Wednesday, April 20, 2011

It Can All Go South So Fast

Panic in Zimbabwe, rumors old money is back as ATM dishes out defunct currency

"HARARE, Zimbabwe — A bank says one of its automated teller machines dished out defunct Zimbabwe dollars when it was being repaired. Technicians tested it with the old currency and left it online in error.

Witnesses said Wednesday the incident caused “panic” among irate bank customers in downtown Harare on Tuesday and rumors quickly spread that the local currency was back in circulation.

Zimbabwe abandoned its own currency in 2009 and adopted the U.S. dollar to halt world record inflation and end the use of huge denomination local bills in millions, billions and trillions during the nation’s decade-long economic meltdown.

In a statement Wednesday, the Interfin bank said it took back the local bills and it regretted any inconvenience caused to customers."

Afghanistan Outlines Plan for Scandal-Plagued Bank

"KABUL, Afghanistan — The Afghan government announced Wednesday that the scandal-plagued Kabul Bank, the nation’s largest private financial institution, whose shareholders had ties to high-ranking politicians, would be split in two as part of a drastic overhaul to save it from failure, stabilize the country’s financial system and reassure foreign lenders and donors.
Under the overhaul plan, the government has divided Kabul Bank into a “good bank” with its deposits, good loans and other assets, and a second institution that will handle the hundreds of millions of dollars in bad loans, Afghan banking officials said."

Five Bank closures on April 15th bring the total number to 32 for the year

$50 Silver - It's The End


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