Zimbabwe delays re-donomination; blackmarket exchange rates 950,000 to the US dollar

HARARE, Nov 4, 2007 (AFP) – Zimbabwe’s central bank chief said Sunday he has shelved plans to introduce a new currency in a bid to rein in galloping inflation and wants to direct efforts towards increasing supply of goods and services. Last month, Gono pledged that empty shop shelves would soon be replenished as he denounced the “anarchy” inspired by the government’s order for retailers to slash their prices in half. Central bank governor Gideon Gono told the state-run Sunday Mail that the launch of the currency will not be anytime this year.
“Although all the preparations are in place, the launch is not until next year,” Gono said.

“Some people have already burnt their fingers by trying to offload the Zimbabwe dollar for the greenback at ridiculous rates. They thought they were beating the governor, but tough luck.

“What I can say is, relax guys. But at the same time, the country should be on high alert for only the Reserve Bank of Zimbabwe and its principals know when the lightning bolt will strike.”

Since September, the local unit has officially been pegged at 30,000 dollars against the greenback, although on the black market is has slid to about 950,000 against the US dollar.

Last month, Gono had said the centra