Zimbabwe in December to educate key government and RBZ officials about hyperinflation.
The document said by November 2007 Zimbabwe's inflation had reached 85 000% which is almost the same level that the Democratic Republic of Congo (DRC) reached in November 1993 (91 253%).
The IMF said Zimbabwe's inflation had reached 115 000% by December last year. Zimbabwe is the only country that has reached such alarming inflation levels since the mid 1990s. The government has refused to release inflation figures for the past eight months, ostensibly to hold down the prices of basic commodities. That plan is collapsing as businesses now use their own inflation figures to raise prices. |
http://allafrica.com/stories/200801180772.html |
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