dank
2007-10-19 11:29:13 UTC
Zvakanaka wrote...
the rest is all African babble with as much economic significance as a
voodoo ritual. The International Monetary Fund would seem to be some attempt
to interface primitive African economy with the civilized world, with a large
infusion of Western money to prop up despotic regimes that control territories
with valuable minerals. A few billion in U.S. tax dollars is used to make
hundreds of billions of dollars in profits for U.S. corporations, at the
expense of the primitive tribal peoples who really are the owners of those
resources and not their tyrannical tribal dictators.
Reserve Bank Takes Over Foreign Currency Accounts
...
Economic analyst Bekithemba Mhlanga says the move by government is meant to
monitor foreign currency inflows into the country. However he believes they
are shooting themselves in the foot, as the controls will discourage people
from using the system. He predicted shrinkage in forex inflows into the
country as people resort to other informal channels. Mhlanga says attempts
to sweeten the takeover by offering high interest rates were not enough to
build confidence in the system. In previous years government has
unilaterally raided all foreign currency accounts without warning. This time
they have targeted exporters and NGO's.
South African based businessman Mutumwa Mawere has in the past accused
government of raiding foreign currency accounts to pay off arrears with the
International Monetary Fund. Mhlanga says there is credibility in those
claims and the new system implemented allows them to do exactly that.
The only thing that caught my interest was "International Monetary Fund" and...
Economic analyst Bekithemba Mhlanga says the move by government is meant to
monitor foreign currency inflows into the country. However he believes they
are shooting themselves in the foot, as the controls will discourage people
from using the system. He predicted shrinkage in forex inflows into the
country as people resort to other informal channels. Mhlanga says attempts
to sweeten the takeover by offering high interest rates were not enough to
build confidence in the system. In previous years government has
unilaterally raided all foreign currency accounts without warning. This time
they have targeted exporters and NGO's.
South African based businessman Mutumwa Mawere has in the past accused
government of raiding foreign currency accounts to pay off arrears with the
International Monetary Fund. Mhlanga says there is credibility in those
claims and the new system implemented allows them to do exactly that.
the rest is all African babble with as much economic significance as a
voodoo ritual. The International Monetary Fund would seem to be some attempt
to interface primitive African economy with the civilized world, with a large
infusion of Western money to prop up despotic regimes that control territories
with valuable minerals. A few billion in U.S. tax dollars is used to make
hundreds of billions of dollars in profits for U.S. corporations, at the
expense of the primitive tribal peoples who really are the owners of those
resources and not their tyrannical tribal dictators.