Sunday, February 04, 2007

Cross posted on Global Voices

Gideon Gono, the controversial governor of Zimbabwe's central bank delivered a much anticipated monetary statement last week. Sadly, like everything else in the country, it was the incriminating rumours swirling around the governor that were the main fixture early last week when Gono delivered the statement. Gono, who has long been accused of meddling in non-monetary matters, now stands accused of prying into print media, and targeting indigenous bankers while building and protecting his questionable legacy.

A clearly unimpressed Zimpundit surmized the policy statement thus:
Here’s what Gono did, or didin’t do in his policy. Lending rates; stagnant at 500%. Exchange rate; shunted at long outdated paltry rates, and nothing else. Correct me if I’m wrong, but last time checked the sum of nothing is, well, nothing. If anything, this last statement was notable because it was Gono’s thinly disguised concession to Zimbabwe free (sometimes called black) market.

What’s maddening about this is that common Zimbabweans already took fifty punches in their long famished stomachs as prices rocketed in anticipation of Gono’s nil statement. Zimbabwe has a jittery economy which overcorrects for any anticipated shocks. So while Gono, continues to protect his glass house legacy, millions are enduring untold suffering in Zimbabwe. On the streets, where Gono better not go, prices are up, hopelessness is rampant, and there are no jobs.

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