Zimbabwe Inflation at 231,000,000% !

Zimbabwe has the world’s highest inflation rate at an astounding 231,000,000%. Their currency is all but worthless on Forex markets. Forex traders inside Zimbabwe have to consult a Forex currency converter with a frequency unknown anywhere else on the planet.

Country in Chaos

The economy in Zimbabwe continues to collapse under the leadership of Robert Mugabe. At one time Zimbabwe had a thriving economy and was considered the breadbasket of Africa. Since Mugabe’s land grab and the eviction of farmers the country has descended into chaos and starvation. Last month Finance Minister Patrick Chinamasa allowed Zimbabweans to use foreign currencies for business transactions resulting in increased demand for Forex currency converters to keep track of changing exchange rates.

Trade in Foreign Currencies Allowed

In Zimbabwe the value of the native currency changes from day to day and business men require a reliable and accurate Forex currency converter to survive. The Zimbabwe stock exchange will also allow traders to use foreign currencies for trades. The Zimbabwe exchange has been closed since November 21st 2008 doe to fraud and is scheduled to reopen. The Zimbabwe Central Bank will require all businesses to apply for foreign exchange licenses which will cost $12,000 for urban based businesses and $10 for small concerns.

Forex Converter an Absolute Necessity

Since Zimbabwe will allow business transactions to be conducted in foreign currencies a Forex converter will become standard business equipment. For those in urban areas in Zimbabwe, internet access will allow businessmen to use free online Forex currency converters. Those in rural areas will in all likelihood have to depend on reports from those with access to Forex currency converters.

Foreign Currency Desperately Needed

The global financial crisis could not have come at a worse time for Zimbabwe. The country faces massive starvation, a cholera epidemic, and a broken health care system. The government hopes that using foreign currencies will bring in much needed money to the troubled country. Successful traders will be consulting Forex converters often to get the best exchange rates for their businesses. Hopefully the injection of foreign currencies will alleviate the humanitarian crisis in Zimbabwe and bring some semblance of prosperity back.