Zimbabwe has introduced a new half-a-billion dollar bank note in a bid to tackle cash shortages fed by rampant inflation, the central bank said on Thursday.
"Introducing the new 500,000,000 bearer cheque for your convenience," read a Reserve Bank of Zimbabwe full-page advert in the state daily, The Herald, displaying specimens of the new note.

The note, comes into circulation 10 days after the introduction of a quarter-of-a-billion one early this month.

This is the fourth set of high denomination notes to be issued this year, the first being in January when a 10 million dollar note was put into circulation. The next was on April 2 when a 50 million dollar note came into being before the 100 and 250 million dollar notes were introduced on May 2.

The southern African nation, currently gripped by a post-election crisis, has been ravaged by hyperinflation which reached 165,000 percent in February. No latest inflation figures have been released since then.

The country's chronic economic crisis has condemned millions to grinding poverty with at least 80 percent of the population living below the poverty threshold amid mass shortages of basic goods in shops.

http://news.yahoo.com/s/afp/20080515/wl_africa_afp/zimbabweeconomyforex

This MUGABE is simply out of his mind, why can't this man accept that there is nothing more he can offer Zimbabwe. That he fought for their independent does not make him the sole inheritor of the whole state of Zimbabwe, he should allow other well meaning Zimbabweans contribute their quota, and stop this madness in the name of governance.

I had a lot of respect for Mugabe when he threw the white farmers out on their ass but then he quickly revealed his baboonery which strips most if not all African presidents of any intellectual finess or any finess for that matter.

@smile4kenn
half a Billion is not equal to $500 billion.

Please correct the title!

truequest,
i want to remind you that some slaves are better than some independent people.
zimbabwians left the frying pan for fire.
it was slavery in some parts, apertied in south africa yet no one is saying or giving a name to the situation in zimbabwe.

from reports, it is reported that the 500million ZMB $ is equal to US$2. the question is what impact has this got to make of the Zimbabwean economy if the value of it's currency is not encouraging. Mugabe should accept defeat and step down for someone with zeal, ideas instead of clinching tight to power.

It is on quote that no African leader relinquishes power onless he is forced to do so.(Ojukwu 1992).
South Africa and Ghana have tried to proof this wrong but when I remenber Zimbabwe, Kenya and other African countries includig our own Nigeria, I am copelled to acceed to the phylosophy of the quote.
Taking the farm from white farmers was a Pure irrational exuberance from a man of achaic pan-Africanist ideology.
He should have thought about puting food on the table of Zimbabweans instead of the ego of who owns the land.
The inflation and new 500 mil Z$ are just a few in the many things to come, unless Mugabe bows out and allows zimbabwan with fresh Ideals to lead.

chidichris:

truequest,
i want to remind you that some slaves are better than some independent people.
zimbabwians left the frying pan for fire.
it was slavery in some parts, apertied in south Africa yet no one is saying or giving a name to the situation in Zimbabwe.

My dear what else can I say; that seems to be the only reason he has for this madness. Recently, I learnt that he has mobilized the veterans that he used to fight for Independent for the run off election. He is oppressor extra-ordinary.

texazzpete:

@smile4kenn
half a Billion is not equal to $500 billion.

Please correct the title!

also tell yahoo to correct their own title too

smile4kenn:


also tell yahoo to correct their own title too

'Zimbabwe introduces half-a-billion dollar note' thats the yahoo heading.

So how does half a billion (500,000,000) equal Zim$500 billion (500, 000,000,000)?

Go do the maths and change the heading.

eiete:

'Zimbabwe introduces half-a-billion dollar note' thats the yahoo heading.

So how does half a billion (500,000,000) equal Zim$500 billion (500, 000,000,000)?

Go do the maths and change the heading.

I just look on yahoo's site, they have done d correction, i didnt edit the heading, i copied and paste as on yahoo,

so not my bad, yahoo's bad

No one seems to be addressing the key problem here. Mugabe is still in office, why?? It is almost 2 months after the election and still no move forward for Zimbabweans. Na wa oo!!!

But apart from Zimbabweans who really is expected to "remove" him?

Maybe his country have not learned the method used on Abacha

LOL. So they should start importing foreign 'ladies of the evening'?

Sky Blue:

LOL. So they should start importing foreign 'ladies of the evening'?

If that gets rid of Mugabe import foriegn men too. It might do the job faster.

