Africa and its Issues- Why Have We Ignored Africa? Message Board

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Strategies & Market Trends : Africa and its Issues- Why Have We Ignored Africa?

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From: TimF	8/9/2006 1:34:16 PM
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Zimbabwe seizes millions in cash Zimbabwean authorities have seized more than $50m worth of old banknotes at roadblocks and border posts in a crackdown on money launderers. People are rushing to make a deadline in 12 days' time to deposit their cash after the introduction of new currency. Anyone carrying more than $400 in old currency is liable to have it seized. The central bank head said last week over $80m worth was not in circulation, hinting it might be stashed outside the country for speculative purposes. The central bank unexpectedly devalued the currency last week, lopping off three zeros off banknotes, in an attempt to stem both corruption and hyperinflation of more than 1,000%. news.bbc.co.uk I don't think it just a "crackdown on money launderers". Its an attempt to try and contain inflation by taking money from anyone who has a lot of it but isn't connected to or seen as a fried of the people in power.

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