Zimbabweans cope with the shortage of the dollars that count in various ways. The government grabs them from other people. On February 9th, it told the country's banks to start selling all their hard- currency inflows to the central bank and the state petrol-importing monopoly, at the official rate. It said that Zimbabwean embassies abroad face power cuts because they cannot pay their bills. But if staff in Moscow felt chilly, the grab did not warm them. Exporters told their customers to delay payments.

Hard-currency inflows fell by some 90%, forcing the government to relent. Business folk were relieved. The economy is so stormy that many exporters stay afloat only by selling American dollars on the black market. Others try to keep their foreign earnings offshore. This is not easy, since most sell tobacco, gold, roses and other goods that can be observed and recorded as they leave the country. But some quietly set up overseas subsidiaries to buy their own products at artificially low prices. The subsidiary then sells the goods m the real buyer, and keeps the proceeds abroad. Since petrol, which must be imported, is scarce, some employers give their staff bicycles. But the two local bicycle makers have gone bankrupt, so bicycles must be imported too. Where possible, local products are replaced for imports. One firm, for example, has devised a way to make glue using oil from locally-grown castor beans instead of petroleum-based chemicals. But even the simplest products often have imported components. One manufacturer found it could not make first-aid kits, because it could not obtain zips for the bags. The local zip-maker had no dollars to import small but essential metal studs. An order worth $8,000 was lost for want of perhaps $100 in hard cash. Rich individuals are putting their savings into tangible assets, though not houses or land, which they fear the government may seize. Instead, they buy movable goods such as cars or jewellery. Unlike the Zimbabwean dollar, such assets do not lose half their value every year. Jewellery is also an easy way m move money abroad. Wear it on the plane, sell it in London. and leave the money there. The poor have fewer options. A typical unskilled wage now buys a loaf of bread and a litre of milk a day, plus the bus fare to work. For most poor Zimbabweans, the only measure against inflation is to plant maize in the back yard and hope they can harvest it before their landlord expels them. But if staff in Moscow felt chilly, the grab did not warm them means the measure government adopted is______. A.funny B.efficient C.active D.useless

时间:2023-09-26 10:43:21

相似题目