Due to hyperinflation, Zimbabwe's own currency will disappear<\/em><\/p>\n
As Novye Izvestia writes, this exchange is further evidence of the bankruptcy of the policy of Zimbabwean President Robert Mugabe, who for many years has failed to curb the hyperinflation raging in this once prosperous by African standards country. Robert Mugabe has ruled his country since 1980 and, despite his more than respectable age (he celebrated his 91st birthday this February), intends to continue ruling. He came to power as part of a compromise with the white population of Rhodesia (as Zimbabwe was then called), which ended the 'chimurenga' ('struggle'), as the 25-year civil war is officially known in the country.<\/p>\n
For twenty years, Mugabe pursued a relatively sensible economic policy, not touching the foundation of the country's economy – the farms of white farmers. However, in the early 2000s, he began a series of reforms, the declared goal of which was to grant land to black veterans of the 'chimurenga' and to bring the country's economy under the control of the 'indigenous population'. These reforms resulted in the flight from the country of thousands of educated and economically active citizens, including most white Zimbabweans, and a deep economic crisis.<\/p>\n
In 2008, Zimbabwe set a kind of record: the local currency fell by 500 billion percent. The country even introduced a new banknote – 100 trillion Zimbabwean dollars. Nevertheless, despite international pressure and discontent within the country, it has not yet been possible to oust Mugabe. The last attempt to remove him from power was in 2013, during the presidential elections. However, the opposition candidate Morgan Tsvangirai suffered a crushing defeat, winning only 25% of the vote. Having accused his opponent of fraud, he nevertheless refused to further escalate protests, fearing to drag the country into a new civil war.<\/p>