You finally concede that having foreigners in Zimbabwe is not a bad idea?? WOW!!! LMAO!!! You mentioned earlier that you acquired much respect for the man when he kicked out the "white" farmers, most of whom, by the way, are actually Zimbabweans. Now you feel bringing foreigners in will do some good

Kobojunkie:

You finally concede that having foreigners in Zimbabwe is not a bad idea?? WOW!!! LMAO!!! You mentioned earlier that you acquired much respect for the man when he kicked out the "white" farmers, most of whom, by the way, are actually Zimbabweans. Now you feel bringing foreigners in will do some good

If you consider having prostitutes that will kill Mugabee as good foreigners for any country then. . . I watched people on youtube recall their lands stolen from then and then Mugabe giving it back to them. The white farmers can stay out and the prostitutes can leave when they are finished with getting rid of Mugabe. Suppose mUgabe likes black Ashawo then no need to bring foriegners in.

Before you denounce Mugabe kicking the white farmers out I think you should read upon what led up to it. He had been asking them for a long time to give some of the lands which they initially stole back and they said no so. . . you know the rest.

macgozy:

from reports, it is reported that the 500million ZMB $ is equal to US$2.

OMG!!!

Na suffering be this oh!

Do these people need to be invaded by South Africa, Botswana or China before their leaders get their act together?

Who cares what the Yahoo headlines were or what the conversion was. What matters is the fact that Mugabes new economic abracadaba will not fetch even two loaves of bread or a bag of 1kg sugar.

I have read what happened actually and I do not believe what he did was right. He is the law and not to act as a Jaguda when doing things. Chasing the men out was not the right way and I stand by that. Why do we have laws if we do not follow them. Worse, when the elected officials do not follow the laws. Anywho, what we have today is the result of his action and today Zimbabwe celebrates 165,000% inflation cause of it. I mean think about that number. We whine in Nigeria when we experience inflation around the 20% mark. Imagine what would happen when we hit something like 100%?? Then imagine how much worse 100,000% would be and then the rest. How many who become beggars at that rate can survive on anything they get?

@Kobojunkie, but given the history of Africa (with slavery et al) and in a situation whereby a country with an economy defined by agriculture in which this sector was more or less run by "foreigners" surely you must understand how this could easily generate sentiment and emotional responses. It is not about agreeing or not but understanding why the people might have been not too bothered about the decision taken by mugabe. So effectively the economy was being run by non indegenes. If you read up on the whole fiasco, the british government (i am guessing knowing the situation was just not fair) was actually in an arrangement to transfer the land back to Zimbabwe, ,so what happened with that? When you consider when Zimbabwe got its independence, of course such decisions were going to stir up passion among the people. Could the situation have been handled better, of course, if Mugabe was not such a dictator and corrupt and actually gave the farms to competent hands. This does not have to be a matter of Pan africanism it is just simply a matter of what was deemed fair.

It is in times like this that I actually ask the question "Is the black race cursed or are we the cause"?

Can someone explain to me how increasing the denomination of the currency would help one's economy?  

So the British implemented into their law to strip people of their lands and livelihood but then it wrong and uncalled for, after Mugabee asked them to give back some of their lands and they said no so he took it. I guess everyone has their opion but I think he was right in that and I stand by that.
Do you think it is right that the white farmers made sure they destroyed all the machines for farm work before they left?
While I agree that Mugabee is infected  with the power hungry virus most African leaders have, the Western world also have an influence in what is going on in Zim. How dare a black man stick it back to the white lords?

Sky Blue:

. Could the situation have been handled better, of course, if Mugabe was not such a dictator and corrupt and actually gave the farms to competent hands.

Does the problem lie in taking away the lands from the white man or does it lie in the fact that those lands are lying fallow  

I don't have a problem with Mugabe taking away the lands (especially if those lands were acquired in suspicious situations). My wahala is that he did not have a plan on what to do after taking away those lands. Most times, I see very good decisions taken but the problem is that these decisions are taken in the heat of the moment with little or no regards to the consequences.

If Mugabe cared for his people (as much as he says) he would have started preparing them for this take-over 15 , 20 years ago. The indigenes would have been learning what it takes to run a mechanised farm so that when the onus falls on them to do that, it would not be that hard a transition.

Me thinks he is using sentiments and emotions to score cheap political points from the zimbabweans. It has back fired and backfired badly!!!!!

Uche2nna:


If Mugabe cared for his people (as much as he says) he would have started preparing them for this take-over 15 , 20 years ago. The indigenes would have been learning what it takes to run a mechanised farm so that when the onus falls on them to do that it would not be that hard a transition.

