Posted by wethrin
Concerning the possible reinstatement and revaluation of the currency of Zimbabwe.
I hate to bust anyone's bubble, but I see so many folks talking about this. I have to admit, I bought into the hype at first strictly because we thought the actual RV was about to happen. I purchased some Zim and stashed it away before I even got a chance to research this. As someone who has traveled in Africa myself, I was skeptical but hey, stranger things have happened right?!
The fact of the matter is this. Once I dug in and did a little research, the concept is farcical. I reached out to many many different reliable sources, high level sources with actual jobs that would be in the know. Not one, seriously, not one single source would even hint at the fact that the Zim would be brought back and revalued. Many just laughed. They explained the political and financial issues in Zimbabwe, especially with it's current dictator / president.
Yes, the IMF is trying to work with Zimbabwe. Yes the country is actually rich in mineral wealth. Not at issue at all. The challenge is both technical and political.
The Zim was completely discontinued. It's NOT a real currency. It's now a novelty item. If and this is a far reaching if.... if the Zimbabwe government ever decides to have it's own currency again, they will have to start completely fresh. They will never give value to what we hold again, ever. It makes no sense at all. Even if they get their act together, they will have to create a new currency for their country that doesn't have twelve zeros at the end of it. Plain and simple.
The Dinar makes sense. It's an actual live currency in an improving economy. The Dong makes sense, slightly less, but it does, because it is an actual currency.
I know, I know, Tony said he knew folks that had exchanged Zim. Never once could I get a confirmation on that from anyone.
So I report, you decide. I just hate to see folks caught up in spending money on this.
Love and Light,
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