Gadling

  • Asia   
  • Europe   
  • Africa   
  • Middle East   
  • North America   
  • South America   
  • Central America   
  • Oceania   
  • Adventure Travel   
  • Budget Travel   
  • Travel Tech   
  • Luxury Travel   
  • Photography   
  • Airlines   
  • Hotels   
  • Cruises   
  • Food & Drink   
  • Arts & Culture   

Articles tagged “BankAccount”

Zimbabwe Government Bank Account Had Balance Of $217 Last Week

by Kraig Becker on Jan 31, 2013

Zimbabwe's 100 billion dollar billWe’ve all been through lean times during which we’ve lived paycheck to paycheck, just hoping our meager salary would be enough to see us through to the next payday. In these tough economic times, everyone has had to cut back, tighten their belts and learn to go without on occasion. That includes the country of Zimbabwe where a government official announced yesterday that the country had only $217 in its bank account as recently as last week. Yes, that’s just $217 total, which is probably less than most Gadling readers have socked away.

According to Finance Minister Tendai Biti, the country reached this unusually low level after paying the wages of its civil servants last Thursday. But he quickly amended the statement by pointing out that the government took in $30 million in revenue the following day, giving them the operating expenses necessary to keep the country running.

2013 is an election year for Zimbabwe, however, and Biti’s message was a warning that the country may not have the funds necessary to operate the polls unless something changes. It is estimated that it will cost about $104 million to hold the elections, plus millions more for a referendum on a new constitution. That’s money that the struggling African country just doesn’t have at the moment.

With an economy that is still recovering from the global recession and high unemployment rates across the region, there simply isn’t a large enough tax base to fill the government’s coffers. Biti and his staff will attempt to instead find private funds to pay for the upcoming election and referendum.

Zimbabwe’s economy has been in turmoil since 2008 when hyperinflation caused their currency to become all but useless. At the time, the inflation rate skyrocketed by an astounding 231,000,00%. It got so bad at one point that the nation’s central bank had to actually print Z$100 billion bills. In 2009, a new coalition government switched the economy to U.S. dollars, bringing a level of stability to the economy, but the nation has continued to struggle ever since.

While the global recession has been a real struggle over the past few years, we can all take some solace in knowing that last week at this time there was an African government that was as broke as we are. They recovered quickly of course, but thank goodness they didn’t have to post-date any checks.

[Photo Credit: Nation of Zimbabwe]

  • A Skift Property

  • Keep in Touch

    Sign up for our newsletters

    By submitting this form, you agree to receive email communication from Skift and our partners.

  • Latest News

    • Austria in 6 Cakes: The Sachertorte Saga
      Gadling
    • Data Breach Affects More Than 2 Million Frequent Flyers Across Airline Alliances
      Skift
    • Austria in 6 (or More) Cakes: The Pistachio Problem
      Gadling
    • Airline Forward Bookings Trend Up With Vaccinated Seniors Eager to Fly
      Skift
    • U.S. Hotels Added 36,000 Jobs in February in New Sign of Optimism
      Skift
Complete Oral History of Boutique HotelsComplete Oral History of Boutique Hotels
Hotel Industry NewsHotel Industry News
Skift Travel Megatrends 2025Skift Travel Megatrends 2025
Airline Industry NewsAirline Industry News

More Stories from Our Friends

  • RSS Skift

    • Data Breach Affects More Than 2 Million Frequent Flyers Across Airline Alliances
    • Dubai Faces Festering Tourism Challenges Beyond Pandemic
    • Airline Forward Bookings Trend Up With Vaccinated Seniors Eager to Fly
    • U.S. Hotels Added 36,000 Jobs in February in New Sign of Optimism
    • Corporate Travel Agencies May Get a Welcomed Boost From Shipping and Energy Companies
  • RSS Airline Weekly

    • Biden Transportation Department Zeros in on Aviation Emissions in Climate Push
    • Cargo and Maxes
    • Lufthansa Retires Superjumbos as Pandemic Hastens Airlines’ Quest to Fly More Efficient Jets
    • Delta Trimming of Routes Portends Larger Industry Reconfiguration of Flights
    • Behind Porter’s Scrappy Fight to Save the Airline
  • RSS Skift Daily Briefing Podcast

    • Skift Daily Briefing, 3/05/2021
    • Skift Daily Briefing, 3/04/2021
    • Skift Daily Briefing, 3/03/2021
    • Skift Daily Briefing, 3/02/2021
    • Skift Daily Briefing, 3/01/2021
    • Skift Daily Briefing, 2/26/2021
    • Skift Daily Briefing, 2/25/2021
    • Skift Daily Briefing, 2/24/2021
  • RSS EventMB

    • The Hottest Company in Virtual Events Just Raised Another $400 Million
    • Learning From Your Speakers’ Experiences to Improve Your Next Virtual Event
    • The Future of the Event Industry: 2021 Outlook [Free Report]
    • UK’s Staggered Reopening Plan Presents Big Risks to Events
    • Zoom Leverages a Homebound World for Record Year
  • ©2021 Gadling   
    • About   
    • Contact