True but he started asking for the lands back since I think the 80s and the white farmers destroyed all the machines.

Zim is suffering not because of MUGABE or white farmers but becos WEST impose sactions on the country.

Sanctions we know never achieve any things; only the poor people suffer.

The myopic view of WEST is when people suffer enough, they will riot and send away the government but this does not work atleast in Africa.

WEST is also doing this to WARN other countries in southern africa that plans to take back their stolen land.

The ANC has said it will continue to support draft legislation that would see farmland confiscated from farmers unwilling to sell land so that it can be redistributed to people who are landless, according CNN

Let us read between the lines and open our eyes as Fela said. Thats why Mbeki has never condemned Mugabe. He understands.

@Uche2nna, shouldn't the question be wether his intentions were actually genuine or just cashing in on the general feeling and cheap publicity? The situation could have been handled better but was it genuine in the first place? My qualms here is the whole feeling of shock that anybody could actually see the returning of farmland to original owners in a country that was under colonial rule and then gained independence from an empire that was not willing to let go of what wasn't theirs in the first place as being in order. Let us not hide under political correctness but let us instead be honest. Could things have been handled better? Of course. Could the whole land transfer fiasco have been a cheap political and publicity stunt on Mugabe's part? Of course. But surely you can understand why people would have been passionate about the idea in the first place.

Sky Blue:

@Uche2nna, shouldn't the question be wether his intentions were actually genuine or just cashing in on the general feeling and cheap publicity? The situation could have been handled better but was it genuine in the first place? My qualms here is the whole feeling of shock that anybody could actually see the returning of farmland to original owners in a country that was under colonial rule and then gained independence from an empire that was not willing to let go of what wasn't theirs in the first place. Let us not hide under political correctness but let us instead be honest. Could things have been handled better? Of course. Could the whole land transfer fiasco have been a cheap political and publicity stunt on Mugabe's part? Of course. But surely you can understand why people would have been passionate about the idea in the first place.

Exactly.

@landis, this is not slavery times anymore. Sure africa has been pillaged and raped and all that, i won't argue. However at this point in time, saying Zimbabwe is the way it is because of the west just seems to me a very bad excuse for a country that was poorly run. If you make that excuse for Zimbabwe then why don't we become unbiased and make thesame arguement for Nigeria? Thinking closer to home can you now make such an arguement? Is it the west that is pillaging all the money in the country? That is refusing to develop the country? And couldn't zimbabwe then trade with China or asian countries or other african countries if their were any sanctions?

@ Sky

I agree with You. I don't trust his real intentions behind the decisions he took  and I think I made that clear in the last paragraph of my post. He used a very sensitive situation to score political points but I think it has backfired.

@ landis

What sanctions are You talking about?   I might be wrong but are the sanctions economic? Cos I thought the sanctions were majorly travel sanctions? 

Even if they were economic sanctions, if the country was in good state prior the sanctions they could easily switch allegiances. Maybe do trade with the asians or something. If the sanctions affected them that much, then that means they havbe been living off grants from the west and Mugabe (just like most other African presidents) should be ashamed.

Sky Blue:

@Kobojunkie, but given the history of Africa (with slavery et al) and in a situation whereby a country with an economy defined by agriculture in which this sector was more or less run by "foreigners" surely you must understand how this could easily generate sentiment and emotional responses. It is not about agreeing or not but understanding why the people might have been not too bothered about the decision taken by mugabe. So effectively the economy was being run by non indegenes. If you read up on the whole fiasco, the british government (i am guessing knowing the situation was just not fair) was actually in an arrangement to transfer the land back to Zimbabwe, ,so what happened with that? When you consider when Zimbabwe got its independence, of course such decisions were going to stir up passion among the people. Could the situation have been handled better, of course, if Mugabe was not such a dictator and corrupt and actually gave the farms to competent hands. This does not have to be a matter of Pan africanism it is just simply a matter of what was deemed fair.

I completely understand what you mean when you say it could easily generate sentiment and emotional responses BUT I still believe that dealing by the law is the best way to go in cases such as this. And like you mention, mugabe could have handled it better but he did not and now Zimbabwe is the way it is. That is simply what I am saying. Sentiments and Emotionals have to be placed second when it comes to government and the law upheld in all cases. That is not what Mugabe did, hence the reason why Zimbabwe is celebrating 165,000% inflation today.